How to open a bank account in Cyprus
There are many types of Cyprus bank accounts. Each account is set up differently depending on the bank account you choose to go with.
Savings Account
This type of Cyprus bank account is normally used for setting money aside. Since the money you put in collects interest, your money ‘grows’ in your savings account. When a parent opens a bank account for their child, it is usually a savings account; usually everyone’s first bank account is a savings account. A Cyprus savings account is a good way to put money aside and have it separate from the money you sped on a daily basis.
Saving account tips:
To build up the amount of money you have saved, put in a substantial amount to begin with and then set up automated monthly deposits that go straight into your savings.
Checking Accounts
A checking account is usually used for your daily spending. Usually, this type of bank account is linked to a debit card (Payment card that deducts money directly from your account). This can be used for any purchase or withdrawal from any ATM, and for check-writing. With this Cyprus bank account, you can also deposit money or checks and most banks offer online services so you can view your financial status anywhere you want.
This type of bank account is best for keeping short time funds and managing your monthly expenditure.
Checking Account Tips:
Balance your account every month. This evaluates the inflow and outflow of cash; helping you manage your money and spot errors before they cause any issues.
Money Market Accounts
This Cyprus bank account combines some Savings account features and some Checking Account features. This account offers limited check-writing privileges, and collects interest at a rate higher than both saving and checking accounts.
Money Market Account Tips:
Use this type pf account to store emergency money, or save towards a goal (buying a house, etc).
Certificate of Deposit (CD)
This account holds money for a fixed amount of time. This Cyprus bank account usually allows you to earn more profit than the above accounts. The main condition, however, is that you have to keep your money in the account for the full amount of time agreed to. If you withdraw this money before its dur date then there is usually a penalty fee.
Certificate of Deposit Tips:
If youre worrying about locking u your finances for a specific period of time, then you can set up a CD ladder, so that a portion of your savings is available periodically.
Retirement Accounts
This is an account that is used top set aside money for retirement. Most types of retirement accounts will offer you tax advantages. These are good to have because you are investing in the stock market, so you could get a greater return than you would with another type of bank account.
Retirement Account Tips
You should speak to a financial advisor about planning your deposits and how to gain as much as you can and lose as little as possible.
How to open a Cyprus bank account with MariCorp
- Passport copy certified with Apostille.
- Curriculum Vitae (CV) of beneficial owner.
- Source and value of wealth such as Tax Declaration, Payslips, Dividend certificates, bank statements.
- Recent utility bill (within 3 months) in original as a proof of residential address such as: electricity, gas, internet, water of landline phone.
- Recent bank reference letter (issued within 3 months) in original.
How MariCorp assists you in opening a Bank account
- We will carry out the due diligence process, before the request to the bank for the opening of an account.
- Once we conclude the due diligence, we communicate with the bank to obtain pre-approval. This takes about 2 days.
- The account can be up and running as soon as the opening forms are signed.
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