Cyprus, Nicosia

Opening a Bank Account in the Turkish Republic of Northern Cyprus

Opening a bank account in Northern Cyprus is an important step, especially if you plan to relocate to the country, purchase real estate, or start a business. The advantages of banking services in Northern Cyprus include relatively low fees and charges compared to other European countries. This island is attractive for both individuals and companies.

10 banks are operating in Northern Cyprus, including both local and international ones. Some of the largest banks are TC Ziraat Bankası, Türkiye İş Bankası, Türkiye Vakıflar Bankası, and Creditwest Bank.

To open an account at any bank in Northern Cyprus, you will need the following documents:

  1. Passport or government-issued identification.
  2. IKAMETAH BELGESI — confirmation of a rental agreement from the muhtar (local headman).

However, there are several important points to be aware of:

  • Many banks serve clients exclusively in Turkish.
  • Some banks operate only within the territory of Northern Cyprus, while others have branches in both Turkey and worldwide. When opening an account with a specific bank, you may not be aware of this and later face card payment rejections in other countries.
  • For opening an account at a bank where you can use your card globally, you may be required to freeze a substantial amount on the same card as proof of income.
  • Some banks allow non-residents to open accounts, while others require residency in Northern Cyprus.
  • Many banks offer online banking services, but their applications are not readily available on Play Market or App Store, so you’ll need to search for them in your browser.

If you want to smoothly open an account, our specialists will assist you:

  • They will help you open an account even without a rental agreement.
  • They will select a bank that suits your needs.
  • They will assist with translation.
  • They will predict and minimize the account opening rejection rate.

Feel free to reach out, and we'll be happy to assist you in this process!

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