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High income residency
Posted: Wed 21 Aug 2024 3:27 pm
by Leones
Hello,
I will be renewing my "high income" residency (for those renting a property) and after a visit to a residency lawyer he stated that immigration are now asking to have at least 38 000USD or equivalent in other currencies blocked for at least a year in a local bank. Last year, it was requested to have an income of at least 3 minimum TRNC wages coming monthly into the local account. This change apparently has come into effect as May 2024 apparently.
Has anyone heard about this? Is this accurate?
Thanks,
Re: High income residency
Posted: Wed 21 Aug 2024 4:56 pm
by benjaminbutton
If that really is accurate, then they might as well stick a huge notice up at Ercan saying WELCOME TO THE TRNC...............ONLY MILLIONAIRES NEED APPLY. I really do think this must be something lost in translation.
Re: High income residency
Posted: Wed 21 Aug 2024 5:24 pm
by Mowgli597
If the May minimum wage is still TL29500pm then the high income requirement is:
Min wage: TL29500pm 01/05/2024
x12=TL354000
x3=TL1062000
Which is:
€28092 (as at 21/08/24 - it’s actually gone down from slightly over €30000 because of the fall in value of the TL)
$31312
£23936
For the rise to come on 1st September - adjust accordingly.
And AFAIK it does not need to have been static in a local bank account for a year but can be shown as regular income from overseas accounts if necessary.
Of course I stand to be corrected!
Re: High income residency
Posted: Wed 21 Aug 2024 6:13 pm
by waddo
As I understand this, the large fees you are discussing apply to those under 60! Those over 60 are subjected to different requirements. However, I have slept since I last read that so it may have changed again and never forget that last night was a super moon!
Re: High income residency
Posted: Wed 21 Aug 2024 8:35 pm
by Mowgli597
Waddo. We’re out of the country just now and those figures I quoted were ones which I calculated some time ago for ‘high earners’, which we are because we rent. Thus things may have changed since then but the figures more closely approximate to what the OP was told.
I understood that the over 60 change has been applied for property owners but not yet officially for renters/leaseholders. Has that finally been done?
My understanding of the situation comes only from what I read here on the forum and calls to friends still in the TRNC. We’ll be returning soon, inshallah.
Re: High income residency
Posted: Thu 22 Aug 2024 5:15 am
by steveodp
Over 60 renters only have to show the same financial requirements as property owners now.
Re: High income residency
Posted: Thu 22 Aug 2024 7:04 am
by benjaminbutton
I also stand corrected, like Waddo, but hasn't this requirement for under 60's to place a large sum of money in escrow been necessary in Spain for quite a while. Not sure about France. It wasn't just Brexit and UK passports that caused an exodus? I find solicitors are the last people to get up to date financial information from, they know the least, but won't admit it. IT applies to UNDER 60's . Btw Message 2 was meant as a joke.
Re: High income residency
Posted: Thu 22 Aug 2024 9:56 am
by Mowgli597
steveodp wrote: ↑Thu 22 Aug 2024 5:15 am
Over 60 renters only have to show the same financial requirements as property owners now.
Thank you.
Re: High income residency
Posted: Thu 22 Aug 2024 10:57 am
by waddo
Mowgli597, I will confirm for you post 13th Sep when we go to the police for our renewal. Following a successful police visit and paying all required I will post the figures as well.
Just to be sure - we are both in receipt of UK Gov pensions, we are both well over 60 in November we will both be over 70, we have a 5 year rental agreement with 3 years still to run, we have a local bank account (joint) with small saving in it and finally, we both use Revolut as our UK bank but have not yet converted it to a joint account. I have been told that the police will accept the downloaded bank statements from Revolut and the local bank account MUST have a bank stamp on the statement. Been here for 17 years and renewing for 2 more years!
Re: High income residency
Posted: Thu 22 Aug 2024 11:12 am
by Mowgli597
Waddo - thank you for that.
May I ask: are you applying for only two years because you’re already in the system as regards your renewal process? That is, you logged in on-line and started before the 5-year option came into force?
Otherwise, if renewing from now, as it were, you would be able to apply for the remainder of your rental agreement (3 years in your case - up to 5 if that’s available from your landlord/lessee). Is that correct?
Re: High income residency
Posted: Thu 22 Aug 2024 1:44 pm
by kerry 6138
Mowgli597 wrote: ↑Thu 22 Aug 2024 11:12 am
Waddo - thank you for that.
