Business banking in Cyprus

How business banking works in Cyprus

Business banking in Cyprus splits into two broad groups. Traditional banks such as Bank of Cyprus, Hellenic Bank, Eurobank Cyprus, Alpha Bank Cyprus and AstroBank offer branch based business accounts with a local euro IBAN, cash handling, lending and local support, and they apply detailed know your customer and anti money laundering review. Licensed digital providers such as Revolut Business and Wise Business offer accounts opened online, often with lower fees and strong multi currency features, though they usually issue an IBAN from another European country and may restrict locally registered Cyprus companies. Cyprus has used the euro since 2008 and sits inside the SEPA area. The right fit depends on whether you need a local Cyprus IBAN and branch services or low cost online banking and foreign currency handling. As of 21 October 2025.

Who can open a business account

Sole traders, partnerships and companies including the private limited company can hold a business account in Cyprus. Banks look closely at ownership, the beneficial owners, and the commercial reason for banking in Cyprus, and in 2026 they expect real economic substance such as a local director, an office or shared workspace, or local activity, rather than a letter box company. Regulated activities may need a licence before banking. Licensed digital providers generally serve businesses that pass their own checks, though some hold off on locally registered Cyprus companies, so confirm eligibility first.

Traditional banks compared with neobanks

Traditional banks suit businesses that need a local euro IBAN for government services, handle cash, want a relationship manager, or need lending. They charge a monthly maintenance fee and may set a minimum balance, and onboarding is thorough and can take several weeks. Neobanks suit businesses that work online, invoice abroad, or want to keep costs low, with plans from no monthly fee to roughly EUR 30 a month, but they rarely accept cash, may issue a non Cyprus IBAN, and lending is limited. Many Cyprus companies use a digital account for day to day payments alongside a local bank account for government facing items. Confirm current terms with each provider. As of 21 October 2025.

Requirements and documents

Exact documents vary by provider and legal form, and banks apply enhanced checks for non resident and non EU owners. A common checklist is below. Verify with the provider

• Proof of the company: a certificate of incorporation, certificate of incumbency, and a certificate of good standing, plus the company structure up to the beneficial owners.
• Identification and proof of address for every director, shareholder, and beneficial owner, and a description of the business activity.
• Source of funds and source of wealth information, a business plan or contracts, and often evidence of economic substance such as a local director or office. Foreign documents may need certification and translation.

How to open an account

1. Decide whether you need a local Cyprus IBAN for government services and lending, or whether a digital account covers your needs, or both.
2. Gather company documents, identification and proof of address for all owners and beneficial owners, source of funds evidence, and any economic substance documents.
3. Apply to the provider, complete the anti money laundering and know your customer checks, and confirm current fees and timelines before you rely on the account.