Is it possible to withdraw money for residence permit?

As many are already aware, in order to obtain a temporary residence permit in the TRNC, you need to deposit a certain amount into a local bank account.

After this, when submitting documents, you must provide a bank statement to the Migration Department. A question arises: what should you do with this money afterwards?

• Why is this necessary
• How much money needs to be shown
• What to do with the money
• Movement of funds
• Frequently Asked Questions

Why is this necessary

You demonstrate the money to prove your financial solvency, and you commit to spending this amount during your stay in Northern Cyprus. In this way, the authorities protect themselves from the presence of insolvent foreigners in the country.

How much money needs to be shown

If you own real estate, you should have the legally established minimum wage for one year in your account. For example: 43,469 TL (minimum wage) x 12 (months) x 1 (year) = 521,628 TL.

If you have a long-term lease agreement, the legally established wage amount is required for three years. For example: 43,469 TL (minimum wage) x 12 (months) x 3 (years) = 1,564,884 TL.

However, in practice, as noted on the North Cyprus Forum, the police ask for an amount almost double what is stated in the law.

Eliza
Alex T: No
Can you please tell me how much I need to show for a residence permit with real estate ownership and without? Thank you
Alex T
Eliza: Can you please tell me how much I need to show?
Same! According to the law, 14,000$, but they ask for 22-24k$

What to do with the money

You can spend it on your needs, but recently, the Migration Department has introduced a new requirement — before making a decision on granting a residence permit, they ask for a bank statement again. And it must show an amount no less than the minimum required.

A reader of Cyprus-FAQ shared with the editorial office a case where a residence permit was denied because, after providing the bank statement, a car was purchased, and the required amount was no longer available.

Movement of funds

Additionally, the movement of funds must be reflected in the account. This requirement helps the authorities combat the practice of borrowing funds to provide a bank statement.

Thus, the picture on the bank statement should ideally look like this: there are incoming and outgoing transactions, but the balance does not exceed the minimum required amount.

Frequently Asked Questions about Residence Permits

What is the amount for a family?

The amounts mentioned above are for families of a maximum of 4 people, including the sponsor (property owner). For each additional family member, you need to prove the availability of +25% of the main amount.

What currency are the accounts accepted in?

You can deposit not only in Turkish Lira but also in US dollars, euros, and British pounds at the exchange rate on the deposit date.

How to register on the Ministry of Interior website of Northern Cyprus?

Registration on this site is required for anyone planning to obtain a residence permit in Northern Cyprus. In our article, we explain the steps needed for this.

On the North Cyprus Telegram forum, there is a chat dedicated to visa issues and residence permits, where you can always ask a question and get an answer from people with relevant experience.