what is the required amount of money in a north cyprus bank

stelee77


Joined: 06/06/2011
Posts: 557

Message Posted:
08/06/2011 14:29

Please can someone tell me what the required north cyprus bank account balance must be per year for residency.

thanks

erolz


Joined: 17/11/2008
Posts: 3456

Message Posted:
08/06/2011 14:34

Stelee77 as I understand it there is no set amount. The requirment for residency is that you show you have sufficent means to support yourself. That could be a record of income, even into a UK bank, or savings in a bank but the exact amounts are not fixed, its is a judgment call made on each inidvdual application for residency or renewal of residency. At least thats my understanding having been through the process with my non citizen partner ofr last 8 years or so.

ttoli


Joined: 24/03/2007
Posts: 1172

Message Posted:
08/06/2011 14:39

I'd agree with Erolz, when I last applied two years ago, the fact that I pay stoppaj tax on rental Apartments and that I've a Kochan, satisfied them that I can support myself.

birdman



Joined: 20/09/2010
Posts: 690

Message Posted:
08/06/2011 14:48

I agree with Erolz.

I have NO TRNC bank account, I am retired though and can show my pensions are regular.

Having a Kocan also helps to show that you will not become a burden on the state.

stelee77


Joined: 06/06/2011
Posts: 557

Message Posted:
08/06/2011 15:17

Thanks

but please tell me what is a kocan.

ttoli


Joined: 24/03/2007
Posts: 1172

Message Posted:
08/06/2011 15:18

Kochan = Title Deeds

Tango1


Joined: 19/02/2011
Posts: 1151

Message Posted:
08/06/2011 15:25

Kocan = a single sheet of A4 paper that causes sane, ordinary people to start frothing at the mouth, just to get a hold of theirs.

ttoli


Joined: 24/03/2007
Posts: 1172

Message Posted:
08/06/2011 15:26

Yeah, but its double sided ;)

stelee77


Joined: 06/06/2011
Posts: 557

Message Posted:
08/06/2011 15:35

I plan to rent for a year first to make sure the nc is right for me,if i deposited 10.000 sterling into a nc account should that be okay for the first year.

It looks fairly straight forward really if you only have to do your medical the first time.

Im trying to work out should i do it straight away or pop to the south every 80 days intill i get told i need residency.

Poodledog


Joined: 20/11/2009
Posts: 158

Message Posted:
08/06/2011 15:38

We are retired, rent a property and our sole source of income is our UK pensions, but because transfers to our bank account in north Cyprus are regular, it seems to satisfy the authorities although on my last visit to Girne Police Station three weeks ago, the police (immigration) officer said he would like to see £40,000 in our account. I said, "So would I, but it wouldn't be happening"and he just smiled and said try to get some more money in for next year!

erolz


Joined: 17/11/2008
Posts: 3456

Message Posted:
08/06/2011 15:45

stelee77 , I strongly suspect that 10k sterling in any bank would be sufficent proof for first years residency. You will need your rental agreement as well I think. The medical used to be a one of thing but now is yearly with renewal. You can avoid residency by leaving the country before your tourist visa expires, usualy 90 days. However you have no right to be given a 90 day tourist visa. If immigration officers think you are leaving (via the green line to RoC particularly or by other routes) simply to avoid having to get residency they can I believe arbitarily decide to give you a much shorter tourist visa than 90 days. There is, as is so commonly the case in the TRNC, very little clarity about the 'rules' or consistency in applying them and they are subject to constant change over time. That is something you will have to learn to live with if you come here for any length of time I am afraid.

stelee77


Joined: 06/06/2011
Posts: 557

Message Posted:
08/06/2011 15:50

thanks

yeah nothing seems simple,

babygirl


Joined: 13/02/2010
Posts: 109

Message Posted:
08/06/2011 16:48

stelee77 - I actually asked this question at the police station a couple of weeks ago when I went to renew my residency as a friend of mine is thinking of moving out here and that was her question also. Hassan at Immigration told me they would be satisfied with about 10k sterling. Hope this helps.

stelee77


Joined: 06/06/2011
Posts: 557

Message Posted:
08/06/2011 16:53

great help thanks

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
08/06/2011 16:54

mess 1 - forget residency - just go over the bordr every 90 days............



no need for all this red tape nonsense...........

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
08/06/2011 17:20

................and stay there.See how long they'd put up with you there!





long live cheating english

stelee77


Joined: 06/06/2011
Posts: 557

Message Posted:
08/06/2011 17:57

Im not sure if the last message was a joke or not,but how can it be cheating anyone if there is no tax on foreign sorce income anyway,so if your living in nc on foreign income and spending money to help the economy who are you cheating,am i missing something is there some social security payment or something.

If i have to get residency i will but the yearly medical seems a bit to much.

I just want to learn from you guys who are there

waddo


Joined: 29/11/2008
Posts: 1966

Message Posted:
08/06/2011 18:08

Just follow the law - even if you don't like it - it will stop you worrying when you take a trip to the South and only get 14 days in your passport instead of 90. Anyway, for the cost of it every year - about 200TL plus your blood test (should be over 60 like me it makes you immune from infectious diseases somehow) of between 70 to 100 TL dependent on where you go - so lets say a round figure of 300TL or £120.00 if you like you are legal and smug about it too - also helps the country you live in and gives you a record of permanence in that country instead of being a simple fence jumper.



