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TRBanking in Northern Cyprus
Individuals over 18, including students, can open a bank account in Northern Cyprus. Minors under 18 must proceed with the banking formalities under the supervision of their parents or legal guardians. For our customers we help in setting up your bank account, tax number and residency applications.
- Current account
- Foreign currency account
- Offshore account
- Savings account
- Investment account
Opening a bank account in Northern Cyprus for foreigners is - with expert guidance - straightforward . At TIMONDRO, we recommend working with a consultant well-versed in Northern Cyprus's banking and legal frameworks.
To initiate the bank account opening process, it's crucial to first understand the required documentation. Generally, the essential documents for opening a bank account in Northern Cyprus include:
- Application form
- Valid identification or passport
- Northern Cyprus work permit or residency documentation
- Income proof (e.g., payroll), if you want to apply for a credit card
- Utility bills in the applicant's name
- Stamp duty
- Account opening fee
Opening a bank account can be done on the same day. Sometimes it can take several days, or even up to two weeks if complications arise (especially for corportate bank accounts). To minimize delays, consider working with a professional. A legal advisor or consultancy firm can guide you through the process or act on your behalf with a power of attorney, streamlining the experience. However in general we do not advise to give power of attorney with bank access and or transactions. Best to stay on Northern Cyprus until the bank account is fully operational.
It follows in principal and with a few exceptions the same model as the banking system of Turkey. There are two different types of banks in Northern Cyprus, international banks and local banks. The local ("Cypriotic") banks access the SWIFT system via Turkish partner banks. The Cypriotic banks do not participate in the automated electronic data exchange with the European Union.
