Banking Standards

The banking system in Cyprus is modelled on the British System. The banks have many convenient branches that are very efficient, modern and well equipped with the latest technology. Foreign persons retiring to Cyprus may open an external deposit account without difficulty. International banks have branches throughout the island and furthermore, major credit cards, such as those within the Visa and Europay networks, are widely used in Cyprus.

Most local banks provide finance for foreigners in any currency when acquiring real estate. The usual requirement is 25% own contribution and up to 10 years repayments.