Banking And Financing
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. Mortgage facilities are available in Cyprus either in local or foreign currency by local and international banks.
According to the new directive of Central Bank of Cyprus, Commercial Banks require 40% own contribution for home buyers if it is their second/holiday house and 20% if it is the only/main residence. Overseas purchasers may be classified as "main residence" if they do not hold a residence overseas and live in Cyprus for over 185 days per annum. In case of land acquisitions, for own occupation/developing, the own contribution should be 40%.