Can I open a bank account online in Cyprus?

Yes, if you already live in Cyprus. Bank of Cyprus lets new customers apply in its app with a passport scan and a selfie, and an officer contacts you within 3 working days. People living in the UK are generally turned away, so most UK movers apply online or in a branch after they arrive.

What do I need to open a Bank of Cyprus account?

A passport or ID card and proof of your address in Cyprus, according to Bank of Cyprus's new-customer page. In practice compliance also asks for your Cyprus tax number (TIC), proof of income and evidence of where your savings came from. Bring a UK bank reference letter dated within 3 months to avoid a second trip.

Can a foreigner open a bank account in Cyprus?

Yes. You don't need Cypriot citizenship. Consumers legally resident in the EU also have a right to a basic payment account, which a bank must open or refuse within 10 working days of a complete application.

Do I need a Cyprus tax number to open a bank account?

Most banks now ask for your Tax Identification Code (TIC). Register at the Tax Department first; it's free and new TICs start with 6.

Do I need a yellow slip to open a bank account?

No. The yellow slip is only for EU citizens and pre-2021 UK residents anyway. UK-only movers may be asked for their ARC or residence permit, but a bank can open an account before it's issued if you can show your address and income.

How long does it take to open a bank account in Cyprus?

Usually 3–4 weeks from a complete application. Basic accounts must be decided within 10 working days. Missing source-of-funds evidence is the main cause of delay.

Which bank is best for expats in Paphos?

Bank of Cyprus and Eurobank are the two largest banks, and a nearby branch helps when compliance wants another document. Ancoria is cheaper. Pick on branch access first, then fees.

Is Hellenic Bank still open?

Hellenic Bank merged into Eurobank in 2025. The Central Bank of Cyprus register lists it as Eurobank Limited (previous name: Hellenic Bank). Existing accounts carried over.

How much does a Cyprus bank account cost?

Opening is normally free. Standard current accounts cost about €24–36 a year at the big banks, and basic accounts are capped at €36 a year. Transfers and cards are charged separately.

Can I use Revolut instead of a Cyprus bank?

For spending and currency exchange, yes. For official use, keep a Cyprus account: immigration units sometimes refuse fintech statements, and some landlords and employers want a Cypriot IBAN.

Which is the safest bank in Cyprus?

All licensed Cyprus banks carry the same protection: eligible deposits are guaranteed up to €100,000 per person, per bank. The banks are supervised by the European Central Bank with the Central Bank of Cyprus. If you hold more than €100,000, split it across two banks.

What happens if a Cyprus bank refuses to open my account?

Ask for the reason in writing. For a basic payment account the bank must give you the refusal and the specific reason in writing, free of charge, unless anti-money-laundering rules prevent it. Fix the gap in your documents and apply to another bank, or complain to the Financial Ombudsman of Cyprus.

Hands sorting a folder of paperwork at a cafe table in Paphos

Settling in · Banking

Cyprus Bank Account for UK Expats: How to Open One in 2026

You can open a Cyprus bank account as a UK national, but not from your sofa in the UK. Most banks want you in Cyprus with a passport, a local address, a Cyprus tax number and proof of where your money comes from. Allow 3–4 weeks. Opening is normally free and standard accounts cost around €24–36 a year.

Get a bank introduction See the document checklist

The short version

Main banks: Bank of Cyprus, Eurobank (the former Hellenic Bank), Alpha Bank Cyprus and Ancoria Bank.

Timeline: 3–4 weeks from a complete application to a working account is typical. A basic account must be decided within 10 working days.

Documents: passport, proof of address, Cyprus Tax Identification Code (TIC), UK bank reference, and proof of income and source of funds.

From the UK? Bank of Cyprus says it doesn't offer consumer products to people in the UK, and its app needs you in Cyprus. Plan to open the account after you arrive.

Cost: opening is normally free. Standard current accounts cost about €24–36 a year; basic accounts are capped at €36 a year.

Deposits are protected up to €100,000 per person, per bank.

Banking help on Paphos Advisor

Start with this guide. If you'd rather not go in cold, these pages cover the introductions and business accounts.

Bank introductionsWarm introduction to a branch that takes UK clients. Free to you.

Company bank accountsOpening an account for a Cyprus company: UBO checks and business plans.

Settling-in hubWhere the bank fits in your first 90 days.

