How to Open a Business Bank Account in Cyprus

Cyprus is a banking workhorse for EU-trading SMEs, holding companies, shipping operators, forex brokers, corporate service providers, and fast-growing tech startups. You get euro accounts, SEPA payment rails, English-speaking bankers. It’s one of the few EU jurisdictions where you can run international operations with genuine financial credibility and still enjoy a straightforward tax environment.

But here’s the catch — opening a business bank account in Cyprus isn’t as simple as it sounds. Over the past few years, local banks have tightened their onboarding procedures dramatically. 

For non-resident founders, the process can feel like a slow-motion obstacle course, endless requests for apostilles, notarised documents, and local proofs that don’t exist yet because, well, you don’t have a local account to begin with. 

And if you’re in a high-risk industry like crypto, fintech, iGaming, or forex, brace yourself for deeper due diligence and extra scrutiny from compliance teams wary of regulatory backlash.

Still, Cyprus remains one of Europe’s best jurisdictions for corporate banking, offering a mix of reliability, flexibility, and cross-border capability that’s hard to beat. The trick is knowing how to play the game — what banks look for, how to structure your file, and how to avoid rejection before you even apply.

This guide breaks down everything you need to open a corporate bank account in Cyprus — including realistic timelines, documentation requirements, common pitfalls, and practical tips to boost your approval chances as a non-resident or high-risk business.

Can a Non-Resident Open a Business Bank Account in Cyprus?

Yes — non-residents can open a business bank account in Cyprus, but it’s no longer as quick or frictionless as it once was. Since 2022, Cypriot banks have tightened their AML and KYC rules under the supervision of the Central Bank of Cyprus, and that’s made the process more selective, particularly for foreign-owned or high-risk companies.

Non-resident founders are still welcome, but you’ll need to prove that your company has a legitimate link to Cyprus or genuine business activity within the EU. That could mean:

• A registered office or lease agreement in Cyprus.
• A local director, employee, or accountant.
• Actual clients or suppliers based in Cyprus or the EU.
• A clear business plan showing why you need a Cyprus account (e.g. EU trade, payroll, or cross-border operations).

Remote Opening: Most banks let you start the process remotely — you can submit documents online and complete pre-screening digitally. However, final activation often requires an in-person visit or a video KYC call with directors and ultimate beneficial owners (UBOs). Banks like Bank of Cyprus, Eurobank Cyprus, and Hellenic Bank have all introduced hybrid onboarding processes to make this easier for foreign clients.

Binderr Advantage: Binderr helps non-resident founders open business bank accounts in Cyprus faster by pre-screening your file, preparing bank-compliant documentation, and introducing your case to the most suitable institutions. We coordinate remote verification, handle all submissions and follow-ups, and drastically reduce rejection risk — even for high-risk sectors like fintech, crypto, forex, and iGaming.

How to Open a Business Bank Account in Cyprus - Step by Step

Step 1: Shortlist the Right Bank

Choosing the right bank is critical. Some institutions in Cyprus prefer local SMEs, while others cater to international holding companies or high-risk verticals.

• Bank of Cyprus – full-service banking with strong IBU network and multi-currency accounts.
• Hellenic Bank – transparent corporate pricing, trusted for steady long-term banking.
• Eurobank Cyprus – ideal for SEPA Instant payments, wealth, and international transactions.
• Ancoria Bank – digital-friendly and SME-oriented, perfect for startups.

How Binderr Helps: Binderr reviews your business model, risk profile, and ownership structure, then matches you only with banks that fit your compliance profile. No wasted applications, no generic “try your luck” submissions.

Step 2: Pre-Screen Your KYC/EDD File

Before submitting anything, ensure your Know Your Customer (KYC) and Enhanced Due Diligence (EDD) documentation is complete and consistent. Missing details or outdated records are among the top reasons non-resident applications get delayed or rejected.

Make sure:

• Your UBO (Ultimate Beneficial Owner) data is filed and up to date on .
• All documents — from the Certificate of Incorporation to proof of address — are recent, certified, and in English.
• You have clear evidence of source of funds (SOF) and source of wealth (SOW) to satisfy Cyprus’s strict AML requirements.

How Binderr Helps: We conduct a pre-compliance audit of your file before submission — checking formatting, translations, and certification validity. Our compliance team ensures everything meets each bank’s AML checklist, eliminating rejection risks before they start.

Step 3: Apply Online & Share Documents

Most major Cypriot banks — including Bank of Cyprus, Eurobank Cyprus, and Hellenic Bank — allow you to start your business account application online. You’ll upload your KYC documents, answer business activity questions, and list your directors and shareholders.

