Can a non-resident open a business bank account in Cyprus?
Communication Team
Communication Team

July 20, 2022

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Can a non-resident open a business bank account in Cyprus?

The short answer to this question is, yes. If you are a non-resident (or if you have a non-resident company) Cyprus is one one the easier places to open a business bank account as a foreigner - but there are a few hurdles to the process.

The first thing to be aware of is the high fees that traditional banks charge. The second is to have the requisite paperwork ready. We’ll outline the traditional bank route here, but bear in mind that with wamo’s digital business account platform, opening a business account in Cyprus as a non-resident takes 10 minutes and there’s not the hassle of endless paperwork, procedures and time spent waiting as we’re able to approve legitimate business applications quickly and securely. But what does the traditional route look like?

What are the steps to opening a business bank account as a foreigner?

While you don’t need to have residency to open a business account in Cyprus, you will need to provide a local Cypriot bank with the following:

  • Passport or a valid identity card
  • A reference from the bank in your home country
  • Proof of address
  • Anticipated turnovers
  • Information on why you need the account
  • Company incorporation documents
  • All documentation by company shareholders.

But now for the better question…

What’s the easiest way to open a business account in Cyprus as a non-resident?

The option of using digital banking solutions, rather than traditional brick and mortar banks, makes it possible to open a business account in Cyprus without being a resident of Cyprus, easily. This is where wamo comes in. With wamo, you can open a business account in just 10 minutes. wamo lets you manage all your finances from one place, effortlessly. Using wamo's smart mobile application, you can control and streamline all your expenses, create as many sub-accounts as you want, and easily issue yourself limitless virtual debit cards. All transactions are fast and secure and at all times you get the best customer service around (never a robot, wamo team members only!). And, importantly, wamo’s fees are low, transparent and the same for residents and non-residents alike.

Open a business account in 10 minutes with wamo

Yes, you can have a full business account up and running in 10 minutes and can start taking payments instantly. Registering is easy, all you need is your ID and your company details - to approve your application we can do all the rest. We know that opening a traditional business bank account as a non-resident can be tricky, painful and exhausting. We’re here to take the hassle out of getting your business dreams off the ground. You probably suspected that there was an easier way and we’re pleased to tell you that there is - this is it.

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner

wamo.io LTD incorporated and registered in the United Kingdom under the company registration number 12352849 and the operational office of which is at WeWork, 199 Bishopgate, London EC2M 3TY. wamo operates the wamo.io website and the app. wamo is not a bank, the current account is an e-money account. Issuance of Electronic Money and payment services is provided by PayrNet Limited. PayrNet holds an amount equivalent to the money in the wamo current accounts in a safeguarding account which gives the customers protection against insolvency. We are authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (register reference 922901) for the issuing of electronic money. wamo is an EMD agent of PayrNet.

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner