The 60-second version
Cypriot bank closure needs zero balance certificate, TAXIS interest summary, EUR SWIFT to NRE, and non-residency letter before India tax residency.
TAXIS interest before EUR wire — close brokerage first
Cypriot retail banking at Bank of Cyprus, Hellenic Bank, and Alpha Bank often links to depot — liquidate brokerage first, then close EUR current account.
Export annual interest statement for TAXIS and India Schedule FA interest disclosure.
Brokerage lane: Cypriot brokerage guide.
Cypriot bank wind-down
| Bank | Doc | Step |
|---|---|---|
| Bank of Cyprus | Closure cert | Zero balance |
| Hellenic Bank | Interest stmt | SWIFT out |
| Alpha Bank CY | Non-res letter | Close account |
| Linked depot | Closed first | Then bank |
Closure
Zero balance
Transfer all EUR.
Interest stmt
TAXIS / India ITR.
SWIFT NRE
Wire proceeds.
Close account
Bank letter.
Schedule FA
Last FY balance.
Flow
Cyprus bank kit
- IBAN.
- Interest PDF.
- Closure letter.
- SWIFT.
- ARC copy.
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Non-dom exit
If you used Cyprus non-dom regime — obtain final TAXIS settlement before India residency flip.
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Keep EUR account?
Possible as non-resident — India Schedule FA still applies.
Form 67?
Cypriot interest SDC — treaty credit.
Brokerage first?
Yes — depot settlement funds bank closure.
Malta neighbour?
Maltese bank guide if parallel Valletta account.
Dormant fee?
Close before monthly charge erodes balance.
US person FBAR?
Cypriot accounts in USD 10k aggregate test.
Your NRE account redesignation has a deadline.
Banks don't remind you. You need the right account stack before salary, rent, and EMIs start moving. Get the exact sequence.