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CRS-Reporting in Northern Cyprus?

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Blue elephant

New member
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

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

lavel

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

Plavivoz

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

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

Entrepreneur
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

New member
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

Entrepreneur
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
 

rey skywalker

Entrepreneur
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

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

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

Entrepreneur
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
 

Piano

Active Member
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

Entrepreneur
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
 
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