ACCA · ICAEW · ICAS Certified

Financial Privacy
& Zero Tax —
North Cyprus Company

North Cyprus has signed no CRS, AEOI or tax information exchange agreements with any country — offering financial privacy that BVI, Cayman, Seychelles and Dubai can no longer provide. Full access to 6 multinational banks, including BNP Paribas, BBVA and Emirates NBD. One visit required to activate your bank account. Over 700 companies established.

0%
Corporation Tax
0%
VAT on Sales
700+
Companies Set Up
Get Free Consultation See Pricing & Options

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🔒 Your information is 100% private and never shared.

Certified Member
ACCA
Certified Member
ICAEW
Certified Member
ICAS
Member
IFRS
Featured in
Forbes
Offices
Turkey & North Cyprus

Why North Cyprus

The Last Major Jurisdiction
Without CRS

North Cyprus has not signed CRS, AEOI or any bilateral tax information exchange agreements. What BVI, Cayman, Seychelles and Dubai promised — and then gave away — North Cyprus still delivers.

🔐

No Tax Information Exchange

North Cyprus has not signed the Common Reporting Standard (CRS), AEOI, or any bilateral tax information exchange treaty with any country. Your company's financial data stays within North Cyprus — disclosed only to the local TRNC Tax Office, not to foreign governments.

₿

Crypto-Friendly Jurisdiction

No hostile crypto regulation. Companies can freely hold, transact and earn revenue in cryptocurrency. North Cyprus does not impose crypto-specific taxes, licensing walls or banking restrictions on digital asset businesses — making it one of the most permissive jurisdictions available.

🏦

Real Multinational Banking

Access Denizbank (Emirates NBD), TEB (BNP Paribas), Garanti Bank (BBVA), İş Bankası, Ziraat Bankası & Halk Bankası as a local client. Multi-currency accounts in USD, EUR, GBP. In-person setup ensures your account is genuine — not a shell account that gets shut down.

⚖️

British Legal Framework

North Cyprus law on Contracts, Companies and Mortgages is modelled directly on UK law — the same trusted framework used by businesses worldwide. ACCA, ICAEW and ICAS certified accountants, not just a formation agent.

💸

Lowest Cost in Class

Compared to BVI, Cayman, Delaware or Malta — North Cyprus offers lower all-in costs with no minimum capital traps. Share capital of €25,000 can be withdrawn after incorporation.

📈

EU-Aligned & Growing

Strong political momentum towards EU integration means legal standards are rising — unlike jurisdictions in legal limbo. Foreign Investment Law 69/2002 guarantees equal treatment, protection against nationalisation, and full freedom of capital movement.

Jurisdiction Comparison

North Cyprus vs.
Other Jurisdictions

The jurisdictions most commonly recommended for offshore structuring — compared honestly.

Criteria North Cyprus BVI Cayman Seychelles UAE / Dubai
CRS / AEOI Signed No ✓ Yes ✗ Yes ✗ Yes ✗ Yes ✗
Corporation Tax 0% 0% 0% 0% 0–9%
Real Bank Accounts Yes ✓ Difficult Difficult Very Difficult Varies
Crypto-Friendly Yes ✓ Mostly Mostly Mostly Regulated
Legal Framework British (Cap 113) British British Civil Law Civil Law
Annual Cost (all-in est.) Low Medium High Low–Med High
Certified Accountants On-site ACCA / ICAEW / ICAS Formation agents Formation agents Formation agents Varies

CRS participation status based on OECD published signatory list. Banking difficulty reflects commonly reported real-world experience for offshore entities.

Choose Your Structure

Three Paths to
Zero-Tax Business

We'll advise you on the best fit during your free consultation. All types include our full accounting & compliance service.

