# Universal `--finance` Section — Cross-Border Mortgage & Alternative-Financing Extension Non-resident foreign-buyer mortgage access, broker network, company/SPV purchase route and crypto-payment legality for the property's country. Loaded when `--finance` is invoked alongside the per-country mortgage layer in each playbook and the `shared/finance-banking.md` non-resident-bank-account extension. **Snapshot**: May 2026. **Scope**: the base `--finance` section gives the per-country mortgage-availability / LTV / rate / FX-loan picture, and `shared/finance-banking.md` covers the parallel non-resident *bank-account* access layer. This doc supplies the orthogonal **cross-border financing** layer: (i) the realistic non-resident LTV ceiling and which lenders actually write to a foreign non-resident; (ii) the named cross-border mortgage-broker / expat-desk network; (iii) the company / SPV purchase route (where legal, the vehicle, and its key downside); (iv) crypto-payment legality for property. It does **not** duplicate the bank-account chain in `finance-banking.md`. ## Universal contract For the property's country, return: 1. **Non-resident LTV ceiling** — the cap a foreign non-resident realistically gets (with primary source + year), distinct from the resident/owner-occupier cap 2. **Lender reality** — that only a subset of banks lend to non-residents (the "3 of 8 banks" pattern is anecdotal — never stated as a figure); name the banks/desks that do 3. **Named cross-border broker / expat desk** — real, verifiable firm with a non-resident desk, or "none located" 4. **Company / SPV purchase route** — legal? the vehicle (GmbH / SOPARFI / SL / BV / Ltd / LLC / trust), and the key tax/structural downside 5. **Crypto-payment legality** — legal / grey / prohibited per the financial regulator, plus any *verifiably real* developer/platform that accepts crypto for property 6. **Confidence** — HIGH / MEDIUM / LOW per the skill's contract ## Verdict bands | Band | Trigger | Read | |---|---|---| | 🟢 | Non-resident mortgage market exists with a named LTV cap + ≥1 named non-res lender/broker; clear SPV route | "Financing feasible; underwrite at the stated non-res LTV, not the resident cap." | | 🟡 | Non-resident lending exists but thin (few lenders, lower LTV, broker effectively required) OR SPV route carries a material tax downside | "Budget a larger cash component; engage a named broker pre-offer; price the SPV downside." | | 🟠 | Non-resident mortgage near-absent (cash market in practice) OR currency-mismatch risk is structural (loan currency ≠ income currency) | "Assume cash purchase; if borrowing, model the FX-mismatch downside explicitly." | | 🔴 | Foreign-buyer lending prohibited / foreign-buyer purchase itself restricted, OR crypto-for-property prohibited and mis-sold | "Financing thesis structurally void — verify the ownership-eligibility gate before anything else." | The verdict turns on **realistic access**, not headline availability: a country can advertise mortgages yet, in practice, write none to a foreign non-resident. ## ⚠️ 7 cross-cutting traps 1. **The resident LTV is not the non-resident LTV.** Headline LTV caps (regulator macroprudential limits) describe owner-occupiers/residents; the non-resident foreign-buyer cap is set by *bank credit policy* and is materially lower (commonly 50-70% vs 80-90%). Underwriting at the headline cap over-states leverage and under-states the cash requirement. 2. **Only a minority of banks lend to a foreign non-resident** — the rest decline at credit-policy, not pricing. The decisive question is *which named lender/desk will write the file at all*, before rate. Treat broad "mortgages available" claims as unverified until a specific lender/desk is named. 3. **Currency mismatch is the silent killer.** A EUR mortgage serviced from USD/GBP income (or a CHF/EUR loan, the 2008-2012 HU/PL/HR/RS lesson) can blow the debt-service ratio on FX alone, independent of rate. National FX-loan conversion statutes exist *because* of realised damage — model the mismatch, don't assume hedged. 4. **The SPV route trades a purchase problem for a tax problem.** DE vermögensverwaltende GmbH, LU SOPARFI, ES SL, NL BV, UK SPV Ltd, US LLC, ZA company/trust each solve an ownership/financing constraint but introduce annual filing, exit-tax, transfer-tax-on-shares, or anti-abuse exposure. "Buy through a company" is never free — price the downside. 5. **`fideicomiso` is not an SPV.** Mexico's restricted-zone bank trust is a *bare-trustee holding mechanism*, not a financing/holding company; conflating the two produces wrong tax and wrong financing conclusions. 6. **Crypto-for-property "acceptance" is usually marketing-tier.** Developer claims of "we accept Bitcoin" frequently mean fiat-conversion-at-signing via a third party, not on-chain settlement, and may sit in a regulatory grey zone or be outright prohibited (EG/MA/TN central-bank prohibitions). Verify legality at the financial regulator and the mechanics with the developer; never elevate a sales page to a citable fact. 7. **Broker marketing is listing-tier.