The banking system in Cyprus constitutes the National Bank which is responsible for controlling the operation of other financial institutions within the country.
The National Bank also controls their activities. Based on forms of financial institutions in Cyprus, they are categorized as private.
However, foreign financial institutions also operate through representative offices and branches. At the moment, there are several foreign financial institutions operating across the economy. Individuals have several options to consider.
With regards to opening a bank account, it is essential to know that several financial institutions offer similar services when selecting a financial institution to bank with. The main distinction between them is fees attached to different transactions completed with a specific financial institution. Individuals should also note that banks should be verified by searching for them in the National Bank of Cyprus.
Our legal firm in Cyprus aids citizens and foreign investors who desire to have several types of accounts in Cyprus.