Most Popular

Free Trade Zone

0%
Corporation Tax & VAT
  • Fully exempt from corporate tax & VAT
  • No capital movement restrictions
  • Ideal for IT, consulting, finance, SaaS
  • Service businesses without physical port presence
  • 400+ active companies in this zone
  • Incorporation handled remotely — one brief bank visit required
Get a Custom Quote

Offshore / IBC

1%
Corporation Tax (0% VAT)
  • Serves clients outside TRNC only
  • Optional proxy directors & shareholders
  • Enhanced privacy protection
  • Travel, aviation, finance, consulting, IT
  • 300+ active offshore companies
  • 3–4 week incorporation time
Get a Custom Quote

Local Ltd Company

Low
Standard Tax Rates Apply
  • Full local market access in TRNC
  • Can hire local staff & operate physically
  • UK-modelled Companies Act (Cap 113)
  • Equal rights to local investors by law
  • Best for real estate, hospitality, retail
  • Incorporation timeline varies by document readiness
Get a Custom Quote

How It Works

From Consultation
to Open for Business

A transparent process handled by our licensed chartered accountants from start to finish. One in-person visit to North Cyprus is required to activate your bank account.

1

Free Consultation

We assess your business model and recommend the optimal structure for your goals and tax situation.

2

Send Documents

Notarised passport copies, power of attorney, clean criminal record, and proof of address — all coordinated remotely.

3

Company Registered

We handle all government filings. Your company is registered once all documents are processed and verified. One in-person visit to North Cyprus is required to activate your bank account — typically a 1–2 day trip.

4

Open for Business

Online banking live within 1–2 days of your in-person visit. Corporate cards mailed to you. After account activation, all ongoing management is handled remotely.

Banking Access

Real Banks.
Not Shell Accounts.

Unlike most offshore jurisdictions, North Cyprus gives you direct, in-person access to 6 globally recognised multinational banks — including Emirates NBD, BNP Paribas, and BBVA — as a local client.

Denizbank (Emirates NBD Group)
TEB (BNP Paribas Group)
Garanti Bank (BBVA Group)
İş Bankası
Ziraat Bankası
Halk Bankası
+ 16 Local Boutique Banks
$1B+
Annual international trade through North Cyprus
1M+
Tourists per year, supporting the economy
100K
University students, a stable local market
700+
Active FTZ and Offshore companies registered

Common Questions

Frequently Asked
Questions

Everything you need to know about setting up a company in North Cyprus. Can't find your answer? Contact us directly.

Company Types & Structure

There are three main structures for international business owners: the Free Trade Zone (FTZ) Company, the International Business Company (IBC), and the Local Limited Company. In most cases we recommend the FTZ Company due to its complete tax exemption on international operations. We advise on the best fit during your free consultation.
An FTZ Company is established under the Free Port Trade Law 26/1983 and is also subject to Cap 113 Companies Law. It operates with a special status that exempts it from all income tax, corporation tax, VAT and customs duties on income generated from international activities. The company must not serve the local North Cyprus market.
An IBC is subject to 1% corporation tax and an annual licence fee of €5,000. It is designed for businesses operating exclusively outside North Cyprus. While less tax-efficient than the FTZ structure, it suits certain business models. We can advise whether an IBC is appropriate for your situation.
A Local Company operates under standard TRNC tax rates — currently 23.5% on taxable income. It can serve the local North Cyprus market and generally has stronger relationships with the banking system, which can make the bank account opening process more straightforward. It is best suited for businesses with physical operations inside North Cyprus.
A minimum of 2 shareholders is required. Both can be non-TRNC citizens — there is no requirement for any shareholder to be a local resident or citizen.
No. The company board requires a minimum of 1 Director and 1 Secretary. Both positions can be held by non-TRNC citizens. There is no requirement for local residency.
FTZ companies are permitted to operate from a registered address in TRNC — a physical office space is not mandatory. However, a registered local office address and at least one local employee must be maintained as part of ongoing compliance. We provide a fully managed turnkey solution covering these requirements.