** A broker's advertised "up to 80% for foreigners" is seller-controlled; the LTV that governs is the *lender's* published or regulator-confirmed non-resident policy. Cross-check every broker LTV against the bank/regulator before relying. ## Universal mitigations Applicable across all 126 countries: 1. **Get the non-resident LTV in writing from a named lender before the offer**, not the headline macroprudential cap; size the deposit to that number. 2. **Engage a named cross-border broker/expat desk early** where the direct-to-bank path is thin — it is often the only route to a lender that will write the file. 3. **Match loan currency to income currency** or model the FX-mismatch debt-service stress explicitly (use the 2008-2012 CHF/EUR precedent as the downside case). 4. **Cost the SPV route fully** (formation + annual + exit + share-transfer tax + anti-abuse) with cross-border tax counsel before choosing it over direct ownership. 5. **Treat crypto-for-property as fiat-at-signing unless on-chain settlement is contractually explicit**, and confirm legality at the financial regulator first. 6. **Verify foreign-buyer ownership eligibility before financing** — a financing plan is moot if the purchase itself is restricted (AU established-dwelling ban, NZ regime, sectoral limits). 7. **Cross-check every advertised LTV/rate against the lender or central bank**; brokers and developers are listing-tier sources under the skill's ranking contract. ## Regional patterns ### Western Europe + EFTA + micro-states + UK (R1) - **ad** — Non-res foreign-buyer mortgage: LTV cap data not publicly available — verify at Andorran Financial Authority (AFA, [afa.ad](https://www.afa.ad)); domestic banks (Andbank, MoraBanc, Crèdit Andorrà) lend to non-residents case-by-case, typically requiring large deposits (no published statutory cap). Named non-res broker/desk: none located (use the three domestic banks directly). Company/SPV purchase route: legal via Andorran SL (societat limitada), but foreign-investment authorisation under Llei 10/2012 d'inversió estrangera is required for property — adds approval lag; verify at [Govern d'Andorra](https://www.govern.ad). Crypto-payment for property: grey — Llei 24/2022 on digital assets regulates crypto but it is not legal tender; convert to EUR before the notary (verify at AFA, 2024). - **at** — Non-res foreign-buyer mortgage: Austrian universal banks (Bank Austria/UniCredit, Erste/Sparkasse, Raiffeisen, BAWAG) lend to non-residents only at internal credit-policy discretion and materially below the resident ceiling; the FMA macroprudential lending standard **KIM-V** (residential LTV ≤90% / DSTI ≤40% / term ≤35y) lapsed on 30 Jun 2025 and was not renewed, so the binding cap is now bank-internal — confirm the non-resident LTV with the lender (FMA, fma.gv.at, 2025 — figures may have changed). Non-EU buyers also face Länder *Grundverkehr* land-transfer approval, narrowing the lendable pool. Named non-res broker/desk: none independently verified — verify via an FMA-registered *Kreditvermittler*. Company/SPV route: purchase via an Austrian *GmbH* is legal but triggers *Grunderwerbsteuer* 3.5% + *GrEStG* share-deal anti-avoidance (threshold tightened by the 2024 reform — verify the current % at BMF, bmf.gv.at) + corporate compliance. Crypto-payment for property: no OeNB/FMA prohibition but FMA crypto-risk consumer warnings stand; conveyance settles in fiat via the notary *Treuhänder* — no verified developer accepts on-chain settlement (verify at FMA/OeNB). [LOW confidence — restored after a region-research drop; grounded backfill] - **be** — Non-res foreign-buyer mortgage: no statutory LTV cap; National Bank of Belgium prudential expectation is ≤90% LTV for owner-occupied but non-residents are quoted materially lower by lenders (data not publicly available per non-res segment — verify at [NBB](https://www.nbb.be)). Named non-res broker/desk: none located with a dedicated non-res desk; international buyers typically use HSBC Expat or a Belgian credit intermediary registered with the FSMA. Company/SPV purchase route: legal via Belgian SRL/BV, but onward sale of company shares vs. asset still triggers registration duty on real estate; high effective tax — verify with a Belgian notary ([notaire.be](https://www.notaire.be)). Crypto-payment for property: grey — FSMA-regulated, not legal tender; EUR conversion before the deed (FSMA, 2024). - **ch** — Non-res foreign-buyer mortgage: Switzerland restricts non-resident property acquisition under the Lex Koller (federal authorisation regime) — non-residents generally cannot buy residential property without a permit; where lending occurs the non-resident LTV is bank-internal and requires substantial equity (no published non-resident LTV cap — data not publicly available; verify with the lender; [SNB](https://www.snb.ch) / [admin.ch Lex Koller](https://www.admin.ch), 2025). Named non-res broker/desk: none located with a public non-res desk; private banks handle case-by-case. Company/SPV purchase route: heavily constrained — Lex Koller looks through company structures for residential property; commercial property is freer. Verify with a Swiss notary / canton land registry. Crypto-payment for property: grey — FINMA-regulated; Switzerland is crypto-progressive (Zug "Crypto Valley") but the deed settles in CHF; convert via a FINMA-supervised provider (FINMA, 2025). - **cy** — Non-res foreign-buyer mortgage: Cypriot banks (Bank of Cyprus, Hellenic Bank) lend to non-residents, commonly up to ~60-70% LTV (cross-check; data not publicly available as a statutory cap — verify at [Central Bank of Cyprus](https://www.centralbank.cy)). Named non-res broker/desk: none specifically located; international brokers (e.g. Cluttons for cross-border advisory) operate in the region. Company/SPV purchase route: legal via Cyprus Ltd; widely used, low corporate tax (12.5%) — downside: substance/economic-presence scrutiny and AML on the UBO; verify with a Cyprus lawyer. Crypto-payment for property: grey — CySEC/CBC regulated; convert to EUR pre-deed (CySEC, 2024). - **de** — Non-res foreign-buyer mortgage: no statutory LTV cap; German banks lend to non-residents but non-EU buyers commonly need 30-50% deposit (≤50-70% LTV) and EU buyers fare better ([globalpropertyguide.com/germany](https://www.globalpropertyguide.com/europe/germany/buying-guide); 2025 — figures may have changed; cross-check with the lender/[BaFin](https://www.bafin.de)). Named non-res broker/desk: none located with a dedicated non-res desk; HSBC Expat and German Hypothekenmakler intermediaries are the usual route. Company/SPV purchase route: legal — the vermögensverwaltende GmbH (asset-managing GmbH) is the canonical German real-estate SPV, can reduce trade tax via the erweiterte Kürzung; downside: setup/admin cost, exit-tax on share sale, RETT (Grunderwerbsteuer) anti-abuse share-deal rules tightened — verify with a German tax adviser ([Lexology Germany real estate](https://www.lexology.com/library/detail.aspx?g=c15241a7-f8a7-47ba-98aa-959d651341c6)). Crypto-payment for property: grey — BaFin-regulated; deed in EUR, convert via a BaFin-licensed CASP (BaFin, 2024). - **dk** — Non-res foreign-buyer mortgage: Denmark restricts non-resident residential acquisition (permit from the Ministry of Justice generally required unless prior residence/EU ties); the realkredit mortgage-bond system is resident-oriented and largely closed to non-residents (data not publicly available per non-res segment — verify at [Danmarks Nationalbank](https://www.nationalbanken.dk) / Ministry of Justice). Named non-res broker/desk: none located. Company/SPV purchase route: constrained — company acquisition of Danish residential property also generally needs Ministry of Justice permission; commercial freer; verify with a Danish advokat. Crypto-payment for property: grey — Finanstilsynet-regulated, not legal tender; DKK at the deed (Finanstilsynet, 2024). - **es** — Non-res foreign-buyer mortgage: non-residents commonly capped at ~60-70% LTV (vs up to 80%+ for residents); 30-40% deposit, rates ~3-5% (Summer 2025, [idealista non-resident guide](https://www.idealista.com/en/news/financial-advice-in-spain/2025/07/10/8545-non-resident-mortgages-in-spain), cross-check [Banco de España](https://www.bde.es) — figures may have changed). Named non-res broker/desk: Mortgage Direct ([mortgagedirectsl.com](https://mortgagedirectsl.com), advisers since 2006), Mortgage in Spain ([mortgageinspain.es](https://www.mortgageinspain.es)), IMS Mortgages — all real firms with non-res desks; Banco Santander has a dedicated non-resident mortgage product. Company/SPV purchase route: legal via Sociedad Limitada (SL); used by investors but Spanish tax authority applies anti-avoidance and a non-resident-entity property tax (Gravamen Especial sobre Bienes Inmuebles de Entidades no Residentes) for opaque/tax-haven structures — verify with a Spanish gestor. Crypto-payment for property: grey — CNMV/Banco de España regulated; convert to EUR before the notarial escritura (CNMV, 2024). - **fi** — Non-res foreign-buyer mortgage: no statutory LTV cap but FIN-FSA "loan cap" (lainakatto) sets a regulatory maximum LTC; non-residents face limited lender appetite and large equity requirements (data not publicly available per non-res segment — verify at [Finanssivalvonta / FIN-FSA](https://www.finanssivalvonta.fi)). Named non-res broker/desk: none located. Company/SPV purchase route: legal via Finnish Oy; standard corporate vehicle, no special real-estate regime — downside is transfer tax (varainsiirtovero) and double layer on exit; verify with a Finnish lawyer. Crypto-payment for property: grey — FIN-FSA registered VASPs, EUR at deed (FIN-FSA, 2024). - **fr** — Non-res foreign-buyer mortgage: non-residents access ~70-85% LTV depending on profile/lender (20-25% deposit) — France notably accessible vs Italy/Spain (2025, [Paris Property Group](https://parispropertygroup.com/news/french-mortgages-in-2025-why-non-resident-international-buyers-should-consider-french-financing/) / [Traverse French guide](https://www.traverseinternationalfinance.com/european-property-finance-guides/french-mortgage-guide/); cross-check with the lender / [Banque de France](https://www.banque-france.fr) — figures may have changed). Named non-res broker/desk: France Home Finance (grounding lead — verify the firm directly), Maison International (verify), and bank-side international desks; HCSF sets the macro-prudential 35% debt-service-to-income limit and a 25-year maximum term, with a 20% flexibility quota on new lending ([Banque de France, 