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FAQ


What is the background of the Turkish Republic of North Cyprus?

Northern Cyprus (Turkish: Kuzey Kıbrıs), officially the Turkish Republic of Northern Cyprus (TRNC; Turkish: Kuzey Kıbrıs Türk Cumhuriyeti), is a de facto state that comprises the northeastern portion of the island of Cyprus. Recognised only by Turkey, Northern Cyprus is considered by the international community to be part of the Republic of Cyprus.


What does your bank account introduction service include?

Our local partner law firm will make a direct bank introduction at the bank to the client so that a new bank account can be established. A introduction is required by all banks in the Turkish Republic of North Cyprus for new account opening.


Can I open a bank account remotely?

Account opening procedure is fully remote and Compliance review is the fastest compared to the other Banks.


What is CRS and FATCA?

Foreign Account Tax Compliance Act (FATCA) was established to combat offshore U.S. tax evasion. Similarly, the Common Reporting Standard (CRS)’s objective is to combat offshore tax evasion on a global level. Both FATCA and CRS help authorities to identify tax payers hiding their untaxed income in offshore accounts by implementing a common standard for information sharing and reporting for financial institutions around the world.


Does the bank report to CRS or FATCA?

The Bank is not part of CRS/FATCA exchange of information, so it guarantees confidentiality and security of client information.


How long does it take to setup a new bank account and company?

Account opening takes 2-4 weeks from start to finish. The client will send the documents via courier to the bank to process their application and open the new account.


What type of business is accepted at the bank?

The bank accepts offshore jurisdictions and high risk business such as Forex and Crypto are accepted.


Do you offer company formation in addition to bank account opening?

Yes, we offer Cyprus, St. Vincent and Grenadines, as well as Seychelles company formation in addition to bank account opening.


Do you offer nominee director services?

For clients looking for total privacy and anonymity, our nominee director service ensures that no personal details are registered anywhere other than the nominee. Each client receives a signed power of attorney with the nominee.


What payment options do you offer?

Cyprusbankaccount.com accepts bitcoin when setting up your new bank account and company.

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