Tax & Financial Benefits

FTZ Companies are fully exempt from income tax, corporation tax, VAT and customs duties on all income derived from international activities — that is, from clients and operations outside North Cyprus. This exemption is enshrined in law under the Free Port Trade Law 26/1983.
Dividend taxation depends on your personal country of tax residence and is governed by your home country's laws rather than North Cyprus regulations. As part of our service, we provide ongoing advisory to help you build tax-efficient structures tailored to your situation. Personal tax advisory is available as an additional service and is evaluated on a case-by-case basis.
If you do not withdraw a salary from your company, there is no personal income tax liability in North Cyprus. Additionally, shareholders are exempt from social security contributions in relation to the management of their company. For a complete picture of your personal tax position — including obligations in your home country — we offer personal tax advisory as an additional service, evaluated on a case-by-case basis.
If your FTZ company conducts any business with clients inside North Cyprus, that portion of income becomes subject to standard local tax rates. The 0% exemption applies strictly to international operations. We advise on structuring to ensure full compliance.
The FTZ licence fee is a one-time payment of $2,000 with no annual renewal. However, there are ongoing requirements: a registered office address in TRNC and at least one local employee must be maintained, along with annual licence fees. We provide a fully managed turnkey solution covering all of these requirements — so you face no unexpected costs or compliance surprises. Your personalised annual quote will cover accounting, audit, compliance, office and staffing requirements based on your specific business activity and transaction volume.
No. North Cyprus has not signed the Common Reporting Standard (CRS), AEOI (Automatic Exchange of Information), or any bilateral tax information exchange treaty with any country. This means your company's financial information is not automatically shared with foreign tax authorities. Compare this to BVI, Cayman Islands, Seychelles and the UAE — all of which have signed CRS and report account data to participating countries. Your financial details in North Cyprus are disclosed only to the local TRNC Tax Office.

Banking

North Cyprus has a well-developed banking sector including major Turkish banks — Ziraat Bankası, İş Bankası, Halk Bankası — as well as international bank branches including Denizbank (Emirates NBD Group), TEB (BNP Paribas Group) and Garanti Bank (BBVA Group). Multi-currency accounts in EUR, USD and GBP are available.
Yes. While the company incorporation process can be completed remotely, you must visit North Cyprus in person to open your bank account. This is a one-time requirement — all subsequent banking can be managed online. Online banking is typically activated within 1–2 days of your visit.
Account approval is entirely at the bank's discretion. Banks conduct thorough AML (Anti-Money Laundering) procedures and background checks on all shareholders. Applicants with a clean business history and straightforward business activities are generally approved without difficulty. We guide you through presenting your application in the best possible way.
Yes. North Cyprus is fully integrated with the international banking system. There are no embargoes on international funds transfers in major currencies. Standard AML procedures apply as they would with any international bank.
Local banks can open accounts in Euro (EUR), US Dollar (USD), British Pound (GBP) and Turkish Lira (TRY).

Incorporation Process

You will need: 3 proposed company names, passport copies for all shareholders (minimum 2), proof of address for all shareholders (recent utility bill, bank statement or official document), and a clean criminal record certificate from a government agency. We guide you through every step.
Yes. The criminal record document must be verified by a TRNC or Turkish Republic consulate or embassy in your country of residence. We provide clear guidance on how to obtain and certify this document wherever you are based.
Standard incorporation timelines vary depending on document preparation and government processing. We keep you updated throughout the entire process. Once your company is registered, you will visit North Cyprus in person to open your bank account — typically a 1–2 day trip. After that, all ongoing management is handled remotely.
The incorporation process itself can be completed remotely through a notarised Power of Attorney. The only step requiring your physical presence is opening the bank account — a one-time visit that typically takes 1–2 days.
All foreign investors are required to deposit a minimum of €25,000 as paid-up share capital into a designated local bank account. Importantly, this is your own money — it can be withdrawn once the company is fully incorporated. It is a legal formality, not a permanent cost or fee.
Yes. A notarised Power of Attorney is required to allow us to act on your behalf during the incorporation process. We provide full guidance on how to prepare and certify this document in your country.