Typical next steps:

• You’ll receive a request for a video KYC or a branch visit.
• The bank may ask for additional documents (contracts, invoices, or financial projections).

How Binderr Helps: We handle the entire application submission for you. Binderr prepares the forms in each bank’s internal template, ensures consistent answers, and submits directly through our partner channels. We then manage all communication — no need for you to deal with compliance officers or chase updates.

Step 4: Complete FATCA/CRS & Sector Annexes

All Cypriot banks are obliged to collect FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard) information. These forms declare your tax residency and ensure compliance with international reporting obligations under AEOI (Automatic Exchange of Information).

You may also need to complete additional annexes if you operate in regulated industries like crypto, payment services, or gaming. These annexes include questions about licensing, payment flows, and transaction monitoring procedures.

Step 5: Account Activation & Banking Channels

Once approved, your Cyprus company bank account will be activated, and you’ll receive:

• A unique IBAN number (EU-compatible).
• Access to e-banking portals and mobile banking apps for daily operations.
• A security device or token (e.g. Digipass at Bank of Cyprus) to safeguard online transactions.

You can then begin sending and receiving funds via SEPA transfers, set up corporate debit cards, and manage multi-currency transactions across EUR, USD, and GBP.

How Binderr Helps: We track your file until your account is live, confirm successful activation, and help you integrate with merchant gateways, payment processors, or multi-currency solutions as needed. You’ll also receive optional support for VAT registration and accounting setup, completing the financial onboarding loop.

Cost to Open a Business Bank Account in Cyprus

Here is a full breakdown of the cost to open a business account in Cyprus

Typical Timelines for Opening a Business Bank Account in Cyprus

The time required to open a business bank account in Cyprus depends heavily on your company’s risk level, ownership structure, and documentation quality. There’s no fixed standard — every case is reviewed under the bank’s risk-based AML framework, as outlined by regulators and advisory firms like KPMG Cyprus.

For a low-risk SME — say, a locally incorporated Cyprus company with a physical office, clear ownership, and standard trading activity — account approval typically takes around 5 to 10 business days after submission. These cases move quickly because the bank can easily verify the company’s operations and economic substance.

For non-resident or moderate-risk businesses, expect a longer process. Banks will require enhanced KYC checks, proof of business activity in the EU, and clear evidence of source of funds. These cases generally take 2 to 4 weeks depending on how promptly you provide documents and respond to follow-ups.

For high-risk businesses — such as those in crypto, forex, iGaming, payments, and fintech — onboarding is more intensive. Compliance teams perform Enhanced Due Diligence (EDD), assess your regulatory licensing, review transaction flows, and often request additional verification from third parties or regulators. These applications can take anywhere between 4 to 8 weeks or longer, depending on complexity.

High-Risk Banking in Cyprus

If your company operates in a high-risk industry like crypto, forex, iGaming, payments, or fintech, opening a business bank account in Cyprus can be considerably more complex — but not impossible. The key is preparation, transparency, and choosing the right partners who understand regulated, cross-border businesses.

Cyprus has long been a magnet for financial and tech firms because it combines EU regulation, competitive tax rates, and modern banking infrastructure. However, following FATF and EU AMLD guidelines, banks have become more selective with sectors that involve:

• High transaction volumes or volatility (e.g. crypto, FX)
• Cross-border fund flows involving multiple jurisdictions
• Unlicensed or newly licensed financial activity
• Third-party or client-fund handling

Cypriot banks typically demand enhanced due diligence (EDD) — extra documentation, source-of-funds transparency, and proof of legitimate business activity. To pass compliance and open a high-risk business bank account in Cyprus, you’ll need a complete, audit-ready onboarding file:

• Detailed business model explanation (transaction flow, payment partners, licensing)
• Valid local or EU licence (e.g. VASP, PSP, or gaming licence if applicable)
• Regulator references or registration proof
• Source of funds (SOF) and source of wealth (SOW) documentation for UBOs
• Transaction forecasts and flow chart showing expected monthly activity
• Contracts or supplier agreements with payment processors, exchanges, or partners

Many high-risk businesses use a dual-banking setup:

1. A traditional Cyprus bank account (Bank of Cyprus, Hellenic Bank, or Eurobank) for credibility, payroll, and compliance.
2. A high-risk-friendly EMI or payment institution, often regulated in the EU, for operational flows and faster settlements.

