How to open a bank account in North Cyprus
North Cyprus’ banking system is based on the Turkish model. The local Central Bank is the regulator, and commercial banks, mostly Turkish (or joint) financial institutions, and international bank branches follow its directions. Opening a bank account in Northern Cyprus is not complicated, all you need is a Passport and Residence Visa.
On our part, we offer you the necessary information about arranging an appointment at a bank branch, completing the necessary documents as well as other necessary requirements during your visit. Personal appearance at the bank is required, it is not possible to open an online account.
You can perform all kinds of banking transactions internationally and locally in Northern Cyprus. Some local banks in Northern Cyprus include Limassol Bank, Capital Bank KKTC, Akfinans Bank, Asbank, Teachers Bank, Cyprus Foundations Bank, Cooperative Central Bank, Nova Bank, Credit West Bank, İktisat Bank, Near East Bank.
Turkish Banks in Northern Cyprus: TC Ziraat Bank, Türkiye İş Bankası, Halk Bank, Garanti Bank, Turkish Bank, ING Bank, Şeker Bank. You can use VISA, MASTER CARD, AMERICAN EXPRESS, and other credit cards.
Who can open a bank account in North Cyprus?
Despite their disinterest in the source of clients’ funds, most banks are responsible for customer identity verification. The bank’s future reluctance to collaborate is highly likely in the case of the applicant’s careless attitude and sloppy paper preparation. Our experts will assist you in avoiding mistakes, filing all relevant documents, certifying them, and properly submitting them.
Country-specific restrictions for opening bank account
To open a non-resident personal account in Northern Cyprus without difficulty, you need first determine whether the potential client’s place of origin has any restrictions. Lists of undesirable countries are routinely compiled by banking institutions around the world. Northern Cyprus institutions, on the other hand, do not impose such limits. Financial institutions in the area refuse to work with nationals from countries on the OFAC list.
Activity-based limitations for opening bank account
Every international applicant must present identity credentials for verification in order to open a personal account in Northern Cyprus. The origins of a client’s funds are irrelevant to local financial institutions. Banks, on the other hand, refuse to work with potential customers who are involved in terrorism, criminal activity, or money laundering schemes linked to criminal profits.
Personal bank accounts for foreigners in North Cyprus: Bank Services and Fees
Non-resident account holders will find it easier to make cashless payments with a personal account in Northern Cyprus. Furthermore, when creating an account, banks provide a comprehensive range of services. Cards issued by Northern Cyprus banks, for example, are accepted at shops, hotels, and gas stations, and can be used to withdraw cash from ATMs and pay for a variety of services.
A foreigner who opens a personal bank account gains access to a wide range of financial services and investing instruments. Among the most common are:
- local and international cashless payments in the chosen currency
- FX transactions
- precious metal accounts and precious metal transactions
- ISAs (Individual Savings Accounts) that are not taxed
- deposit accounts mortgages and other loans
- payment cards (credit and debit).
Clients are entitled to investment and other advisory services, in addition to the complete range of banking services. The bank will assist them in purchasing stock or other securities.
Individuals in Northern Cyprus can open personal bank accounts and make international payments in the following currencies: US dollars, Euros, and Pound Stirlings. At the client’s request, banks can also process transactions in other currencies.
Types of Accounts
The following personal bank accounts are available to non-residents:
- current account, which includes the numbered account
- foreign currency account
- metal account
- savings account
- investment account.
Northern Cyprus banks provide a wide range of services. North Cyprus banks have offered all customers easy remote access to their accounts since 2012. Clients can reach out to the bank via fax, phone, e-mail, a unique IT application, or a variety of video services. Please be aware that all telephone calls with consumers are recorded by banks.
Individuals in North Cyprus can benefit from the ease of two types of bank cards: VISA and MasterCard. North Cyprus banks collaborate with international issuers to issue credit and debit payment cards. Each bank has different rates for issuing and maintaining cards. Our previous blog post can provide you with information on the ATM network and locations, as well as the fees imposed for cashing and transactions at any particular bank.
Documents required to open an account in North Cyprus
You will need to gather the following papers at the pre-approval stage (prior to the formal submission to the bank):
- A passport photocopy that has been confirmed as an exact replica of the original document.
- The applicant’s most recent utility bill confirming his or her address.
- Complete and sign the bank application accurately.
If future bank transactions will be carried out by someone other than the applicant, a notarized power of attorney must be obtained and presented with a certified copy of that person’s passport and utility bill. Please note that, if necessary, the Bank’s Compliance Department may request further documentation. It should be mentioned that North Cyprus financial institutions have certain requirements for document validation. As a result, they may demand that documents be validated by organizations such as:
– a practicing lawyer or solicitor
– accountant in practice (auditor)
— senior civil servant
– notary public
The timelines for opening a bank account in North Cyprus are expected to be short. Document preparation and verification should be given special care. After providing the whole set of documents, you will be able to use your account within a few days if everything is in order.