Overview of the Cyprus Banking Industry

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) October 26, 2009 -- The banking industry is undergoing dramatic changes at a very dramatic pace and has led to various challenges in many nations across the world. The central bank in Cyprus is in charge of the industry and ensures that a stable and safe financial system is in place. This financial system is supposed to foster economic growth and stability and preserve the public’s confidence in the industry. The central bank does this by maintaining a bank regulation mechanism that is effective through supervision.

The largest banks in the country include the Alpha Bank Cyprus Ltd, Central Bank of Cyprus and the Co-operative Central Bank Ltd which is in charge of all the co-operative societies that operate in the country. All the banks in Cyprus charge for all the banking transactions that you perform.

There is a large network of banks in the country that includes Greek, Cypriot and foreign banks. A majority of the banks that are found in the towns have English speaking staff. The small towns in Cyprus have co-operative banks and most of them will not have bank branches from the leading banks in the country.

Permanent residents have to open Cyprus Bank Account, for a residency application while this is not necessary for non-residents. To open one, you do not need to make any appointments. The documents needed include a passport or any other proof or identity and proof of a physical address in from of a recent utility bill or title deed.
The services that are offered by all the major banks when you open Cyprus Bank Account include:

 Credit and debit cards
 Savings and current accounts
 Standing orders and direct debits
 Foreign currency exchange
 Investment accounts and long term savings

A majority of the banks will also offer you mortgages, loans and insurance packages. Internet banking is also available in a majority of the banks allowing for all bank transactions to be performed. Once you open Cyprus Bank Account the bank will give you a password that you will use to access the account with. The banks open from half past eight in the morning to half past noon every Monday to Friday. In the afternoon they open from 15:15 to 16:45. Banks that are found in the tourist areas are left open for longer hours during summer.

Automatic teller machines (ATM) are available in the large towns. The ATM machines allow you to withdraw, deposit and check your balances and most of them have an English option. A percentage of interest on an account is retained for tax purposes for foreigners are taxed in the country. The payments that are made are usually documented on the tax returns. The currency used in the country is the Euro since Cyprus joined Euro zone in 2008.

Release 27.10.09

More information can be found online at http://www.cclogic.com/Cyprus-Company-Formation/Cyprus-Bank-Account.html

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