May I ask: are you applying for only two years because you’re already in the system as regards your renewal process? That is, you logged in on-line and started before the 5-year option came into force?
Otherwise, if renewing from now, as it were, you would be able to apply for the remainder of your rental agreement (3 years in your case - up to 5 if that’s available from your landlord/lessee). Is that correct?
The 5 year exemption from residency rules only covers property owners currently, not rental or lease holders.
Re: High income residency
Posted: Thu 22 Aug 2024 4:23 pm
by Mowgli597
Ah! That’s where I’m getting confused - between the one-year income requirement for renters, which as stevodp has pointed out IS officially in force, and the 5 year residency option which ISN’T yet official for renters.
Thank you Kerry 6138
Re: High income residency
Posted: Thu 22 Aug 2024 7:01 pm
by waddo
Mowgli597, You got it. When clicking on Renew I only got the choice of two years as that was what I did last time. So this time I get to pay the full cost and next time - hopefully - I will get to pay the same as home owners for exemption that will last as long as my rental agreement, maybe!
Re: High income residency
Posted: Tue 27 Aug 2024 1:36 pm
by techtrader
I was told recently by a police immigration officer that by September (when I have my official police appointment) I would require £40k to be left dormant in a local account.......the joke is I can't even open a new local account without an up to date residency permit, I mean WTFK !!!???
Re: High income residency
Posted: Tue 27 Aug 2024 2:55 pm
by waddo
Tech trader, Are you over or under 60 years of age?
Re: High income residency
Posted: Tue 27 Aug 2024 3:30 pm
by techtrader
Under 60
Re: High income residency
Posted: Wed 28 Aug 2024 5:02 am
by butterfly
You can open bank accounts without residency.
Who has turned you down?
Re: High income residency
Posted: Wed 28 Aug 2024 5:08 am
by steveodp
Iktisat bank let us open an account with passport and muhtar's letter.
Re: High income residency
Posted: Wed 28 Aug 2024 5:52 am
by alphamike
Creditwest also allow without residency, not sure what documents are required other than passport. So long ago when I opened account there, but definitely before I moved here.
Re: High income residency
Posted: Wed 28 Aug 2024 7:35 am
by techtrader
Ok thanks for the response, TEB had turned me down (told me possibly a local bank might open an account for me without residency but vague)
steveodp --- I had an account over 10yrs ago with Iktisatbank that I might be able to re-activate, how do you find them now??
Yes Creditwest was my next stop!
Obviously the risk in leaving such a sum in these smaller local banks is far greater, what a nightmare!!
Re: High income residency
Posted: Wed 28 Aug 2024 8:26 am
by butterfly
Garanti International will open an account with a Muhtars letter. Opened a TL and a STG account 2 weeks ago.
No mention of residency.
Go and speak to Nesrin in the Girne branch.
Creditwest (local bank) only require a Muhtara letter also.
Re: High income residency
Posted: Thu 29 Aug 2024 5:36 am
by steveodp
techtrader wrote: ↑Wed 28 Aug 2024 7:35 am
steveodp --- I had an account over 10yrs ago with Iktisatbank that I might be able to re-activate, how do you find them now??
We are with the Alsancak branch, opposite ileli plus, and have found them to be very good. The customer service staff, in particular, are excellent at their jobs.
Re: High income residency
Posted: Thu 29 Aug 2024 1:27 pm
by benjaminbutton
Once upon a time it would depend on whether the Bank was Turkish or TRNC, but it doesn't seem to matter these days. Influx of people from Eastern Europe perhaps?
Re: High income residency
Posted: Wed 11 Sep 2024 12:31 am
by Cocofllanel
butterfly wrote: ↑Wed 28 Aug 2024 8:26 am
Garanti International will open an account with a Muhtars letter. Opened a TL and a STG account 2 weeks ago.
No mention of residency.
Go and speak to Nesrin in the Girne branch.
Creditwest (local bank) only require a Muhtara letter also.
You can also open an account with Creditwest if you have an address outside of N-Cyprus but no international wires out ,only in..
Do you know if the other Turkish banks like Ziraat , Isbank also only require Muhtara letter ?
