Can I open a Cyprus account before I move?

Usually not for a personal account. Bank of Cyprus says it doesn't offer consumer products to people in the UK. Plan to open the account in your first weeks in Paphos, after your lease and tax number. Our Paphos settling-in support puts those jobs in order.

Which banks operate in Cyprus?

The Central Bank of Cyprus register lists four locally authorised banks, including Bank of Cyprus and Ancoria Bank, plus EU-owned subsidiaries such as Eurobank (formerly Hellenic Bank), Alpha Bank Cyprus and National Bank of Greece (Cyprus), and a handful of foreign branches. For a personal account in Paphos, most UK movers choose Bank of Cyprus, Eurobank, Alpha or Ancoria.

Is it safe to bank in Cyprus after the 2013 crisis?

Yes. Since 2014 Cyprus's banks have been supervised by the European Central Bank alongside the Central Bank of Cyprus, and eligible deposits are protected up to €100,000 per person, per bank, as elsewhere in the eurozone. If you hold more, split it between banks.

How do you make money?

Partners you choose to use pay us a referral fee. The introduction is free to you, and our referral disclosure sets out how it works.

Is Wise or Revolut enough?

Not on its own. Immigration units sometimes refuse fintech statements, and some landlords and employers want a Cypriot IBAN. Use Wise or Revolut for currency, and a Cyprus bank for official use.

I need a company account. Is that different?

Yes. Company accounts need UBO identification, corporate documents and usually a business plan. See our company bank account page.

Services · Banking

Banking in Cyprus: Introductions for UK Movers

Opening a bank account in Cyprus takes 3–4 weeks of KYC checks, and UK nationals face more questions than EU residents. We introduce you to banks that regularly open accounts for UK clients, and a partner checks your documents first. The introduction is free.

Vetted, licensed partners
Free introduction
Referral fees disclosed

Request an introduction

Free. I reply personally within one working day.

Banking in Cyprus: the short version

You can bank in Cyprus as a UK national, but you open the account after you move: Bank of Cyprus doesn't offer consumer products to people living in the UK.

Main banks: Bank of Cyprus, Eurobank (ex-Hellenic Bank), Alpha Bank Cyprus and Ancoria Bank. Deposits are protected to €100,000 per person, per bank.

Timeline: about 3–4 weeks from a complete application. Bring your lease, Cyprus tax number and proof of where your savings came from.

Our part: a free introduction to a branch that regularly takes UK clients, with your document pack checked first. The bank still decides.

Why banking in Cyprus is harder for UK movers since Brexit

UK nationals who moved after 2020 are third-country nationals in Cyprus, and banks treat them that way.

No remote start. Bank of Cyprus says it doesn't offer consumer products to people in the UK, so its app route opens once you live here.
The basic-account right needs residence. The EU right to a basic payment account covers consumers legally resident in the EU, not UK visitors on a 90-day stay.
Source-of-wealth questions. Compliance wants a paper trail for your savings: a house sale, a pension lump sum, an inheritance.
Tax number first. Most banks now ask for your Cyprus Tax Identification Code before opening.
Residence status matters. Not sure which permit you'll hold? The relocation route finder tells you in a few minutes.

None of this stops you getting an account. It means turning up with the right pack, at a branch that's used to UK clients. That's what we help with. The full DIY route is in our Cyprus bank account guide, and the settling-in hub shows where the bank fits in your first 90 days. For all our services, see the services overview.

Banking help we can arrange

Personal bank introductions

A named contact at a bank that takes UK clients, and a checked KYC pack.

Company bank accounts

For Cyprus companies: UBO checks, business plan and director KYC, lined up with your formation lawyer.

Moving money from the UK

Introductions to regulated currency specialists for large transfers such as a house purchase.

What our banking partners do

Paphos Advisor introduces; the bank decides. We can't guarantee an account, and anyone who promises one is overselling. Our Cyprus bank introduction page walks through how an introduction works.

Two people walking along a quiet street of limestone buildings in Paphos town centre — Paphos town centre on a weekday morning.

What a partner does:

Matches you to a bank that fits your income type: UK pension, remote salary, Cyprus employment, or investment income.
Checks your document pack against the bank's KYC list: passport, lease, TIC, UK bank reference, proof of income and source of wealth.
Introduces you to a named contact so you're not a walk-in.
Follows up if compliance asks for more.

The four banks most UK movers use are Bank of Cyprus, Eurobank (the former Hellenic Bank, merged in 2025), Alpha Bank Cyprus and Ancoria Bank. Deposits at licensed Cyprus banks are protected up to €100,000 per person, per bank.

Company accounts

Company accounts are a different process. Banks must identify every ultimate beneficial owner (UBO) and usually want a business plan and evidence of real activity in Cyprus. If you're forming a company, see company bank account help and our company formation services.

Moving money from the UK

Most UK movers keep a UK account for pensions, rent or ISAs and move money across as they need it. How you move it matters more than which Cyprus bank you pick.

Bank-to-bank SWIFT is simple but usually the most expensive: a sending fee, a receiving fee and a weaker exchange rate.
Wise or Revolut are cheaper for regular monthly transfers. Keep the Cyprus account as the destination.
A regulated currency specialist can fix a rate for a large one-off transfer, such as a property purchase. A partner can introduce one.

