Foreigners open accounts in banks of Northern Cyprus on the same terms as nationals. To open an account, you need your passport and, in most cases, proof of your address in Northern Cyprus. Your contract to buy or rent an apartment, or a certificate from the city’s mayor (mukhtar) showing your address can serve as such proof. Opening an account in a Northern Cyprus bank has several advantages. Firstly, you do not need to explain the origin of the money. Secondly, your deposits are guaranteed a 100% secrecy, since Northern Cyprus does not discover any banking information to other states. In addition, the amount of transfers is not limited, and the contributions themselves are not taxed.