Getting a mortgage in Cyprus can be a great way to finance the purchase of a property, whether it’s for personal use or as an investment. Cyprus has a well-developed mortgage market with various lenders offering different types of mortgage products to suit different needs.

Clients getting a mortgage

Mortgage for non-Cypriot residents

Getting a mortgage in Cyprus is more complicated if you are not a Cypriot resident, as there are more risks. In CoralBluEstates, we can help you do that and reduce any risks you might take. We provide comprehensive support, from understanding your financial options to submitting the necessary paperwork, ensuring a smoother, more efficient mortgage application process. Our goal is to simplify these complexities for you, making your property investment in Cyprus both secure and successful.

Acquire a lawyer

Upon selecting your property and obtaining mortgage approval, it’s necessary to engage a Cypriot lawyer to handle the appropriate contract and all necessary documentation.

Land Registry Office

After making an initial payment of approximately 30% and finalizing the contracts, it’s essential to record the property with the Cyprus Land Registry Office. This task will be managed by your attorney, who will ensure that all necessary fees and taxes are settled.

Tax Considerations

When you buy property in Cyprus, there are some taxes that you need to pay. Transfer fees and stamp duty are around 10% of the overall sale price of the property. An annual municipality and sewerage tax and immovable property tax must also be paid.

Currency

There would be an impact on the interest rates that affect your mortgage because exchange rates are accountable to change. If exchange rates fluctuate more than 20%, your lender should inform you.

Land

Finding title deeds and relevant certificates can be difficult if you intend to build on the land. You need planning permissions to build on the land and must check that the land does not already have a mortgage assigned to it.

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