Banking Sector in Cyprus
The banking sector of Northern Cyprus is pretty much the same as elsewhere. There are public, private and foreign banks who collectively consolidate the commercial deposit banks. There are also the investment and development banks providing necessary financial aid to businesses and investors which usually amounts up to fairly hefty cheques. For those who carry scare knowledge about the banking sector in Northern Cyprus, it might be pretty enlightening to be acquainted with the fact the banking sector in Northern Cyprus bears a reasonably stable and consistent outlook and it is doing rather adroitly up until this point. Moreover, it holds some very admirably appealing features that make it even more catchy to the financial eye. For starters, there is a very diminutive taxation policy which allows very small amounts of taxes to be levied on remittances sent by people to their families living over here in Cyprus. North Cyprus has its very own Bank Money Laundering Commission that aims to put strict scrutiny on financial frauds and insipidities. After the renown, HSBC, many other reputable banks like Turkish Bank, Credit West, Garanti Bank, Ziraat Bank and Seker Bank etcetera provide secure and reliable financial services over here and they all fall under the supervision of the Banking Regulation and Supervisory Authority of Turkey (BRSA). They are very apt at dealing with currencies other than just the locally accepted legal tender, Turkish Lira. Some of the other currencies that are dealt with over here are Sterling, Dollar and Euro. These banks are also very cautious about foreign clients and thus provide consultation services in English too. These banks also provide the facility of the Internet and Mobile Banking through with the account holders can pay their monthly utility bills, purchase items online or make holiday trip payments. All they have to do in order to open a bank account in the banks over here is to have a proof of physical address and show some convincing identification.
Here is a compiled list of the banks related to various sectors and you can be the judge of which bank’s policies are in line with your own so that it may assist you while you are thinking about opening your first bank account or a secondary banking account in Cyprus in a copacetic manner.
- International Banking Units(IBUs): Fortress Bank
- Public Banks: Kıbrıs Vakıflar Bankası Ltd.
- Private Banks: Cyprus Turkish Cooperative Central Bank, Kıbrıs İktisat Bankası Ltd., Türk Bankası Ltd., Limasol Türk Koop. Bankası Ltd., Asbank Ltd., Creditwest Bank Ltd., Denizbank Ltd., Near East Bank, Şekerbank (Kıbrıs) Ltd., Capital Bank
- Foreign Bank Branches: Ziraat Bank, Halk Bank, HSBC Bank A.S,Turkish Bank,Oyak Bank, Garanti Bank, Turk Economy Bank