Banking in Cyprus as a Brit

You'll need a Cypriot bank account sooner than you think: from 2026, even your rent has to go through one. The trick is to arrive with a folder of paperwork and keep your UK account going alongside.

The short version

Cypriot banks run strict anti-money-laundering checks, so expect to show your passport, proof of address, residence papers, proof of income and where your money came from [1].
From 2026, rent on property in Cyprus must be paid by bank transfer, card or another recognised electronic method, not cash [3].
Deposits are protected up to EUR 100,000 (about £83,320) per person, per bank, by the Cypriot deposit guarantee scheme [2].
DWP can pay your State Pension straight into a Cypriot account, with a 0.39% conversion charge, every 4 or 13 weeks [5].
Keep a UK bank account if you can. You'll want it for UK pensions, rent and the odd Amazon order, but some UK banks don't like customers abroad.

Pound conversions in this guide use the Bank of England spot rate of 5 November 2026 (£1 = EUR 1.2002).

The banks in Paphos

Cyprus has a handful of big retail banks, and the main ones, including Bank of Cyprus, Hellenic Bank, Eurobank and Alpha Bank, have branches in and around Paphos. Staff in Paphos branches are used to British customers, and most banking apps work in English.

What surprises Brits is the pace. Opening an account isn't a ten-minute job on your phone, as it can be back home with a challenger bank. Online applications exist, but the bank may still ask for more documents or a branch appointment before the account goes live [1]. Allow a few weeks, and don't book the removal van on the assumption it'll be quick.

Many Brits also keep an account with an app-based money service for day-to-day spending and transfers. That's fine for the weekly shop, but you'll usually still want a Cypriot bank for your lease, utilities and the tax office.

The documents banks ask for

Every bank sets its own list, but a June 2026 guide from Politis summarises what Cypriot banks typically want [1]:

What	Typical examples
Identity	Valid passport; banks may want to see the original
Proof of address	A recent utility bill, bank statement or official document in your name; a lease alone may not be enough
Residence status	A residence permit or Alien Registration Certificate (ARC), or sometimes proof of a pending application
Income	Payslips or contract; for retirees, pension statements; for the self-employed, accounts or tax returns
Source of funds	Where the money you're depositing came from, such as savings statements or a UK house sale completion statement
Tax residence	Your countries of tax residence and tax numbers, and if you're a US citizen or US tax resident

Source of funds is the big one, and it's the most common cause of delay [1]. If you've sold a semi in Swindon to buy in Peyia, bring the completion statement. Non-residents may be asked why they need an account at all, and documents not in English or Greek may need certified translation [1]. Bank of Cyprus asks for a criminal record certificate where your passport shows only one name [1].

A basic account if you're struggling

Under EU rules, which Cyprus applies, people legally resident in the EU have a right to a payment account with basic features: a no-frills current account for paying in, paying out and using a debit card. You still have to pass identity and anti-money-laundering checks [1]. If a bank turns you down, ask in writing for the reason and whether it offers a basic account.

Opening an account, step by step

Sort your residence paperwork first, or at least start it. A residence document, whether a newcomer's pink slip or a Withdrawal Agreement card, makes life much easier. See moving to Cyprus after Brexit.
Get proof of a Cypriot address. An electricity bill from the Electricity Authority of Cyprus in your name is gold dust.
Gather your income and source-of-funds evidence from the UK: pension statements, P60s, bank statements, sale documents.
Get a Tax Identification Number if you can, because the bank will ask about tax residence.
Book an appointment at a Paphos branch, or start online and expect a follow-up call.
Register your IBAN with the Tax Department once the account is open, because tax refunds are paid to the IBAN on its records [4].

Keeping your UK account

Most Brits in Paphos keep at least one UK current account. It's useful for UK pension payments, rent from a UK flat, direct debits you can't move and online shopping that only takes UK cards.

The catch is that some UK banks restrict or close accounts when they learn you live abroad, and a few won't open new ones for non-residents at all. Tell your bank you've moved rather than hoping it won't notice, and keep its rules on overseas customers in mind. Our guides to keeping a UK bank account when you live abroad and keeping a UK mobile number and address for banks and HMRC cover the details.

Tax-wise, interest on a UK account is taxable only in Cyprus once you're resident there, under Article 11 of the UK–Cyprus treaty [6]. As a non-dom you won't pay Cypriot defence tax on it, but health contributions can apply. See Cyprus non-dom status and the 60-day rule.

Moving money from the UK

Your State Pension

DWP will pay your State Pension into a Cypriot account or a UK one. For a Cypriot account you give your IBAN and BIC; the money is converted into euros at the exchange rate on the day, with a 0.39% conversion charge first, and you can be paid every 4 or 13 weeks [5]. Because Cyprus gets the yearly increase, the pension rises every April either way. Some people prefer to keep it in a UK account and move it themselves when the rate suits them.

Bigger sums

For a house purchase or a lump of savings, compare the total cost: the exchange rate you're offered against the Bank of England rate, plus any fees at both ends. High-street banks are often the priciest way to move money. Specialist money transfer firms are usually cheaper, and some let you fix a rate in advance. Our guide to sending money between the UK and abroad explains forward contracts and the questions to ask, and we don't recommend any particular firm.

Carrying cash is a poor idea. If you carry EUR 10,000 or more in cash into or out of the EU, you must declare it.

How safe is your money?

Cyprus still remembers 2013, when large depositors at two banks lost money in the banking crisis. Today, deposits at member banks are protected up to EUR 100,000 per depositor, per bank, including interest, by the Deposit Guarantee and Resolution of Credit and Other Institutions Scheme run under the Central Bank of Cyprus [2]. If you have more than that, spreading it across banks keeps more of it covered. UK accounts are covered by the UK's own scheme, not the Cypriot one.

Paying rent and bills

From 2026, rent for property in Cyprus has to be paid by bank transfer, debit or credit card, or another recognised electronic method [3]. Landlords who still ask for cash in an envelope are asking you to break the rules. Most utilities, phone and broadband bills can go by direct debit from a Cypriot account.

The FCDO's Living in Cyprus guide doesn't cover banking [7], so for real-world tips on which branches are quickest, ask in our community group for Brits in Cyprus.

Banking in Cyprus as a Brit: opening an account in Paphos and moving your money