Cyprus banks work similarly to most banks you're familiar with, but opening an account and banking with them will be a little more difficult than with one in the United States. Like other financial institutions, banks in Cyprus have their own rules and regulations based on the laws of their country.

Make your way through the forms and formalities of Cyprus banks with a simple guide. Get a toehold in Cyprus for your company by having a financial foundation with which to set up the transactions that will need to be handled through these steps:

1. Familiarize yourself with Cyprus banking institution legalities.
2. Maximize the advantages while minimizing the drawbacks of dealing with Cyprus banks.
3. Use the personal touch when opening an account at a bank in Cyprus.

Action Steps
The best contacts and resources to help you get it done

Check into laws for banking in Cyprus to avoid mistakes

The last thing you need when getting a business started in another nation is a costly and possibly illegal mix-up with financing. Cyprus banking institutions operate under different laws than U.S. banks, so make sure you have all the pertinent information. Some laws are in your favor; for instance, residents and nonresidents alike can open accounts with Cyprus banks.

I recommend: The Association of Cyprus Commercial Banks has information about basic banking codes and bank-customer relationships. The Cyprus Holiday Guide also contains rules for several different banking situations.

Compare incentives that banks in Cyprus offer for your business

You have various options when it comes to Cyprus commercial banking, but you want the Cyprus bank that will provide you with the best incentives. Which bank will give the highest interest rates? Which one has the best loan policies? Also consider which Cyprus banks have higher fees for items such as money transfers and overdrafts.

I recommend: Looking up banking incentives at the Hellenic Bank or Marfin Laiki Bank can give you a headstart on knowing what is available to you. The Bank of Cyprus has a directory of options for business owners and a way to look into more products; Coop Central Bank details its services as well.

Open accounts in person with Cyprus banking institutions

The next step in banking in Cyprus is to open an account. It is advised that you do this in person; procuring an account from overseas increases difficulty and the chance that there will be errors or problems. If you are unable to do so, you may need to have a legal surrogate handle the details for you.

I recommend: Angloinfo Cyprus can get you started with information on opening accounts whether you're a resident or nonresident. Consulco can offer various options; it deals with larger banks having a ranking in the World Bankers Almanac and helps clients with documentation.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Consider the larger picture as you start your Cyprus banking ventures. As part of the European Union, Cyprus and its banks are governed in part by the EU as well as national laws. Check into any such laws that would impact your banking and business.
• •  Timing is often everything. If you have some flexibility in your timetable, wait for a good exchange rate before starting your Cyprus bank account. That way, you get more money for your money, so to speak.