The captivating coast of Nissi beach in Ayia Napa, Cyprus.

How To Open a Cyprus Offshore Bank Account (As a Non-Resident in 2024)

Jarrod Suda


Byron Mühlberg


Mar 29, 2024
Advertiser disclosure

Cyprus, as a Member of the European Union and the Euro area, offers a solid foundation for international banking — especially since it boasts one of the EU's lowest corporate income tax rates. The country is also host to a wide network of double taxation treaties.

Cyprus does offer offshore bank account solutions tailored for the management of assets and companies of non-residents. In this guide, we explore options for bank accounts in Cyprus for non-resident applicants. We also spotlight multi-currency account alternatives, such as Wise and Revolut, which are much easier to open and still cater to the needs of global clients.

recommendation icon

In short, here's our recommendation for opening an account in Cyprus:

  1. Without proof of EU/EEA residence: Wise Multi-Currency Account comes with account details for 10 countries, including an EU IBAN, and a VISA debit card to spend in 50+ currencies.
  2. With proof of EU/EEA residence: Revolut gives you an EU IBAN account for SEPA banking, a multi-currency account, and a VISA debit card with excellent travel benefits.
  3. Private offshore account: See below for your options as a high net-worth individual or company.

Key Facts About Offshore Banking in Cyprus

🏦 No. of Banks in Cyprus


👨‍⚖️ Regulatory Body

Central Bank of Cyprus

💷 Corporate Tax Rate


💻 Best Account for Non-EU Residents
🏆 Best Account for EU Residents
💸 Best Money Transfer to Cyprus

It varies. Compare now.

What is Banking Like in Cyprus?

Cyprus is known for specialized services like offshore banking, asset management, and catering to international companies with a presence in Cyprus. However, it's not a common destination for everyday retail banking for expats.

Beautiful Kyrenia (Girne) view, boats, castle and sea view of the most popular spot at Northern Cyprus.

Let's dive deeper into the main advantages offered by the banking sector of Cyprus:

Why Are Cyprus Bank Accounts So Attractive?

Cyprus offers companies economic advantages through its low corporate taxes, access to the EU market, strategic location bridging continents, adherence to EU financial regulations (increasing stability), an extensive network of 68 double taxation treaties, and low currency risk as a Eurozone member.

Non-Resident and International Client Specialists

Cyprus' banking professionals have a long experience of serving international clients, particularly at managing assets of high net-worth individuals and companies across Europe. Highly skilled, English-speaking relationship managers and support staff help to constitute the country's financial sector.

Low Tax Environment

Cyprus boasts the lowest corporate tax rate in the EU at 12.5% (accurate as of 2024).

If the relocation of your company to Cyprus will involve changes to operations, market access, workforce, and strategy (among many other factors), then the potential tax savings may not outweigh the costs. But if your company can relocate to Cyprus with ease, then the low tax environment may be worth considering.

Just take note that taxation in Cyprus might vary according to the client's nationality. For example, US citizens are taxed on worldwide income and must declare their Cyprus bank account with the IRS. We recommend consulting a tax specialist to navigate these nuances based on your citizenship and residency.

Access to the EU Single Market

As a member of the European Union (EU), companies based in Cyprus benefit from the principles of the EU single market, which will allow you to operate and conduct business across the EU member states without facing significant restrictions.

This freedom of movement for goods, services, capital, and people within the EU allows companies registered in Cyprus to expand operations, trade, and provide services to other EU countries without encountering barriers such as tariffs or quotas.

Requirements to Open a Cyprus Bank Account

Companies are among the most common profiles seeking offshore banking in Cyprus. The process of opening an offshore bank account on the island generally involves the following documents, although the requirements may vary by bank:

  1. Valid ID of representative;
  2. Articles of Association;
  3. Completed application form;
  4. Proof of legal address in Cyprus:
  5. Income statements;
  6. Information about professional activities.