Legal & Investor Protection

The legal framework for Contracts, Companies and Mortgages in North Cyprus was established during the British colonial period and is closely modelled on UK law. This provides a familiar, internationally recognised and reliable legal structure for business operations and agreements.
Foreign investors are protected under the Foreign Investment Law 69/2002, which guarantees equal treatment with local investors, protection against nationalisation and expropriation, and the free movement of capital in and out of North Cyprus.
Yes. FTZ Companies are fully legal entities established under TRNC law. They operate transparently with proper accounting records, annual audits and full compliance with local regulations. Hundreds of international businesses — including well-known names in tech, finance and e-commerce — operate through this structure.
This depends on your personal tax residency and the laws of your home country. A North Cyprus company is a separate legal entity — your personal tax situation is determined by where you are tax resident. This is something we discuss in detail during your free consultation, and we always recommend consulting a tax advisor in your home country as well.

Suitable Businesses

FTZ Companies are widely used by e-commerce businesses, software developers, web hosting companies, media companies, payment card operators, financial services firms, IT consultants, digital marketing agencies, telecommunications companies, online gaming operators and any business providing services to clients outside North Cyprus. The key requirement is that clients must be outside TRNC.
Yes. Import/export, manufacturing, warehousing, logistics and transit trade are all permitted activities under the FTZ structure. The Famagusta Free Zone is strategically located with port access and proximity to Turkey, Europe and the Middle East.
Yes. Service businesses including consulting, advisory, legal support, accounting, design, IT and management services are among the most common users of the FTZ structure, since they serve international clients entirely remotely with no physical goods involved.

Ongoing Compliance & Support

Yes. FTZ Companies are required to maintain accounting records and submit annual accounts in the same way as local companies, as per Section 20 of the Free Port Trade Law 26/1983. Our team handles all bookkeeping, accounting and audit requirements as part of our ongoing service.
Annual costs depend on your business activity, transaction volume and the scope of accounting and audit work required. Every client is different, which is why we provide personalised quotes after understanding your specific situation — rather than publishing a one-size-fits-all price that may not reflect your actual needs.
We are a full-service chartered accountancy firm — not just a company formation agent. We provide continuing support including bookkeeping, management accounts, audit, tax compliance, banking liaison and strategic financial advice. Our team is reachable by phone, email and WhatsApp throughout the year.
We are certified chartered accountants — members of ACCA, ICAEW and ICAS, the same professional bodies that certify accountants in the UK. This means we provide legally accountable professional advice, not just paperwork processing. We have been operating in North Cyprus for over a decade with offices in both Lefkoşa and Turkey.

Financial Privacy & Crypto

No. North Cyprus has not signed the Common Reporting Standard (CRS) or AEOI, and has no bilateral tax information exchange agreements with any country. This is fundamentally different from jurisdictions like BVI, Cayman, Seychelles, and the UAE, which automatically report account data to participating tax authorities. In North Cyprus, your company's financial information is shared only with the local TRNC Tax Office.
Yes. North Cyprus imposes no crypto-specific taxes, licensing requirements or banking prohibitions on digital asset businesses. Your company can freely hold, transact, and earn revenue in cryptocurrency. This is one of the most permissive environments available for crypto-native businesses. We recommend discussing your specific business model during your free consultation to ensure the right structure is selected.
Banking policies on crypto vary by institution and evolve over time. During your consultation, we advise on which banks are currently most accommodating to crypto-related business activity and help you prepare your account opening documentation accordingly. Our direct relationships with local bank relationship managers give you an advantage that a purely remote formation service cannot provide.

Get Started Today

Ready to Pay 0% Tax
on Your Business?

Book a free consultation with our chartered accountants. We'll explain your options, answer your questions, and give you a clear roadmap — no obligation.

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