Updated
GL-C-05
Glossary · Cyprus PR
Cyprus bank account - how to open one for Cyprus PR
The client's personal account with a bank in Cyprus
01 / In 30 seconds
The short answer
- What it is
- The client's personal account with a bank in Cyprus
- Why
- To receive and make payments in Cyprus and cover property and living costs
- Opening time
- Usually 2-6 weeks while the bank checks your source of funds
- Key point
- The €300,000 itself goes from your account abroad to the seller's account in a Cyprus bank
02 / In plain words
What Cyprus bank account means
A Cyprus bank account is the client's personal account with a bank in Cyprus. For PR it is usually opened at the start of the purchase, because the bank's checks take time.
To open it the bank asks for an application form, a passport, proof of address (a utility bill no older than 90 days), tax returns for 2-3 years, 6 months of statements, source of funds documents and the purchase contract as the reason for the account. The check usually takes 2-6 weeks.
The core PR rule: the €300,000 must reach Cyprus from abroad. So payments under the contract go from your account abroad to the seller's account in a Cyprus bank. Until your personal account is open, payment can go through the lawyer's client account.
A simple example
A client signed a contract for a flat in Limassol. We filed the bank application the same week and the account opened 4 weeks later. While the bank was checking, the first payment to the developer went through the lawyer's client account.
When you need a Cyprus account
- A property purchase in Cyprus
- Payments to the developer and the lawyer
- Utilities and property taxes
- Receiving rental income
- Living in Cyprus after getting PR
03 / What it covers
What the bank asks for
Identity
- Bank application form
- Passport
- Proof of address under 90 days
Finances
- Tax returns for 2-3 years
- 6 months of statements
- Source of funds
Reason
- Purchase contract
- Purpose of the account
- Expected turnover
Alternative
- Lawyer's client account
- Direct payment to the seller
- Transfer from abroad
04 / How it works
How to open the account
Documents
We gather passport, address proof, tax returns, statements and the purchase contract.
Application
We fill in the bank form and explain the purpose of the account.
Check
The bank reviews you and your source of funds for 2-6 weeks.
Opening
The bank opens the account and gives online banking access.
Use
The account covers property and living costs in Cyprus.
05 / Key facts
What matters
01Timing
2-6 weeks
The bank checks the client and the source of funds. So we apply in the first weeks of the purchase, not right before the PR filing.
02No account yet
Lawyer's account
If your personal account is not open yet, payment under the contract can go through the lawyer's client account.
03The €300,000
From your account abroad
The investment goes to the seller's account in a Cyprus bank from your personal account abroad, proving the transfer from abroad.
04Address
A recent document
Proof of address is a utility bill no older than 90 days. The bank will not accept an old one.
Common mistakes
Opening the account at the last minute
The check takes 2-6 weeks. We start in the first weeks of work, alongside choosing the property.
Depositing cash into the Cyprus account
The investment must arrive by documented transfer from abroad. Cash cannot prove the source.
Bringing an incomplete pack
Without 6 months of statements and source of funds documents the bank will return the form. We collect everything at once.
06 / Expert advice
How to prepare in advance
Prepare 6 months of statements, tax returns for 2-3 years and a recent utility bill. Together with the purchase contract they form the core of the bank application.
What we do for you. We prepare the bank pack, explain the purpose of the account and handle correspondence with the bank so the check does not delay the PR filing.
Klara RihterBanking compliance and source of funds specialist
07 / Questions
Frequently asked questions
It is usually opened for the purchase and life in Cyprus. Until it opens, payment can go through the lawyer's client account.
Usually 2-6 weeks.
Bank form, passport, proof of address under 90 days, tax returns for 2-3 years, 6 months of statements, source of funds and the purchase contract.
It depends on the bank. We find out in advance whether a visit is needed.
The money must reach Cyprus from abroad. It is safer to pay from your account abroad to the seller's account.
The bank must verify the client and the origin of the money before opening an account.
Cyprus PR glossary
- Cyprus PR programme →
- Cyprus PR
- ARC (Cyprus alien registration)
- Form MIP2
- Cyprus residence card
- Cyprus PR criteria
- Cyprus Migration Department
- Secure annual income
- Dependent students 18-25
- Cyprus PR monitoring
- Cyprus Department of Lands and Surveys
- Title deed in Cyprus
- DLS search certificate
- Encumbrance in Cyprus
- Separate title deed in Cyprus
- Developer mortgage in Cyprus
- Reservation agreement in Cyprus
- Contract deposit in Cyprus
- Specific performance law
- Direct title issue to the buyer
- Cyprus transfer fees
- Foreign buyer permit (Cap. 109)
- Planning permit
- Building permit
- Certificate of final approval
- Division permit
- First sale from a developer
- Resale property in Cyprus
- 18-month new building rule
- Commercial property for Cyprus PR
- Short-term rental licence
- VAT on Cyprus property
- Reduced 5% VAT on housing
- Cyprus stamp duty
- Cyprus capital gains tax
- Special defence contribution
- Cyprus non-dom status
- GESY health contribution
- Cyprus tax residency
- Cyprus income tax
- €300,000 investment for Cyprus PR
- Investment in a Cyprus company
- Investment in a Cyprus fund
- Cyprus PR government fees
- Family members in Cyprus PR
- Apostille for Cyprus
- Certifying officer in Cyprus
- Citizen Service Centre (KEP)
- Sworn translator in Cyprus
- Police clearance for Cyprus
- Plan A health insurance
- Power of attorney for Cyprus
- Income affidavit
- Non-employment declaration
- Medical tests for Cyprus PR
- Cyprus citizenship by residence
- All terms →
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