Can a UK citizen open a Cyprus bank account?

Yes. Cyprus banks open accounts for UK nationals every day. What changed after Brexit is how you prove who you are and why you're here.

Since 2021, UK nationals count as third-country nationals. That matters in three ways:

The basic account right doesn't cover tourists. The EU Payment Accounts Directive, brought into Cyprus law in 2017 (Law 64(I)/2017), gives consumers who are legally resident in the EU a right to a basic payment account. A UK national on a 90-day visa-free stay is not legally resident. Once you have a residence permit or have applied for one, you are. Not sure which permit fits? Try the relocation route finder.
Remote opening is limited. Bank of Cyprus lets new customers open an account in its app with a passport scan and a live selfie, but it says it doesn't offer consumer products to people in the UK. In practice you open the account once you're living here.
KYC is heavier. Banks must check your identity, address and source of funds under EU anti-money-laundering rules. Non-EU customers get more questions, not fewer.

Sunny street of limestone buildings in Paphos town centre at mid-morning — Mid-morning in Paphos town centre.

The bottom line: arrive, sign your lease, get your tax number, then walk into a branch with a full folder.

Which banks can you choose from?

Four banks cover almost every UK mover in Paphos: Bank of Cyprus, Eurobank, Alpha Bank Cyprus and Ancoria Bank.

The banking map changed in 2025. Hellenic Bank merged into Eurobank, and the Central Bank of Cyprus register now lists it as Eurobank Limited (previous name: Hellenic Bank). If an old guide tells you to compare Hellenic and Eurobank, they are now the same bank. AstroBank moved to Alpha Bank at the end of October 2025.

Bank of Cyprus and Eurobank are the two largest banks. Ancoria is smaller and app-led.

Bank of Cyprus vs Eurobank vs Alpha vs Ancoria

Annual fees are for a standard current account, taken from each bank's fee information document in September 2026. Check the current document before you sign.

Bank of Cyprus

Largest local bank

Wins 1 of 5

Eurobank

Ex-Hellenic Bank

Wins 1 of 5

Alpha Bank Cyprus

Greek-owned

Ancoria Bank

Smaller, app-led

Wins 1 of 5

Type

Locally authorised

EU bank subsidiary

Locally authorised

Standard account fee

€24 a year

€36 a year

€8 app / €12 branch

Size

One of the two largest

Smaller

App opening for new customers

Yes, passport and selfie, if you're in Cyprus

Yes for Cypriot ID holders; others at a branch

Ask the branch

Ask the bank

English-language app

Yes

The verdict

For most UK movers in Paphos, Bank of Cyprus or Eurobank is the practical choice because of branch access when compliance asks for another document. Ancoria is cheaper, but check how close its nearest branch is before you commit. Whichever you pick, the documents are the same.

Which Cyprus bank account setup fits you?

The right setup depends more on how your money arrives than on which bank you pick. This is the decision table I'd use.

Your situation	What to open	What compliance will want	Watch out for
UK state or private pensioner	Current account at a bank with a Paphos branch, plus Wise for GBP→EUR	Pension award letters, UK bank statements	Category F wants Cyprus bank statements, so open early
Remote worker paid by a UK employer	Current account; keep your UK account for salary	Employment contract, 6–12 months of payslips	Digital nomad applications ask for 6 months of income statements
Buying property in Paphos	Current account at the bank your lawyer pays from	Source of wealth: UK sale completion statement, savings history	Large inbound transfers trigger questions; send documents with the money
Running a Cyprus company	Personal account first, then a separate company account	UBO details, business plan, company documents	Company accounts take longer; see company bank accounts
Savings with a thin paper trail	Basic payment account once you're resident	Whatever evidence you have, explained in a short cover letter	Expect extra questions; don't move cash in person

A basic payment account is a legal right for people legally resident in the EU. It's capped at €36 a year and has no overdraft.

Kato Paphos harbour on a calm morning with fishing boats and the medieval fort

What documents do you need?

Every Cyprus bank asks for the same core set: identity, address, tax number and the story of your money. Documents must be in English or Greek, or officially translated.

Identity and status

Your passport (original and a copy). Once issued, your Alien Registration Certificate (ARC) or residence permit. The ARC is what proves residence for non-EU nationals.