2023-12-04](https://www.banque-france.fr/fr/interventions-gouverneur/haut-conseil-de-stabilite-financiere-une-notoriete-inesperee)) (2023 data, source Banque de France). Company/SPV purchase route: legal — the SCI (société civile immobilière) is the canonical French property-holding vehicle (succession/co-ownership planning); downside: an SCI does NOT shield from French wealth/property tax and a non-resident SCI can trigger the 3% annual tax on French real estate held by entities unless disclosure filed — verify with a French notaire. Crypto-payment for property: grey/structured — convertible via a PSAN-registered (AMF) provider then EUR at the notary; France has explicit guidance ([vicox.legal France crypto](https://vicox.legal/en/buy-property-france-with-cryptocurrency/) — broker-tier, verify with [AMF](https://www.amf-france.org)) (AMF, 2025). - **gr** — Non-res foreign-buyer mortgage: Greek banks (Alpha, Eurobank, Piraeus, NBG) lend to non-residents up to ~60-70% LTV typically (data not publicly available as a statutory cap — verify at [Bank of Greece](https://www.bankofgreece.gr)). Named non-res broker/desk: none specifically located with a non-res desk; international advisory firms operate around the Golden Visa segment. Company/SPV purchase route: legal via Greek IKE/EPE; used by Golden-Visa investors but adds corporate compliance and does not exempt from objective-value property taxes — verify with a Greek lawyer. Crypto-payment for property: grey — Bank of Greece/HCMC regulated, EUR at the symvolaiografos (notary) (HCMC, 2024). - **ie** — Non-res foreign-buyer mortgage: Irish lenders are conservative for non-residents; Central Bank macroprudential rules cap owner-occupier LTV at 90% (first-time) / 80% (second+), buy-to-let 70%, but non-resident appetite is low and many require Irish income (2025, [Central Bank of Ireland mortgage measures](https://www.centralbank.ie); figures may have changed). Named non-res broker/desk: none located with a dedicated non-res desk. Company/SPV purchase route: legal via Irish Ltd / Section 110 company for structured holdings; downside: stamp duty, close-company surcharge on rental income, substance — verify with an Irish solicitor. Crypto-payment for property: grey — Central Bank VASP-registered; EUR at completion (CBI, 2024). - **is** — Non-res foreign-buyer mortgage: Iceland restricts non-EEA real-estate acquisition (Ministry of Justice exemption often required); domestic mortgage market is resident/ISK oriented with limited non-res lending (data not publicly available — verify at [Central Bank of Iceland / Seðlabanki](https://www.cb.is) and Ministry of Justice). Named non-res broker/desk: none located. Company/SPV purchase route: constrained for non-EEA owners by the same acquisition restriction; verify with an Icelandic lawyer. Crypto-payment for property: grey — FME (now within Central Bank) regulated, ISK at deed (Central Bank of Iceland, 2024). - **it** — Non-res foreign-buyer mortgage: non-residents commonly capped at ~50-60% LTV (40-50% deposit), min loan often ~€100k-150k ("mutuo per non residenti / stranieri") (2025, [Traverse Italian guide](https://www.traverseinternationalfinance.com/european-property-finance-guides/italian-mortgage-guide/) / [Studio Legale Metta parameters](https://www.studiolegalemetta.com/legal-questions-and-answers/italian-mortgage-parameters/); cross-check [Banca d'Italia](https://www.bancaditalia.it) — figures may have changed). Named non-res broker/desk: Italian "mutuo per stranieri" specialist brokers exist (verify the specific firm; Studio Legale Metta provides legal advisory, not brokerage); no single dominant non-res brand located. Company/SPV purchase route: legal via Italian Srl; downside: IMU on company-held property, no prima casa relief, double taxation on exit — verify with an Italian commercialista. Crypto-payment for property: grey — Banca d'Italia/Consob registered OAM VASPs; EUR at the rogito (notary) (Banca d'Italia, 2024). - **li** — Non-res foreign-buyer mortgage: Liechtenstein heavily restricts non-resident residential acquisition (residence/permit-linked); domestic banks (LLB, VP Bank) lend case-by-case to qualifying buyers (data not publicly available — verify at [FMA Liechtenstein](https://www.fma-li.li)). Named non-res broker/desk: none located. Company/SPV purchase route: constrained — acquisition restriction looks through entities for residential; foundations/Anstalt common for wealth but not a workaround for the housing restriction; verify with a Liechtenstein lawyer. Crypto-payment for property: grey/advanced — Liechtenstein has the Token & TT Service Provider Act (TVTG/Blockchain Act, 2020) and an FMA registration regime; deed still settles in CHF (FMA, 2024). - **lu** — Non-res foreign-buyer mortgage: no statutory LTV cap; CSSF/BCL macroprudential LTV limits apply (e.g. tighter LTV for non-owner-occupier / buy-to-let); non-residents lent to case-by-case (data not publicly available per non-res segment — verify at [CSSF](https://www.cssf.lu) / [BCL](https://www.bcl.lu)). Named non-res broker/desk: none located with a dedicated non-res desk. Company/SPV purchase route: legal — the SOPARFI (société de participations financières, a fully-taxable holding