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


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