North Cyprus cause of money laundering concern - US State Dept

[Sols]

I haven't set up a company in TRNC myself, but I⁤ deal with companies in TRNC from time to time. Whenever a contract with a TRNC⁣ company is sent to lawyers for review before directors sign it, it comes back with⁢ redlines and warnings. Many times, companies have refused to enter into agreements with TRNC companies︀ because of the territory's unrecognised status and unclear legal recourses.

So based on my experience,︁ a concern I would have about forming a company in TRNC is that you may︂ run into problems actually operating it.

But there's no denying that there are certain unique︃ use-cases for having a company in a place like TRNC.

 

[Clip]

Certainly for crypto companies that need‍ unregulated frameworks and protection against liabilities

 

[Spinat]

Forget about Turkey and North Cyprus it's nothing you can work with if you go‌ international. There are some reasons for why you want to setup something there but it's‍ only purpose to hide something not to do business.

 

[Martin Everson]

Yeah I know about the past and current situation between North and South however none‌ of this discourages me or ever will in fact. I have been to places to‍ seek out investments where the on the ground situation tells a different story than the⁠ news reports full of FUD..lol. Plus a friends son is studying there so may pay⁤ him a visit if we get over this corona virus pandemic.

 

[CaLViN]

I am a Turkish but i‍ am not makin any propagandas here.Those are the truths.
Yes,there are many casinos,bars,discos you can⁠ make your day in TRNC but i dont think it is an offshore zone.
Dont know if you have noticed before but there is a bank EURO DENIZ in TRNC⁤ which offers bank accounts for non residents.
I am not sure if it is really⁣ working but dont think you will have taxation advantages there..

 

[Clip]

For sure‌ it's not fatca or CRS.

 

[Clip]

https://eurodenizibu.com/crypto.html
Interesting

 

[CaLViN]

But as you‌ have mentioned before,you will have issues with the rest of the world.
You may have‍ a bank account working properly but TRNC is not recognized by any country in the⁠ world except TURKEY.
It is like having a bank account for a company in MOON.⁤

 

[OTR365]

Is this the website of a fake Eurodeniz‌ IBU, or a real one? I would be very suspicious at this point. I was‍ under the impression that they do not have internet presence.

 

[Sols]

Congrats to whomever is running that website, because the scam is clearly working. People keep‌ thinking it's real.

Here are just a few reasons to believe its not:

• They are‍ using a Cypriot (Republic of Cyprus) mobile phone number as the contact number (+357 is⁠ Cyprus' calling code). Cypriot phone numbers usually don't even work once you cross into TRNC.⁤ Exception (sometimes) being MTN or very close to the border.
  
• They claim to have a⁣ representative office in Cyprus, but there is no mention on the Central Bank of Cyprus'⁢ website about this.
  
• There is a page on that website detailing they don't comply with︀ FATCA and CRS. That's not something a serious bank would do, especially one supposedly owned︁ by Denizbank, one of the largest banks in Turkey.
  
• No serious bank would have a︂ page where they make having a dedicated IBAN sound like anything special.
  
• Free SSL certificate,︃ whereas the supposed parent bank Denizbank
  
• The domain uses private whois and is hosted on︄ a dodgy webhost in Sweden, whereas Denizbank's website is hosted in Turkey on Denizbank's own︅ IP architecture.
  

I don't have much sympathy for anyone who falls for this scam. There︆ are more red flags here than at a Chinese military parade.

But maybe I'm wrong.︇ Maybe despite all those red flags, it's a completely legitimate bank. I just know I︈ won't be one to risk my money and identity to this operation.

 

[Marc Jacob]

Not a big surpise ! Got a conversation a year ago with a fiduciary in‌ Dubai opening accounts with very "light compliance" (in branches of Lebanese banks) as they advertised‍ to me, but as one of their sales guy advertise above, no need to worry⁠ about such details, cause it's completely safe and carefully regulated.

 

[rey skywalker]

i look into possibilty , but again local banks will open only for local companies‌ , offshore will open but than is better and cheaper use any cheap jurisisdiction

 

[rey skywalker]

• They are using a Cypriot (Republic of Cyprus) mobile phone number as the contact number‌ (+357 is Cyprus' calling code). Cypriot phone numbers usually don't even work once you cross‍ into TRNC. Exception (sometimes) being MTN or very close to the border.
  
• They claim to⁠ have a representative office in Cyprus, but there is no mention on the Central Bank⁤ of Cyprus' website about this.
  
• There is a page on that website detailing they don't⁣ comply with FATCA and CRS. That's not something a serious bank would do, especially one⁢ supposedly owned by Denizbank, one of the largest banks in Turkey.
  
• No serious bank would︀ have a page where they make having a dedicated IBAN sound like anything special.
  
• Free SSL certificate, whereas the supposed parent bank Denizbank
  
• The domain uses private whois and is︁ hosted on a dodgy webhost in Sweden, whereas Denizbank's website is hosted in Turkey on︂ Denizbank's own IP architecture.
  

Dear Sols , may be you are right , but the︃ bank is working , i made a lot of question as well when i was︄ in their " fake office", deniz bank own Eurodeniz but is complety local manage ,︅ and Deniz Bank has no operation in TRNC.
The Euro Deniz not want to use︆ deniz bank because is under great pressure of turkey central bank to close them down︇ , so in order to not get Turkey involved they not using Deniz bank correspondent︈ account

They claim to have a representative office in Cyprus, but there is no mention︉ on the Central Bank of Cyprus' website about this

They cannot i even talk to︊ cyprus central bank , south cyprus will never reconise an entity of the North, they︋ put the office in nicosia becuase is easier to reach , you not need cross︌ border and you can land in Larnaka , instead to go via istambul , i︍ think it was very smart, for what i see in their office on the table︎ there was a lot of files all from greek s cyprus company ,the case was️ same of mine newly formed cyprus company with no bank in south to open account,‌ so fake or not fake it is very useful , i f got an eu‍ sepa account and an internatioanal swift in botswana and is working very fine the rest⁠ in just suppositions

have a great weekend

Ps not forget this account , not have⁤ scrs if you have any alternative i here to listen i will glad to have⁣ an alternative

Thanks

 

[rey skywalker]

By the way i am in quaratine in my beautfull villa in the north .‌ when border will open i will be glad if somebody wants to by real estate‍ to introduce my real estate agent , of course i will get a small commission⁠ but there will be a lot of bargains after this virus , any way to⁤ sit here is beter than sit in uk or france

have a nice day

 

[rey skywalker]

free zone companies are very expesive , better a chesp offshore company

 

[Bandito]

I knows it's little late to answer to this.

Turkey doesn't extradite their own citizen‌ for crimes don't outside of Turkey they basically have immunity, guess it's the same in‍ Turkish held northern Cyprus.

Quite a problem when a lot of them is ISIS fighters⁠ and criminals and lives abroad.

 

[rey skywalker]

TRNC will definitly extradite you if you are terrorist , or you have committed high‌ profile crime like murder etch, only with uk they good agreements
but other nation is‍ extremely difficult they touch you.

 

[djaheim]

Cyprus has always been used for” criminality” remember the Ukrainian⁠ president saga? That’s not all I could name you a Service provider in Cyprus that⁤ is notorious and right in the thick of things when it comes to channeling the⁣ oligarchs proceeds via Cyprus and into London.

 

[AlbanyJames]

Sure, always love some inside info... go ahead.⁤

 

[rey skywalker]

you are confusing south and north cyprus , north is manly used as tax have‌ from turkish business man and some russian and asians not so many signs of western‍ crooks there, i am mingling now with the financial community there a lot of intresting⁠ story