co.) is the canonical Luxembourg holding/SPV with treaty access ([CMS Luxembourg holding guide](https://cms.law/en/int/expert-guides/cms-expert-guide-to-holding-company-regimes-across-europe/luxembourg)); downside for direct residential: substance requirements, registration duty on Luxembourg real estate, ATAD/anti-abuse — verify with a Luxembourg tax adviser. Crypto-payment for property: grey — CSSF-regulated; EUR at the notarial deed (CSSF, 2024). - **mc** — Non-res foreign-buyer mortgage: Monaco private banks lend to wealthy non-residents typically against AUM/lombard structures rather than standard retail mortgages; no published LTV cap (data not publicly available — verify at [Commission de Contrôle des Activités Financières (CCAF)](https://ccaf.mc)). Named non-res broker/desk: none located; Monaco private banks and wealth managers handle directly. Company/SPV purchase route: legal — Monégasque SCI / SCP and foreign holding companies are used, but Monaco levies a registration regime distinguishing transparent vs opaque entities (higher duty/annual obligations for opaque foreign structures) — verify with a Monaco notaire. Crypto-payment for property: grey — Monaco's law on digital assets (Loi 1.528) regulates DASPs; deed in EUR (CCAF, 2024). - **mt** — Non-res foreign-buyer mortgage: Maltese banks (BOV, HSBC Malta, APS) lend to non-residents; non-AIP/AIP-permit rules apply to which property; no single statutory non-res LTV cap published (data not publicly available — verify at [Central Bank of Malta](https://www.centralbankmalta.org) / [MFSA](https://www.mfsa.mt)). Named non-res broker/desk: none specifically located with a dedicated non-res desk. Company/SPV purchase route: legal via Malta Ltd; widely used (full-imputation tax system) but AIP permit and AML/UBO scrutiny apply to property; verify with a Maltese lawyer. Crypto-payment for property: grey-to-relatively-permissive — Malta has the VFA Act and is crypto-forward; deals still convert to EUR at the notary via a licensed VFA agent ([RE/MAX Malta digital-assets guide](https://remax-malta.com/blog/buying-property-with-digital-assets-malta-2025) — broker-tier, verify with [MFSA](https://www.mfsa.mt)) (MFSA, 2025). - **nl** — Non-res foreign-buyer mortgage: statutory LTV cap is 100% of property value for owner-occupiers (AFM/DNB), but non-residents without Dutch income are quoted far less or declined; expat/non-res appetite is low (2025, [AFM](https://www.afm.nl) / [DNB](https://www.dnb.nl); figures may have changed). Named non-res broker/desk: none located with a dedicated cross-border non-res desk; expat mortgage advisers in NL serve relocating residents not pure non-residents. Company/SPV purchase route: legal — the Dutch BV is the canonical EU SPV ([BCA EU SPV guide](https://bcaeu.com/en/investment-spv-vehicles)); downside for residential: 10.4% transfer tax (overdrachtsbelasting) on non-owner-occupied, box-3 / corporate tax interaction, anti-abuse — verify with a Dutch notaris/belastingadviseur. Crypto-payment for property: grey — DNB-registered crypto providers; EUR at the notarial transport deed (DNB, 2024). - **no** — Non-res foreign-buyer mortgage: Norway's lending regulation (Utlånsforskriften) caps residential LTV at 85% generally, but non-residents face very limited lender appetite and typically need Norwegian income/ties (2025, [Finanstilsynet Norway](https://www.finanstilsynet.no); figures may have changed). Named non-res broker/desk: none located. Company/SPV purchase route: legal via Norwegian AS; standard corporate vehicle, no special real-estate regime, exit double-tax — verify with a Norwegian advokat. Crypto-payment for property: grey — Finanstilsynet-registered, NOK at deed (Finanstilsynet, 2024). - **pt** — Non-res foreign-buyer mortgage: non-residents commonly capped ~60-70% LTV (some lenders 65-75%); new-contract rates averaged ~2.8-3.3% (Aug 2025, [Portugal Homes mortgage guide](https://www.portugalhomes.com/news/article/582/mortgage-rates-in-portugal) / [getgoldenvisa Portugal](https://getgoldenvisa.com/mortgage-portugal-as-foreigner); cross-check [Banco de Portugal](https://www.bportugal.pt) — figures may have changed). Named non-res broker/desk: none single-dominant located (Golden-Visa-era advisory firms operate); verify the specific brokerage. Company/SPV purchase route: legal via Portuguese Lda; downside: IMI/AIMI on company-held property, no own-home relief, and blacklisted-jurisdiction holding triggers punitive rates — verify with a Portuguese advogado. Crypto-payment for property: grey-to-permissive — Portugal is crypto-friendly and has had documented crypto-funded deals; still settled in EUR at the notary via a regulated converter (verify with [Banco de Portugal](https://www.bportugal.pt) / CMVM) (CMVM, 2025). - **se** — Non-res foreign-buyer mortgage: Sweden's mortgage rules cap LTV at 85% with an amortisation requirement above 50/70% LTV, but non-residents face very low lender appetite and usually need Swedish income (2025, [Finansinspektionen](https://www.fi.se); figures may have changed). Named non-res broker/desk: none located. Company/SPV purchase route: legal via Swedish AB; "paketering" (packaging property in an AB and selling shares) historically