Just to avoid any confusion, you don't need any VPN to access your bank account in Cyprus with the ebanking facility! What is discussed here is you need a Cyprus VPN to be able to add the account in Cyprus to the PayPal account!
Yes it is possible. You can open Cyprus bank account from anywhere living the world. You just have to submit the documents required by the bank and call them that you want to open an account with them
Ohhh okay thank you i did not know that.. I think it should be having no problem to receive payment to my bank in cyprus through paypal . I dont have any company