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The banking system and property finance in Cyprus

The banking system and regulations in Cyprus

The banking system and regulations in Cyprus are of a European standard. The banks have many branches throughout the island, which are efficient, well equipped with the latest technology.  Non-Cypriot citizens may open foreign currency and local deposit accounts without difficulty. Quite a number of branches of many international banks are found operating on the island. Major credit cards, (eg., Visa, Mastercard and American Express, etc.) are widely accepted.  Transactions and payments are simply made through the purchaser's foreign deposit account.

Most commercial banks in Cyprus are authorised to offer mortgage facilities to local as well as foreign applicants to assist in the purchase of their property.



Cyprus Banks offer finance for up to 70% of the total selling price. 

The mortgage can be granted in any foreign currency. For a mortgage in Foreign Currency the maximum repayment period can be 15 years and for a mortgage in Euros the maximum repayment period can be 25 years.



Financing can be arranged from banking institutions abroad