Banks in Cyprus in 2026: How a Foreigner Can Open an Account

An account with a European bank remains one of the key tools for anyone who lives, invests or does business abroad, and Cyprus is among the most convenient options: the eurozone, EU rules and English-speaking, often Russian-speaking, service. But a non-resident cannot open an account through a bank app, and a Russian passport adds restrictions. Here is which banks operate in Cyprus in 2026, how to open an account, how apps and payment confirmation work and how reliable Cypriot banks are today.

How banking works in Cyprus

Cyprus is a member of the eurozone, and its banks operate under the common rules of the European Union. They are supervised by the Central Bank of Cyprus, established in 1963, which licenses and oversees commercial banks. The largest banks in the country are also directly supervised by the European Central Bank.

In 2025 the market shrank noticeably through mergers: Hellenic Bank merged with Eurobank Cyprus, and Alpha Bank bought the banking business of AstroBank. Today most retail clients are served by Bank of Cyprus, Eurobank and Alpha Bank Cyprus; other local banks and branches of foreign banks also operate.

Almost all Cypriot banks open multi-currency accounts. Transfers within the EU go through SEPA with low fees, staff speak English and, in many branches, Russian. Deposits are protected by the EU deposit guarantee scheme: up to €100,000 per depositor per bank.

How to open an account

Not only Cypriot citizens but also foreigners over 18 can open an account in Cyprus. Residents with a Cypriot ID card can open an account directly in the bank's mobile app. Non-residents cannot: the account is opened at a branch or through a representative, with an in-person document check.

Before opening an account the bank runs due diligence: it verifies the client's identity, source of income and origin of funds, the purpose of the account and the planned transactions. The more transparent the profile, the higher the chance of approval.

Restrictions for Russian citizens

Since 2022 an EU sanctions restriction has applied (Article 5b of EU Regulation 833/2014): banks do not accept deposits from Russian citizens and residents if the client's total funds in one bank exceed €100,000. The restriction does not apply to EU citizens or to holders of a temporary or permanent residence permit in an EU country. This is why opening an account is noticeably easier with Cypriot temporary or permanent residence.

From our practice: over the past two years Cypriot banks have changed their policy towards Russian citizens several times. Funds originating from Russia undergo additional checks and require clear documentation of the whole chain. The chances of approval are noticeably higher if income is confirmed by sources outside Russia and the client also shows a residence permit in any EU country or a second citizenship.

How to get a loan

Banks in Cyprus lend to Cypriot citizens and to foreigners with temporary or permanent residence. Tourists without official status cannot get a loan to buy property or a car, and consumer loans are not available to them either.

Cypriot banks readily issue mortgages. When reviewing an application the bank assesses:

• the borrower's age: as a rule, from 18 to 65;
• sources of income: income only in roubles noticeably increases the chance of refusal; income in euros or another freely convertible currency is preferred;
• monthly income: it should usually be at least twice the monthly payment.

Banks only lend against liquid properties; both new-build and resale property can be financed.

Which documents to prepare

Opening an account is easiest for residents with temporary or permanent residence. Non-residents can also do it, but the document requirements are stricter. The bank usually asks for:

• an international passport and, if you have one, a document confirming residence in Cyprus or another EU country;
• proof of address: a utility bill or statement no older than 3 months;
• documents on the source of income and its legality;
• statements from banks where you hold accounts for the last 3-6 months;
• information on your credit history and the absence of outstanding loans.

An application is reviewed in 2-4 weeks on average. The list is not exhaustive: every bank may request additional documents.

What to know about Cypriot banks

All banks operate under Cypriot and EU law, but their terms, apps and service differ. Once the account is open, a convenient mobile app, a clear way to confirm payments and responsive support become the priorities. Below are the main terms of the three largest banks, based on their official websites.

Bank of Cyprus

The oldest (founded in 1899) and largest bank in the country. It serves individuals and companies: current, deposit and loan accounts, cards, property and vehicle insurance.

• App: BoC Mobile App. Residents with an ID card can open their first account directly in the app with a document scan and a selfie.
• Payment confirmation: Digipass App (push notification or QR code in the app, no phone number needed) or SMS Digipass (codes by SMS to the number registered with the bank; €10, free for Quick Account holders). The code is tied to a specific transaction: you see the payee, amount and currency before confirming.
• Cards: Visa Debit and other bank cards.
• Support: +357 22 128000 from abroad (800 00 800 within Cyprus), weekdays 07:45-18:00, weekends 09:00-17:00; secure messages in online banking.

