How to open a business account in Cyprus

Snapshot

To open a business account in Cyprus you choose between a traditional bank, which gives a local euro IBAN and branch services after thorough checks, and a licensed digital provider, which opens online and faster but often issues a non Cyprus IBAN. Prepare company formation documents, identity and beneficial owner details, proof of address, and source of funds. Banks apply enhanced anti money laundering checks, especially for non resident owners.

Two routes: Traditional bank with a local euro IBAN, or a licensed digital provider opened online. As of 27 February 2026.
Typical timeline: A few days at a digital provider once documents pass checks. A traditional bank account commonly takes several weeks, longer for complex or non EU ownership.
What you need: Company documents, identity for owners and signatories, beneficial owner details, proof of address, and source of funds.
Currency: Euro (EUR)

Fees and features as of 27 February 2026Last reviewed 27 February 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

As of 27 February 2026, opening a business account in Cyprus starts with choosing a route. A traditional bank such as Bank of Cyprus or Hellenic Bank gives a local euro IBAN, branch access and lending, but runs detailed know your customer and anti money laundering review that commonly takes several weeks. A licensed digital provider such as Revolut Business or Wise Business opens online in a few days once documents pass checks, with lower fees and multi currency features, though it usually issues an IBAN from another European country and some restrict locally registered Cyprus companies. Prepare your company documents, identity records, beneficial owner details, proof of address and source of funds before you apply, and confirm current requirements with the provider.

How opening an account works in Cyprus

Account opening in Cyprus is built around proof that the company is real, properly registered, and clearly owned. Banks review your company formation documents, verify each beneficial owner and signatory, and assess your business activity and source of funds. Cyprus banks apply close anti money laundering and know your customer checks, and they look for real economic substance such as a local director, an office or local activity rather than a letter box company, especially where owners are non resident or non EU. As of 27 February 2026.

Choosing between a bank and a digital provider

A traditional bank suits a business that needs a local euro IBAN for government services such as Social Insurance and tax, handles cash, wants a relationship manager, or needs lending. A licensed digital provider suits a business that works online, invoices abroad, or wants to keep costs low. Many Cyprus companies use a digital account for day to day payments alongside a local bank account for government facing items. Confirm what each provider offers before you choose.

Steps to open

Decide whether you need a local Cyprus IBAN and branch services, or low cost online banking with multi currency support.
Gather your company documents, identity records for all owners and signatories, beneficial owner details, proof of address, and clear source of funds.
Apply to the provider, complete the anti money laundering and know your customer checks, and answer follow up questions on activity and ownership.
Confirm current fees, the IBAN you will receive, and timelines before you rely on the account.

What to check before you apply

Before starting an application in Cyprus, check these points, as of 27 February 2026. Verify with the provider

Whether you need a local Cyprus IBAN, since some government services do not accept an IBAN from another country.
That documents are current and consistent, and that beneficial ownership is clearly evidenced.
That a digital provider accepts your company type, as some restrict locally registered Cyprus companies.

Compare business accounts available in Cyprus

These providers accept business customers in Cyprus. Fees and eligibility shown as of 27 February 2026. Confirm current terms with the provider before applying.

Compare business accounts →

Questions about how to open a business account in Cyprus

How long does it take to open a business account in Cyprus?

A licensed digital provider can often open an account in a few days once documents pass the checks. A traditional Cyprus bank account commonly takes several weeks, and longer where the owner is non EU or the structure is complex, with no guarantee of approval. Timelines vary, so verify with the provider, as of 27 February 2026.

Can I open a Cyprus business account fully online?

Yes, through a licensed digital provider such as Revolut Business or Wise Business, which open online. Traditional banks may require an in person step. A digital provider usually issues an IBAN from another European country, so confirm whether you need a local Cyprus IBAN, as of 27 February 2026.

What documents do I need to open a business account in Cyprus?

Banks generally ask for company formation documents, identity records for owners and signatories, beneficial owner details, proof of business address, and evidence of source of funds. Exact lists differ by provider and company type, so confirm with the provider, as of 27 February 2026.

Do I need a local director to open a business account in Cyprus?

Not always, but Cyprus banks look for real economic substance such as a local director, an office or local activity, especially for non resident or non EU owners. Acceptance depends on the provider and your circumstances, so verify before applying, as of 27 February 2026.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 27 February 2026. Confirm current terms with the provider before applying.