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The formation of the island
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Foreign Exchange
TRNC maintains a flexible exchange policy. Foreign currency accounts can be opened with local banks and foreign currency can be brought into the country and taken out through the banks without any restriction or control and the source of such income is not investigated. With the view to further the development of national economy and strengthen the position of the dynamically developing commercial centre, the government is actively encouraging the formation of offshore banks by foreign investors and are offering incentives such as relatively low set-up capital, low corporation and income tax.
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