Hello,
Finances and banking can sometimes be a headache for many expats, especially when it comes to taking out bank loans.
Is it difficult for an expat to get approved for a bank loan in Cyprus?
What are the types of bank loans available for expats (mortgage/bonds; business loans; car loans; personal loans; student loans)?
What are the general conditions for expats to take out bank loans (interest rates; timeframe to repay loans, etc.)?
Which bank in Cyprus is the most popular or accessible for expats regarding loans?
Would you normally require the services of an accounts manager at the bank in order to facilitate the process of taking out a loan? Is this service free of charge?
What would happen in the case of an unpaid loan if you have to repatriate back to your home country or move somewhere else?
Are there any other options for loans aside from the bank in Cyprus, such as taking out a loan from your bank in your home country, or other types of companies not affiliated with banks, that give out loans?
Thank you for sharing your experience.
Priscilla
Bank loans in Cyprus
We bought a villa in Coral Bay back in 2010, we lived in the UK at the time and my wife is Ukrainian, there was no issue at all getting a mortgage, we just provided a letter from our accountant.
Had planned to retire to Cyprus, but for the last few years I have been working and living in Bermuda so can't now see that happening. Villa is rented out so I've no need to do anything, just waiting for the eventual recover of the property market.
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