What documents are required in order to open a personal bank account for non-resident individuals?
- Valid passport
- Bank reference
- Proof of residential address (i.e. a utility bill)
- Also, the bank may ask for information on the intended use and purpose of the account (i.e. anticipated account turnover, purpose of the account).
What documents are required in order to open a corporate bank account?
- Memorandum and Articles of Association
- Certificate of Incorporation
- Certificate of Good Standing for companies registered abroad if over two years old
- Certificate of Directors & Secretary
- Certificate of Shareholders
- Certificate of Registered Office
- Official structure of the group/ownership leading to the ultimate beneficial owner. Furthermore, the bank may ask for the Trust Deed between the ultimate beneficial owner(s) (UBO) and the registered shareholder(s) acting as nominees (if applicable)
- Directors’ and UBOs’ passports and utility bills are also required.
- Further information on the legal entity and on its transactions (i.e. expected annual turnover, sources of funds, destinations for the payments etc.)
Why are the aforementioned documents required?
The bank requests these documents within its Know Your Customer (KYC) procedure. The objective of the KYC guidelines is to prevent banks being used for money laundering purposes. You can find further information on the KYC procedure and on its objectives in our related article.
Is a personal visit necessary in order to open a bank account?
No, physical presence is not required.
However, please note that it is upon the discretion of the bank to accept or reject any application for bank account opening.
If you are interested in opening a bank account in Cyprus and in other jurisdictions, you can get in touch with our team for further information.