Keep records of every large transfer. Cyprus banks ask about the source of big deposits, and a completion statement or pension letter answers the question in one email. If your income is a UK pension, read UK pensions in Cyprus before you set up regular transfers.

How a bank introduction works

01
Tell us your situation
Passport, residence route, income type, move date.
02
Pack check
A partner reviews your documents against the bank's list.
03
Introduction
You're introduced to a named contact and book an appointment.
04
Account opens
Typically 3–4 weeks after a complete application.

What it costs

The introduction is free to you. When you use a partner, the partner pays Paphos Advisor a referral fee, explained in our referral disclosure.

If a partner offers paid services, such as full account-opening support with branch attendance, they quote a fee in writing first. Bank charges are the bank's own: opening is normally free, standard current accounts cost about €24–36 a year, and basic accounts are capped at €36 a year.

Kato Paphos harbour at blue hour with fishing boats and the lit fort — Kato Paphos harbour at blue hour.

Three ways to open a Cyprus bank account

Nobody can guarantee an account. What changes is how prepared you are and what you pay.

Walk in yourself

DIY

Wins 1 of 6

Our introduction

Free to you

Wins 3 of 6

Law firm service

Paid

Wins 1 of 6

Cost to you

€0

From €1,000 + VAT at one firm that publishes its fee

Document pack checked first

Yes

Named contact at the bank

Yes

Usually

You still attend KYC

Yes

Usually

Account guaranteed

Best for

Simple income, clean paper trail, time in Paphos

UK pensions, remote salaries, property sale proceeds

Complex structures, trusts, company groups

The verdict

If your money has a clear paper trail and you have a free morning, walk in. If you're moving the proceeds of a UK house sale or your income comes from several places, an introduction and a pack check save the most time.

Myth

Myth: "We can guarantee you a Cyprus bank account"

Reality

Search for banking in Cyprus and you'll find agents selling guaranteed non-resident accounts. No one outside the bank can promise that. Every Cyprus bank runs its own anti-money-laundering checks, and a bank can refuse or close an account on those grounds. Treat a guarantee as a warning sign, especially if it comes with an upfront fee.

Cyprus banking in numbers

3–4 weeks

Typical time to open a personal account

10 days

Legal deadline to decide a basic account application

Working days, from a complete application

€100,000

Deposit protection per person, per bank

€0

Cost of our introduction

Free bank introduction

Moving your UK house sale or pension to Cyprus?

Those are the cases where compliance asks the most questions. Get your pack checked and a named branch contact before you go in.

Get a bank introduction Read the bank account guide

Banking partners

Vetted relocation and liaison specialists who prepare UK clients for Cyprus bank KYC.

Licensed and regulated

Registered with the right Cyprus body — Bar Association, ICPAC, CySEC or the Estate Agents Council.

Fluent with UK clients

They know HMRC, UK pensions and how British clients expect to be kept in the loop.

Vetted in person

I’ve worked with them or checked their work with people I trust. No paid listings.

Fees disclosed

If a partner pays a referral fee, I tell you before the introduction.

Partner profiles are shared privately, matched to your situation.

Request an introduction

Banking introduction questions

No. Banks make their own compliance decisions. An introduction and a complete document pack improve the odds and cut repeat visits.

Free introduction

Get introduced to a bank that takes UK clients

Tell us your residence route, income type and move date. We'll match you with a partner and a bank that fits.

Personal or company account
Document pack checked before you go
Free introduction, no obligation

Founder-led. Replies within one working day.

Sources checked for this page

1.Central Bank of Cyprus — Register of credit institutionsGovernment
2.Central Bank of Cyprus — Payment accounts law (basic accounts, fees, switching)Government
3.Bank of Cyprus — Open your first account through the appGovernment
4.Bank of Cyprus — New customer applicationGovernment
5.GK Law Firm — How to open a Cyprus bank account (fee benchmark, updated June 2026)Professional

Written by

Jason

Founder, Paphos Advisor

British founder who moved his family from the UK to Paphos in 2025. I write down what I learned doing it properly — the tax, the residency and the living-here detail — and introduce people to the specialists I’d use myself.

How I research and fact-check

Keep reading

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Cyprus Bank Introductions: Open Your Account Without the Cold Walk-In

Get introduced to a named contact at a Cyprus bank that regularly opens accounts for UK clients, with your KYC documents checked before you go.

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Cyprus Company Bank Account: Get It Opened Without the Compliance Ping-Pong

A bank introduction and a complete document pack for your Cyprus company account, so compliance approves it in weeks, not months.

Guide

Settling In Cyprus: Your First 90 Days in Paphos

The practical setup after you land in Paphos: residence permit, tax number, bank, electricity, water, broadband, GESY and your UK licence, in the order that works.

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Paphos Relocation Services: Settling-In Support for UK Movers

Free introductions to vetted Paphos partners who handle the practical setup: utilities, bank, tax number, GESY, licence exchange and the paperwork in between.

Banking in Cyprus: Introductions for UK Movers

Why banking in Cyprus is harder for UK movers since Brexit