Question 1

What are the banking and payment options for a business?

Accepted Answer

Use local banks for substance and EMIs or fintechs (Revolut Business, Wise) for fast multi-currency. Expect thorough onboarding — a clean corporate structure and a local accountant make it far smoother.

Question 2

Can I open a bank account in Cyprus?

Accepted Answer

Yes, but expect compliance and KYC (proof of address, source of funds) — it is more involved than before 2018. Local banks (Bank of Cyprus, Hellenic) cover substance; fintechs (Revolut, Wise) cover day-to-day. A local lawyer or accountant smooths a company or non-resident account.

Question 3

How do I form a company in Cyprus, and what does it cost?

Accepted Answer

A Cyprus Ltd is the standard vehicle — formation runs roughly €1,000–2,500 through a lawyer or accountant, plus annual accounting and audit. As of 2026 corporate tax is 15% (up from 12.5%) and the €350 annual company levy is abolished. Pair it with the non-dom regime for the headline low effective rate.

What are the banking and payment options for a business?

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