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Valérie KEROS GORINI
Head of International Desk Benelux, Greece, Turkey

Support by the
Crédit Agricole group

Last updated: August 2023

The International Desk provides the Crédit Agricole Group’s clients in Cyprus by relying on local banking relations which a network of offices based in the main towns on the island.

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Means of payment

With Cyprus

SWIFT and SEPA transfer

Bill of exchange

Documentary remittance

Usage

Common

Weak / None

Common

Common

Weak / None

Common

Common

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Advice from the
international desk

General Information

Caught between East and West, Cyprus has long since been considered an attractive business platform. Although the internal market is small, the island has been able to attract interested foreign investors, not only due to its geographic location, but also due to its low taxes and its English-speaking workforce, English being the language of business. In recent years, many programs have been opened and will continue to be opened, particularly in the energy and circular economy sectors, which are sources of opportunities for investors, just as digitalization or tourism can be. The investment fund sector is also experiencing significant development.

Furthermore, Cyprus is obliged to import a lot of goods to cope with the internal demands made on usually it by tourism, a sector that is key to the economy. Its main suppliers are European. In 2021, France is in 11th place.

Payment Methods & Banking Details

Swift and SEPA transfers are the most commonly used payment methods. To secure your transactions, we recommend using bank guarantees (in particular stand-by letters of credit) or credit insurance. Although the SBLC and other bank guarantees are still the most widely used, documentary credit can also be used, particularly when a new relationship is established.

Within the current context, it is also advised to attempt to obtain a payment in advance or, at least, a deposit payment on account.

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