By Helen Daniilidou
30/09/2025
Moving to or investing in Cyprus often means one of the first practical steps is opening a local bank account. The good news? Both EU and non-EU citizens can do it — but the process is slightly different depending on where you’re from.
At Plus Wise Estates, we help our clients not only find the right property but also settle in comfortably — and banking is a big part of that journey.
EU Citizens
If you’re from another EU country, opening a Cypriot bank account is usually straightforward. Most banks will accept your passport or even your national ID card, along with proof of address and some basic income documentation. Processing is relatively quick, and your account is typically ready in a couple of weeks.
Non-EU Citizens
For non-EU applicants, banks require more documentation — often notarized or officially translated. Expect to show clear proof of income and explain the source of your funds. The process may take longer, but it’s very much possible, especially if you’re planning to live or invest here.
Domestic vs International Banking Units (IBU)
Cypriot banks also offer two types of accounts:
- Domestic accounts: ideal if you’re living in Cyprus, paying bills, or working locally.
- International Banking Unit (IBU) accounts: designed for non-residents, investors, or companies handling cross-border transactions.
At Plus Wise Estates, we often see international buyers opening an IBU account for their overseas transfers while also keeping a domestic account for daily expenses like utilities and property management.
The Banking Landscape Today
A quick update: Hellenic Bank has now merged with Eurobank, so the main banks you’ll come across are Bank of Cyprus, Eurobank, Alpha Bank Cyprus, and AstroBank — all of which have International Business Units for foreign clients.
Final Word
Opening a bank account in Cyprus may seem like a formality, but it’s an important step toward feeling at home here. Whether you’re an EU or non-EU citizen, the process is achievable with the right preparation — and we at Plus Wise Estates are always here to guide our clients through every step of relocating or investing in Cyprus.
For more information, or personalized assistance with banking and real estate in Cyprus, contact us today at Plus Wise Estates.