Bank of Cyprus is considered to be one of the oldest and largest financial institutions in Cyprus, which was established in 1899. Among the organizations that are presented on the Cyprus Stock Exchange, taking into consideration level of capitalization, financial Bank of Cyprus Group ranks as the first.
Bank serves the interests of the private and corporate sector being engaged in financing, factoring, investing activities, brokerage operations, financial management, private banking, insurance.
The Group comprises more than 580 branches in Cyprus, Greece, the UK, Canada, Romania, Australia and the Norman Isles.
OPEN AN ACCOUNT IN BANK OF CYPRUS
Account opening:
- for individuals and legal entities - free of charge;
- for legal entities registered outside the EEA and third countries Australia, Brazil, Canada, Hong Kong, India, Japan, South Korea, Mexico, Singapore, Switzerland, South Africa, United States of America - 300 EUR;
- for individuals and legal entities registered outside the EEA and third countries requiring enhanced Due diligence - 500 EUR.
From the first receipt, the amount will be debited to the account for issuing the Digi Pass (code generator for Internet banking).
The bank has representative offices in a few countries.
Via Internetbank software, fax.
Active account maintenance:
- for individuals - 35 EUR/quarter;
- for legal entities registered in the EEA and third countries Australia, Brazil, Canada, Hong Kong, India, Japan, South Korea, Mexico, Singapore, Switzerland, South Africa, United States of America - 50 EUR/month;
- for legal entities registered outside the EEA and third countries - 75 EUR/month.
Inactive account maintenance:
- for legal entities registered in the EEA and third countries - 100 EUR month;
- for legal entities registered outside the EEA and third countries - 125 EUR/month.
Payments for legal entities:
- within the Cyprus and SEPA (ЕU) zone up to 50 000 EUR:
up to 1000 EUR – 30 EUR;
from 1000 EUR up to 5 000 EUR – 50 EUR;
from 5000 EUR up to 50 000 EUR – 80 EUR.
- other payments:
standard – 0,15% (min 5 EUR, max 250 EUR) + processing fees 17 EUR for amounts up to 10 000 EUR/processing fees 25 EUR for amounts over 10 000 EUR;
urgent – 0,05% (min 20 EUR, max 200 EUR) + 0,15% (min 5 EUR, max 250 EUR) + processing fees 17 EUR for amounts up to 10 000 EUR/processing fees 25 EUR for amounts over 10 000 EUR.
More detailed information concerning tariffs can be found here.
The procedure of opening the account starts with the preliminary stage, which includes the process of gathering and submitting documents required for opening an account. Term of the preliminary stage will depend precisely on you.
Stage of reviewing of the documents by the bank and decision-making on account opening depends on the business activity, account transactions and takes on an average approximately 3 weeks from the receipt of the signed forms and documents by the head office of the bank. If the business activity of the company is related to IT sphere, the term of account opening is approximately a month from the date of the meeting in person with the bank manager.
Bank of Cyprus follows the «know your client» principle and therefore you may be requested to provide any additional information or documents concerning the procedure of opening the account that may take additional time, as well as refusing of account opening without reasons explanation.
Russian/English speaking.
Visa, American Express.
Deposits, securities, brokerage services, trust transactions, trade finance, credits.
Forms for signing are provided by the bank representative while the in-person meeting.
Company’s documents – originals of all company’s statutory documents shall be provided.
In case from the date of the company’s incorporation more than one year has passed it is required to provide:
- the Certificate of Good Standing affixed with apostille;
- the Certificate of Incumbency affixed with apostille;
- financial statement (it relates to all jurisdictions, incl. offshore). Term for statement preparation is determined by compliance authorities of the bank.
It is also necessary to provide a special Power of attorney certified by the notary and under apostille, Resolution on issuing the Power of attorney certified by the notary and under apostille (a certification by Solicitor for English companies is not accepted). We provide the drafts of these documents.
With regards to the companies, incorporated in Cyprus, the bank does not accept the power of attorney, the part of the banking forms shall be signed by the director of the company.
It is necessary to provide concluded contracts for the companies that previously were conducting business activity.
Documents for the account holder:
- original of national passport;
- original of foreign passport;
- original of identification code (taxpayer number);
- copy of national passport certified by the notary and under apostille;
- copy of foreign passport certified by the notary and under apostille (in case of its presence);
- curriculum vitae;
- original of bank reference;
- original of utility bill (for gas, electricity) from the place of residence no older than 3 months (to prove the place of residence*).
Documents for the beneficiary:
- original of national passport;
- original of foreign passport;
- original of identification code (taxpayer number);
- copy of national passport certified by the notary and under apostille;
- copy of foreign passport certified by the notary and under apostille (in case of its presence);
- curriculum vitae;
- original of bank reference;
- original of utility bill (for gas, electricity) from the place of residence no older than 3 months (to prove the place of residence);
- documents verifying the source of income (wealth) of the beneficial owner. These could be the following:
- employment confirmation letter indicating salary and emoluments, and personal account statement which shows crediting of salary;
- tax declarations;
- documents confirming the receipt of the inheritance;
- documents confirming the receipt of the funds as a gift, as well as its availability on the accounts;
- documents confirming the sale of the real/movable property;
- if the beneficial owner is a founder of the company – documents on that company, statements from the corporate accounts, tax returns, documents verifying the dividend distribution;
- if the beneficiary owner is a private entrepreneur – extract from the registry, tax declarations on entrepreneur, statements from the bank accounts;
- bank reference letter confirming the deposit in the bank, as well as the documents confirming the source of these funds;
- other documents, reflecting the sources of income.
Documents for nominal director, shareholder and secretary (in case of using nominal service by company):
- set of documents affixed with apostille, which includes copies of: passport, utility bill no older than 3 months and bank reference (if nominal director, shareholder and secretary are natural persons);
- set of statutory documents affixed with apostille, which includes Certificate of Incorporation, Memorandum, Article of Association, Minutes of the director designation (if director is legal entity). Also may require Certificate of Good Standing affixed with apostille, Certificate of Incumbency affixed with apostille and documents on this director, which includes set of documents affixed with apostille: copy of passport, utility bill no older than 3 months and bank reference.
You provide us with the requested documents as well as filled in questionnaire (send to e-mail) on receipt of which we prepare the inquiry and send it to the bank. In case the bank takes positive decision on account opening, the manager will set up the date and time of skype conference. Following that both attorney and beneficiary of the company sign the banking forms in our office, which together with original documents of the company, documents on attorney and beneficiary are to be sent to the bank. After the receipt of the documents by the bank, it provides you with details of the account to which you shall transfer a minimum sum of 500 EUR. From this amount the bank will write off the commission for Digi Pass issuing, commission for maintenance and return dispatch of the originals of the company documents.
