Providing housing loans to foreign citizens is an important advantage of Cyprus.

According to statistics, Cyprus has the highest percentage of positive decisions in favour of granting the loan.

A prerequisite for getting a mortgage is that the buyer needs to make a down payment – 20% of the total price. Untill the end of the 2020, a special opportunity is provided to obtain a loan for 5 years, and the loan rate can be 0% with a grace period up to 1 year. Bank approval procedure takes approximately from 3 weeks to 1 month.

1. Passport (local RU and foreign).
2. Utility bill.
3. Bank reference from EU Bank or 3rd country equivalent.
4. CV.
5. Proof of income:

Employees:

• original payslips of last 3 months;
• proof of any other stable income (recurrent for last 6 months) (if applicable).

Self-employed:

• copy of VAT statements submitted since the last balance sheet date;
• proof of any other stable income (recurrent for last 6 months) (if applicable);
• tax declaration (for loans above €50.000);
• social insurance (for loans above €100.000);
• confirmation of income by accountant (for loans above €100.000).

Legal entities:

• copy of VAT statement submitted since the last balance sheet date;
• original of income tax clearance for the last two years available;
• audited financial accounts of last 3 financial years (for loans above €50.000);
• management / financial accounts of relevant quarter (for loans above €50.000);
• business plan with budgeted cash flows for the next 2 years (for loans above €100.000).

6. Purchase Agreement Contract.
7. Evidence of advance payment.
8. Insurances (if already exist).
9. Title Deed.
10. Copy of existing Mortgage.
11. Proof of good track record (statement of the existing loan for the last 3 years).