CRS-Reporting in Northern Cyprus?

[Blue elephant]

Would like to open a private account in Northern Cyprus TRNC. Have read that the Turkish part of Cyprus does not participate in CRS reporting. Is this true? Anybody got a bank recommendation? Thanks

 

[luta]

They can’t participate in CRS as i know.
I would try Turkish banks instead of banks in Northern Cyprus TRNC.

 

[CaLViN]

They can’t participate in CRS as i know.
I would try Turkish banks instead of banks in Northern Cyprus TRNC.

But Turkish banks participate in CRS .

 

[lavel]

How do you think they will enforce CRS in Turkey? Like any European country does or are they less strict?

 

[ivan1911]

Is it possible to open account remotely in TRNC , anyone has experience ? Perhaps with lawyer and poa ?

 

[Plavivoz]

Is it possible to open account remotely in TRNC , anyone has experience ? Perhaps with lawyer and poa ?

This is possible but doesnt seem to be one of the cheapest places for remote opening.

 

[OffMyBack]

Wherever you send your money you will get crucified by the receiving bank should you even able to get money into the north cyprus

Breakaway north Cyprus cause of money laundering concern-USSD | Regxsa

We believe in empowering human intelligence to make ML/TF investigations better. We are achieving that by offering our cloud based solution Alexis and publishing regular ML/TF updates.

www.regxsa.com

 

[Plavivoz]

Wherever you send your money you will get crucified by the receiving bank should you even able to get money into the north cyprus

Breakaway north Cyprus cause of money laundering concern-USSD | Regxsa

We believe in empowering human intelligence to make ML/TF investigations better. We are achieving that by offering our cloud based solution Alexis and publishing regular ML/TF updates.

www.regxsa.com

It is always the same direct transfers might be problematic.
Indirect transfers work.
Especially in the case of northern cyprus it is easy to hide the origin in northern cyprus.

But i would not want to store there any money because of other reasons. As a pass through bank account it is ok.

 

[rey skywalker]

i use ziraat bank and eurodeniz no problem at all , but you have to go there to open accout in ziraat, eurodeniz open also remotly but sometimes banks refusre send money if t you mention trnc just metion turkey

 

[Walter Rowe]

Hey Rey,
I have had no luck with Euro Deniz. My latest attempt to transfer money out of them has now been 4 weeks with multiple emails from myself to get the funds out.
They have replied that they will see why there has been a delay.. that's almost 2 weeks ago.
Sadly .. they have been very poor in actually releasing the money.
For that reason, I would not recommend them

 

[rey skywalker]

thanks can you give me your accont nr ? i start get worried as well . i suggest you try ziraat bank in nicosia they are very good , i did have 1 issue with eurodeniz but problem was with corresspondent bank, we send funds to payserera but money was lost 2 mounths , was not muck but was annoyig

 

[LondonOTC]

Forget about Banks, the only place to save your money is Crypto

 

[cyprusbanker]

Forget about Banks, the only place to save your money is Crypto

Good idea which stable coin would you suggest?

i use ziraat bank

for how long have you gold an account there?

 

[rey skywalker]

i have account in ziraat at least 4 years, but now onshore banks is not easy to open, and you cannot travel to cyprus is the biggest problem, offshore banks still open accouts , the best is allied turkish bank ibu , but not easy to open with them only investemnet actiitievies

 

[charlesedward]

Wherever you send your money you will get crucified by the receiving bank should you even able to get money into the north cyprus

Breakaway north Cyprus cause of money laundering concern-USSD | Regxsa

We believe in empowering human intelligence to make ML/TF investigations better. We are achieving that by offering our cloud based solution Alexis and publishing regular ML/TF updates.

www.regxsa.com

Not necessarily true, North Cyprus is an internationally disputed territory recognised only by Turkey. Globally viewed as an illegally occupied land, it is subject to harsh global trade embargoes. In a bid to survive economically TRNC relies heavily on income generated from casinos, students and ‘nightclubs’, with two of these three attracting many unscrupulous international entities. With regards to bank deposits, yes the government does have some regulations in place to flag money laundering, however there are still some very large loopholes available and the prevailing principle in TRNC is still ‘who you know’.

 

[rey skywalker]

there is no problem sending funds to north cyprus , they use turkish iban , if you eur in turkyaye is bank , or garanti you will have funds in 20 minut

 

[Fothermucker]

there is no problem sending funds to north cyprus , they use turkish iban , if you eur in turkyaye is bank , or garanti you will have funds in 20 minut

But do turkish banks report?

 

[rey skywalker]

no they nothing to do with north cyprus , for the is third party coutry

 

[Piano]

It is always the same direct transfers might be problematic.
Indirect transfers work.
Especially in the case of northern cyprus it is easy to hide the origin in northern cyprus.

But i would not want to store there any money because of other reasons. As a pass through bank account it is ok.

What other reasons you have for not storing money there ?

 

[Cetme308win]

Not necessarily true, North Cyprus is an internationally disputed territory recognised only by Turkey. Globally viewed as an illegally occupied land, it is subject to harsh global trade embargoes. In a bid to survive economically TRNC relies heavily on income generated from casinos, students and ‘nightclubs’, with two of these three attracting many unscrupulous international entities. With regards to bank deposits, yes the government does have some regulations in place to flag money laundering, however there are still some very large loopholes available and the prevailing principle in TRNC is still ‘who you know’.

exactly ...the same happens for example in Transnitria