Convenient mortgages in Cyprus for non-residents at low interest rates are part of a government policy aimed at attracting foreign capital to the Republic of Cyprus. A Russian citizen, like a citizen of any third country, does not even need to have a residence permit in order to apply for a mortgage loan to a Cypriot bank.
Russians, like other third-country nationals, must obtain permission from the Cyprus authorities for the transaction. This takes a long time (up to a year), but you have the right to conduct a transaction before this permission is in your hands. If you have no problems with the law in your own country and abroad, then you can consider obtaining this permission as a formal procedure. To get a mortgage, the other thing is much more important - your developer has an agreement with a specific bank.
This has its advantages: firstly, the developer is interested in selling, so he acts as your guarantor, and secondly, when buying an unfinished object, you can get a loan deferment.
The Bank will provide a mortgage in Cyprus. It is easiest to get a loan approval if your down payment is at least 50% of the property value. However, existing mortgage lending programs allow you to get a loan in the amount of up to 70% of the value of the object - especially if you are dealing with a large reliable developer.
The term for consideration of a mortgage application in Cyprus is 1-2 months. By default, a mortgage loan is provided in euros (this is the official currency of Cyprus), but in some cases it makes sense to consider a loan in dollars.
Additional costs of the loan are as follows: commission fee for providing a loan - 1% of its amount, paperwork - from 100 to 150 euros, life insurance of the borrower and property insurance - from 500 to 1800 euros per year (as the debt is paid these payments will be reduced). Stamp duties and valuation of the property being credited will also cost a certain amount.
The list of required documents differs little from that in many other countries. You need to confirm your identity, present a contract of sale, present proof of solvency - and in addition, open a personal account for at least 200 euros in the bank where you intend to get a mortgage.
When buying property in Cyprus under a mortgage program, be sure to use the services of a professional lawyer with experience in this field - this will not only minimize your risks, but also save time.