Cyprus Bank Account ? open yours today!

[guest]

Banking system in Cyprus isn’t difficult but just operated as the banks in other offshore jurisdictions. The only difference that may make banking and operating a Cyprus bank account difficult is when an individual or a corporate group intending to bank in Cyprus pays little attention to rules and regulations of Cyprus banking system

 

[mneilson]

After going through the entire article on "Cyprus Bank Account – open yours today!", I found two contrasting facts. Advices and laws. Advices can never be termed as laws. Somewhere it has been mentioned that:


the Cypriot banking institutions advices individuals or corporations that want to open an account to go in person. Opening an account from overseas may increase difficulties and the possibility of errors occurring during the whole process.


In the next sentence it has been also mentioned as:


If an individual or corporation can’t go in person, it’s advisable to have a legal representative who may be a residence of Cyprus or a foreigner who is well acquainted with the rules and regulations governing operation of Cypriot bank accounts.


So my doubt is "can a person or entities be able to open a bank account from overseas without coming to Cyprus physically"?


The above facts are just advices not laws framed by Central Bank of Cyprus of Cyprus Government.


So let me know, whether these are laws or advices extracted from the model rules and regulation framed by Cyprus Government for banking industries or just literary interpretations of facts?

 

[JohnLocke]

Your observation is correct, the truth is, that anyone can open a Cyprus bank account as personal or business bank account without visiting Cyprus!


That said, you will need to make sure that you are able to provide the following 4 important documents:


1. Passport copy


2. Utility Bill not older than 3 months


3. Reference Letter from a Bank, Lawyer or certified accountant


4. a CV


If the 4 outlined points are not an issue you can open the account as personal account, for business bank accounts make sure you are able to provide the listed corporate documents here : Cyprus Bank Account - Offshore Company Formation & Offshore Bank Account - F.A.Q. | Cyprus Company Formation | Cyprus Bank Account - CCLOGIC Limited


We have sadly, seen many clients which failed to provide the required documents and therefore the process has taken several months, so it is very important to make sure you have everything by hand and that you are able to submit it at once in order to avoid any delays, decline and to visit the bank in Cyprus.... Even if you visit Cyprus, the different banks will require the first mentioned points.

 

[richardm1964]

Thanks both of you for such nice discussion and interaction. My doubt was also the same. If a person or group have all the above four documents ready, whether they have to physically come to Cyprus or not? Now the same doubt has been cleared.

 

[mneilson]

Your observation is correct, the truth is, that anyone can open a Cyprus bank account as personal or business bank account without visiting Cyprus!
That said, you will need to make sure that you are able to provide the following 4 important documents:


1. Passport copy


2. Utility Bill not older than 3 months


3. Reference Letter from a Bank, Lawyer or certified accountant


4. a CV


If the 4 outlined points are not an issue you can open the account as personal account, for business bank accounts make sure you are able to provide the listed corporate documents here : Cyprus Bank Account - Offshore Company Formation & Offshore Bank Account - F.A.Q. | Cyprus Company Formation | Cyprus Bank Account - CCLOGIC Limited


We have sadly, seen many clients which failed to provide the required documents and therefore the process has taken several months, so it is very important to make sure you have everything by hand and that you are able to submit it at once in order to avoid any delays, decline and to visit the bank in Cyprus.... Even if you visit Cyprus, the different banks will require the first mentioned points.

Thanks for clearing all of my doubts regarding opening a bank account in Cyprus. I think your detailed reply would also be very useful for other members who are interested to open bank accounts in Cyprus.

 

[Rahul shetty]

What are the legal documents required to open a bank account in Cyprus?
thank you

 

[Aliza beth]

I think you will require a government issued ID card for the identity proof as well as you are required to have a address proof either a phone bill or an electricity bill would be Enough