Mortgaging in Cyprus today is a common banking product. Along with the increase of investment tours and real estate purchases, accordingly grows the flow of people who would like to buy real estate here, so Cypriot banks have prepared various mortgaging programs for non-residents.
Features of Mortgage for EU Non-residents
The initial fee ranges from 20% to 40% of the total cost of the facility. The credit rate ranges from 2.15% to 5.3%. Certain banks allow non-residents to make monthly payments from abroad so they will not have to pay large transaction fees. Most mortgage schemes last from 20 up to 35 years. Applications can be approved in as short as three weeks up to one month.
Claims Against Claimant and Documents
The general requirements of a mortgage applicant are between the age of 18 and 65, with available income. The applicant is supposed to be able to afford as much as 33% every month in mortgage payment.
| Document Type | Details |
| Basic Documents |
|
| Additional Documents |
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| For Individual Entrepreneurs |
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| For Legal Entities |
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Mortgage Costs
One-time mortgage costs range between 150 and 500 euros, excluding registration fees amounting to 1% of the loan amount. Buyers also cover property and life insurance annually. Premiums depend on many factors and their amount depends on the remaining debt, gradually reducing over time.
| Cost Type | Amount |
| Due Diligence for Real Estate Evaluation | 100–350 euros |
| Execution of Documents | 50–150 euros |
| Real Estate Insurance (Fire and Earthquake) | 350–1,200 euros per year |
| Borrower’s Life Insurance | 150–600 euros per year |
Non-residents may apply for a mortgage in Cyprus to the following credit institutions:
- Bank of Cyprus
- Hellenic Bank
- Alpha Bank
- Ancoria Bank
- EuroBank of Cyprus
- SGBCy Cyprus
- Housing Finance Corporate
Mortgage Terms Provided by Cyprus Banks
| Bank | Mortgage Terms |
| Bank of Cyprus |
|
| Alpha Bank |
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| AstroBank |
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| Ancoria Bank |
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| EuroBank of Cyprus |
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| SGBC Cyprus |
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| Housing Finance Corporate |
|
Hellenic Bank
Hellenic Bank offers mortgages for non-residents at interest rates ranging from 3.98% to 4.28% per annum, with a term of up to 20 years. The required initial deposit must be at least 40% of the facility value.
For example, if the property value is 200,000 euros and the mortgage is 100,000 euros for 25 years at 2.40% per annum, the monthly payment would be 444 euros.
Costs associated with taking a mortgage:
- Mortgage review: 500 euros
- Customer verification: 100 euros
- Document preparation: 6 euros
- Mortgage on the facility: 156.5 euros
- Credit fee: 1,010 euros
- Due Diligence Real Estate: 150 euros
- Life assurance for 25 years: 8,750 euros
- House insurance for 25 years: 4,625 euros
Total cost: 15,297.5 euros for the mortgage plus 33,079 euros in interest.
Total cost: 48,376.5 euros.
RUE customer support team
“Hi, if you are looking to start your project, or you still have some concerns, you can definitely reach out to me for comprehensive assistance. Contact me and let’s start your business venture.”
“Hello, I’m Sheyla, ready to help with your business ventures in Europe and beyond. Whether in international markets or exploring opportunities abroad, I offer guidance and support. Feel free to contact me!”
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“Hello, my name is Polina. I will be happy to provide you with the necessary information to launch your project in the chosen jurisdiction – contact me for more information!”
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