Question 1

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 2

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.

Question 3

What is non-dom, and why is the tax so low?

Accepted Answer

The non-dom regime gives 17 years of 0% tax on dividends and interest (only a capped 2.65% health levy) and no tax on most foreign income — an effective rate of about 5% or less for many. It is the single biggest draw for relocating founders and investors; pair it with a Cyprus company for the full picture.

Can I open a bank account in Cyprus?

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