Opening a Cyprus bank account

Opening a Cyprus bank account is heavier than EU norms — a hangover from the
2013 banking crisis and intensified post-2018 EU AML pressure. Allow weeks,
not days.

YOUR OPTIONS

· Bank of Cyprus (largest, best 1bank online + mobile)
· Hellenic Bank (recently merged with Eurobank; strong commercial)
· Alpha Bank Cyprus (Greek group, cross-border with Greece)
· Astrobank (smaller, faster onboarding for HNW)
· Digital alternatives: Revolut, Wise — useful in parallel, not as
  Cyprus IBAN replacement for rent/utilities

NON-RESIDENT vs RESIDENT

You can open as a non-resident BEFORE arriving. Documentation is heavier —
the bank wants source-of-funds clarity. Once you have your Yellow / Pink
Slip + TIC, switch to resident status which unlocks more services and
reduces some fees.

WHAT YOU'LL NEED

· Apostilled passport copy
· Proof of address — utility bill from your current country (≤3 months)
· Proof of Cyprus address — rental contract or property deed
· Source-of-funds letter (from your accountant or bank)
· 6 months of bank statements from your home bank
· Employment evidence or pension statement
· Sometimes: professional reference letter from your home bank
· CV / professional background (yes, really)
· Tax Identification Code (TIC) — once issued

If you're a high-risk profile (politically exposed, certain nationalities,
high-volume crypto traders) expect more questions and potentially refusal —
this isn't discrimination, it's regulatory pressure post-2018.

TIMELINE

Best case: 2 weeks from complete file. Realistic case: 4–8 weeks.
Account-opening interview in person typically required.

WHAT IT COSTS

· Monthly maintenance: €0–€10 depending on account type + balance kept
· Domestic SEPA: free
· International outside EU: €15–€30 per transfer
· Card: free debit, €30–€80/yr for credit
· FX spread: 1.5–4% above mid-market (use Wise/Revolut for big FX moves)

MULTI-CURRENCY

Bank of Cyprus and Hellenic both offer GBP / USD / EUR current accounts.
Standard for HNW + finance-sector relocators.

PRACTICAL TIPS

· Open Wise or Revolut FIRST — gives you a working IBAN within 24 hours
  while your Cyprus account drags
· Schedule the in-person interview EARLY — it's the blocker
· Bring originals of everything — never assume copies suffice
· Don't deposit large lumps in first 90 days without source-of-funds
  documentation pre-cleared with the bank

OFFICIAL: bankofcyprus.com / hellenicbank.com / alphabank.com.cy