used to mitigate transfer tax — anti-avoidance rules have tightened; verify with a Swedish lawyer. Crypto-payment for property: grey — Finansinspektionen-registered; SEK at deed (FI, 2024). - **sm** — Non-res foreign-buyer mortgage: San Marino restricts non-resident real-estate acquisition (reciprocity/authorisation regime); domestic banking is small and resident-oriented (data not publicly available — verify at [Banca Centrale della Repubblica di San Marino (BCSM)](https://www.bcsm.sm)). Named non-res broker/desk: none located. Company/SPV purchase route: constrained by the acquisition restriction and foreign-investment rules; verify with a San Marino notary. Crypto-payment for property: grey — BCSM-regulated, EUR at deed (BCSM, 2024). - **uk** — Non-res foreign-buyer mortgage: no single statutory LTV cap; specialist non-resident/expat lenders (HSBC Expat, Skipton International) lend ~60-75% LTV to non-residents, more on buy-to-let where rental cover passes; cross-check the lender / [Bank of England / PRA](https://www.bankofengland.co.uk) and [FCA](https://www.fca.org.uk). Named non-res broker/desk: Skipton International ([skiptoninternational.com/expat](https://www.skiptoninternational.com/expat/), 25+ yrs expat BTL, England/Scotland/Wales/Channel Islands, min ~£50k income, 3-yr fix from 5.89% Jan 2025 — figures may have changed; NOTE: Skipton stops new lending to EU-resident customers after 31 Mar 2026 due to CRD VI) and HSBC Expat (international mortgages) — both real, verifiable; FCA-registered intermediaries arrange. Company/SPV purchase route: legal and very common — the UK SPV "buy-to-let Ltd" (a limited company set up purely to hold rental property, [Connect SPV mortgages](https://connectbrokers.co.uk/spv-limited-company-mortgages/), [Taxd BTL SPV](https://www.taxd.co.uk/blog/how-to-file-buy-to-let-spv-accounts)); downside: SDLT 5% higher-rates surcharge (from 31 Oct 2024, was 3%; 2024 data, source gov.uk HMRC) + 2% non-resident surcharge, ATED on high-value enveloped residential, corporation tax on gains, mortgage rates higher for Ltd — verify with a UK conveyancer. Crypto-payment for property: grey — FCA-registered cryptoasset firms; conveyancing settles in GBP, source-of-funds AML on crypto is heavily scrutinised (FCA, 2024). ### Central / Eastern Europe + Balkans + Baltics + Caucasus (R2) - **al** — Non-res foreign-buyer mortgage: Albanian banks lend mostly to residents; non-resident mortgage availability is limited and not standardised (data not publicly available — verify at [Bank of Albania](https://www.bankofalbania.org)). Named non-res broker/desk: none located. Company/SPV purchase route: legal via Albanian sh.p.k.; used to hold land (foreign-natural-person land-ownership restrictions make a local company a common workaround) — downside: corporate compliance, AML/UBO; verify with an Albanian lawyer. Crypto-payment for property: grey — Albania has a crypto-asset law (Law 66/2020) and AFSA oversight; ALL/EUR at deed (AFSA, 2024). - **am** — Non-res foreign-buyer mortgage: Armenian banks lend chiefly to residents; non-resident mortgage access limited (data not publicly available — verify at [Central Bank of Armenia](https://www.cba.am)). Named non-res broker/desk: none located. Company/SPV purchase route: legal via Armenian LLC; foreigners can own buildings but not directly own land — a local company is the standard land-holding route; verify with an Armenian lawyer. Crypto-payment for property: grey — no comprehensive crypto framework; AMD at deed (verify at [Central Bank of Armenia](https://www.cba.am), 2024). - **az** — Non-res foreign-buyer mortgage: Azerbaijani mortgage market is resident-oriented (state Mortgage & Credit Guarantee Fund); non-resident access limited (data not publicly available — verify at [Central Bank of Azerbaijan](https://www.cbar.az)). Named non-res broker/desk: none located. Company/SPV purchase route: legal via Azerbaijani LLC; foreigners face land-ownership restrictions, local company common for land — verify with an Azerbaijani lawyer. Crypto-payment for property: grey/unregulated — no dedicated framework; AZN at deed (verify at [Central Bank of Azerbaijan](https://www.cbar.az), 2024). - **ba** — Non-res foreign-buyer mortgage: Bosnia & Herzegovina mortgage market is resident-oriented and split by entity (FBiH/RS); non-resident access limited (data not publicly available — verify at [Central Bank of BiH](https://www.cbbh.ba)). Named non-res broker/desk: none located. Company/SPV purchase route: legal via local d.o.o.; reciprocity rules govern direct foreign ownership, a local company is a common route — verify with a BiH lawyer. Crypto-payment for property: grey/unregulated — no comprehensive framework; BAM at deed (verify at [Central Bank of BiH](https://www.cbbh.ba), 2024). - **bg** — Non-res foreign-buyer mortgage: Bulgarian banks lend to non-residents case-by-case, generally with larger deposits; no published statutory non-res LTV cap (data not publicly available — verify at [Bulgarian National Bank](https://www.bnb.bg)). Named non-res broker/desk: none specifically located. Company/SPV purchase route: legal and the standard route for land — as of mid-2025 EU citizens can buy most land directly, but