Bank Deposit Guarantees for Cyprus Banks

Sam Orgill of ProACT Partnership Tax Saving Expat Experts outlines what protection you have for Cyprus Bank deposits.

Have you ever wondered how safe your Cyprus Bank Deposits are ? Are you fearful of the 2013 Cyprus banking collapse and loss of investor deposits. ? If a bank fails how long before you get your money back. 

Here's an outline of how Cyprus Bank deposits are covered. Note these are an EU standard and apply to other EU banks with minor local variations. 

Safer Than a Bank

Your Deposits are safer that the Bank itself. If the bank fails for any reason, a central deposit protection scheme ensures you get your deposits back up to a limit. This is a no questions asked insurance. The bank fails, your deposits are insurance and repaid WITHIN 7 DAYS. 

Protection Limit

Each depositer has a total protection of Euro100,000 per bank. 

That much is safe. How much does that mean ? 

Defining Depositer Protection

If you have:

1. 100k is protected when held  in one bank deposit account in one name with one bank 

2. 200k is protected when held in one bank deposit account in two joint names with one bank

3. 100k is protected when more than 100k  held in more than one bank deposit account in one name with one bank

4. 200k is protected when more than 200k is held in more than one bank deposit account in two joint names with one bank

5. 100k is protected also applies per bank in cyprus. So the rules 1-4 above apply per bank. Investors can receive 100k protection in 2,3,4,5 or more cyprus regulated banks

A couple holding joint bank accounts could invest and deposit 1 million in Cyprus banks by spreading 200k over 5 banks. 

Noting the 100k deposit protection applies per person per bank. Depositors concerned to protect investments should limit total deposits in each bank to 100k.  

Depositors could be any individual, trust, company or other legal entity. 


ProACT Partnership Tax Saving Expat Experts offer free reviews online or at our cyprus office.

Sam Orgill

ProACT Partnership Expatriate Advice

ProACTSam Orgill

ProACT Partnership - Tax Saving Experts

TEL: +357 26 819 424


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