If you want to open a Cyprus bank account online, you’re in luck. But, you’d better set some time aside. Account opening can be time-consuming if you don’t have the right information and don’t know which bank or banker to contact.
Open a Cyprus Bank Account Online:
Cyprus bank account online opening for individuals and businesses is possible. To open, you’ll need to complete an application form, submit proper documentation, and provide adequate reasoning on why you’re looking to open a Cyprus bank account. Additionally, you’ll need to overcome several account opening challenges and understand a few Cyprus-specific quirks. But, with some guidance, opening a Cyprus bank account online can be done.
In fact, if you’re looking to open an account online with a low minimum deposit, low minimum account balance, and you’re looking to access multi-currency accounts, Cyprus could be a good fit for you.
Plus, if you have any connections to Cyprus, you may already have a foot in the door when it comes to opening. We’ll share how below.
But, before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your free Non-Resident Banking Starter Guide. It’s designed to help non-residents open accounts in top banking hubs around the world.
Cyprus Banking 101
First, it’s important to recognize that Cyprus has a mixed reputation. On the one hand, it’s located in the middle of the Eastern Mediterranean and is known for its beautiful shoreline, rugged terrain, and constant conflict with neighboring Turkey. But, on the other hand, it’s probably best known for the Cyprus banking crisis in 2013.
In fact, it all began in the early 2000s when Cyprus’ bank sector was focused on attracting foreign deposits and financial regulations began to loosen. But, unfortunately, Cypriot banks weren’t prepared to manage the inflow of capital and as we’ve explained before were overexposed to the Greek debt.
So, when the Greek debt crisis hit in 2011, Cyprus banks imploded. To this day, people are still hesitant to bank in Cyprus because of the 2013 banking crisis. But, in some instances, those fears may be misplaced. With this in mind, let’s consider who can benefit from opening a Cyprus bank account online.
Who Should Consider Opening a Cyprus Bank Account Online?
Opening a Cyprus Bank Account online (or in-person) isn’t for everyone.
In fact, Cyprus typically prefers clients with transactional banking needs and not clients that are looking to hold large deposits. Because of this, Cyprus banks typically don’t require large opening deposits. This is obviously a big plus if you don’t have a lot of money to start with.
However, even if you don’t have a lot of money to deposit, if you have ties to other EU countries, you’re going to be better off trying those jurisdictions first. This is because Cyprus bank accounts can be expensive and charge high transaction fees.
But, if you have a high-risk business or you’re struggling to open elsewhere, then you might benefit from opening here. This is because banks in Cyprus can be more accepting of high-risk and offshore businesses than those elsewhere in the EU.
With this in mind, let’s take a look at who can benefit from opening a Cyprus bank account online.
Benefits From Opening a Cyprus Bank Account Online:
- Non-Resident & Foreign Companies
- Cypriot and Foreign Individuals
- Clients Requiring EU & Eurozone Banking
- Clients Unable to Deposit Large Amounts
- Businesses Requiring Brick & Mortar Transactional Banking
- Businesses Requiring Remote Opening
- Non-Residents & Foreigners Requiring Remote Opening
- Offshore Companies & Exotic Structures
- Businesses Owned by Members of the “Unlucky Passport Club”
Additionally, due to the Russian presence in Cyprus, Cyprus banks are accustomed to dealing with Eastern European and Russian clients.
Additionally, they are more accepting of offshore entities and wealth management structures (such as BVI Corps) than other EU jurisdictions.
However, there are some disadvantages to banking here. Including the negative reputation of Cypriot banks. Not to mention, Cypriot banks charge higher transaction fees compared to similar banks in other jurisdictions.
Furthermore, thanks to Cyprus’ reputation, transactions are more frequently flagged when sending international wires to and from customers or suppliers.
In all cases, whether or not you should open a Cyprus bank account online over another jurisdiction should be based on your unique requirements.
And, if your requirements include a transactional bank account in the EU for a non-EU non-resident company (including offshore entities) then Cyprus could be a viable option for you.
In fact, if you’re interested in learning more about transactional business banking in Cyprus, you can uncover all your account opening options, secrets to opening accounts here, application quirks, important issues to avoid, and more in our premium report “Banking in Cyprus: Transactional Business Banking in the EU” when you join GlobalBanks IQ.
But, for now, let’s look at how you can open a Cyprus bank account online as an individual or business owner.
How Can You Open a Cyprus Bank Account Online?
When it comes to opening offshore bank accounts, one of the most important considerations is whether or not you can open an account online.
Well, if you want to open a Cyprus bank account online, you’ll be happy to know that this is 100% possible.
To start, you need to know which banks and bankers will accept you. And you obviously need to provide the required documentation.
But, the process of opening a Cyprus bank account online can be very time-consuming due to the due diligence process.
So, if you’re looking for quick account opening options, Cyprus may not be the place for you. In fact, it can sometimes take up to two months before your account is active.
But, with the right information (and knowing which banks to contact), this process can take less than two weeks. For reference, two weeks is the standard remote or online account opening window in most places.
In addition to the considerations mentioned above, you may also need to provide the following documents for all account signatories. And, if you are opening a business account you will often need the same documents for all shareholders and directors.
