01
Licensed infrastructure
A credit institution is checked in the Central Bank of Cyprus register, while payment and e-money institutions appear in separate official registers. SEPA access or an EU passport does not make every product a bank deposit
02
KYC and origin of wealth
Corporate and personal account opening tests the UBO, tax residence, source of wealth and funds, business purpose, contracts, countries, expected payments, sanctions exposure and real presence
An account is opened for a coherent profile, not a jurisdiction name. Corporate and personal account opening tests the UBO, tax residence, source of wealth and funds, business purpose, contracts, countries, expected payments, sanctions exposure and real presence.
03
Company and private client
A registered office alone does not prove effective management. Board process, directors' authority, premises, people, contracts, expenditure and the place of key decisions should match the stated model. The standard corporate income tax rate is 15% from 1 January 2026; residence, worldwide income, exemptions, foreign tax credits, transfer pricing and EU/ATAD rules depend on the facts.
04
Trusts and foundations
Private-wealth planning may combine a Cyprus holding company, an international trust where the requirements are met, a regulated AIF or RAIF, insurance and investment solutions, wills and family corporate governance. The label trust, foundation or family office does not remove the need to analyse the settlor, trustee, protector, beneficiaries, control, beneficial ownership, tax classification and licensing of management or investment functions.
05
After opening
Personal residence is tested under the 183-day rule or all conditions of the 60-day rule; domicile/non-dom affects SDC, while income tax, GHS and social insurance require separate calculations. The standard VAT rate is 19%; place of supply, intra-EU transactions, imports, reverse charge, exemptions and input recovery depend on the product and supply chain.
FAQ
FAQ
Where should a bank accounts and private banking project in Cyprus start?
A credit institution is checked in the Central Bank of Cyprus register, while payment and e-money institutions appear in separate official registers. SEPA access or an EU passport does not make every product a bank deposit
Can formation or account opening be guaranteed?
This material is general information. Formation, licensing, tax outcomes and account opening depend on the facts and the decision of the competent authority or financial institution.
Why are tax and banking reviewed together?
The standard corporate income tax rate is 15% from 1 January 2026; residence, worldwide income, exemptions, foreign tax credits, transfer pricing and EU/ATAD rules depend on the facts. Corporate and personal account opening tests the UBO, tax residence, source of wealth and funds, business purpose, contracts, countries, expected payments, sanctions exposure and real presence.
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Related routes
- Company formation
- Open primary source
- Private wealth: foundations and trusts
- Open primary source
- Tax strategy
- Open primary source
- Cyprus tax residence and non-dom
- Open primary source
- Relevant practice
- Open primary source