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In absence of a residence, work or other permit, a person can legally stay in North Cyprus for up to three months. A three month tourist visa is given to the individual upon entry.

The phrase of “legitimacy” has become a contraversial issue with regard of the children who borned outside of marriage. Under the related law of North Cyprus, a legitimate child means when a child has borned under the marriage. On the other hand, illegitimate child means a child who was born to unmarried parents.

The Turkish Republic of Northern Cyprus (TRNC) has become an investment hotspot preferred by investors due to many advantages offered. Recently, TRNC Free Zone companies (FZC) take the lead as the most preferred form of incorporation by both domestic and foreign investors. One of the main reasons why setting up a FZC in TRNC is the logistical appeal of TRNC with respect to its proximity and ease of access to the Republic of Turkey, Europe and middle eastern countries. Another very appealing quality of setting up a FZC in the TRNC is the tax advantages it offers.

The legislation on setting up an exchange/change bureau only adds a few more steps to the standard company formation procedure. The steps are as follows;

There are certain rules we advise you to follow if you or your business intend in crypto trading. If you are already trading in cryptocurrency, it is vital to heavily guard your private key (or PIN). It is advised that this key must exclusively be used for cryptocurrency transactions and should not be a replica of your other PINs. It is likely for most people to opt out for using a virtual wallet. It is vital to encrypt this wallet with a strong PIN or even consider ‘cold storage’ options which simply mean keeping your wallet offline.

Cryptocurrency is a form of virtual currency that is decentralized i.e neither backed by central bank nor funded by any government. Cryptocurrencies operate via peer-to-peer exchanges, depending on no financial institution for the transactions. You can find more details on the mechanism of cryptocurrencies in our ‘What is a Cryptocurrency and How It Differs from the Conventional Concept of ‘Money’’ article available on our website.