Eurobank (formerly Hellenic Bank)

Since 1 September 2025 Hellenic Bank has been merged with Eurobank Cyprus and renamed Eurobank Limited. If you had an account with Hellenic Bank, it moved to the merged bank.

• App: Eurobank Cyprus. An account can be opened in the app only with a Cypriot biometric ID card, that is, by residents.
• Cards: in March 2026 the bank updated its range. Visa (debit and credit, Gold, cards for teenagers and young people, prepaid) and Mastercard (debit and credit, Platinum, business cards, World Elite). In the app you can freeze a card, set limits, view card details and PIN and issue a virtual card in a few minutes. Cards work with Apple Pay, Google Pay and Garmin Pay.
• Confirming online card purchases: a separate Eurobank CY Card Authenticator app with push notification and PIN or biometrics.
• Support: +357 22 500 500 from abroad (8000 9999 within Cyprus), weekdays 07:45-18:00, Saturday 09:00-14:00.

Alpha Bank Cyprus

Operating in Cyprus since 1998, it serves individuals, companies and foreign entrepreneurs: mortgages and consumer loans, debit and credit cards, deposits, domestic and international transfers. In November 2025 Alpha Bank completed the purchase of AstroBank's banking business and joined the three largest banks in Cyprus.

• Former AstroBank clients use the Alpha Bank Cy (ex-AstroBank) app: transfers, payments, card and limit management, secure messages with the bank.
• Transaction confirmation, according to open banking aggregators: push notification in the app or an SMS code together with an ePIN.

Important. If you have seen FBME Bank in older reviews: the Central Bank of Cyprus revoked the licence of its Cypriot branch on 21 December 2015, and the bank no longer operates.

Do you need a Cypriot phone number

If payments are confirmed through the app (push notification), a local number is usually not needed. It may be needed if the bank sends SMS codes and does not accept foreign numbers: check this when opening the account.

A non-resident can buy a Cypriot SIM card. Since November 2025 all prepaid numbers in Cyprus are registered to their owner (Law 63(I)/2024); non-EU nationals register with their international passport. With the operator Cyta registration can be completed online (passport scan and selfie), and an eSIM with a new number costs €12. A prepaid number must be topped up regularly, otherwise it may be disconnected and bank codes will stop arriving.

How reliable Cypriot banks are

There is a reason for caution. In March 2013 Cyprus became the first eurozone country to resolve a banking crisis at the expense of depositors: Laiki, the second-largest bank, was closed and its uninsured deposits above €100,000 were largely lost, while at Bank of Cyprus 47.5% of such deposits were converted into bank shares. Deposits up to €100,000 were not affected.

Since then the situation has changed radically:

• in September 2026 S&P upgraded Cyprus to an "A" rating for the first time since the early 2010s;
• non-performing loans in the banking system stood at 1.6% at the end of June 2026, with provisions covering 64.9% of them;
• Fitch upgraded Bank of Cyprus to the investment-grade rating BBB;
• the largest banks are directly supervised by the European Central Bank.

The Europe-wide rule still applies: deposits above €100,000 in one bank are not insured and may be written down or converted into shares in a bank rescue. It is therefore sensible to spread large sums across several banks that do not belong to the same group.

Key takeaways

• Start with status: Cypriot temporary or permanent residence makes opening an account easier and lifts the sanctions limit.
• Prepare documents on the origin of funds in advance: this is the main approval factor.
• When opening the account, choose payment confirmation through the app and check whether the bank accepts a foreign phone number.
• Keep no more than €100,000 in one bank.

How MIRBEZVIZ helps you open an account in Cyprus

• We choose a bank for your goal: a personal account, a company account, a mortgage or savings.
• We prepare the document package and a clear source-of-funds story for the bank: the main approval factor.
• We help arrange account opening for non-residents where opening it yourself through an app is not possible.
• We help set up the app and payment confirmation and, if needed, a Cypriot phone number.
• If you need an account faster or without European status, we offer alternatives where we have our own practice: an account in the UAE or in Grenada.

Message Victoria: we will look at your situation and tell you in which bank and with which status it is easiest to open an account.

Information is current as of 15 October 2026. Bank and program rules and terms change, so please check the details with our specialists before making a decision.