A Cypriot bank account is required for a visitor’s residence permit and useful for paying rent. For an employee, opening takes a few days to 2–3 weeks. Additional checks can extend this to 6–12 weeks.
Who is on the market in 2026
- Bank of Cyprus — the largest, with a strong mobile app.
- Eurobank Ltd — Hellenic Bank merged into it on 1 September 2025 and the Hellenic brand was retired. It holds about half the retail market, and a first account can be opened through the app.
- Alpha Bank Cyprus — bought AstroBank's business (the deal closed on 31 October 2025), the third largest.
- Ancoria Bank — small, often a fallback option. cdbbank — corporate.
Documents
- Passport, sometimes a notarised copy.
- Proof of address no more than 3 months old: a utility bill or a bank statement. A rental contract on its own may not be accepted.
- For third-country nationals — a residence permit, ARC or pink slip. A filing receipt is sometimes accepted, but check in advance.
- An employment contract, payslips or an employer's letter.
- Source of funds — evidence of where the money comes from: statements, a property sale contract, tax returns.
- A TIC and tax residency self-certification (CRS).
Fees
| Product | Cost |
|---|---|
| Bank of Cyprus, basic payment account | up to €36 a year (100 transactions) |
| Eurobank, basic account | capped at €12 a year |
| Standard service packages | €3–8 a month |
| Visa debit card | usually included |
Citizens of sanctioned countries
- EU Regulation 833/2014 prohibits accepting deposits from Russian citizens and residents above €100,000 per bank. The exception is holders of a residence permit from an EU, EEA or Swiss state. A Cypriot ARC or pink slip falls under that exception.
- A 2026 European Commission clarification: citizenship alone is not grounds to close an account, and a valid residence permit protects against automatic blocking. But an individual bank's policy may be stricter.
- The bank may ask for proof of your ties to Cyprus, lawful income, tax compliance and the purpose of the account. Additional checks can delay opening.
- Corporate accounts for non-resident applicants from sanctioned countries are usually rejected outright by the big banks.
Revolut, Wise and a Cypriot IBAN
Revolut issues a Lithuanian IBAN, Wise a Belgian one. Both work in SEPA and you can receive a salary from a Cypriot employer. Refusing to accept an IBAN from another EEA country is "IBAN discrimination", banned by the SEPA regulation; complaints go to the Central Bank of Cyprus.
- If the IBAN is refused by a bank, payment institution or electronic money institution — the complaint goes to the Central Bank of Cyprus.
- If a company, an employer or a public authority refuses — the complaint goes to the Ministry of Finance at registry@mof.gov.cy.
- The basis is Article 9 of the SEPA Regulation: a payment may not be tied to the country where the account is held.
Cash and payments
- JCC Payment Systems is the national acquirer and runs almost every terminal on the island. Its JCCsmart service accepts payment of bills, fines, taxes and utilities — over 800 organisations.
- Visa and Mastercard, Apple Pay and Google Pay are accepted almost everywhere. AmEx less often.
- The cash payment limit is €10,000 per transaction, with a penalty of up to 10% of the amount. Bringing in or taking out €10,000 or more in cash must be declared.