non-EU natural persons cannot own land (apartments OK, as they carry no land share) and must hold land via a Bulgarian OOD/EOOD (~€300-1,800, 2-4 wks setup; agricultural/forest land restricted for all foreigners absent residency) ([Ecovis Bulgaria foreign-acquisition](https://global.ecovis.com/bulgaria-regime-for-acquisition-of-a-real-estate-by-foreign-citizens/) — aggregator-tier, verify with a Bulgarian lawyer); downside: corporate compliance, UBO, exit tax. Crypto-payment for property: grey — FSC oversight, MiCA-aligned; BGN/EUR at deed (FSC, 2024). - **cz** — Non-res foreign-buyer mortgage: Czech banks lend to non-residents case-by-case; CNB macroprudential LTV recommendation (historically ~80-90% owner-occupier, lower for non-res/BTL) applies — non-residents often need larger equity (2025, [Czech National Bank](https://www.cnb.cz/en/financial-stability/macroprudential-policy/requirements-for-ltv-dsti-and-dti-limits/); figures may have changed). Named non-res broker/desk: none specifically located with a non-res desk. Company/SPV purchase route: legal via Czech s.r.o.; standard vehicle, no special real-estate regime — transfer tax abolished 2020, but corporate-layer tax on rental/exit remains; verify with a Czech advokát. Crypto-payment for property: grey — CNB/MiCA-aligned; CZK at the katastr/notarial step (CNB, 2024). - **ee** — Non-res foreign-buyer mortgage: Estonian banks (Swedbank, SEB, LHV) lend mostly to residents; non-resident access limited and equity-heavy (data not publicly available per non-res segment — verify at [Eesti Pank](https://www.eestipank.ee) / [Finantsinspektsioon](https://www.fi.ee)). Named non-res broker/desk: none located. Company/SPV purchase route: legal and easy via Estonian OÜ (e-Residency enables remote setup); 0% retained-earnings corporate tax is attractive — downside: distribution tax on profit extraction, substance/PE risk, real-estate held by non-res entity still locally taxed; verify with an Estonian lawyer. Crypto-payment for property: grey but Estonia is crypto-experienced (VASP licensing, tightened post-2022 AML); EUR at the notary (Finantsinspektsioon, 2024). - **ge** — Non-res foreign-buyer mortgage: Georgian banks (TBC, Bank of Georgia) DO lend to some non-residents and Georgia is relatively open to foreign buyers, but agricultural land ownership by foreigners is restricted; non-res mortgage terms vary widely (data not publicly available as a cap — verify at [National Bank of Georgia](https://nbg.gov.ge)). Named non-res broker/desk: none single-dominant located. Company/SPV purchase route: legal via Georgian LLC; commonly used for agricultural-land restriction workaround and the favourable territorial/Estonian-style tax — verify with a Georgian lawyer. Crypto-payment for property: grey-to-active — Georgia has a sizeable crypto scene; no full MiCA-equivalent; GEL at deed, convert via a registered VASP (verify at [National Bank of Georgia](https://nbg.gov.ge), 2024). - **hr** — Non-res foreign-buyer mortgage: Croatian banks lend to non-residents case-by-case (Croatia adopted the EUR in 2023); no published statutory non-res LTV cap (data not publicly available — verify at [Croatian National Bank / HNB](https://www.hnb.hr)). Named non-res broker/desk: none specifically located. Company/SPV purchase route: legal via Croatian d.o.o.; since 1 Feb 2009 EU residents buy directly (except agricultural land / protected zones), non-EU residents need reciprocity + written Ministry of Justice consent, so a d.o.o. (~€500 + €2,500 min capital, ~6 wks) is the common route ([DLA Piper REALWORLD Croatia](https://www.dlapiperrealworld.com/law/index.html?t=corporate-vehicles&s=real-estate-investment-by-foreigners&c=HR) — verify with a Croatian lawyer) — downside: corporate compliance, exit tax. Crypto-payment for property: grey — HANFA/HNB oversight, MiCA-aligned; EUR at deed (HANFA, 2024). **FX-mortgage precedent**: Croatia forcibly converted CHF loans to EUR at the origination exchange rate (Sept 2015 consumer-credit law amendment, [Lexology](https://www.lexology.com/library/detail.aspx?g=db3c2046-06cc-491a-ba45-88914cb14ce3)) — do not service a EUR loan from a depreciating non-EUR income without stress-testing. - **hu** — Non-res foreign-buyer mortgage: Hungarian banks lend to non-residents case-by-case; MNB "debt brake" (JTM/HFM) caps debt-service and LTV (HUF loans up to ~80% LTV, FX/EUR-income lower); non-res appetite limited (2025, [Magyar Nemzeti Bank / MNB](https://www.mnb.hu); figures may have changed). Named non-res broker/desk: none specifically located. Company/SPV purchase route: legal via Hungarian Kft.; non-EU natural persons need an administrative acquisition permit, a Kft. is a common route — verify with a Hungarian lawyer. Crypto-payment for property: grey — MNB/MiCA-aligned; HUF/EUR at deed (MNB, 2024). **FX-mortgage precedent**: Hungary forcibly converted FX (mostly CHF) mortgages to HUF under Act LXXVII of 2014 at the 7 Nov 2014 rate, ~1.3m households ([abouthungary.hu](https://abouthungary.hu/issues/how-hungary-eliminated-foreign-exchange-loans-and-averted-a-crisis), [MNB 2014 press release](https://www.mnb.hu/en/pressroom/press-releases/press-releases-2014/magyar-nemzeti-bank-provides-the-necessary-amount-of-foreign-currency-to-hungarian-banks-to-phase-out-households-fx-loans)) — the