Opening a bank account in Cyprus insights by Ariadne Jun 4, 2021 0 Comment The process for opening a personal bank account in Cyprus has changed over the last years. The recent amendment to money laundering laws and regulations, and the directions of the Central Bank of Cyprus have made the process more demanding, however, anybody having the necessary documents and guidance will not have any issues. WHO IS ELIGIBLE TO OPEN A BANK ACCOUNT IN CYPRUS? → Anyone who is over 18 years old. Acting as a signatory of the bank account in Cyprus or can appoint someone to manage it, by using a power of attorney. → A private company whether it is a Cyprus company, or that of any other jurisdiction. It is possible to open a Cyprus bank account both for residents or non-residents and for local or foreign companies. FACILITIES OF A BANK ACCOUNT IN CYPRUS: → E-banking application: having full control of your account from anywhere in the world through your phone or laptop. → Digipass / Token: small device that uses a One Time Password (OTP) to verify the authenticity of transactions made through the account. → Credit / Debit card: for daily use of operational and personal expenses. → Multi-Currency Bank Accounts. → No minimum deposits. DOCUMENTS REQUIRED (It takes approximately 3 working days for the bank account to be open.): PERSONAL BANK ACCOUNT: Passport Copy. Recent utility bill as proof of address not older than 3 months. Bank/Financial institution reference letter not older than 3 months. Detailed CV. Information & documents concerning annual income (tax declaration if applicable, company documents, income/payslips, profits/dividends, etc). Information & documents concerning source/value of wealth and relevant supporting documents (bank statement, title deeds etc.). COMPANY BANK ACCOUNT: Recent Certificate of Incumbency and Letter of Good Standing from its official registrar. The full address of the company/principal trading address and description of activities(website). Certificate of Registration. Certificate of Directors and Secretary. Memorandum and Articles of Association. The documents showing the corporate structure of the legal entity leading up to the UBO should be provided and clearly presented in case of complex structures. Recent Annual Audited Financial Statements &/or Management Accounts. Information & other documents regarding the source of funds. Good Standing Letter, Bank reference letter not older than 3 months. All the above documents required for personal bank account for the owners of the company. All documents must be in English or if in another language to be officially translated.