Personal Accounts in Cyprus for EU and UK Residents

Business people and high net worth individuals fancy the idea of opening personal accounts in Cyprus with no hassle. The service is even more appealing given the opportunity to enable an EU-IBAN account safely and quickly, with minimum customer involvement.

With sanction restrictions and the global crisis in their way, many financial institutions have to amend internal policies and foreign customer service regulations. The Cyprus finance company is an authorized EU institution with certain restrictions and enforceable standards in place. For more information, please refer to the article below.

Advantages for customers of Cyprus finance company

Unlike classic banks that are pretty thorough about their customers’ identity and income sources, the Cyprus finance company we recommend treads more lightly. Established in 2016, it offers inclusive financial services to customers in Cyprus and the EU. 

The company comes highly recommended as a reliable authorized payment service provider operating under a license issued by the Central Bank of Cyprus. 

For your convenience, the list of transactions effected via a personal account in Cyprus is provided below:

• current payment transactions
• depositing funds
• auto payments for standing orders and many more.

Personal account in Cyprus and benefits thereof

Natural persons mentioned below benefit from the versatility, multifunctionality, and wide range of tools offered by the Cyprus finance company that the International Wealth experts recommend the most:

• professional stock and securities traders and brokers
• overseas HNWIs and top managers with significant funds
• online store and foreign company owners as well as other go-getters. 

This is what you will save when opening a personal account with the above Cyprus finance company:

• time (due to fast document and information processing)
• energy and efforts (due to no labor-intensive processes)
• money (due to fast and effective decision making in the Cyprus finance company). 

Here are the goals foreigners may achieve when opening personal accounts with the Cyprus finance company:

• remit funds (except for readily available funds a.k.a. cash)
• make payments to third persons
• receive payments from third persons. 

Feel free to transfer money to accounts with banks, other payment systems, and with the Cyprus finance company we recommend. FYI: credit transfers and direct debits enjoy the highest demand out of all payment services the Cyprus finance company is licensed to provide. 

Perks of Cyprus accounts for foreigners

• Remote services, with an opportunity to open an account online – you won’t have to visit Cyprus to do it
• Internet banking via a user-friendly interface platform
• Opportunity to open several accounts in one go
• SEPA instant payments
• SWIFT transactions
• IBAN accounts
• EUR and USD payments
• English language support.

Restrictions on payment service usage

If resident in any of the jurisdictions below, no limitations as to payment service usage in the Cyprus finance company apply to you:

• Cyprus
• European Union
• Norway
• Liechtenstein
• Iceland
• UAE
• Singapore.

UK residents are not accepted as customers by the Cyprus finance company.

If you operate in any of the below industries, you won’t be able to enjoy services of the Cyprus finance company either:

• nuclear-power engineering
• weapons, defense industry, or military sphere
• unregulated charities
• adult service industry
• gambling
• unregulated crypto-asset providers and other prohibited activities and practices.

For more information about the terms, tariffs, and rules that regulate and apply to personal account opening in Cyprus, you are welcome to contact the International Wealth seasoned consultants.

Conditions and terms for personal account opening in Cyprus

You don’t have to deposit material funds into your account and plan the trip in advance to open a personal account with the Cyprus finance company. Assisted by the International Wealth industry profs, you will manage to prepare all the required documents and wait for them to be verified and processed. 

Supported by the International Wealth professionals, foreign residents will succeed with opening the array of accounts with the Cyprus finance company:

• current accounts for day-to-day transactions
• transaction accounts
• payment accounts
• escrow accounts – the latter are necessary where you are about to make safe settlements when entering into sale and purchase transactions. The supplier will only receive the funds wired to their account after they have met all the transaction terms set by you.

Feel free to apply for a reference letter or an account confirmation, where you need one. The above will prove useful if you decide to open an account with a European bank or payment system in future. 

IBAN accounts are used to make currency payments to EU and EEA member states and residents thereof. 

The Cyprus finance company opens EUR and USD accounts for its customers providing for multi-currency payments with currency conversions. 

Maintenance rates and tariffs for personal accounts in Cyprus

In 2022, maintenance rates and tariffs for personal accounts that foreign residents open with the Cyprus finance company changed. At present, the following tariffs and rates apply. NB: the latter may be either increased or reduced on a case-by-case basis. 

Managers of the Cyprus finance company will inform you of exact tariff amounts only after the account in question has been opened, as the said tariffs depend on the account turnover, balances, and other criteria.

How to open a personal EU account in Cyprus 

Under the standard procedure, you will have to visit Cyprus for an interview for your identity to be verified. NB: remote identity verification is also possible. 

Document verification procedures are carried out as provided for under the laws currently in force. This means, your documents are reviewed against original or legalized copies thereof. The said requirements may differ on a case-by-case basis. To avoid mistakes and do everything by the book, be sure to consult the International Wealth experts. 

Document list

• Valid passport or ID document
• Proof of residential address, e.g., a utility bill (electricity, water, or landline phone bills), a bank account statement, a home insurance receipt or a community tax receipt issued within 6 months before the submission date.
• National passport with registration address. The said document may be submitted to verify the applicant’s residential address
• Filled-in application containing the applicant’s personal data. 

All documents shall be submitted in English or have a legalized English translation attached to them. As an additional requirement, the documents shall be translated within 6 months before the submission date.

Opening personal accounts for non-residents – procedure 

1. Contact International Wealth at info@offshore-pro.info or message us via any messengers or the International Wealth online chat to let us know you would like to order the service.
2. Pay the agreed fee. FYI: minimum fees are indicated at the top of the page. Feel free to use any available payment methods to make the payment, including, inter alia, bank transfers, Bitcoin, payment cards (Visa/Mastercard), PayPal, Webmoney, Western, etc.
3. Fill in the bank form and send the documents to the International Wealth team for verification. Get ready for your interview.
4. Activate the account and start using it. Obtain your IBAN account number and customize the web-interface for seamless experience.