Open an Offshore Bank Account With Cyprus Banks

Nicosia, Cyprus

The largest banks in Cyprus, including Bank of Cyprus and Hellenic Bank, cater to both local residents and foreign companies. Additionally, institutions like Eurobank Cyprus Ltd, Astrobank Limited, and Alpha Bank Cyprus Limited offer specialized accounts and support for foreigners.

Most offshore accounts may incur service fees, fees for assets under management, transaction fees, and currency conversion charges.

Under the Association of Cyprus Banks, depositors are protected with a maximum compensation of €100,000 per depositor, or the equivalent amount in other currencies.

Accounts at High-Street Banks

For those considering high-street banks, here's a breakdown of account offerings from institutions that we found the most useful. Please check with each bank for details about your citizenship for eligibility:

1. Bank of Cyprus

With an international business center dedicated to supporting foreign clients, Bank of Cyprus offers services for company registration, regardless of EU or non-EU origin. They have 12 locations across the island focusing on international business needs.

2. Alpha Bank

Alpha Bank operates three international business units in Cyprus, specializing in corporate banking services. They provide a range of services including foreign currency accounts, insurance, API banking, and business cards.

3. Hellenic Bank

Hellenic Bank can facilitate account opening through virtual meetings and offers expertise in managing liquidity, obtaining loans, supporting shipping businesses, and providing wealth and investment services for foreigners.

Wise Business — Most Bank Account Details

Wise Business is a low-cost international business account and card that allows you to manage money in over 50 currencies and gives you local bank details in 10 currencies (receive AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD).

You’ll be able to collect money seamlessly, withdraw money from e-commerce stores in up to 10 currencies, and use your 10 bank details to create invoices. When you're ready, convert your revenue denominated in foreign currency into your local currency at industry-low rates that can save you thousands compared to traditional banks.

Wise's strong point is its exchange rate transparency, always using the real mid-market exchange rate per transfer. Instead, Wise charges fixed fees per transfer, which range from around 0.8% to over 2%, depending on the currencies used in the conversion. Common conversions like USD to EUR may cost around 0.8% of the total transfer amount while obscure conversions like BRL to THB may cost around 2.2%.

To save money with Wise, you can set up a desired exchange rate that will trigger a currency conversion once the mid-market rate meets it.

Account type: Electronic Money Account (held by Barclays in the UK, Wells Fargo in the US, DBS in Singapore, etc.)
Total cost: £45 one-time opening fee.
Noteworthy: International transfers, 10 account details, multi-currency balances.
Availability: US, UK, EU/EEA, Liechtenstein, Norway, Switzerland.
More info: See our full Wise Business account review.

Revolut Business — Best For Distributed Teams

Revolut Business is ideal for teams that do business globally because the account allows you to hold and exchange 28 currencies, give your team members debit cards for free, and top up those cards in 150 currencies. UK-based companies can get GBP and EUR bank details while US-based companies can get USD and GBP bank details.

You can start Revolut Business for free, although the standard plan sets very low fee-free allowances. You will be charged a monthly fee for upgrading to the upper three tiers, which raises the free allowances for local payments and foreign exchanges. We think these paid tiers are worth it because the price is transparent AND Revolut will convert your money at the mid-market exchange rate and will waive fixed transfer fees.

Otherwise, Revolut will markup the exchange rate to around 0.40% once you exceed your free limits. To save money with the free plans, you can set up a desired exchange rate that will trigger a currency conversion once the mid-market rate meets it.

Account type: UK, EU, or US bank details (varies by jurisdiction).
Total cost: £0 per month.
Noteworthy: Forex futures rates, multi-currency balances.
Availability: EU/EEA, UK, Switzerland, and the US.
More info: See our full Revolut Business review.

Multi-Currency Accounts (Retail Accounts)

The following retail accounts offer a cost-effective solution for managing day-to-day transactions in multiple currencies and offering the cheapest ways to transfer money abroad.

