Mortages and Banking in Cyprus
Cyprus is similar to all EU countries and offers mortgages, banking and insurance. The banking side of things and setting up accounts is relatively straightforward and falls into the same criteria across the EU where ID/Passport and utility bills establishing identity clearly, are required. Cyprus doesn’t have an extensive system of mortgage brokers as such and mortgages are primarily through the Cyprus banks, although your lawyer/solicitor may be able to introduce you to one of the lending banks in Cyprus. Always use an independent lawyer for your property purchase! AS far as Insurance is concerned, if you have a mortgage, it will be a requirement both buildings and life cover. Otherwise, there are some very good Insurance Companies in Cyprus offering the usual range of products that are needed such as Life, Buildings, Fire, Contents, Car, Liability cover, Medical Insurance which, if you are moving to Cyprus from another country is also a requirement but is relatively inexpensive. Some of the Cyprus Banks, Cyprus Insurance Companies, Cyprus Insurance Brokers and Cypus Law firms are noted below and you can click on their logos and it will take you to their lending page within their websites. We are regularly updating this page so please check back for more information.
Always have an independent lawyer acting for you and none of the other parties involved in a property transaction. In Cyprus, you do need a reputable law firm to act on your behalf regarding purchasing and selling property. Click on the logos below to view the Law Firms websites.
Health Insurance for Immigration (Medical for Cyprus Immigration Insurance) All foreigners wishing to reside in Cyprus are obliged by law to have Health Insurance. Such an insurance is a prerequisite for the necessary registration with the Immigration Authorities in Cyprus.
Cyprus Immigration medical policy cover: In-patient and Out-patient treatment, Daily accommodation in regular or intensive care, Childbirth Medical visits. In the case of death, transport of the body of the deceased back to their own country. This kind of Insurance is for Cyprus based employers who intend to hire non-EU citizens or for International Students and visitors. In fact both
Health and Employer’s Liability Insurance are compulsory by Law and constitute a prerequisite for the registration of this category of citizens with the Immigration Authorities.