Hi all,

I am moving to Cyprus this summer and will be depositing money into the HSBC Bank, Kyenia.

Does anyone know if the UK Inalnd Revenue can find out details of the account in Cyprus.

Also I've heard so many rumours and am concerned, are banks safe out there?

Thanks

Hi there, HSBC is the only International Bank in TRNC and is a full subsidiary of HSBC Turkey and therefore safe as a member of HSBC Holdings. Pays the lowest rates though as they do not lend much in TRNC.

Other Banks are either Turkish (such as Turkbank or Sekerbank) or TRNC (Iktisatbank and Creditwest). At the moment they are considered safe but if dealing with a TRNC capitalised bank, ask where they are lending as some are heavily into property development and presently suffering defaults in repayments. All these banks are looking for investments from Europeans and the rates are higher. Turkish banks are controlled by Turkey Central Bank and maximum interest rates are regulated, local banks are controlled by TRNC Central Bank but rates are not regulated.

TRNC also has it's own Bank Money Laundering Commission and will soon have a Proceeds of Crime Act as in UK. It wants to be accepted by the European and World markets and should be in the next 6 months. UK Inland Revenue are unlikely to check on funds held here, their most likely link would be HSBC, it is like any offshore account....it is up to the taxpayer to declare (or not).

Hope this helps.
Jane

do not trust the hsbc to keep your info from the revenue. i have met lots of people who have been done by the hsbc telling the revenue. banks in north cyprus are not safe like banks in the uk. we use the bank of scotland off shore in jersey. 6% on savings,no tax taken, debit card give that days currency rates, internet and telephone banking along with check book. have used for 3 years highly recommended. have a look at the website bankofscotlandinternational.