Opening a bank account in Northern Cyprus
We are with you in this article about opening a bank account in North Cyprus. Migrating to North Cyprus and investing in this country has been considered as one of the immigration options for a long time. The country’s good relations with Turkey, being close to Iran and not needing a visa (for Iranian immigrants) are among the reasons for this country’s popularity.
Opening a bank account in North Cyprus and buying property in this country are among the most popular ways to invest abroad.
Advantages of opening a bank account in Northern Cyprus
Opening a bank account in North Cyprus is one of the most important actions after entering this country. It doesn’t matter if you immigrated to this country to study and live or to travel and spend your free time. In any case, opening a bank account is one of the obligations.
One of the reasons for the popularity of opening a bank account in North Cyprus is that it is considered one of the best countries for investment due to the appropriate tax laws. Also, North Cyprus has good and friendly relations with other countries. For this reason, it is recommended to trade and use its economic opportunities to achieve more profit.
The law on opening a bank account in Northern Cyprus
What is the law for opening a bank account in North Cyprus? To open a bank account in Northern Cyprus, you will need an identification card and your address in this country. Of course, these items are not the condition of all banks for opening an account. In some banks, people can open an account by presenting their residence in other countries and their passport or birth certificate. Your residence card must be valid for at least one year to open an account in this country.
If you refuse to provide your identity documents to open a bank account in North Cyprus, it will not be possible for you to open an account. Note that cooperation with terrorist groups, criminal activities, and things like smuggling and money laundering will prevent you from opening an account in the banks of this country.
Documents required to open a bank account in Northern Cyprus
To open a bank account in North Cyprus, you will need documents such as a copy of your passport and a copy of a valid ID card. Some banks may request notarized copies of identification documents. You will also need a document to prove your address. The best example of proof of address is water and electricity bills along with the address of your residence. Of course, no more than 6 months should have passed since the issuance of this bill.
It is also necessary that about 3 months have passed since your stay in this country. To open an account, you must fill the application form issued by the bank of your choice. Determining the credit status in the bank where you previously had an account is also one of the required documents. It is also necessary to provide information about why you need to open a bank account in Northern Cyprus. Note that different banks may require different documents from the applicant, but it will be possible to open an account in most banks with the mentioned documents.
In addition to the mentioned cases, it is possible to mention the residence certificate and the signature of the tax declaration as necessary documents for opening a bank account in North Cyprus. In this country, the certificate is not accepted as an identity document to open an account.
The process of opening an account in Northern Cyprus banks
In order to open a bank account in North Cyprus, it is necessary to go to one of the bank branches of your choice with the mentioned documents in hand. In the next step, you need to complete the application form for opening an account. To open an account, it is necessary to pay 100 lira. The bank card will be sent to your address after 15 days at most. Of course, banks like Credit West will deliver your bank card at the same moment.
Opening accounts in Cypriot banks for Iranians
Iranians can also easily open a bank account in this country. If you plan to open an account online, this will be possible for you. For this, it is enough to visit the website of the bank you want and install its application on your mobile phone. In the next steps, you must scan the relevant documents and your photo. Also, for authentication, you need to take a selfie. In the next steps, by reading the terms and conditions of the desired bank, you will acknowledge that you have accepted them and enter your financial and identity details. Note that to get a bank card, you must go to the bank in person.
Opening a bank account for students in Northern Cyprus
It is possible to open a bank account in North Cyprus for students by presenting proof of employment. Of course, you can also get help from your residence documents. To receive a letter of employment, it is necessary to submit your application after registering at the university. Determining the address of the place of residence is another necessary thing to open an account in this country. A document or affidavit of the house and a letter from the dormitory are enough to prove your address. Ish Bank and Zareet Bank are two of the most popular banks for students.
Many call North Cyprus a tax haven because property taxes are very low and it is one of the best sources for real estate investment.
How to open a bank account in Cyprus as a non-resident
If you are not a resident of this country, you must explain your reasons for opening an account. Simplicity in transactions, greater security of the financial funds at your disposal and even entrepreneurship in this country can be among the reasons for the need to open a bank account in North Cyprus. Identity documents such as passport and birth certificate of the country of residence are necessary to open an account for non-residents. Also, your country should not be in the list of OFAC countries.
Bank interest rates in Northern Cyprus
Bank interest rates in North Cyprus are calculated monthly and annually. In general, the interest rate of long-term deposits varies from 4.12% to 4.28%. This interest rate is lower than the average interest rate of 4.34%. For this reason, it is recommended to think about the interest of your bank account to generate capital.
Introducing the best banks in Northern Cyprus
Most of the banks in North Cyprus focus on private wealth management and business, but there are many banks that offer services related to current accounts, loans, insurance, telephone customer service and online banking. Hellenic Bank, Bank of Cyprus and Alfa Bank are among the largest banks in Cyprus where you can open an account. Alfa Bank has an English website, this means the great importance that this bank gives to its foreign customers. Also, branches and ATMs belonging to this bank provide services all over the country. Online applications for various services, online banking and credit cards with cash back are also among the services provided by this bank.
Eurobank is another bank in Cyprus. This bank is more of a specialized bank that focuses on corporate services and wealth management. Of course, things like opening a personal account and using the online banking application can also be done in this bank.
Note that the banks of North Cyprus are not limited to the above list and you will have the possibility to open an account in banks such as Near East Bank, HSBC Bank and Coop Bank. All banking related services including multi-currency accounts, opening current and savings accounts, granting loans and receiving credit cards are done in these banks.
Hellenic Bank is one of the best options for opening a bank account in North Cyprus. This bank has a comprehensive and practical English website, as well as ATMs and branches of this bank are available throughout the country. Students, temporary workers and permanent residents of Cyprus are among the clients of Hellenic Bank.
Types of North Cyprus bank accounts
Personal, employment, corporate, savings, overseas, commercial, currency account, current account, precious metal account, savings account and investment account, etc. are among the types of bank accounts in North Cyprus.
Banking services of Northern Cyprus banks
Among the most interesting services of banks in North Cyprus is the possibility of investment consultations for customers. You can also use the loans offered by these banks, such as mortgages. Opening ISA accounts is another possibility of these banks. One of the advantages of these accounts is that they are exempt from paying all kinds of taxes. Foreign currency exchange and the possibility of trading precious metals are other banking services in North Cyprus.
Foreign exchange services in Northern Cyprus banks
The possibility of trading with international currencies can be considered one of the most important foreign exchange services provided by these banks. The bank’s customers will be able to trade with any currency, including Euros, Dollars and Francs.
Northern Cyprus online banking
Online banking services are offered in most banks in Northern Cyprus. Transferring money, paying bills and viewing balances are among the most basic features in online banking. Of course, in order to be able to use online banking services in North Cyprus, it is necessary to provide information such as your email, address and contact number. İktisat bank is one of the banks that provides online banking services. Note that to use online banking services, you must first open an account. Of course, in banks like Credit West, you will also have the option of opening an account online.