Requirements to Open a Cyprus Bank Account Online:
- Copy of passport
- Reference letter from existing bank relationships
- Reference letter from personal or professional connections
- Proof of address (may vary from bank to bank)
- Explanation on why you want to open a Cyprus bank account online
Keep in mind, these documents can vary from bank to bank. So, if you don’t have Cyprus connections or proof of address and you’re dealing with a bank that requires these items, you should look elsewhere.
Fortunately, our team monitors the account opening requirements, onboarding processes, compliance quirks, and is constantly identifying ways to open a Cyprus bank account online.
While the process to open is similar to other banking jurisdictions, there are some challenges and important considerations you need to understand.
So, let’s take a look at these challenges and we’ll also explore the benefits of opening a Cyprus bank account online.
Challenges When Opening a Cyprus Bank Account Online
Cyprus is known for being one of the most controversial banking jurisdictions in the world.
In fact, following the collapse of the domestic banking sector in 2013, Cyprus banks crashed, currency controls were imposed and the government confiscated depositor money…
It wasn’t pretty.
So, when it comes to international banking, it’s no surprise that many people still tread lightly when talking about the possibility of banking in Cyprus. And, in many instances, Cyprus banks may not be the best choice.
But, in recent years, Cypriot banks have become more strict with their account opening processes. This followed the introduction of new regulations. And, banks are becoming more selective when it comes to customers. These are all positive developments that should help avoid a repeat of 2013.
That said, even though opening a Cyprus bank account online may be an attractive option to many individuals and business owners, there are many challenges you can still face when opening.
And, if you don’t know how to overcome these challenges, account opening can be very costly and time-consuming.
But, by following the instructions below, you’ll be able to navigate the account opening process with greater ease. So, let’s take a look at these challenges now.
Challenges When Opening a Cyprus Bank Account Online
- Demonstrate a valid reason for opening an account
- Proof of connections or ties to Cyprus
- Personal visits at certain banks
- Long due diligence process
- Intensive paperwork requirements
- Higher transaction fees
If you’re considering banking in Cyprus, chances are the above list of challenges is not surprising to you. And, that’s likely because all other jurisdictions that you’re considering present similar hurdles.
That said, the one area of truly unique concern might be the fees that banks in Cyprus charge. That’s because Cyprus banks typically have higher fees than most other banking jurisdictions.
But, if you’re in need of a transactional bank account in the EU, Cyprus could still be the best option available. Or, depending on your client profile, it might just be the best EU bank account that you can access.
With this in mind, let’s take a look at the benefits that are available to those clients that do want to open a bank account here.
Benefits When Opening a Cyprus Bank Account Online
You might be wondering how anyone could benefit from opening a Cyprus bank account online after reading the last few sections of this article. Well, there are actually many benefits… for the right clients.
For instance, Cypriot banks don’t care about your deposit size. After all, Cyprus isn’t a private banking hub. In fact, they aren’t concerned if you invest or make use of bank-related products or services at all. Instead, they want to generate fees from your transactions.
Secondly, in most cases, banks don’t require you to hold a high account balance. This makes Cyprus more appealing for people who are looking to open accounts with less money or have low-margin businesses.
But, there are other benefits that you can tap into as well. Below is a list of some of the additional benefits you can tap into when opening a Cyprus bank account online.
Benefits of Opening a Cyprus Bank Account Online:
- Accessible EU banking
- Accepts non-resident companies
- Accepts offshore companies
- Low to no minimum deposits and balances
- Open to Unlucky Passport Club
- Multi-language speaking staff
- Multi-currency accounts
- Familiarity with Eastern Europe and Russian clients
- Familiarity with transactional and low-margin businesses
Of course, depending on your client type and banking objectives, the benefits listed above could certainly outweigh the challenges to banking in Cyprus.
If that’s the case for you, then opening accounts does not have to be difficult. Here’s how you can start opening a Cyprus bank account online today…
Should You Open a Cyprus Bank Account Online?
The Cyprus banking system has gone through many changes over the last decade. Not the least of which are major reforms following the 2013 Cyprus banking crisis.
But, today, Cyprus does offer unique opportunities for anyone seeking transactional banking in the EU. In fact, for many clients, it could be the perfect balance between EU access and offshore banking.
However, if you’re just looking to open a Cyprus bank account online because it can be done, you should consider other banking jurisdictions first as there may be better options elsewhere.
However, if you feel like Cyprus is a good fit (or have ties here), here’s how to start…
How to Open a Cyprus Bank Account Online
If you’re ready to take action and start opening Cyprus bank accounts online today, you can get started by accessing GlobalBanks IQ, our dedicated international banking intelligence platform.
GlobalBanks IQ gives you everything you need to start figuring out where you should (and shouldn’t) open accounts.
As soon as you join GlobalBanks IQ, you will receive access to our premium intelligence report: Banking in Cyprus: Transactional Business Banking in the EU.
You also immediately unlock the GlobalBanks Database of international banks — home to 250+ banks in 50+ countries.
And, you get access to our library of premium (members-only) reports, including proven account opening strategies, country-specific banking options, and lists of banks for specific client types.
Plus, you unlock our account opening checklists, dedicated account opening alerts, and much more.
To get started, click here to see if GlobalBanks IQ is the right choice for you to start accessing the benefits of international banking today.