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North Cyprus cause of money laundering concern - US State Dept

#21
GiGoGo said:
Just wanted to explore more about this TRNC and seems you can create a 0 Tax company
North Cyprus Company - 0% Tax North Cyprus Company (I have not association with this company)
Interesting to know if somebody have experience establishing a company there
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I haven't set up a company in TRNC myself, but I deal with companies in TRNC from time to time. Whenever a contract with a TRNC company is sent to lawyers for review before directors sign it, it comes back with redlines and warnings. Many times, companies have refused to enter into agreements with TRNC companies because of the territory's unrecognised status and unclear legal recourses.

So based on my experience, a concern I would have about forming a company in TRNC is that you may run into problems actually operating it.

But there's no denying that there are certain unique use-cases for having a company in a place like TRNC.
 
#22
Sols said:
But there's no denying that there are certain unique use-cases for having a company in a place like TRNC.
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Certainly for crypto companies that need unregulated frameworks and protection against liabilities
 
#23
Forget about Turkey and North Cyprus it's nothing you can work with if you go international. There are some reasons for why you want to setup something there but it's only purpose to hide something not to do business.
 
#24
Yeah I know about the past and current situation between North and South however none of this discourages me or ever will in fact. I have been to places to seek out investments where the on the ground situation tells a different story than the news reports full of FUD..lol. Plus a friends son is studying there so may pay him a visit if we get over this corona virus pandemic.
 
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#25
Marc Jacob said:
Oh no really ?? Or you Turkish or you got something to sell ?? humm let me guess ;)
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I am a Turkish but i am not makin any propagandas here.Those are the truths.
Yes,there are many casinos,bars,discos you can make your day in TRNC but i dont think it is an offshore zone.
Dont know if you have noticed before but there is a bank EURO DENIZ in TRNC which offers bank accounts for non residents.
I am not sure if it is really working but dont think you will have taxation advantages there..
 
#30
Congrats to whomever is running that website, because the scam is clearly working. People keep thinking it's real.

Here are just a few reasons to believe its not:
  • They are using a Cypriot (Republic of Cyprus) mobile phone number as the contact number (+357 is Cyprus' calling code). Cypriot phone numbers usually don't even work once you cross into TRNC. Exception (sometimes) being MTN or very close to the border.
  • They claim to have a representative office in Cyprus, but there is no mention on the Central Bank of Cyprus' website about this.
  • There is a page on that website detailing they don't comply with FATCA and CRS. That's not something a serious bank would do, especially one supposedly owned by Denizbank, one of the largest banks in Turkey.
  • No serious bank would have a page where they make having a dedicated IBAN sound like anything special.
  • Free SSL certificate, whereas the supposed parent bank Denizbank
  • The domain uses private whois and is hosted on a dodgy webhost in Sweden, whereas Denizbank's website is hosted in Turkey on Denizbank's own IP architecture.
I don't have much sympathy for anyone who falls for this scam. There are more red flags here than at a Chinese military parade.

But maybe I'm wrong. Maybe despite all those red flags, it's a completely legitimate bank. I just know I won't be one to risk my money and identity to this operation.
 
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#31
Not a big surpise ! Got a conversation a year ago with a fiduciary in Dubai opening accounts with very "light compliance" (in branches of Lebanese banks) as they advertised to me, but as one of their sales guy advertise above, no need to worry about such details, cause it's completely safe and carefully regulated.
 
#33
  • They are using a Cypriot (Republic of Cyprus) mobile phone number as the contact number (+357 is Cyprus' calling code). Cypriot phone numbers usually don't even work once you cross into TRNC. Exception (sometimes) being MTN or very close to the border.
  • They claim to have a representative office in Cyprus, but there is no mention on the Central Bank of Cyprus' website about this.
  • There is a page on that website detailing they don't comply with FATCA and CRS. That's not something a serious bank would do, especially one supposedly owned by Denizbank, one of the largest banks in Turkey.
  • No serious bank would have a page where they make having a dedicated IBAN sound like anything special.
  • Free SSL certificate, whereas the supposed parent bank Denizbank
  • The domain uses private whois and is hosted on a dodgy webhost in Sweden, whereas Denizbank's website is hosted in Turkey on Denizbank's own IP architecture.

Dear Sols , may be you are right , but the bank is working , i made a lot of question as well when i was in their " fake office", deniz bank own Eurodeniz but is complety local manage , and Deniz Bank has no operation in TRNC.
The Euro Deniz not want to use deniz bank because is under great pressure of turkey central bank to close them down , so in order to not get Turkey involved they not using Deniz bank correspondent account



They claim to have a representative office in Cyprus, but there is no mention on the Central Bank of Cyprus' website about this

They cannot i even talk to cyprus central bank , south cyprus will never reconise an entity of the North, they put the office in nicosia becuase is easier to reach , you not need cross border and you can land in Larnaka , instead to go via istambul , i think it was very smart, for what i see in their office on the table there was a lot of files all from greek s cyprus company ,the case was same of mine newly formed cyprus company with no bank in south to open account, so fake or not fake it is very useful , i f got an eu sepa account and an internatioanal swift in botswana and is working very fine the rest in just suppositions

have a great weekend

Ps not forget this account , not have scrs if you have any alternative i here to listen i will glad to have an alternative

Thanks
 
#34
By the way i am in quaratine in my beautfull villa in the north . when border will open i will be glad if somebody wants to by real estate to introduce my real estate agent , of course i will get a small commission but there will be a lot of bargains after this virus , any way to sit here is beter than sit in uk or france

have a nice day
 
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#36
I knows it's little late to answer to this.

Turkey doesn't extradite their own citizen for crimes don't outside of Turkey they basically have immunity, guess it's the same in Turkish held northern Cyprus.

Quite a problem when a lot of them is ISIS fighters and criminals and lives abroad.
 
#38
Martin Everson said:
Crazy criminals living in Northern Cyprus conf/(%. Didn't know Northern Cyprus has no extradition treaties so no wonder its on US blacklist.

Brits turn Cyprus into Costa del Crime
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Cyprus has always been used for” criminality” remember the Ukrainian president saga? That’s not all I could name you a Service provider in Cyprus that is notorious and right in the thick of things when it comes to channeling the oligarchs proceeds via Cyprus and into London.
 
#40
you are confusing south and north cyprus , north is manly used as tax have from turkish business man and some russian and asians not so many signs of western crooks there, i am mingling now with the financial community there a lot of intresting story
 
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