Banking in Cyprus

 Cyprus has a good and wide network of banks across the country. Foreign, Greek and Cypriot banks can be easily spotted throughout the country. Small towns have Co-Op banks but may not have a branch of a major bank. The Central Bank of Cyprus is the regulatory authority for all banking in Cyprus. It also publishes a list of all regulated banks in Cyprus, including branch and representative offices of foreign banks operating in the island.

The Cypriot pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of 0.585274 CYP per 1 euro.

Banks In Cyprus

A. BANKS INCORPORATED IN CYPRUS

BANKS LISTED ON THE CYPRUS STOCK EXCHANGE

1. Bank of Cyprus Public Company Ltd
2. Marfin Popular Bank Public Co Ltd
3. Hellenic Bank Public Company Limited
4. USB Bank Plc

SUBSIDIARIES OF FOREIGN BANKS

1. Αlpha Bank Cyprus Ltd
2. BNP Paribas Cyprus Ltd
3. Emporiki Bank – Cyprus Limited
4. National Bank of Greece (Cyprus) Ltd
5. Russian Commercial Bank (Cyprus) Ltd
6. Societe Generale Bank-Cyprus Limited
7. Piraeus Bank (Cyprus) Ltd
8. Eurobank EFG Cyprus Ltd

OTHER BANKS

1. Co-operative Central Bank Ltd
2. The Cyprus Development Bank Public Company Limited
3. Housing Finance Corporation
4. Mortgage Bank of Cyprus Ltd

Β. BRANCHES OF FOREIGN BANKS

BRANCHES OF BANKS OF EUROPEAN UNION COUNTRIES

1. Barclays Bank PLC
2. Banque SBA SA
3. First Investment Bank Ltd
4. Joint Stock Company “Trasta Komercbanka”
5. National Bank of Greece S.A.
6. Central Cooperative Bank PLC
7. Banca Transilvania S.A.
8. Joint Stock Company Akciju Komercbanka "Baltikums"

BRANCHES OF BANKS OF COUNTRIES OTHER THAN EUROPEAN UNION

1. BankMed s.a.l.
2. Arab Jordan Investment Bank SA
3. BANQUE BEMO SAL
4. Bank of Beirut SAL
5. BBAC SAL
6. BLOM Bank SAL
7. Byblos Bank SAL
8. Credit Libanais SAL
9. FBME Bank Ltd
10. Open joint-stock company AvtoVAZbank
11. OJSC Promsvyazbank
12. Jordan Kuwait Bank PLC
13. Jordan Ahli Bank plc
14. Lebanon and Gulf Bank SAL
15. Lloyds TSB Offshore Limited
16. Privatbank Commercial Bank
17. IBL Bank sal

C. REPRESENTATIVE OFFICES

1. UBS AG
2. Atlasmont Banka A.D.

The Co-operative Central Bank supervises all the operating Co-operative Societies (Co-Op bank), which work on the same license as retail banks. Traditionally, these banks offered services for rural and agricultural communities. Now, they offer standard banking services and may have comparatively lower lending rates, interest rates and charges.

The permanent residents of Cyprus need to have a bank account in Cyprus when making a residency application. However, the non-residents do not have to have a Cyprus bank account. It is convenient to have an account for those who own property on the island for making regular payments of utilities. There is a charge for all banking transactions in Cyprus banks.

A percentage of interest on account of foreigners who are tax resident in Cyprus is deducted as tax paid to the Ministry of Finance. This payment may be recorded on the tax return. Non-resident foreigners should be aware of the EU Savings Tax Directive which affects residents of one EU member state that earn interest income from investments or deposits held in another (or in one of the other jurisdictions that have agreed to apply the Directive).

Banking Services

All major banks offer a full set of banking services for individuals and businesses.

• Current and savings accounts
• Debit and credit cards
• Direct debits and standing orders
• Foreign currency exchange
• Long terms savings and investment accounts

Many also offer:

• Insurance
• Loans and mortgages

Internet banking

Almost all banks offer full Internet banking services allowing all transactions to be made online. The account holder will be issued a password to access

Banking Hours

Most banks are open 08:30-12:30 Monday to Friday and Monday afternoons from 15:15-16:45 in summer (1 July to 31 August).

Banks in tourist resorts open longer hours in summer.

ATM (automatic teller machines) are available in all larger towns. These generally provide 24 hour access to an account for withdrawals, deposits or balance checking. Many machines have instructions in English.

For more information on banking in Cyprus, you may contact:

Central Bank of Cyprus
80 Kennedy Avenue, Lefkosia, Cyprus
Tel: +357 22714100
Fax: +357 22378153

Co-operative Central Bank
Treasury Department
8 Gregoris Afxentiou Street, Nicosia, Cyprus
Tel: +357 22743050
Fax: +357 22672431

Source: www.cyprus.angloinfo.com
           www.centralbank.gov.cy

GOWEALTHY.COM © 2010
For more information, write to enquiry@gowealthy.com
For comments: editor@gowealthy.com