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A bank account in Cyprus: who has the right to one, and what to do if refused

€36 a year is the fee cap on a basic account in Cyprus, and the bank must answer within 10 working days. Anyone legally resident in the EU has the right to one. What to do if refused.

Money and taxes in Cyprus Checked: Changed:

  • €36 a yearthe cap on fees for a basic account’s core services
  • 10 working daysto open the account or refuse

In short

Who it applies to
Anyone who needs an account for salary, rent and everyday payments. Everyone legally resident in the EU has the right to a basic account — nationality, job, income and credit history do not affect it. People living outside the EU and companies do not have this right.
What it costs
For the core services of a basic account a bank may charge no more than €36 per calendar year: opening and running it, a card, unlimited card payments, and up to 100 direct debits and transfers. Withdrawing cash from any bank’s ATM in the EU is free. A transfer above €5,000 falls outside the cap. People receiving the Guaranteed Minimum Income (ΕΕΕ) pay nothing for these services.
How long it takes
The bank must open the account or refuse within 10 working days of a complete application. The clock starts once all documents are in, so keep proof of when the application was accepted.
Where to apply
You apply at the bank: ask specifically for a basic account — Λογαριασμός Πληρωμών με Βασικά Χαρακτηριστικά. The Central Bank of Cyprus oversees the law. In a dispute, first complain to the bank in writing, then go to the Financial Ombudsman.
If your case differs
The bank still checks your identity and where your money comes from. It may offer ordinary packages on other terms, but you need not buy insurance or other services to get a basic account.

Your case

You live legally in the EU — in Cyprus or another member state

You have the right to a basic account at a bank in Cyprus, whatever your passport. Apply and ask specifically for this account: an answer is due within 10 working days. Third-country nationals usually prove legal residence with a residence permit or ARC; EU citizens with a passport or ID and registration proof.

You are an asylum seeker, have no fixed address, or cannot be expelled

The law names these cases directly: asylum seekers, people with no fixed address, and those with no residence permit who cannot be expelled for legal or factual reasons all have the right to a basic account. The bank still has to establish your identity, so ask in advance which status document it will accept.

You live outside the EU: you visit, own property or invest

You have no right to a basic account, and the 10-day limit does not apply to you. You can seek an ordinary account, but the decision stays with the bank and the checks are stricter: it will ask why you need an account in Cyprus, what ties you have to the island and where the money comes from. If you later settle legally in the EU, the right arises.

You already have an account at a bank in Cyprus

Since 2 April 2026 another bank cannot refuse you a basic account for this reason. If your ordinary account has become expensive, the Central Bank advises asking your bank to convert it to a basic account: the €36 annual cap then applies. Compare what you would lose: a basic account covers only the core services.

You need the account for a company or self-employment

A basic account is for personal use only: salary may be paid into it, business income may not. The Supreme Constitutional Court struck down the law extending such access to very small businesses on 20 October 2026, so a business account stays at the bank’s discretion.

Deadlines and conditions

  • the bank must answer within 10 working daysLaw 64(Ι)/2017, art. 17(7): «το αργότερο εντός δέκα (10) εργάσιμων ημερών από την παραλαβή ολοκληρωμένης αίτησης».
  • fees for the core services are capped at €36 a yearDecree 488/2020, para. 3: once charges reach «τριάντα έξι ευρώ (€36) σε ένα ημερολογιακό έτος» no further charge applies.
  • a transfer above €5,000 falls outside the capDecree 488/2020, para. 3: excluding transfers above «€5.000» per transaction.
  • the cap covers up to 100 direct debits and transfers a yearDecree 489/2020, para. 3(b): direct debits, credit-card payments and transfers — up to «εκατό (100)» a year; beyond that the normal tariff.
  • the bank may close an account with no transactions for over 24 months in a rowLaw 64(Ι)/2017, art. 20(2)(β): no transactions «για διάστημα μεγαλύτερο των είκοσι τεσσάρων (24) διαδοχικών μηνών».
  • you get at least 2 months’ written notice of closureLaw 64(Ι)/2017, art. 20(4): in writing and free of charge, «τουλάχιστον δύο μήνες» beforehand.
  • a basic account is covered by deposit guarantee — up to €100,000 per bankConsumer Protection Service leaflet under Law 64(Ι)/2017: deposits guaranteed up to €100.000 per depositor per bank.

Which documents your bank will accept

There is no single list. Banks usually ask for a passport or ID, proof of address, a residence document, details of work and income, a tax number and evidence of where the money comes from. If you have no utility bill in your name yet, ask in advance what will do instead.

What a particular bank charges

€36 is a ceiling, not a price: a bank may charge less. Check the exact fee in its fee document for the basic account.

How to complain about a refusal

Start in writing with the bank: it must tell you how to complain and which bodies you can go to next. Check the deadline and any filing fee with the Financial Ombudsman.

Sources

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