In recent years, Northern Cyprus has become one of the destinations for Iranians to emigrate. If you also intend to immigrate or invest in this country, it is good to be familiar with its laws in various fields. In the following, we are going to provide explanations about how to open an account in North Cyprus.
Investing in foreign countries can be very profitable for people; Provided that this investment is done in a principled way and with full knowledge of the laws and regulations of the country in question. Due to its special conditions, Northern Cyprus has become one of the main investment options for Iranians in recent years. Even many people immigrate to this country so that they can make their way to obtain residence in Europe or other countries of the world easier. In any case, whether you are planning to invest in North Cyprus or want to stay temporarily in this country, you will need a valid bank account to do your various things. At first glance, opening an account in a foreign country may seem a bit complicated, but below we will tell you how you can easily open a bank account in North Cyprus for yourself and benefit from the many benefits of doing so. If you want complete information on how to open an account in Northern Cyprus, follow us to the end of this article.
Who can open a bank account in North Cyprus?
In addition to the original residents and citizens of Northern Cyprus, people who immigrate to this country and have a temporary residence can have a bank account there. Having a valid bank or credit account, these people can buy and sell without any restrictions or do their immigration work easily.
In the early stages of moving to North Cyprus, you do not need to have a credit card. If you want to deposit the initial cost of the university or transfer an amount to the account of the property seller in North Cyprus, you can do this through the exchange inside Iran. But when you immigrate to North Cyprus, you need to have a bank account because you will need it for everyday purchases. However, carrying cash can be dangerous in any situation. On the other hand, you will definitely need a credit card for online purchases from international online stores.
What are the benefits of opening an account in North Cyprus?
In addition to all the things we have said so far, opening an account in North Cyprus has other advantages that we will mention. One of the great advantages of having a North Cyprus bank account is that you can store all kinds of common international currencies such as dollars, euros and pounds in your currency account in addition to the lira. Thus, even if you travel to European countries, you can get cash from ATMs in the same countries or make your purchases easily in stores. Most banks have a dedicated application that you can use to convert the currencies in your bank account. This conversion is done by calculating the daily rate of currencies.
Another advantage of opening a bank account in North Cyprus is the possibility of obtaining a mortgage. The conditions of different banks differ somewhat, but in general, you can get a loan of up to 50% of the value of the property from the relevant bank by providing the property deed and other required documents. Mortgage repayments are long-term.
Conditions for opening an account in Northern Cyprus
As we said, immigrants can open a North Cyprus account after obtaining their temporary residence. Foreign students need a confirmation letter from their university to open an account in the banks of this country. People who have invested in real estate must show their temporary residence card. Also, people who have work residence must submit the work residence card to the bank. In addition, it will be necessary to present a passport and residence certificate (ikametgah belgesi).
There are many banks operating in North Cyprus, but in general, it is possible for Iranians to open an account in Ish Bank and Capital Bank. As you can see, most of the Turkish banks operate in Northern Cyprus, which is due to the political conditions of this country and the support of the Turkish government. The official currency of Northern Cyprus is the Turkish lira, which you usually have to pay in the same currency to buy from stores, restaurants, etc. Of course, as we said, you can have other currencies in your account, such as dollars, euros, and pounds, and withdraw them from bank ATMs like lira, or shop with these currencies wherever possible.
It is not bad to mention a side point here. For some immigrants, such as students, who need to receive an amount from Iran several times a year in North Cyprus, it is not possible to directly transfer it to their bank account. Because as you know, banks in Iran are facing severe sanctions and no money transfer from them to international banks is possible. But fortunately, there are many reputable exchanges operating in North Cyprus that you can transfer the amount you want from Iran in Rials to these exchanges and receive it in North Cyprus in Lira.
Procedures for opening a bank account in Northern Cyprus
To open a bank account in North Cyprus, you must do it in person. For this purpose, you must first receive an appointment from the bank to open an account and bring all the required documents with you on the specified date and time and visit the bank in person. The bank will provide you with an account opening request form, which will open your bank account after filling it and confirming your identity documents.
Finally, you will be given a password and you can log into your account in the banking application and select or edit your financial details. Note that you must go to the bank to get the card.
Introducing the best banks in Northern Cyprus
Some of the main and well-known banks of Turkey also provide services in North Cyprus. In addition to them, there are also some local banks in this country, whose branches you can find in different cities. We are not going to rank the banks of Northern Cyprus here, but we will introduce some of them that are more famous than others:
Is Bank, a Turkish bank with branches all over Northern Cyprus
Garanti Bank has branches all over Northern Cyprus
Ziraat Bank has branches all over Northern Cyprus
Halkbank has branches all over Northern Cyprus
Capital Bank has branches all over Northern Cyprus
Western Credit Bank (local)
Near East Bank (local)
Coop Bank (local)
final word
Northern Cyprus is one of the countries where many people immigrate to experience a better life. Most of the immigrants are people who intend to invest in different areas (especially real estate). Another group of immigrants are students who go to this country because of the better quality of universities in North Cyprus. All these people, after entering the island of Cyprus and obtaining a temporary residence, need a bank account and credit card to be able to carry out their daily activities. Therefore, they should be aware of the rules for opening an account in North Cyprus and know the necessary conditions for this. We discussed the same issue in this article and discussed various points about opening a bank account in North Cyprus. If you need more information about this, you can contact Saadat Visa Group experts.