They are typically free to open, have no minimum balance requirement, and do not charge monthly maintenance fees. Multi-currency wallets normally come complete with a debit card and even foreign account details.

Below, we go over three of the most prominent multi-currency fintechs: Revolut, Wise, and Monese.

Revolut: Best GBP Account for UK and EEA Residents

Probably the UK's most famous fintech, there's a good chance you've heard of Revolut. Revolut offers a multi-currency account in 20+ currencies, and you can exchange up to £1,000 per month without any service fees. It offers current account details for GBP and EUR without any monthly fees as well.

We think Revolut is best used as a powerful spending tool next to a main bank account, as opposed to in place of it.

Although Revolut is also available in the US, Australia, Singapore, Switzerland, and Japan, its GBP account details are only available to EU/EEA and UK customers who get both an EU IBAN account (in Lithuania) and a British current account number, sort code, and SWIFT code.

  • Account names: Standard, Plus, Premium, Metal
  • Monthly fee:

Account Name

Fee /Month

Revolut Standard


Revolut Plus


Revolut Premium


Revolut Metal


Revolut Ultra


  • Int'l transfer cost: 0.5% - 1.5%
  • Int'l card payment cost: 0%
  • Proof of EU residence required: No
  • More info: See our full Revolut review.

Wise: Best EUR Account for US and Non-EEA Residents

The Wise Account is the best way to open a Euro account from abroad (especially if you're not from the EU/EEA and don't have access to Revolut).

Wise's Top Features

Your Wise Euro account will be held by Barclays Bank and come with the following details unique to you:

  1. An IBAN;
  2. An account number.

This means you'll be able to spend and be paid just like a local in Cyprus and convert your EUR balance into your home currency without the exorbitant bank fees. Here's an overview of the other features you'll get:

  • Local bank details, not just in the EU, but also in the US, UK, Australia, New Zealand, Singapore, Romania, Canada, Turkey, and Hungary.
  • Hold, exchange, and top-up up to 56 currencies.
  • A multi-currency VISA debit card that's handy for paying in foreign currencies without hidden fees.
  • Access to Wise's powerful international money transfer service right from your account balance.

Monese: Another Option for EEA Residents

Monese is a mobile-only challenger bank that offers fully-fledged checking accounts to more than two million customers in the UK and across much of Europe.

Here's an overview of Monese's offering:

  • Account name: Starter, Classic, Premium
  • Monthly fee:

Account Name

Fee /Month







  • Int'l transfer cost: 0.5% - 1.5%
  • Int'l card payment cost: 0% (0.4% - 0.8% for cash withdrawals)
  • Proof of EU residence required: No
  • More info: See our full Monese review.

How to Transfer Money to a Cyprus Bank Account

Once you've established a bank account in Cyprus, the next step is moving your funds, a process that can incur high costs, especially if you're depositing currencies other than euros. To deposit money into your new account before your move, you have two primary options:

  1. Send a wire transfer directly through your bank.
  2. Use a money transfer specialist service for your bank transfer.

While your home bank may handle international money transfers, they may offer preferential rates only for high-volume transfers with closely affiliated clients. Generally, we advise against using traditional banks for international transfers due to potentially high fees and lengthy processing times. Banks typically route funds over the SWIFT network, which adds timely steps and expensive middlemen to the money transfer process.

Send Money With the Best Online Specialist

For online transfers to Cyprus bank accounts, especially for amounts ranging from several hundred to thousands of dollars or equivalent, consider using a money transfer specialist service like Wise and Wise Business.

However, for larger sums exceeding $30,000 or equivalent, explore options among foreign exchange brokers supporting transfers to Cyprus. These brokers specialize in securing favorable exchange rates for significant sums, making them a more cost-effective choice for transferring substantial amounts across borders.

To identify the most suitable service for your transfer in real-time, run a search on Monito's real-time comparison engine.

Find the best deal when sending money to Cyprus:

Recap: What Are the Best Online Bank Accounts in Cyprus For Non-Residents?

