- Advantages for customers of Cyprus finance company
- Personal account in Cyprus and benefits thereof
- Conditions and terms for personal account opening in Cyprus
- Maintenance rates and tariffs for personal accounts in Cyprus
- How to open a personal EU account in Cyprus
- Opening personal accounts for non-residents – procedure
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.
If you are after a personal bank account, a payment system account, or an account with Neobank or intend to obtain a multicurrency bank card, go ahead and fill in the International Wealth online form to enjoy top quality services from the International Wealth seasoned industry pros.
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.
FYI: the Anonymous China UnionPay Multi-Currency Card (USD/EUR) is among the options securing easy access to financial transactions abroad for foreigners. Assisted by the International Wealth seasoned industry pros, you will obtain it in next to no time.
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.
If safe bank account opening abroad is what you are looking for, the International Wealth team suggests you take a look at other products offered by our foreign partners around the globe.
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:
- European Union
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
- 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.
|Personal account opening||€200|
|Account maintenance||monthly payment||€10|
|Inactive account maintenance||monthly payment||€50|
|Issuing account statements in hard copy or in any other form|
|on a monthly basis||no charge|
|several times per month (on demand)||€15 per each account statement|
|Prospective deal or transaction due diligence (for deals and transactions above €300,000)||€300|
|Payments and money transfers|
€5 – minimum fee, €50 – maximum fee
€15 – minimum fee,
€350 – maximum fee
|Internal money transfers (fees are charged from the payer’s account)||inside WWPi||€5|
|between the customer’s accounts (in the same currency)||no charge|
€5 – minimum fee, €150 – maximum fee
€50 – minimum fee,
€350 – maximum fee
|Payment order preparation at the customer’s request||€50|
|Recurring payment or direct debit activation||€100|
|Non-payment fee for standing orders or direct debits resulting from NSF on the customer’s account||€20|
€50 – minimum fee
€150 – maximum fee
|Cancellation of currency transactions||€150 + actual expenses|
|Investigation of outgoing money transfers: transfer of funds confirmation from the beneficiary, cancellation of money transfers and/or amendments made at the customer’s request||€150|
|Change of payment details for internal transfers||€50|
|Cancellation of unexecuted payment orders||no charge|
|Balance certificate or balance certification letter||€50|
|Credit/debit notices and statements||Credit/debit notices in PI-Online/Mobile Office App||no charge|
|at customer’s request, in hard copy (as pdf document), sealed and signed||€20|
|Letter of guarantee to Civil Registry and Migration Department, Ministry of Interior||€120|
|Amendments in letter of guarantee||€50|
|Remote system (PI-online/WWPi Mobile Office) access, connection, disabling, or blocking||no charge|
|Managers of the Cyprus finance company will inform you of exact tariff amounts only|
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.
- 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.
NB: the compliance department of the Cyprus finance company has the right to request that the beneficiary provide additional personal details.
Opening personal accounts for non-residents – procedure
- Contact International Wealth at firstname.lastname@example.org or message us via any messengers or the International Wealth online chat to let us know you would like to order the service.
- 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.
- Fill in the bank form and send the documents to the International Wealth team for verification. Get ready for your interview.
- Activate the account and start using it. Obtain your IBAN account number and customize the web-interface for seamless experience.
NB: feel free to consult the International Wealth pros at any stage if you need it. You have an opportunity to order extra services in Cyprus or any other jurisdictions.
May foreign citizens open personal IBAN accounts in Cyprus?
The Cyprus finance company opens personal accounts in Cyprus for citizens of Cyprus and EU residents alike. Apart from this, our customers reside in Iceland, Norway, and Liechtenstein.
How long does it take to open a personal account in Cyprus?
If you choose to do it under a fast-track procedure, a personal account will be set up for you within 2 days after the document submission date. For that purpose, please mark your application accordingly and be ready to pay extra fees.
Is an initial deposit required to open an account in Cyprus?
There is no such requirement. You also don’t need to secure a minimum required account balance to have your Cyprus personal account activated. Customers of the Cyprus finance company have the right to open several accounts including, inter alia, escrow accounts, to make various transactions.