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Cyprus Bank Account, how to open the bank account?

Bank Accounts, Company Formations, Tax Planning, Residency Solutions, and more


Cyprus Company Formation
Advance Member
Dec 30, 2008
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Cyprus banks are completely licensed and serve Cypriot private customers as well as enterprises with all the required banking services. The banks are now open to all clients, both local and international, to access extremely flexible services.
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Information on Cyprus Bank Accounts

You can find the information on how to open the account in Cyprus oldest international bank that has a strong focus on cross border trade and direct foreign investment on Q WEALTH REPORT website

This bank has a network of more then 700 correspondent banks.
Some where in your above post there is a line " No minimum deposit is required to start the accounts and credit card facilities are offered after some duration of time to initial customers". But I have read in many websites about the account opening standing fee. in Cyprus that ranges from EUR 350($450) to EUR 750($1050). Pl. clarify it.
There is no minimum deposit to open the bank account at least not with Bank of Cyprus as where I have my account, also, I got my debit card (Visa electron card) after a few weeks, it wasn't really not difficult.
There is a small debosit you have to make ( rnages between EUR 20 and EUR 50) for some banks in order to activate the account, but it is nothing compareable with the many other offshore banks which require you to deposit $5000 to $50000 - I mean, hey if you don't have the €20 to 50 to deposit why will you need a bank account at all ?

The fees mentioned in one of the above posts is the professional fee in order to be introduced and handle the paperwork for each new clients, Cyprus banks requires a introducer.
We hold an account with USB bank, they are slow in the approval process but very reliable to bank with... no minimum deposit at all.
You are taxes excatly the same as with any other bank account, you will need to have a company somewhere in order to make any tax speculations.
Bibika said:
How are the taxes calculated when you have an account in a Cyprus bank. Please send me the link with instructions.
There is no withholding tax if the account is opened with non resident account holder which is the case in 99,9% !
system32 said:
There is no withholding tax if the account is opened with non resident account holder which is the case in 99,9% !
Thats correct.