Cyprus with its Mediterranean lifestyle, attracts many expats seeking a comfortable and vibrant place to live. If you’re an expatriate looking to secure a mortgage in Cyprus, here’s what you need to know:
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Eligibility:
- To obtain a mortgage in Cyprus, you must be one of the following:
- A Cypriot citizen.
- A resident of Cyprus.
- A resident of the European Economic Area (EEA).
- Foreign nationals who meet these criteria can apply for a mortgage.
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Mortgage Amount and Rates:
- Cypriot banks offer favorable mortgage terms to real estate buyers.
- The average mortgage rate is approximately 4% per year.
- The mortgage rate can vary based on factors such as housing cost, mortgage terms, and the borrower’s banking history.
- Benefits of a mortgage in Cyprus include:
- High loan amounts (up to €1,000,000).
- Relatively low interest rates (ranging from 1.9% to 7.5%).
- Flexible repayment periods (5 to 40 years).
- Maximum monthly mortgage payments capped at 30% of income.
- High approval rates for new residential complexes on the Cyprus coast.
- The option to rent out a mortgaged property for additional income.
- Developers often assist buyers with mortgage paperwork.
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Permanent Residence by Investment:
- Wealthy individuals can obtain a permanent residence permit directly by investing €300,000 or more in Cyprus real estate.
- This investment not only provides a home but also offers safety, a high standard of living, quality healthcare, and a pleasant climate.
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Types of Properties Eligible for Mortgages:
- Cypriot banks provide mortgages for both residential and commercial properties, including new and resale properties.
- Buyers of apartments in new buildings receive higher percentages of mortgage approvals.
- Special mortgage programs are available for new property purchases, with lower down payments and interest rates.
Remember that while it’s challenging for foreigners without residence permits to take out a mortgage, becoming a Cypriot resident opens up more opportunities for property ownership and financing.
for more details and assistance you can always contact us and we will be happy to help!
www.cyprusinvestments.cy
info@cyprusinvestments.cy
70000148