Banks in Northern Cyprus. How to open an account for a foreigner.

It is not a secret that opening a bank account in Europe is hard if you are not a resident. To open an account, you need to have a residence permit, and the income must be proven to be legal.

Banks in Northern Cyprus are not so strict with foreigners, so opening an account here is much easier.

What is the banking system of Northern Cyprus like?

Northern Cyprus is in many ways reminiscent of Turkey, here you will find both Cypriot banks and Turkish branches.

All financial institutions are under the control of the Central Bank of Northern Cyprus. Cypriot banks are developing the service at full speed, although, to be honest, their applications are still far from perfect.

One of the non-obvious advantages of local banks is data privacy – they do not exchange customer data with the tax authorities of other countries, so if you buy an apartment here, no one will know about it and will not ask you to pay taxes in your country of origin.

Non-residents usually choose Creditwest Bank North Cyprus. Basically, it serves foreigners, which is why it is also called the “bank for expats”. To open an account here, you need to collect fewer documents. To open an account with other banks, you will need a work visa or residence permit.

What documents are needed?

To open a bank account, prepare the following documents:

your passport (original and copy);
Valid Visa;
a registered contract for the lease or purchase of real estate;
a form from the headman of the district (mukhtar) about the place of your registration;
application for opening an account (filled in the bank)

Additionally, paid electricity/water receipts may be requested to verify that you actually live at this address.

The list of documents may vary, so check in advance at the bank branch what you need to open an account.

What you need to know before opening an account

To get a certificate from the mukhtar (headman of the district), you need to contact the Belediye (district administration) where you bought or rented housing. You can easily find the address on the Internet, or the locals will tell you. To obtain a certificate, you will need to show a long-term rental contract registered with the tax office or a real estate purchase contract (important point: the apartment or house must be ready to move in, housing under construction will not work).

To confirm the financial well-being, until recently, banks were in sufficient contract on the purchase or rental of housing. But due to the increased flow of customers, in many banks it has become mandatory for non-residents to make a deposit. In Ziraat and Is bank banks, the deposit is 5000 USD.

How to open an account for a foreigner in Northern Cyprus? Instruction

First you need to collect the package of documents, which was discussed above. We recommend for you to check with the bank the list of required documents, as it may differ.

The next step is to make an appointment with the bank. This should be taken care of in advance, as simply coming to the office and opening an account on the same day will not work. It is not possible to open a bank account remotely, so you must be present in person.

At the appointed time, come to the bank and fill out the necessary documents (usually a bank employee does this for you).

Simultaneously with opening an account, you can order the issuance of a credit or debit card. The process of waiting for the finished card takes quite a long time – usually 3 weeks. If you plan to make purchases on the Internet, we recommend that you apply for a credit card. The difference between such cards is making a deposit when opening – in Turkish lira or foreign currency, which will be returned once the account is closed.

Conclusion

As you can see, it is quite easy for a foreigner to open a bank account in Northern Cyprus if you follow a simple algorithm.

The information in this article is for informational purposes only and is not intended for commercial purposes.

If you need to buy property in North Cyprus, contact Prime Pro Investment. We help our clients not only with choosing the best housing options, but also with adapting to a new country for you, including opening a bank account.