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There are certain situations in which you can’t do without a personal account in Northern Cyprus. If you are planning to move there, buy real estate or start a business, you will most likely need professional advice and help to correctly fill out the necessary documents and meet several requirements. Our team will be happy to guide you through all the nuances of dealing with local banks and recommend you the bank which will best suit your needs. Please find below the most essential details and prompts, and write to firstname.lastname@example.org for more data and assistance in opening your personal account in Northern Cyprus..
Northern Cyprus Banking System
Northern Cyprus (the Turkish Republic of Northern Cyprus) is recognized as an independent country only by Turkey. This status quo significantly impacts the economic development and politics in the de facto state that comprises the northeastern portion of the island of Cyprus. Its relations with the rest of the world are developing through Turkey, TRNC representative offices maintained abroad, and several foreign representation offices in Nicosia.
The banking system in North Cyprus is built on the Turkish model. The regulator is the local Central Bank, and its directives are followed by commercial banks represented mainly by Turkish (or joint) financial institutions and branches of international banks.
Non-Residents’ Advantages of Setting Up a Personal Account in Northern Cyprus
The main advantages that bankers in Northern Cyprus offer to their clients is their rigorous commitment to the banking secrecy principle and their indifference to the origin of wealth.
Moreover, the user-friendly remote banking solutions make the idea of opening an account in Northern Cyprus even more attractive.
Furthermore, to boost economic development in the region, local authorities have granted many preferences to private companies, especially in terms of taxes on their deposits and profits.
Besides, there are several types of accounts designed for different purposes, including Individual Savings Accounts (ISAs) for virtually tax-free savings, which clients use to save cash or invest in stocks and shares.
Other advantages of private banking in Northern Cyprus include the following strengths:
- quick account opening
- low maintenance fees
- no restrictions on the number of transactions
- well-established and secure channels for remote management of accounts
- comprehensive range of banking and other financial services
- advisory support, including advice on various business transactions and real estate matters in Northern Cyprus
- total confidentiality
- absence of strict compliance requirements for clients.
Who Can Open Personal Accounts in Northern Cyprus
If you have decided to open a personal account in Northern Cyprus and do not want to waste time on the study of the terms of cooperation with financial institutions, you are welcome to contact us. We’ll help you collect and verify all the requested documents. Most banks, despite their indifference to the origin of the clients’ funds, are accountable for the customer identity verification. In the case of the applicant’s negligent attitude and unscrupulous preparation of papers, the bank’s subsequent refusal to cooperate is very likely. Our professionals will help you avoid mistakes, file all necessary documents, certify, and submit them properly.
Limitations by Country
To seamlessly open a non-resident personal account in Northern Cyprus, you should first find out if there are any restrictions relevant to the potential client’s country of origin. Banking institutions across the globe usually draw up lists of unwelcome countries. However, Northern Cyprus institutions do not impose such restrictions. Local financial institutions refuse to cooperate only with nationals from countries that are on the OFAC list.
Limitations by Activity
To open a personal account in Northern Cyprus, every international applicant needs to submit identity documents for verification. The local financial institutions are not interested in where the client’s money comes from. Nevertheless, banks do not cooperate with those potential customers who are involved in terrorism, criminal activity, or money laundering operations associated with criminal profiteering.
Personal Accounts in Northern Cyprus for Internationals: Bank Services and Fees
A personal account in Northern Cyprus will simplify for non-resident account holders their cashless payments. Besides, banks offer a comprehensive package of services when opening an account. Thus, for example, cards issued by banks in Northern Cyprus are accepted in shops, hotels, gas stations, and can be used to withdraw cash from ATMs, pay for various services.
Having become a personal bank account holder, a foreigner gets access to an extensive list of banking services and investment tools. The most common ones include:
- local and international cash-free payments in the chosen currency
- FX transactions
- precious metal accounts and transactions in precious metals
- ISAs (Individual Savings Accounts) not subject to taxation
- deposit accounts
- mortgages and other loans
- payment cards (credit and debit).
Apart from the full range of banking services, clients are entitled to investment and other advisory services available upon request. The bank will help them invest in shares or other securities.
Individuals may open personal bank accounts in Northern Cyprus and execute international payment transactions in the following currencies:
Banks can also process transactions in other currencies on the client’s request.
Non-residents may open the following personal bank accounts:
- current account, including the numbered account
- foreign currency account
- metal account
- savings account
- investment account.
For a dedicated account the client will have to pay a security deposit from 10 000 USD
This deposit the client will have to maintain in the account till it is active.
Please note: Banks in Northern Cyprus offer a wide range of services. You are welcome to write to our experts to find out if this or that local bank provides any of the services you need. Our professionals can advise you on the scope, offers, and other specific aspects of Northern Cyprus banks’ performance. They can recommend the bank which will best meet your needs.
Since 2012, the Northern Cyprus banks have provided all customers with seamless remote access to their accounts. Clients can contact the bank by any of the existing reliable means of communication: fax, phone, e-mail, via the special IT application, and various video services. Please note that banks record all telephone conversations with customers.
Individuals can enjoy the convenience of the two types of bank cards issued in Northern Cyprus:
Credit and debit payment cards are issued in Northern Cyprus by banks cooperating with international issuers.
Please note: The rates of cards issuing and maintenance vary for each bank. You can contact our experts for information about the ATM network and locations, the fees charged for cashing and transactions at any specific bank.
How to Open a Personal Account in Northern Cyprus Remotely
To remotely open a bank account in Northern Cyprus, you need to submit a specific portfolio of documents. Financial institutions hold special requirements for certification of papers. Please contact our professionals to make sure you don’t waste time on paperwork. Our staff will help you pass the verification in the best possible time and without any complications.
The Procedure for Opening a Personal Account:
The Procedure for Opening a Personal Account:
- To apply for a non-resident personal account in Northern Cyprus, please contact our consultants at email@example.com and specify your request.
- Then you will need to pay for the package of our reasonably priced services ordered by you. The flat fee starts at 3500 EUR. We accept payments in any convenient form: by bank transfer, by on-site card payment, via PayPal or WebMoney, or by transfer via Western Union.
- We will help you compile the right set of documents and submit them to the bank. They must be in English.
List of documents for opening a personal account in Northern Cyprus
At the Pre-approval stage (prior to the formal submission to the bank) you will need to compile the following documents:
- A photocopy of the passport, certified as an authentic copy of the original document.
- The most recent utility bill confirming the applicant’s address.
- Bank application correctly completed and signed.
In case future bank transactions are going to be executed by another person (besides the applicant), a notary power of attorney shall be issued and submitted together with the certified copy of this person’s passport and utility bill.
Please note: The Bank’s Compliance Department may request additional documents if required.
It should be noted that Northern Cypriot financial institutions have their expectations regarding the type of certification of documents. Thus, they may insist that documents be certified by such authorities as:
– practicing solicitor or lawyer
– practicing accountant (auditor)
– senior civil officer
– public notary.
To learn specifically about the verification procedure and the text of the verification inscription, please contact our team. We will help you fill in your bank application.
Expected timelines for opening a personal account in Northern Cyprus
To open a personal account in Northern Cyprus as soon as possible, you should follow instructions provided by our experienced experts. Special attention should be paid to the preparation and verification of documents. If everything is in order, you can start using your account within a few days after submitting the full set of documents.
If you are interested in our service, please contact us by e-mail without delay at firstname.lastname@example.org.