Documents Required to Open a business bank account in Cyprus

When opening a business bank account in Cyprus, the single most important success factor is documentation quality. A complete, well-organised “KYC pack” can speed up approval dramatically — while missing or inconsistent paperwork almost guarantees delays. Cypriot banks genuinely review every line, so prepare it right the first time.

Company Documents: Banks will require full corporate documentation to verify your entity’s legal standing and ownership structure. Typically, you’ll need:

• Certificate of Incorporation, Directors, and Shareholders
• Memorandum & Articles of Association (M&A/AoA)
• Recent Shareholder / UBO Certificate
• Certificate of Good Standing (if the company is over 12 months old)
• UBO Register confirmation or proof of timely filing (mandatory under Cyprus law)
• Business plan / activity overview — outlining your company’s products, services, client base, operating countries, expected turnover, and counterparties.

Personal (Directors, UBOs, and Signatories): Every person connected to the company must pass individual due diligence. Expect to provide:

• Certified passport copy (notarised or apostilled if required)
• Proof of residential address (utility bill or bank statement issued within the last 3–6 months)
• CV or résumé — outlining professional background and business experience
• Source of Wealth (SoW) & Source of Funds (SoF) evidence — e.g. audited financials, payslips, dividend certificates, or prior sale agreements

Tax & Reporting Compliance:  Without this, no Cypriot bank is legally allowed to open your account.

• FATCA / CRS Entity Self-Certification — mandatory under international tax information exchange agreements.

Top Banks in Cyprus for Business Accounts

Cyprus may be small, but its banking ecosystem is both sophisticated and internationally connected — serving everyone from local SMEs to multinational holding structures and regulated fintechs. Below are the top banks in Cyprus most commonly used by both resident and non-resident businesses.

1. Bank of Cyprus (BoC)

The island’s largest and most established bank, Bank of Cyprus offers a complete suite of corporate banking, multi-currency accounts, and trade finance services.

• Strong International Business Unit (IBU) network tailored for foreign clients.
• Supports online banking, Digipass security, and multi-currency (EUR, USD, GBP) operations.
• Clear compliance process and robust due-diligence support.
• Best for: established companies, holding structures, and EU-trading SMEs.

2. Hellenic Bank

Known for its transparent fee structure and efficient onboarding, Hellenic Bank is a favourite among Cyprus-registered entities with international ownership.

• Offers business current accounts, corporate cards, and online banking.
• Clear quarterly maintenance and review fees published publicly.
• Strong reputation for stability and personal relationship management.
• Best for: local SMEs, holding companies, and service-oriented firms.

3. Eurobank Cyprus

A major EU-backed institution with an emphasis on corporate and wealth banking.

• Joined SEPA Instant in January 2025, enabling real-time euro transfers 24/7.
• Provides private banking, treasury, and investment services.
• Excellent digital infrastructure for high-volume payment activity.
• Best for: medium-to-large corporates, cross-border traders, and fintechs.

4. Ancoria Bank

A smaller, digital-first bank built around SME flexibility and customer service.

• Fully online onboarding process for low-to-medium-risk entities.
• Offers business accounts, payment cards, and loans for growing firms.
• Clear English documentation and dedicated SME support.
• Best for: startups, consultants, and e-commerce businesses.

5. AstroBank

An independent commercial bank with both retail and corporate divisions.

• Provides corporate lending, trade finance, and merchant solutions.
• Experienced with international ownership and cross-border structures.
• Best for: trading, shipping, and logistics companies.

Each of these top banks in Cyprus has different onboarding policies and risk appetites. Choosing the right one depends on your company’s activity, ownership structure, and risk level. Binderr ensures your file is directed to the institution most likely to approve it — fast, compliant, and without unnecessary rejections.

Bottom Line

Cyprus banks don’t hide their rules — onboarding steps, fee structures, and compliance checklists are all published publicly. But in reality, success doesn’t depend on knowing the right people — it depends on submitting the right file.

That’s where a professional concierge or introducer like Binderr changes the game. We understand each bank’s unique documentation requirements, their internal AML triggers, and the Central Bank of Cyprus’s 2025 compliance expectations. Our team formats your submission exactly the way compliance officers want to see it — clean, consistent, and backed by full source-of-funds and UBO clarity.

So, while most founders spend months waiting for “further information” emails, Binderr clients move through onboarding in a fraction of the time.

In Cyprus, banking isn’t about who you know — it’s about how well your documents are prepared. Binderr gets them right the first time.

Business Bank Account in Cyprus - FAQs