Northern Cyprus is the common English name for a de facto state officially known as the Turkish Republic of Northern Cyprus (TRNC; or KKTC based on its Turkish language abbreviation).
Northern Cyprus is only recognised as a country by Turkey. The rest of the international community considers that this territory is an occupied part of the Republic of Cyprus.
From the point of view of the offshore investor, this creates some interesting business opportunities. Northern Cyprus is effectively Turkey’s offshore haven, but since the territory was British until the 1970s there are still many historic links with the UK: English is widely spoken and the TRNC has de facto business relationships with the UK.
TRNC, not being recognised as a country, cannot be a signatory to agreements on interchange of information such as CRS, and is not subject to OECD pressure. Nonetheless, of course you must declare any offshore accounts held in Northern Cyprus if you are required to do so in your country of residence.
There are two types of banks in Northern Cyprus: offshore and onshore. Onshore banking for the local market is primarily covered by large Turkish banks, following the withdrawal of HSBC Bank from the territory in 2017. Offshore banking is in the hands of a small number of mainly locally owned banks.
Offshore Pro Group offers in TRNC:
For further information on Offshore Pro Group services in Northern Cyprus, please contact us today!
If you have business partners in Turkey, you may be interested in opening a corporate bank account in Northern Cyprus. This would bring you serious advantages in dealing with your Turkish associates. However, you have to meet certain requirements in order to set up an account with the […]Read more