Methods of Payment

The ROC is a member of the Single Euro Payments Area (SEPA) and uses SEPA credit transfers and direct debits for electronic payments in euros to other SEPA member countries. SEPA Instant Credit Transfer is also available for immediate payments between participating banks. Businesses frequently use SEPA transfers to pay suppliers, settle large invoices, and manage payroll. For very large or international transactions, banks also offer the option of international wire transfers (SWIFT), however this option may be slower and more expensive than SEPA transfers. Consumers frequently use online banking to pay for large transactions and bills and the method is increasingly used for business-to-business (B2B) payments. Visa and Mastercard are widely used and accepted. Mobile and digital wallets like Apple Pay and Google Pay are also widely used and growing in popularity, particularly for in-store and online consumer purchases. Electronic money payment providers in Cyprus include Revolut and Viva Wallet, but other options are slowly entering the local market. Cash is still used, though rarely, for small transactions.

For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.  

Credit rating reports are available through the following firms:
GlobalSource LLC
Address: 36 Grivas Digenis Ave, 1066 Nicosia
Tel.: +357-22-102201
Email: aiacovides@globalsourcellc.com

InfoCredit Group Cyprus Ltd.
Address: Philippou Hadjigeorgiou 5A, Acropolis, Nicosia 2006
Tel.:  +357-22-398000 
Fax:  +357-22-458937 
Email: info@infocreditgroup.com

Rime Information Bureau Ltd
Address: 8 Vasiliou Voulgaroktonou, Politis Newspaper Building, Nicosia 1010
Tel.:  +357-22-768662
Fax:  +357-22-768660
Email: rimeib@rimeib.com

Argus Information Service Ltd.
Member of Lyssiotis Group
Address: 10A Salaminos Ave., Alexia Court, 2nd Floor, P.O. Box 21176, 1503 Nicosia
Tel.:  +357-22-348042
Fax:  +357-22-348020
Email: janett@cytanet.com.cy
Email2: foulla.ar@cytanet.com.cy

Artemis Bank Information Systems Ltd
Address:  77 Strovolos Avenue, Office 501, 2018 Strovolos, Nicosia
Tel.:  +357-22-454791, +357-99-621168 (cell)
Fax:  +357-22-454786
Email: achilleas.amvrosiou@artemis.com.cy

Note: InfoCredit Group Cyprus Ltd. and Rime Information Bureau Ltd., also offer debt collection services.

Banking Systems: 

Republic of Cyprus

The banking sector has made significant progress since the 2013 financial crisis resulted in a “haircut” of uninsured deposits which was followed by numerous bankruptcies and consolidations. The island’s two largest banks – Bank of Cyprus and Eurobank (which recently acquired Hellenic Bank) – have been recording strong profitability, and the overall banking sector has satisfactory liquidity and capital adequacy. Non-Performing Loans (NPLs) in Cyprus, however, remain among the highest in the EU at 6.1 percent of total loans at the end of March 2025, compared to 7.3 percent a year earlier.  This is considerably lower than in 2014, when NPLs reached 47.8 percent. Banks are striving to reduce their NPLs further, by selling off NPL portfolios to credit-acquiring companies or foreclosing.  Aggregate banking sector data is available here.  

Standard banking services in the ROC are comparable to those offered in other European countries and the United States. The Central Bank of Cyprus supervises private banks and requires them to meet Bank for International Settlements (BIS) standards as well as corresponding directives of the European Union. Bank financial statements comply with international standards and are audited by internationally recognized auditors.  Bank deposits are guaranteed up to €100,000 per depositor/per bank under a deposit insurance system.

Area Administered by Turkish Cypriots

Banking supervision has improved in the past few years. The “Central Bank” oversees and regulates all branches of local banks, foreign banks, private banks, and international banking units. In addition to the “Central Bank” and the “Development Bank”, there are 22 banks in the area administered by Turkish Cypriots, of which 16 are Turkish Cypriot-owned banks, and six are branch banks from Türkiye. Two of five members of the “Central Bank’s” “Board of Directors” are from Türkiye, as is the “Central Bank Governor.” Turkish Cypriot banks do not have access to the SWIFT system, so Turkish Cypriot banks rely on their correspondent banking relationships for foreign currency transactions.

Visit this link for more information about banks and the banking system in the area administrated by Turkish Cypriots (Note: the banking system website is only available in the Turkish language). Note specific features of the banking system and rules/laws that might impact U.S. business.

Foreign Exchange Controls:

Republic of Cyprus:

There are no capital restrictions in the Republic of Cyprus. As with other EU countries, travelers to the Republic of Cyprus must declare cash sums greater than 10,000 euros upon arrival.

Area Administered by Turkish Cypriots:

There are no capital controls in effect.  Travelers entering or exiting the area administered by Turkish Cypriots — whether residents or non-residents — may carry up to $10,000 in local or foreign currency without prior permission. Travelers must obtain authorization from the Turkish Cypriot “Central Bank” for sums over this threshold and declare the money to the “Department of Customs” at the port of entry/exit.  

U.S. Banks and Local Correspondent Banks: 

Republic of Cyprus:

There are no U.S. banks operating in Cyprus. Of the 19 banks operating in the market, five are incorporated locally. The remaining banks are branches or subsidiaries of foreign-incorporated banks or representative offices whose clients are mainly non-residents. Some of them have subsidiaries offering insurance services, investment banking, and other related services. Most of these banks, particularly those incorporated domestically, have correspondent arrangements with U.S. banks and offer most typical banking services, including deposit accounts, lending advances, leasing, credit card facilities, and automatic banking machines.  

Though the U.S. International Development Finance Corporation (DFC) and Ex-Im Bank do not offer any specific programs for the Republic of Cyprus; exporters may still be able to avail themselves of export financing assistance if the transaction meets appropriate criteria. For more information on the banking system, please visit the Central Bank of Cyprus. 

For additional information, visit the U.S. Department of State Investment Climate Statements.

Area Administered by Turkish Cypriots:

Some branch banks have correspondent facilities with the United States. The full list of domestic banks in the area administered by Turkish Cypriots can be obtained from the Turkish Cypriot Banks Association (Note: The website is only available in the Turkish language).

Protecting Intellectual Property:

Republic of Cyprus:

The ROC has a legal framework that is aligned with EU and international standards to protect intellectual property (IP), which covers patents, copyrights, trademarks, and designs. Businesses can register specific IP rights through the Department of Registrar of Companies and Intellectual Property (DRCIP). The ROC also provides a favorable IP Box regime and offers interim court protections to enforce IP rights and prevent infringement. 

In any foreign market, companies should consider several general principles for effective protection of their intellectual property. For background, link to our article on Protecting Intellectual Property and  Stopfakes.gov for more resources.

To access the- Cyprus Investment Climate Statement, which includes information on the protection and enforcement of intellectual property rights, visit the U.S. Department of State Investment Climate Statement website.

IP Attaché Contact Cyprus:
Name: Rachel Bae
Address:  U.S. Mission to the European Union
Boulevard du Régent 27
BE-1000
Brussels, Belgium
Telephone: +32 2-811-4000
E-mail:  Rachel.Bae@trade.gov