To conclude, let's recap the main recommendations we explored in this non-resident banking guide:

  • Wise Business: Best international business multi-currency account
  • Revolut: Best EUR account for EU/EEA residents and citizens.
  • Wise: Best EUR account for non-EU/EEA residents and citizens.
  • Bank of Cyprus: Best offshore banking experience for companies.
  • Monito: Best way to compare money transfers to Cyprus.

See our guide on the best online-only banks in Europe for more options.

FAQ About Opening a Bank Account Online in Cyprus For Non-Residents


Double Taxation Treaties. Ministry of Finance. Accessed 29 March 2024.
International. Bank of Cyprus. Accessed 29 March 2024.
Business. Hellenic Bank. Accessed 29 March 2024.
International. Alpha Bank. Accessed 29 March 2024.
Opening a bank account in Cyprus. Lawyers Cyprus. Accessed 29 March 2024.
Deposit Protection Scheme. ACB. Accessed 29 March 2024.
Documents. Bank of Cyprus. Accessed 29 March 2024.

Compare Top Online Banks in Cyprus

Sort by
  1. Tinkoff Black Debit Card Monito Score 9.2
    • Languages
    • Country availability
    • Services
      Travel card
    • Monthly fee
    • Card delivery time
    • Best for
      Everyday banking
    • Bank details
      No account details (balance only)
    • Supported currencies
      Russian ruble +2
    • Overdraft
    • Annual interest rate
    • Supports cash deposits
    • International transfers
  2. Monzo Monito Score 9.0
    • Languages
    • Country availability
      United Kingdom
    • Services
      Full bank account
    • Monthly fee
      Very low
    • Card delivery time
    • Best for
      Everyday banking +1
    • Bank details
      UK account no. & sort code
    • Supported currencies
      Pound sterling +2
    • Overdraft
    • Annual interest rate
    • Supports cash deposits
    • International transfers
  3. Wise Multi-Currency Account Monito Score 8.9
    • Languages
      English +21
    • Country availability
      Austria +37
    • Services
      Multi-currency account
    • Monthly fee
      Very low
    • Card delivery time
    • Best for
      Spending while abroad
    • Bank details
      Euro IBAN +11
    • Supported currencies
      US dollar +50
    • Overdraft
    • Annual interest rate
      Very low
    • Supports cash deposits
    • International transfers

Non-Resident Bank Accounts in Cyprus vs Other Countries

Many countries allow non-residents to open a bank account within their legal jurisdictions, but exactly what kind of requirements non-residents face can differ drastically from country to country and even bank to bank. See the list below to get a better idea of this:


Which non-residents can open an account?

🇬🇧 United Kingdom

Parties with close ties, expats, immigrants, investors, students

🇮🇪 Ireland

Any interested party

🇩🇪 Germany

Parties with close ties

🇫🇷 France

Parties with close ties, investors, students

🇮🇹 Italy

Parties with close ties, Investors

🇨🇭 Switzerland

Investors only

🇪🇸 Spain

Parties with close ties, investors, students

🇵🇹 Portugal

Parties with close ties, investors, expats, students

🇳🇱 Netherlands

Parties with close ties, investors

🇩🇰 Denmark

Parties with close ties, investors

🇳🇴 Norway

Parties with close ties, investors

🇸🇪 Sweden

Parties with close ties, investors

🇦🇹 Austria

Parties with close ties, investors

🇬🇷 Greece

Parties with close ties, investors

🇭🇺 Hungary

Any interested party

🇱🇺 Luxembourg

Parties with close ties, investors

🇱🇮 Liechtenstein

Investors only

🇬🇮 Gibraltar

Investors only

🇮🇲 Isle of Man

Parties with close ties, investors, expats

🇯🇪 Jersey

Parties with close ties, investors, expats

🇨🇾 Cyprus

Any interested party

Last updated: 11/08/2022

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