Proof of address

A rental agreement, title deed or utility bill in your name, usually dated within 3–6 months. An EAC bill works well, so set up your electricity account early. Many banks will take your Cyprus lease on day one; some want a UK utility bill as well.

Tax Identification Code (TIC)

Most banks now ask for your Cyprus TIC before opening. Register at the Paphos Tax Department office or through the Tax For All portal. It's free. The settling-in hub shows where the TIC fits in your first 90 days.

Source of funds and source of wealth

This is the part that trips people up. Expect to show where your income comes from (payslips, pension letters, tax returns) and where your savings came from (property sale completion statement, investment statements, an inheritance letter). Bring 6–12 months of UK bank statements.

UK bank reference letter

Some banks ask for a letter from your UK bank dated within 3 months. Ask for it before you leave; some UK banks take two weeks.

You'll also fill in the bank's own KYC questionnaire and, at some banks, provide a short CV. That sounds odd, but it helps compliance match your income to your career.

Coffee, sunglasses and a closed folder on a café table by Paphos harbour — Bring everything in one folder, with copies.

How to open a Cyprus bank account, step by step

The five steps below are what most UK movers in Paphos go through.

1
Get your TIC and lease sorted
Week 1
Sign your lease and register for a Tax Identification Code. Without both, many branches will send you away.
2
Pick a bank and book an appointment
Week 1–2
Choose a bank with a branch near where you'll live. Book an appointment; walk-ins for new accounts are often turned away. A professional Cyprus bank introduction can get you a named contact.
3
Attend with originals
Week 2
Bring your passport and every document on the checklist. The bank scans your ID, takes your KYC questionnaire and may ask about expected monthly deposits and transfers.
4
Compliance review
1–3 weeks
This is the slow bit. Compliance may ask for extra evidence, usually about the source of your savings. Answer quickly: every day you take is a day added. Bank of Cyprus says an officer contacts online applicants within 3 working days.
5
Account opens
Week 3–5
You get an IBAN, online banking and a debit card. Some banks ask you to visit a branch to activate the card.

Bank introductions

Skip the cold walk-in

We introduce you to a named contact at a Paphos branch that regularly opens accounts for UK clients, and we check your document pack before you go. Free to you. The bank still makes its own decision.

Matched to a bank that fits your income type
Document pack checked before the appointment
No fee to you; partners pay us a referral fee

Founder-led. Replies within one working day.

Couple strolling along the Kato Paphos promenade at golden hour — The Kato Paphos promenade at golden hour.

How long does it take?

Plan on 3–4 weeks from a complete application to a working account. That figure comes from local law firms that open accounts for clients, and it matches what most UK movers report.

Two legal and bank timelines are worth knowing:

Basic payment account: under Cyprus's payment accounts law the bank must open or refuse it within 10 working days of a complete application.
Bank of Cyprus new customer application: a bank officer contacts you within 3 working days of submitting.

The word that matters in both is complete. A missing source-of-funds document resets the clock. In practice, the delays usually come from savings with no paper trail, such as cash gifts or an old property sale with no completion statement.

Types of account: basic, current and savings

Cyprus banks offer three main personal accounts: basic, current and savings.

Account	What it does	Cost
Basic payment account	Payments in and out, debit card, direct debits, no overdraft	Capped at €36 a year by ministerial decree (K.Δ.Π. 488/2020 and related decrees)
Current account	Full everyday banking, cards, online banking	About €24–36 a year at the big banks
Savings / fixed deposit	Interest-bearing, limited transactions	Usually no fee

You don't need a job, a work permit or permanent residence to open a basic account. You do need to be legally resident in the EU. A bank can refuse only on narrow grounds, such as you already having a basic account at another Cyprus bank or anti-money-laundering law.

Most UK movers open a standard current account. Ask for a basic account if a bank drags its feet on a current account and you already hold a residence permit.

Fees and charges

Opening an account is normally free, and many current accounts have no minimum deposit. The running costs are small but real.

Cypriot coffee, a glass of water and euro coins on a café table in Paphos — Cypriot coffee, and small change.

Standard account fees at the big banks run at about €24–36 a year. Non-resident accounts cost more; Ancoria lists €100 a year for non-residents, for example. Card fees, SEPA transfers and SWIFT payments are charged per item.

The bigger cost is currency. If your UK bank sends pounds by SWIFT and a Cyprus bank converts them, you pay a fee at each end and an exchange rate that is usually worse than the mid-market rate. For regular pension or salary transfers, a specialist like Wise usually costs less.

