Does One Need to Declare Bank Accounts in Northern Cyprus for the Russian Federation?

It is a difficult question because you can act to the fullest extent of the law or can do otherwise. But the problem with the law is that now it is difficult to interpret it - international relations of the Russian Federation are changing rapidly, and hence the financial sphere. They have passed new laws, but it is unclear how they work. There are no amendments to them, and the Federal Tax Service and the Central Bank cannot give intelligible answers. We have prepared some practical advice - the experience of people knowing finance and jurisprudence. But to decide how to act, of course, is your responsibility.


The EU countries and the Russian Federation banks exchange data, so Russia will get information about your accounts. There is also data exchange between the banks of Turkey and the Russian Federation, BUT, for the last to receive information about your accounts, you must indicate your TIN at the Turkish bank. When opening an account, it is NOT MANDATORY to specify the TIN.


Banks in Northern Cyprus. If suddenly you would like to declare your bank account in NC to the Federal Tax Service of the Russian Federation, you will not be able to do it since the TRNC is not on the list of countries offered for declaration. It is unrecognized.


You conclude yourself but remember about a fine of up to 100% of the amount for illegal transactions.



Northern Cyprus banks - one can transfer an unlimited amount of funds, and withdrawal is possible only with permission and declaration.

Turkish banks - transferring and withdrawing funds is trouble-free, and the conditions are favorable.

The Russian Federation banks - SWIFT transfers are still possible from and to Russia. But one should not forget that purchasing real estate in unfriendly countries is allowed only from an account in a foreign bank.

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