How to open an account in Cyprus?

It is possible to open a Bank account in Cyprus both being on the island, and in Moscow, representative office of the Bank of Cyprus (it is a private Bank, despite the name). Any obstacles for citizens of Russia are not arise, you only need to bring your passport, and proof of the existence of an account in any Russian Bank.

If the account is opened through the Moscow office, you will have to put about 200 Euro, where 35 Euro will go to payment card linked to the account, and codes for Internet banking. The production and delivery of card takes several weeks.

In Cyprus you can open an account in any commercial Bank, thanks to them there are only a few. If you are not lucky, and the member of staff will be particularly meticulous, it may still need a proof of address of residence in Russia in the form of a bill for utility services on behalf of the customer, it must be officially translated into English.

The Russians have the easiest way to open an account in the same Bank of Cyprus or in Hellenic Bank (the first and second banks of the island). You can try also branches of international banks. Also, be ready to explain why you need the account. In Cyprus, this is a formal procedure, but it is better to have a prepared answer.

In Cypriot banks there are no long marketing lines service packages including accounts, cards and a certain number of operations. Banks offer 2-3 options of current accounts, including youth, and the rates for their service to get better acquainted with the Bank directly. Banks have English and Russian versions of the sites, but they are uninformative and are promotional in nature.



Share your advices

Have your own method for choosing a bank? Know the best way to open a bank account, get a loan, establish a company or make money-transfer to another country? Share your expertise with other users!

Advice #44
How to register a company in Croatia?
Advice #145
How to choose a Bank in Estonia?
Advice #238
How to register a company in Malta?
All advices
Julia Dugina

Nexia BT Consulting: Malta citizenship and resident permit questions

Alena Novakova

Marketing and communication director Expobank CZ

Czech Republic 
Anna Radishevskaya

EWUB Marketing and PR director

All experts

Virtual Affairs: the bank of the future has no borders - it's where its clients are

Read now