Every bank publishes a Fee Information Document for each account. Ask for it, and compare the annual total, not the monthly headline. The Ministry of Finance also runs a free fee-comparison website for payment accounts, which the Central Bank of Cyprus links to.

Watch out

Wise and Revolut: useful, but not enough on their own

Wise is an e-money institution: your money is safeguarded, not covered by a deposit guarantee. Revolut Bank is a Lithuanian bank, covered by Lithuania's €100,000 scheme and not on the Central Bank of Cyprus register.

Both are good for moving pounds to euros. But local immigration firms report that fintech statements are sometimes refused for residence applications, and some landlords and employers want a Cypriot IBAN. Keep a Cyprus bank account for anything official. You'll also need it for GESY contributions if you work (see the GESY guide) and to pay road tax once you drive in Cyprus.

Is your money safe in a Cyprus bank?

Yes. Eligible deposits are protected up to €100,000 per depositor, per bank, the same level as the rest of the eurozone.

Cyprus's banks are supervised by the European Central Bank, with the Central Bank of Cyprus as the national authority under the Single Supervisory Mechanism, which Cyprus joined in 2014. The 2013 banking crisis still comes up at dinner parties. The system has been restructured since, and deposit insurance now works the same way as in Germany or France.

If you hold more than €100,000, split it across banks. That's standard advice anywhere in the EU.

What if a bank refuses your application?

Ask for the refusal in writing. For a basic payment account, EU law (Article 16 of the Payment Accounts Directive, in Cyprus law since 2017) says the bank must tell you straight away, in writing, free of charge, and give the specific reason. The only exception is where saying why would breach national security or anti-money-laundering rules.

A refusal from one bank is not a refusal from all of them. Most refusals come from a gap in the paperwork, not from you. Fix the gap, then try one of the other three main banks.

Man sitting on a bench under a pepper tree in a leafy square in Paphos town — A refusal from one bank isn't a refusal from all of them.

Complaining

Complain to the bank first, in writing, and keep a copy.
Go to the Financial Ombudsman of Cyprus if you're not satisfied. It handles complaints against banks and other financial firms as a cheaper alternative to court. Phone +357 22 848 900. A fee applies; check the current amount when you file.

Once you're in, stay in

Banks re-check customer details every so often. Answer any KYC update letter within the deadline it gives. Ignored requests are a common reason for a blocked card or a restricted account.

If you later want to move banks, Cyprus follows the EU switching rules: the new bank asks the old one for your standing orders and direct debits, and each stage has a 5 business day limit.

Opening a Cyprus bank account: the honest trade-offs

What works

Opening is normally free, with no minimum deposit on many accounts

English-language apps and staff at all the main banks

Basic accounts are a legal right once you're resident, capped at €36 a year

Deposits protected to €100,000 per bank

What to watch

You generally can't open from the UK before you move

Source-of-wealth questions can add weeks

SWIFT and FX costs add up if you move money from the UK often

New-customer appointments are not always available the same week

Cyprus bank account FAQs

Usually not for a personal account. Bank of Cyprus says it does not offer consumer products to people in the UK, and app-based opening at the main banks is built for people living in Cyprus. Bank of Cyprus does run an international account-opening process with a questionnaire, but most UK movers open their account after arriving.

Next step

Want a named contact at a Paphos bank?

Tell us your move date and income type. We'll introduce you to a bank that regularly opens accounts for UK clients and check your document pack first.

Get a bank introduction Get my relocation plan

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 — New customer applicationGovernment
4.Bank of Cyprus — Open your first account through the appGovernment
5.Bank of Cyprus — International account openingGovernment
6.GOV.UK — Living in Cyprus (updated 5 February 2026)Government
7.Central Bank of Cyprus — Law 64(I)/2017 on payment accountsGovernment
8.EUR-Lex — Payment Accounts Directive 2014/92/EU, Article 16(7) (refusal in writing) and Article 10 (switching)Government
9.Financial Ombudsman of the Republic of CyprusGovernment

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

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Banking help on Paphos Advisor

Can a UK citizen open a Cyprus bank account?

Which banks can you choose from?

Bank of Cyprus vs Eurobank vs Alpha vs Ancoria

Which Cyprus bank account setup fits you?