Kibkom North Cyprus Forum

It is easy to get your bank here to transfer it but noone seems to know how much tax i will be liable to pay or not. I have lived here 28 years. Any advice would be gratefully accepted.
regards
liz

The banks all charge different to transfer money and remember you get charged the other end. Can never understand these charges for pressing a few buttons.

Why would you be charged tax?
Why would anyone know if you did have to pay tax, they don't know your residence or tax (employment/capital gains etc.) status.

Just set up the transfer to your other account:
Name
Recipient bank details
And within the EU the all important IBAN.
They may ask for SWIFT also.

Definitely a catch 22 question.
When we sold our house the solicitors used Arab bank and we got charged .2%

Not happy bunnies and Arab bank Uk charged us as well.

However, transfer between banks in TRNC is , I think free, so if you for example are HSBC premier here and you transfer to HSBC UK you will not be charged. You would be charged the other way round. It's A Turkey reg

Consider a separate route from a bank, ie, Transferwise. Much cheaper than any bank.

The Transferwise website says they do not currently accept transfers from banks in Turkey (or several other reputable countries such as Singapore). TRNC is not listed, so I guess they assume we are part of Turkey.

The company is FCA-regulated and it looks like a good service, but there are restrictions. For example any USD transfer must be destined for a bank in the US.

Thanks everyone for your replies. Much appreciated.

I used Transferwise to get money into the TRNC from both our Spanish and UK banks without a problem. If it can come in, I do not understand why it cannot go out. The exchange rate for both € and £ to YTL quoted on each exchange was excellent.