Cyprus Investment Program 2020
UPDATED INFORMATION - CYPRUS INVESTMENT PROGRAM CLOSED IN NOVEMBER 2020 On the 18 of August,..
Mortgages in Cyprus – this is one of the most popular ways to purchase housing and commercial real estate on the island among residents of the CIS countries. Cypriot banks willingly give loans for the purchase of construction projects to Russians, Ukrainians, and other foreigners, offering adequate interest rates. The Government of Cyprus is interested in attracting foreign investment, so getting a mortgage, as well as a residence permit, is quite simple here. That is why many European investors invest in real estate islands.
In order for a Cypriot bank to issue a mortgage to you, it is necessary to collect the required package of documents, as well as provide evidence of its solvency. You can get a loan to buy a home in almost any Cypriot bank. The borrower must be between 18 and 65 years old. The maximum share of monthly loan payments is 33%. The minimum loan amount is 75,000 euros. The maximum amount of 300-500 000 euros.
According to the analysis of our company, in 2018, of all banking organizations, Russian-speaking companies and individuals were most comfortable working with Hellenic Bank. We analyzed how to get a mortgage more convenient and faster, as well as the following indicators: terms for consideration of documents, number of documents, cost of services. By all criteria, Hellenic won, and therefore we took the data of this bank as the basis for writing the article.
Hellenic Bank offers three tariffs:
At such rates, a mortgage is issued to buy a house, apartment, townhouse or villa. This can be a secondary housing or primary. A mortgage for non-residents is also possible for the purchase of commercial real estate. Most often, investors use a loan to purchase housing, business real estate or land, lease the property and thereby gradually cover the debt. Taking a mortgage is also possible to cover the costs of real estate repairs.
Typically, Hellenic Bank requests the following documents:
Before you get a mortgage for housing and even before applying for a loan, the borrower must open an account with the bank to which he applies. Documents for applying for a loan must be completed in Greek or English. Application review period is 1-2 months.
The one-time cost of obtaining a mortgage in Cyprus is 150-500 euros plus a fee of 1% of the cost of the loan. In addition, each year you need to pay 500 – 1,800 euros for insurance of the object and the life of the borrower. The insurance fee depends on many factors and is calculated on the balance of the debt (that is, decreases over time).
Collaboration with a Cypriot bank is a way to get a mortgage as profitable as possible. Russian banks have a high interest rate on loans for buyers of foreign real estate, so the overpayment is significant.
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