North Cyprus don't report?

[Bmw850]

Hi,

I have sawn an ads from a CSP ( will not share the link ).
There he s promoting North Cyprus incorporation and banking saying that they are not reporting. North Cyprus is Turkey part.
Do you know something about it?
I sent an email to ask Wich bank, waiting for answer.

 

[cardbit]

When you consider North Cyprus you need to be aware of it being unrecognized territory, with all subsequent risks. There was a good thread about North Cyprus banks on talkgold forum, which unfortunately no longer exists, but to summarize it: Bank Regulator there is three girls with two computers afraid of any letter from Turkish Central Bank, its not hard to obtain a banking license for locals there, but it is unrecognized by any country except Turkey with Turkish banks being the only possible correspondents. If something goes wrong you have literally no protection for recovering funds, is it worth the advantage that they do not report? If so go for it.

 

[Bmw850]

When you consider North Cyprus you need to be aware of it being unrecognized territory, with all subsequent risks. There was a good thread about North Cyprus banks on <<snippet>> forum, which unfortunately no longer exists, but to summarize it: Bank Regulator there is three girls with two computers afraid of any letter from Turkish Central Bank, its not hard to obtain a banking license for locals there, but it is unrecognized by any country except Turkey with Turkish banks being the only possible correspondents. If something goes wrong you have literally no protection for recovering funds, is it worth the advantage that they do not report? If so go for it.

Ok.. good infos thanks, sounds like a banana republic in case of problem then