Providing mortgages in South Cyprus

One of the most important advantages of Cyprus is its conditions for providing mortgages for foreigners, as well as a relatively low percentage of refusals for such decisions. For the first installment, 20-40% of the total loan amount will be enough, and the interest rate will be in the range of 2 to 3% for individuals and about 5% for investors. The decision to grant a mortgage takes approximately one month.

A package of documents to be submitted for obtaining a mortgage:

1. Passport or passport
2. Water and electricity bills
3. Received recommendations from the bank
4. Your CV
5. Income Statement

In the case when you work for hire:

1. Wage statement for the last 3 months
2. Information about receipt of additional income

For a private entrepreneur:

1. Copy of VAT reports
2. Information about receipt of additional income
3. For loans exceeding 50 thousand euros – a tax return)
4. For loans exceeding 100 thousand euros – social insurance and a certificate of income provided by an accountant

For a legal entity:

1. Copy of VAT reports
2. A document that confirms the absence of tax arrears over the past two years
3. For a loan amount of more than EURO 50 thousand – audited financial statements for the last 3 years and financial statements for the relevant quarter
4. For a loan amount in excess of 100 thousand euros – Business plan with a budget for the next 2 years
5. Contract of sale
6. Confirmation of advance payment
7. Insurance (if available)
8. Confirmation of the right to property
9. A copy of the document on the existing mortgage
10. Confirmation of good credit history

Also may ask for additional documents or information.