How to get a mortgage for an expat in Cyprus?

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:

1. 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.

2. 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.

3. 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.

4. 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