How to open a bank account in Cyprus as a newcomer

Cyprus branches refuse newcomers over paperwork, not eligibility. If you are legally resident in the EU, a basic payment account is a right written into Cypriot law — this guide gives you the order to do it in, the documents a branch will ask for, and what to do when you are told no.

Last verified 2026-08-29 against European Commission, Your Europe. Settle Cyprus is an independent self-service tool. It is not a law firm, does not provide legal advice, and is not affiliated with any Cyprus government authority. Fees and requirements can change — always confirm with the official source before you travel.

Quick answer

If you are legally resident in an EU country, opening a basic account in Cyprus is a right, not a favour. Your Europe states it plainly: you are entitled to open a "basic payment account", and a bank cannot refuse your application just because you do not live in the country where the bank is established1. Cyprus transposed that right into national law as Law N.64(I)/2017, and the Central Bank of Cyprus is the competent authority responsible for making sure banks implement it2.

Two limits are worth knowing before you walk in. The right covers credit institutions — banks — not every company with a payments app7. And it does not override anti-money-laundering law: a bank may still refuse you if you do not satisfy EU rules on money laundering and terrorist financing1. That is why almost every rejection you will read about online is a paperwork rejection, not a legal one.

Step-by-step

1. Check the institution is actually a bank. The basic-account right applies to credit institutions7. The Central Bank of Cyprus publishes a Register of Credit Institutions5. If the provider you picked is not on it, you are asking for a commercial favour, not exercising a right.

2. Get your yellow slip first if you are an EU citizen. Branches ask for proof of your address in Cyprus. The document that settles it is the Registration Certificate issued by the Civil Registry and Migration Department to EU citizens who register their residence here9. Our yellow slip guide covers that application.

3. Get your Tax Identification Code before, not after. You will be asked for a tax number and a tax-residency self-certification. The Cyprus TIC is issued by the Tax Department and you must apply for it yourself — it is never issued automatically because you moved here8. Our TIC guide has the sequence.

4. Assemble the file in one pass. Passport or national ID, proof of your Cyprus address, your TIC8, your tax number from your previous country, and documentary evidence of where your money comes from. Bring originals.

5. Be specific about source of funds. This question exists because the bank must satisfy EU anti-money-laundering rules, and failing them is a lawful ground to refuse you1. "Savings" is not an answer that satisfies it. An employment contract, a payslip series, a property sale deed or a business account statement is.

6. Ask for the Informative Leaflet for Payment Accounts with Basic Features. Since the amending laws N.124(I)/2020 and N.76(I)/2021, credit institutions are explicitly required to provide it2. Asking for it by name changes the conversation, because it signals you know the account you are asking for exists as a legal product.

7. If you are refused, ask for the reason in writing. The same amendments added a right to alternative dispute resolution2, and the Central Bank of Cyprus supervises compliance with the law2.

Costs and deadlines

The honest answer on price is that there is no single national figure, and anyone quoting you one is guessing. What the law does say is that a basic payment account must be offered free of charge or for a reasonable fee4, and Your Europe repeats that a bank in some EU countries may charge an annual fee which "should remain reasonable"1. In Cyprus that is not left to interpretation: on 23 October 2020 the Minister of Finance, on the Central Bank's proposal, issued decrees under section 19 of the Law setting what counts as a reasonable fee — Κ.Δ.Π. 488/2020, 489/2020 and 490/2020, published in Greek only2.

For everything above the basic account, compare before you sign. The Ministry of Finance runs an official fee-comparison service for credit institutions' payment-account charges3. Providers must also give you a statement of all fees you incurred, at least annually and free of charge, on paper if you ask for it2.

We deliberately do not publish per-bank fee tables here. They change, and the official comparison is the source that stays current3.

Common mistakes

  • Treating the account as step one. It is roughly step three. Address registration and tax number come first, and the bank will ask for both.
  • Applying to a payments app and calling it a bank account. Convenient, often useful, and outside the basic-account right7. Check the register5.
  • Bringing a hotel booking as proof of address. Branches want an address that persists. A signed lease or a utility bill in your name does that; a booking confirmation does not.
  • Answering the source-of-funds question vaguely. This single field causes more incomplete files than any other.
  • Accepting a verbal "no" as final. Cyprus has a designated competent authority for this law and an alternative dispute resolution route written into it2. A verbal refusal at a counter is not the end of the process.

FAQ

Do I need to be resident in Cyprus?
For the basic payment account right, you need to be legally resident in the EU — a bank cannot refuse you purely for living in another EU country1. Individual banks may still have their own commercial products with stricter conditions.
Is the right absolute?
No. Anti-money-laundering compliance is a genuine ground for refusal1, and in some countries already holding a similar account with another bank in the same country is another1.
What does a basic account have to include?
Deposits, cash withdrawals, and receiving and making payments such as direct debits and card purchases; it should also include a payment card, and banks should provide access to online banking1.
Can I switch banks later without redoing everything?
Cyprus has a switching framework under the same law, and the Central Bank approved the Association of Cyprus Banks' Code of practice on switching personal accounts between banks2.
Which law should I quote?
Law N.64(I)/2017, as amended by N.124(I)/2020 and N.76(I)/20216, transposing Directive 2014/92/EU4.

Sources

  1. European Commission, Your Europe — "Bank accounts in the EU" (retrieved 2026-08-29)
  2. Central Bank of Cyprus — "Laws on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features" (retrieved 2026-08-29)
  3. Ministry of Finance / Gov.cy — "Fees Comparison of credit institutions for services linked to payment accounts" (retrieved 2026-08-29)
  4. Directive 2014/92/EU of the European Parliament and of the Council — "Payment Accounts Directive" (retrieved 2026-08-29)
  5. Central Bank of Cyprus — "Register of Credit Institutions" (retrieved 2026-08-29)
  6. Central Bank of Cyprus — "Law on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features of 2017" (retrieved 2026-08-29)
  7. European Commission — "Access to bank accounts" (retrieved 2026-08-29)
  8. Tax Department, Ministry of Finance — "Registration in the National Tax Registry – Issuance of a tax identification number (TIC/TIN) – Individuals" (retrieved 2026-08-29)
  9. Civil Registry and Migration Department — "Registration of E.U. citizens and members of their families who are also E.U./E.E.A. citizens (MEU1)" (retrieved 2026-08-29)