The banking system in Cyprus is similar to the British system. Non-Cypriot citizens may open foreign currency and local deposit accounts without difficulty therefore with a foreign deposit account, payments and transactions can be made. The procedures for extending foreign currency loans to non-residents for the acquisition of immovable property in Cyprus are fairly easy. The terms and conditions of the loan facility are as follows:

Amount – No maximum amount in any one of the three major currencies, Euro, US$ and Sterling .

Repayment period – Maximum of 10 years (Currently being revised and extended) 15-20 years lending period for Cyprus Pound (CY£)

Customer's Contribution – 30% of the total cost payable upfront prior to the disbursement of the loan. 70% can therefore be financed.

Interest Rate – LIBOR + 2.5% (Currently being revised, and will eventually be less).

Rates for Loans – 4.5% for Euro and 6% for sterling (rates are subject to change).

Arrangement Fees – 0.5% on the loan amount payable in advance.

Security documents required include: first mortgage on the purchased property or a letter of guarantee issued by the seller of the property and assignment of the applicants right on the contract of sale (the contract of sale should be registered at the Land Registry), personal guarantees of one guarantor (not required for joint applications), and assignment of fire insurance.

Please Note: The above terms and conditions can be amended at any time subject to the Banks Policies and Regulations. Each application will be evaluated on its own merit and its approval or rejection will be up to the banks Discretion.