Re: High income residency
Posted: Sat 14 Sep 2024 9:47 am
by waddo
Mogli597, 13th of September (Friday) visit to the Girne Police Station over and done with. I provided exactly what was listed on the SMS that the Police sent to me and of course exactly what my wife had to show as well as I was her sponsor. The only small differences were that I added our marriage certificate (copy) to my application paperwork as well as the one to my wife's application paperwork. I also highlighted my pension incomes for the past six months and added a Post It to the front of that with the details of each pension - who they were paid by and the amounts - along with a total income amount so they did not have to count it up themselves. My appointment was for 10:54 and my wifes was for 12:10 but I handed in both packs of application paperwork at the same time and within 10 minutes I had the empty folders back in my hand along with our original Passports. There was a normal 1.5 hour wait whilst everyone in front who were not properly prepared were checked and sent away but apart from that it was as smooth as could be. The key to the whole thing is to just be prepared and not go there until you are! We are now at 50% and waiting for the next bit of Hospital and Immigration, once that has happened I will post the costs for you as well. Take care out there.
Re: High income residency
Posted: Sat 14 Sep 2024 2:09 pm
by Mowgli597
Waddo, that’s great! Thanks a million
We’re returning on Wednesday having now become ‘swallows’, but we keep our rented property full-time so we can travel back and forth willy-nilly (the beauty of full-time retirement realised at last - the family were right and I should have done it years ago when we first moved to the TRNC!).
Days to do are getting few - just four big sleeps
Re: High income residency
Posted: Sat 14 Sep 2024 3:49 pm
by waddo
Four sleeps, an early breakfast and the big silver bird - how I miss those days - lol.
Re: High income residency
Posted: Sat 14 Sep 2024 4:46 pm
by Mowgli597
waddo wrote: ↑Sat 14 Sep 2024 3:49 pm
…… and the big silver bird ……
aka a “gozome” bird (pronounced go-zo-me) - also known as a “golden eagle which ….” on pay day
Re: High income residency
Posted: Sat 14 Sep 2024 4:59 pm
by Kanonier
waddo wrote: ↑Sat 14 Sep 2024 9:47 am
Mogli597, 13th of September (Friday) visit to the Girne Police Station over and done with. I provided exactly what was listed on the SMS that the Police sent to me and of course exactly what my wife had to show as well as I was her sponsor. The only small differences were that I added our marriage certificate (copy) to my application paperwork as well as the one to my wife's application paperwork. I also highlighted my pension incomes for the past six months and added a Post It to the front of that with the details of each pension - who they were paid by and the amounts - along with a total income amount so they did not have to count it up themselves. My appointment was for 10:54 and my wifes was for 12:10 but I handed in both packs of application paperwork at the same time and within 10 minutes I had the empty folders back in my hand along with our original Passports. There was a normal 1.5 hour wait whilst everyone in front who were not properly prepared were checked and sent away but apart from that it was as smooth as could be. The key to the whole thing is to just be prepared and not go there until you are! We are now at 50% and waiting for the next bit of Hospital and Immigration, once that has happened I will post the costs for you as well. Take care out there.
As per SOPs!
Re: High income residency
Posted: Sun 15 Sep 2024 5:16 pm
by benjaminbutton
Some neighbours of mine, applied for 5 years two weeks ago (and had everything in place to qualify) however, they were advised/allowed to have only two years "because there might changes in the future" Are we surprised?
Re: High income residency
Posted: Sun 15 Sep 2024 5:53 pm
by kerry 6138
benjaminbutton wrote: ↑Sun 15 Sep 2024 5:16 pm
Some neighbours of mine, applied for 5 years two weeks ago (and had everything in place to qualify) however, they were advised/allowed to have only two years "because there might changes in the future" Are we surprised?
So they applied for residency exemption for 5 years but were given 2 years exemption or were they turned down for residency exemption and applied for two years residency ?
Re: High income residency
Posted: Sun 15 Sep 2024 8:01 pm
by waddo
Currently you can not apply for 5 years exemption if you are High Income. That part of the law has not been published in the Gazet as yet. That means when you apply through the normal route (Girne Police Station) via the online route you will only be offered 2 years as a maximum. We are now at 50% and waiting to see what happens next - either cough up as normal or offered exemption - I believe that it will be the normal payments for 2 years residency this time around but then following the 2 years and the new law being published it MAY be exemption dependent on meeting the new criteria of rental agreement length plus passport expiration details. We live in strange times.