Like some above we have just our pensions (I would love to see £40K in my account as well, in fact £4K would do) and have a local bank account that always has over the minimum wage in it every time we apply - that has always been ok. If you rent then you need the stamped copy of your agreement - if you rent "dodgy - cash in hand" you can't provide the copy so no residency! Good Luck.

Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
08/06/2011 18:13

Last message you are right but the rental contract has to be stamped by the tax office before your apply to the police.

stelee77


Joined: 06/06/2011
Posts: 557

Message Posted:
08/06/2011 18:20

thanks waddo great post,you have a point about not worrying,are you telling me the minimum wage is about £4000,thats awfull.

Well i hope you guys are right about the 4 to 10 k in the bank.

So you do need a hiv test everyear if your under 60,they must think you guys are past it.

ivebinad


Joined: 03/06/2011
Posts: 224

Message Posted:
08/06/2011 18:33

Yorg what a hypocrite you are, you did very nicely cheating the brits in the UK and I hope for your sake the TRNC never bring out an ugly tax because it would bankrupt you instantly

erolz


Joined: 17/11/2008
Posts: 3456

Message Posted:
08/06/2011 18:57

stelee77 I am not 100% sure but I think the minimum wage here is in the region of 1250TL per month which would be nearer 6k pa in sterling at current exchange rates. However I think that immigration may expect temporary residents to have income in excess of this in order to be considered able to support themselves.

waddo


Joined: 29/11/2008
Posts: 1966

Message Posted:
08/06/2011 20:07

Correction to my last - our local bank account always shows more than the "Monthly" minimum wage and quite right it is only around 1250TL. Last time I was asked about the amount of money in the account I showed him my UK account - which has even less in it but shows the monthly pension payments and he was more than happy to see that we not only had regular income (higher than the basic minimum wage) and also that from that income we were saving money in a TRNC bank account as well.



It was a big worry of ours that we would have to provide proof that we had "XXX" amount in a local account but I know lots of people who only have "XXX" amount in a local account once a year!



I think if you can prove you are not a burden on the country, that you can provide for yourself and that you are willing to learn and join in - there is no problem living here, just use common sense and you will be ok.

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
08/06/2011 21:40

The question of "how much is needed in a bank" seems to be regularly explored on this forum and my guess is that nobody knows the answer as it is probably not writtten anywhere. Commencing the 8th year of "residentia" I have had no problems when showing statements ranging from £8,000 to as little as £900 in credit. I think they are being polite when it is said "enough to support yourself". If you never had a pot to p..s in and slept on the beach each night I am sure you would be instantly deported. The real concern seems to be that you are putting a decent amount of money regularly into the TRNC economy. Therefore, as Birdman has written, if you produce evidence that you put a few thousand pounds into an account every month or two and spend it here there should not be any problems. In planning, if you wish to maintain whatever life style you can afford now, factor in at least 25% inflation each year !

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
09/06/2011 00:05

msg 21;

'cheting brits'!!!

A chance would have been nice.



In any case,please do not take my comments personnaly.

stelee77


Joined: 06/06/2011
Posts: 557

Message Posted:
09/06/2011 00:15

25% inflation ?

I want to keep my worth and off shore income a secret,so i would rather pay enough to get residency into a nc account at the start and then every year thereafter.

can that be done or is constant income what they want to see.



thanks

erolz


Joined: 17/11/2008
Posts: 3456

Message Posted:
09/06/2011 01:24

stelee77 there is no definative answer to your question re can you just show a lump amount in a bank, local or otherwise, or do you have to show income over time. Generally I think they prefer to see income over time as in theory you could desposit a lump sum once a year for residency and then withdraw it again straight afterwards and it could just be 'borrowed' for that purpose for all they know. Their concern is that someone with residency, but not a right to work, has the means to support themselves and will not be working illegaly or a burden on the state. What exactly is required varies from year to year. Periodicaly they have a 'crack down' and also peridocialy they change the rules and other times they seem to not really investigate at all. It is just the way it is here I am afraid. From the sounds of it I doubt you will have a problem proving you can support yourself here but until you actualy apply and submit evidence you wont know if it is sufficent or not.

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
09/06/2011 01:46

As hinted in other posts you will find that law, edicts, rules etc about all things here are inacted as quickly as they are announced by parliament and change almost on a daily basis. They are also interpreted differently by almost every person in any position of authority. You somehow have to learn how to go with the flow like a medley swimmer ! I doubt that the source of your money will be an issue simply that you have to have a reasonable lump sum to draw down on or evidence such as bank statements showing regular credits and debits, for example pension incomes. With regard to the cost of living, two of us enjoyed a very comfortable lifestyle on approx £700 per month until 2005 but have had to cut back on many things to keep expenditure within £2,000 per month by 2010. Extreme examples are, 200 cheap cigarettes £4 now £18, water to fill 10m X 5m swimming pool in 2004 was £5 and last month paid £230 to refill pool from empty !

stelee77


Joined: 06/06/2011
Posts: 557

Message Posted:
09/06/2011 01:51

thanks for that,its just the thought of loving a place and being happy then having it all taken away on a day the rules change,but worse case i would have to show all my funds.

I know ill have to work a lot out when i arrive and speak to other ex pats when i arrive.

steptoenoel


Joined: 27/04/2011
Posts: 116

Message Posted:
09/06/2011 03:33

carefull if you not settle here...uk insurance and assurance companies now have a question..have you ever had a test for hiv

stelee77


Joined: 06/06/2011
Posts: 557

Message Posted:
09/06/2011 11:35

very good

one is fine, every year is insulting