How much a non-resident can borrow in Spain, Portugal and Cyprus, at what rate, with what down payment and fees, which documents banks ask for and how long it takes.
Spain, Portugal and Cyprus all lend to buyers who do not live there, but the terms differ more than the headlines suggest. This article puts the three side by side so you can see which one fits your situation. For the detail of each market, see our guides to mortgages in Spain, Portugal and Cyprus, and the general overview of mortgages for non-residents. All figures are indicative: they come from 2026 broker, law-firm and press sources, not from the banks' own price lists, and every bank sets its own terms.
The short comparison
- How much the bank lends (LTV, share of the lower of price and bank valuation). Spain: commonly 60 to 70 percent for EU/EEA buyers and roughly 50 to 60 percent for non-EU buyers. Portugal: typically 60 to 70 percent for non-residents, with some reports of 75 to 80 percent for euro-earning EU residents. Cyprus: regulatory caps of 80 percent (main home) and 70 percent (other property), and in practice about 60 to 70 percent for non-residents, with many offers at 60 to 65 percent.
- So your down payment. Plan on about 30 to 40 percent of the price in all three, more if you are outside the EEA or your income is abroad, and then add taxes and fees on top.
- Term. Spain 15 to 25 years, Portugal up to 35 to 40 years on paper but shorter in practice for non-residents, Cyprus about 10 to 30 years. Banks want the loan repaid by about age 65 to 75.
- Rate type. Spain: fixed, variable (Euribor plus a margin) or mixed. Portugal: mostly variable on 6-month Euribor, with fixed and mixed available. Cyprus: usually variable (Euribor or ECB rate plus a margin), with fixed periods of a few years.
- Affordability test. Spain about 35 percent of net income (a bank rule of thumb), Portugal up to 45 percent under the central bank recommendation (banks usually go lower for non-residents), Cyprus about one third of income.
Rates in autumn 2026
The reference rates fell during 2025 and have been fairly stable in 2026. The 12-month Euribor was reported at about 2.9 percent in summer 2026, the 6-month at about 2.6 to 2.8 percent. We could not find the October fixing, so check the live figure on the day you ask for an offer.
- Spain: variable loans are quoted at roughly Euribor plus 1 to 1.5 percent, fixed at roughly 3 to 4.5 percent for non-residents. Brokers give wider ranges, up to Euribor plus 2.5 percent. The lowest advertised rates usually depend on bundled products (insurance, payroll account), which a non-resident often cannot take.
- Portugal: spreads for strong resident profiles start near 0.6 percent over Euribor, and non-residents typically pay somewhat more.
- Cyprus: one adviser source puts non-resident rates at roughly 3 to 4.5 percent in early 2026; the Central Bank average for all borrowers in April 2026 was 3.73 percent. Non-residents and people with non-euro income usually pay a higher margin than residents.
Do not compare only the headline rate. Ask for the written offer with the total cost of the credit (the APR, or in Portugal the FINE sheet).
Costs on top of the price
- Spain. Resale: transfer tax ITP set by region, roughly 6 to 10 percent. New build: 10 percent VAT plus stamp duty of about 0.5 to 1.5 percent. Advisers suggest budgeting about 10 to 13 percent of the price above the deposit. Under the 2019 law the lender pays most of the mortgage-deed costs; you pay the valuation.
- Portugal. Since 25 May 2026 a flat 7.5 percent IMT applies to non-residents buying housing, with exceptions (for example buyers who become tax resident within two years); one source gives a different start date, so confirm with the notary. Add 0.8 percent stamp duty on the price and 4 percent stamp duty on interest and bank fees. On a EUR 400,000 home the IMT alone is EUR 30,000.
- Cyprus. Resale transfer fees are banded at 3 percent up to EUR 85,000, 5 percent up to EUR 170,000 and 8 percent above that, with a 50 percent reduction currently applied; a property sold with VAT is exempt from transfer fees. New builds carry 19 percent VAT, with a 5 percent rate for qualifying main homes. Registering the mortgage is reported at about 1 percent of the loan.
Documents
The core set is the same everywhere: passport, proof of address, payslips or certified accounts, tax returns, 6 to 12 months of bank statements and proof of where the deposit came from.
- Spain needs an NIE tax number and a Spanish bank account. Self-employed borrowers should expect to show two to three years of accounts.
- Portugal needs an NIF tax number and a Portuguese bank account, and sometimes a fiscal representative.
- Cyprus has no single mandatory extra document, but advisers say the source-of-funds review is what most often stalls foreign applications. One source says that without a Cypriot residence permit most banks simply refuse; this is a single source, so ask the bank.
Foreign documents may need translation and an apostille; see documents from Russia and CIS if that applies to you.
How long it takes
- Spain: pre-approval is often reported at 5 to 15 working days and full approval at 4 to 8 weeks once you have a property.
- Portugal: several weeks with a complete file, longer if documents need translating. The bank must give you the FINE at least ten days before signing.
- Cyprus: a regional report in 2026 said that completions for Russian buyers took three to six months because of bank due diligence. Plan for weeks to months and do not pay a non-refundable deposit before you know the money can move.
Which one fits whom
- Spain suits a buyer who wants the widest choice of banks and fixed-rate products and can accept a lower loan share if the passport is non-EU.
- Portugal has the most detailed regulation of lending and clear rules, but the 7.5 percent IMT makes the cash needed at purchase higher for non-residents.
- Cyprus has the lowest transfer taxes on a resale with a reduction, but title-deed delays on new builds and the source-of-funds review need care.
- If the plan is residence by investment, check the programme first: in some countries the qualifying purchase must be paid without a mortgage.
What to do before you choose
- Ask two or three banks or one broker for a decision in principle with the same property and loan amount in each country.
- Compare the total cost: deposit, taxes, fees, interest over the period, and a stress test with a 2 percentage point rise in the rate.
- If your income is in another currency, add a buffer for exchange-rate moves. See also the option of a loan in your home country secured on another property.
- Read why the claim that foreigners cannot get a mortgage abroad is a myth, and, if you hold a Russian, Belarusian or Kazakh passport, which banks lend to these citizens.
FAQ
Which country gives the highest loan share? None guarantees it. Portugal's rules allow up to 80 to 90 percent on paper, but non-residents are usually offered 60 to 70 percent in all three countries. Which has the lowest rate? It depends on the bank, the profile and the day; the differences between banks are larger than the differences between countries. Can I get a mortgage without residence? Yes in all three, with a smaller loan share and more checks. Do I need a local bank account? In Spain and Portugal, in practice yes. Fixed or variable? Price both; for a euro-earning borrower a fixed rate is worth comparing.
How we help
D.H. Realting can connect you with brokers and banks that lend to non-residents and help you build a realistic financing plan around the property. This article is general information, not financial, tax or legal advice. Rates, LTV limits and taxes change and differ by lender and region, so confirm current terms with a licensed broker and a local lawyer before you commit.