Banking

Steps

1. Gather your papers: ID document, Cypriot tax number if you already have it (see CY-NIF-TOUS-001), proof of address, proof of income.
2. Ask several banks for the fee information document and compare.
3. Ask for a basic payment account if a standard account is refused to you: deposits, withdrawals, transfers, direct debits, payment card and online banking where it exists; overdraft and credit are not always included.
4. Answer the know-your-customer questionnaire: profession, origin of funds, planned transactions. The bank applies the European rules against money laundering and terrorist financing: it may refuse to open the account if you do not comply.
5. For a mortgage, ask each bank for its standardised European information sheet (ESIS) and compare the total cost.

Documents

• Passport or ID card in date.
• Proof of address (in Cyprus or in your country) and, often, proof of income or employment.
• Tax self-certification: on opening, the bank must have you fill in a declaration of your tax residence(s) with your tax number for each (CRS/DAC2 rules, Tax Department). If you are already tax resident in Cyprus, give your TIC (see CY-NIF-TOUS-001); otherwise, your country's tax number. A declaration without a number when your country assigns one to all its residents is considered unreliable: the bank may block the opening.
• For a loan: proof of income, sale contract, valuation of the property.

Costs and timelines

• Basic account: annual fees possible but reasonable, statement of fees at least once a year.
• Euro payments within the EU: same price as a domestic payment; a withdrawal in another EU country cannot cost more than a domestic withdrawal.
• Mortgage (EURES): monthly repayment over 25 years or more, financing of 50 to 60% of the value or more; rates not published by EURES, to be asked of the banks.
• Time to study the offer: at least 7 days (EU rule); depending on the country, it is a reflection period before signing, a withdrawal period after signing, or both, and national law may grant more time: ask your bank which applies in Cyprus.

Common pitfalls

• Paying your rent in cash or by cheque. Forbidden since 01/07/2026; the landlord must no longer accept it.
• Underestimating the checks. Plan for clear supporting documents on the origin of your money (sale of a property, savings, salary): without them, opening may drag on.
• Closing your home account too quickly. An IBAN from another EU country must be accepted for transfers and direct debits if the creditor accepts them from a domestic account.
• Borrowing in a currency other than that of your income. Exchange rate risk can weigh on your monthly repayments.

What changes by country of origin

• EU and EEA citizens: right to a basic account as soon as you are legally resident in the EU.
• Swiss and British people (including Scottish): the right to a basic account applies to legal residents of the EU; once settled in Cyprus with your residence permit, you benefit from it. Before that, the decision is up to the bank.