Banking and paying in Cyprus: your right to an account, deposit protection and rent that can no longer be paid in cash

Can you open a bank account in Cyprus as a Dutch citizen? Yes. Anyone living legally in an EU country is entitled to a basic payment account, and a bank may not refuse it just because you don't live there yet. It may refuse if you don't comply with the rules against money laundering and terrorist financing. What it costs differs per bank; the fees must be reasonable. The finding at the source is a new rule from the Cypriot tax reform: since 1 July 2026 the rent of any home in Cyprus has to be paid by bank transfer, payment card or another electronic means. Cash or cheque is no longer allowed, and the landlord may not accept it either. Without an account, then, you can no longer pay your rent.

What should you know before you go to the bank?

Subject	Rule
Right to an account	basic payment account for anyone legally resident in the EU
Refusal	only if you don't comply with the anti-money-laundering rules, or in some countries if you already have such an account
What it includes	deposits, withdrawals, payments in and out, a payment card, and where available online banking
Fees	an annual fee is allowed, but must be reasonable
Fee information	a document with the main fees before you sign, and at least once a year a free statement
Rent	since 1 July 2026 only by transfer, card or electronically
Deposit guarantee	€ 100,000 per person per bank, including interest

Why can a bank be difficult?

Because a bank is obliged to know who you are and where your money comes from. Those are the European anti-money-laundering rules, and they are the only valid reason to refuse you a basic account. So expect the bank to ask about your identity, your address in Cyprus and the origin of your income or assets. Bring your passport, the proof of address you also use for your registration, and proof of your income: a pension statement, an employment contract or bank statements. Which numbers you get afterwards and in what order is in the Cypriot numbers.

The basic payment account is a right, but not for every kind of account. A savings account is not covered. And the bank does not have to include an overdraft or credit.

Why do you need an account for your rent?

Because of the 2026 tax reform. Since 1 July 2026 rent for a home in the Republic may only be paid by bank transfer, by debit or credit card or by another recognised electronic means of payment. Payment in cash and by cheque is no longer permitted, and the landlord may not accept the rent in any other way.

If a landlord asks for cash, say no. Anyone still paying cash is paying in a way the law no longer allows, and has no proof of payment either. You need that proof: for your yellow slip the Migration Department asks for original rent receipts, and on your tax return you can deduct rent paid.

That deduction is new since 2026. Anyone meeting the income conditions may deduct up to € 2,000 per person for the rent of their main residence in Cyprus, or for the interest on a loan for that home. A bank statement is then the simplest proof.

How safe is your money?

The Cypriot deposit guarantee scheme covers € 100,000 per person per bank, including accrued interest. That limit applies to all your deposits with the same bank together. If you also have a loan with overdue instalments at that bank, those are set off first. Anyone keeping more than € 100,000 in Cyprus therefore spreads it over several banks.

How do you compare the fees?

Every bank must give you, before opening, a document with its main services and their fees, plus a glossary. You also receive, at least once a year and free of charge, a statement of all the fees you paid. The Ministry of Finance runs a free website where you can put the fees of payment accounts at different banks side by side. It is only in Greek, but the amounts speak for themselves. For the basic payment account the minister set reasonable fees by decree in 2020.

Withdrawing cash in another EU country may not cost more at your bank than withdrawing at home. Higher charges at a machine usually come from a currency conversion mark-up, which the machine has to show beforehand.

Do you keep your Dutch account?

Yes. Your Dutch payments keep running through it, and it keeps your lines to the Netherlands open. Why you never close that account or your DigiD is explained in keeping a bank account and DigiD. In Cyprus you use a Cypriot account for the rent, the utility bills and day-to-day spending.

In Vertrekklaar this is phase 4 of 5 of the journey, step 4.5: the same steps, but for your situation — in your order, tickable, and with the deadlines watched. See the whole journey to Cyprus or go straight to step 4.5 in the open plan.