Can a non-resident open a bank account in Cyprus?
Key figure: Business account for a non-resident companyDifficult
Yes, and our reference rates it “Difficult” for a company owned by non-residents, checked on 25 September 2026.
The difficulty is not a legal ban. Banks put foreign owners in a higher risk band, so the review goes deeper: where the money that funds the company came from, who the customers are, and why the business needs a Cyprus account at all.
Note
The rating rests on secondary sources. No Cypriot authority publishes an approval rate for business accounts, so we do not quote one.
Checked on gk-cy-bank-accountsecondary source
Opening a bank account in Cyprus online
Key figure: Remote registrationYes
Remote onboarding is allowed under a Central Bank of Cyprus directive that follows the EBA remote onboarding guidelines, and the company itself can be registered with no trip: remote registration reads “Yes”.
Some banks still ask one director or owner to come to a branch once. We ask each bank on the shortlist about this before you choose it, so a flight is booked only when a bank has confirmed it needs you in person.
What goes into the KYC file
Key figure: Register of beneficial ownersYes
Every Cyprus company has to file its beneficial owners with the Registrar of Companies (Yes), and the bank checks the owners you declare against that register.
The rest of the file is about you and the money: passports and proof of address for directors and owners, evidence of the source of funds and wealth, a short description of the business model, and contracts or invoices that show real counterparties. Gaps between these papers are the usual reason a bank comes back with questions.
Tax number before the application
A new company must obtain its tax identification number within 60 days of incorporation. We file that registration first, so the KYC file already shows the company’s tax number.
Offshore bank account in Cyprus: the shell company test
Key figure: Local registered office requiredYes
A Cyprus account is an EU bank account, not an offshore one, and the company behind it must keep a registered office in Cyprus that is not a mailbox (Yes).
Central Bank of Cyprus guidance on shell companies, meaning those with no physical presence or economic substance, requires banks to decide each case separately and document the decision. A company with no staff, office or local activity is not refused by rule, but it starts the review at a disadvantage.
How long opening takes, day by day
Key figure: Business account for a non-resident companyDifficult
Our part takes 10–30 working days: shortlist, documents, file, submission. The bank’s review then takes 3–4 weeks by secondary sources, counted from a complete file.
The two periods overlap only at the end, when we answer the bank’s follow-up questions. If you also need the company, add formation first: we cannot apply for an account for a company that does not exist on the register yet.
Cyprus company formation with a bank account: full cost
Key figure: Registrar incorporation fee€165
From €2,165 in total: company formation from €1,200, bank account support from €800 and the Registrar’s incorporation fee of €165 for a company with share capital.
Not in that sum: the bank’s own account opening and monthly fees, which each bank sets itself, a registered office address, and certified translations of documents issued abroad.
Who this is not for
This service is built for companies. It is the wrong choice in these cases.
- You want a personal bank account in Cyprus: our package covers company accounts only.
- You need an account within days. Our part alone takes 10–30 working days, and the bank’s review adds 3–4 weeks.
- You cannot show where the funds came from. Enhanced due diligence on source of funds is the core of the review, and we do not submit files with that gap.
- You want a written guarantee that the account will be opened. The bank decides, and no one outside it can promise the result.
- Your company exists only on paper, with no office, staff or activity, and you do not plan to change that.