Banking & Legal System

The banking system in Cyprus is modelled on the British system. The banks have many convenient branches that are very efficient and modern. Foreign persons may open an external deposit account without any difficulty. International banks have branches throughout the island. Major credit cards are widely accepted in Cyprus.

All Cyprus banks offer mortgage facilities for the purchase of property. Mortgages range from 85 to 100% with a repayment period of up to 30 years. Loans can be in all major currencies with various repayment instalment schedules.

Fitch ratings show the strength of the Cyprus economy and banking system:

The legal system in Cyprus is based on the British system. The Land Registry is based again on the British model: It is a tried and tested system. All contracts and other paper work are in English. English is the second official language.

Legal fees are reasonable and usually lower than in other European countries.

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