Banks in Cyprus Working with Non-Residents

The real estate market in Cyprus continues to attract strong interest from foreign buyers, many of whom are exploring the possibility of purchasing property through mortgage financing. Below is an overview of the main banks and lending conditions available to non-residents.

Banks in Cyprus Offering Mortgages to Foreign Buyers

EuroBank (Hellenic Bank)

One of the few Cypriot banks actively working with international clients.
For non-residents, the bank offers mortgage loans with an interest rate of approximately 4.3–4.5% per year, a loan term of up to 25 years, and a minimum down payment of about 40% of the property’s value.
EuroBank (Hellenic Bank) reviews applications from clients who are not permanent residents of Cyprus, provided they can demonstrate a stable income and transparent financial history. This makes the bank one of the most accessible options for non-resident property buyers.

Bank of Cyprus

As the largest bank in the country, Bank of Cyprus primarily provides mortgage loans to residents but also considers applications from foreign buyers.
Residents may borrow up to 80% of the property value with a maximum term of 35 years.
For non-residents, the requirements are stricter – a higher down payment and detailed verification of income sources.
Despite this, Bank of Cyprus remains a key benchmark for mortgage conditions in the Cypriot market.

General Market Trends and Lending Conditions

For non-residents, the standard down payment typically ranges between 30% and 50% of the property value.
Interest rates vary between 4% and 5.5% per year, depending on the bank, loan amount, and property type.
Some banks only approve mortgage loans for applicants who hold a residence permit (PR), so this should be confirmed in advance.
Having a Cyprus residence permit significantly increases the chances of loan approval and can lead to a better interest rate.

Key Mortgage Terms for Non-Residents in Cyprus

• Down payment: generally 30–50% of the property value.

• Loan term: up to 25–30 years, with borrowers expected to be under 65–70 years old at the time of full repayment.

• Interest rate: depends on the bank, loan amount, and property type; typically higher for non-residents than for Cypriot citizens.

• Proof of income: required – tax returns, income certificates, and bank statements must be provided.

• Documentation: passport, verified translations, income statements, and recent bank account records.

• Permissions: non-EU citizens may need to obtain approval from the Council of Ministers of the Republic of Cyprus before completing a purchase.

• Property type: banks prefer properties with clear title deeds and full documentation, as these offer higher security for the lender.

Recommendations for Foreign Buyers Applying for a Mortgage

• Open a bank account in Cyprus in advance to demonstrate financial stability.

• Prepare your documentation: passport, proof of income, tax returns, and bank statements.

• Plan a down payment of 30–50% of the property value – the higher the deposit, the better the terms.

• Consult with a mortgage advisor or broker specializing in non-resident financing in Cyprus.

• Check whether approval from the Council of Ministers is required (especially for non-EU citizens).

• Consider age and loan duration limits when applying.

• Choose new or fully documented properties with clean title deeds, as these are preferred by banks.

• Obtain pre-approval before committing to a purchase – this helps define your real budget and increases your negotiating confidence.

Mortgages for non-residents in Cyprus are becoming more accessible thanks to lower interest rates and the willingness of banks to work with international clients.
To secure the best financing terms, it’s essential to prepare documents in advance, assess your financial capabilities, and choose a property with full legal documentation.

Cyprus Realty Center provides expert consultation and full assistance to foreign buyers at every stage – from property selection to mortgage approval.