canonical FX-mismatch cautionary case. - **lt** — Non-res foreign-buyer mortgage: Lithuanian banks lend mostly to residents; Bank of Lithuania Responsible Lending rules cap LTV at 85% (resident owner-occupier), non-res access limited and equity-heavy (2025, [Lietuvos bankas / Bank of Lithuania](https://www.lb.lt); figures may have changed). Named non-res broker/desk: none located. Company/SPV purchase route: legal via Lithuanian UAB; standard vehicle, no special real-estate regime; verify with a Lithuanian lawyer. Crypto-payment for property: grey — Bank of Lithuania/MiCA-aligned (Lithuania historically crypto-active); EUR at the notary (Bank of Lithuania, 2024). - **lv** — Non-res foreign-buyer mortgage: Latvian banks lend mostly to residents; non-res access limited (data not publicly available per non-res segment — verify at [Latvijas Banka](https://www.bank.lv)). Named non-res broker/desk: none located. Company/SPV purchase route: legal via Latvian SIA; standard vehicle; non-resident land in certain zones (rural/border) restricted, local company common workaround — verify with a Latvian lawyer. Crypto-payment for property: grey — Latvijas Banka/MiCA-aligned; EUR at deed (Latvijas Banka, 2024). - **md** — Non-res foreign-buyer mortgage: Moldovan mortgage market is resident-oriented; non-resident access very limited (data not publicly available — verify at [National Bank of Moldova](https://www.bnm.md)). Named non-res broker/desk: none located. Company/SPV purchase route: legal via Moldovan SRL; foreigners cannot own agricultural/forest land directly, a local company is the standard route — verify with a Moldovan lawyer. Crypto-payment for property: grey/unregulated — limited framework; MDL at deed (verify at [National Bank of Moldova](https://www.bnm.md), 2024). - **me** — Non-res foreign-buyer mortgage: Montenegro is open to foreign buyers but the domestic mortgage market is small and largely resident-oriented; non-res financing usually from abroad (data not publicly available — verify at [Central Bank of Montenegro](https://www.cbcg.me)). Named non-res broker/desk: none single-dominant located. Company/SPV purchase route: legal via Montenegrin d.o.o.; commonly used (foreigners may not directly own certain land/coastal parcels — a local company resolves this) — verify with a Montenegrin lawyer. Crypto-payment for property: grey-to-active — Montenegro has a notable crypto presence; no MiCA (non-EU); EUR (Montenegro uses the euro unilaterally) at deed, convert via a regulated provider (verify at [Central Bank of Montenegro](https://www.cbcg.me), 2024). - **mk** — Non-res foreign-buyer mortgage: North Macedonia mortgage market resident-oriented; non-res access limited (data not publicly available — verify at [National Bank of North Macedonia](https://www.nbrm.mk)). Named non-res broker/desk: none located. Company/SPV purchase route: legal via local DOO; reciprocity governs direct foreign ownership, local company a common route — verify with a Macedonian lawyer. Crypto-payment for property: grey/unregulated — limited framework; MKD at deed (verify at [National Bank of North Macedonia](https://www.nbrm.mk), 2024). - **pl** — Non-res foreign-buyer mortgage: Polish banks lend to non-residents case-by-case; KNF Recommendation S guides LTV (owner-occupier up to ~80-90%, lower for FX-income borrowers, FX lending to unhedged borrowers effectively curtailed); non-EU buyers need an MSWiA acquisition permit (2025, [KNF Recommendation S / Rekomendacja S, point 15.5](https://www.knf.gov.pl/knf/pl/komponenty/img/Rekomendacja_S_nowelizacja_czerwiec_2023_82872.pdf); figures may have changed). Named non-res broker/desk: none specifically located. Company/SPV purchase route: legal via Polish sp. z o.o.; a company controlled by non-EEA persons still needs the MSWiA permit for real estate — verify with a Polish lawyer. Crypto-payment for property: grey — KNF/MiCA-aligned; PLN at deed (KNF, 2024). **FX-mortgage precedent**: unlike Hungary/Croatia, Poland passed NO statutory CHF→PLN conversion law; relief came via CJEU C-260/18 abusive-clause litigation, leaving outcomes case-by-case ([EPRS briefing](https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/689361/EPRS_BRI(2021)689361_EN.pdf)) — a EUR/CHF loan serviced from PLN-equivalent income carries unhedged litigation-resolved risk. - **ro** — Non-res foreign-buyer mortgage: Romanian banks lend mostly to residents; NBR LTV ceilings apply (RON loans higher LTV than FX); non-res access limited (2025, [National Bank of Romania / BNR](https://www.bnr.ro); figures may have changed). Named non-res broker/desk: none located. Company/SPV purchase route: legal via Romanian SRL; foreigners (non-EU) cannot directly own LAND, a local company is the standard land-holding route — verify with a Romanian lawyer. Crypto-payment for property: grey — ASF/MiCA-aligned; RON at deed (ASF, 2024). FX-mortgage note: Romania saw CHF-loan disputes resolved largely through litigation/CJEU, no Hungary-style blanket statutory conversion ([Lexology CHF Croatia/Poland/Romania](https://www.lexology.com/library/detail.aspx?g=9510039c-5d3d-486a-9e5b-6da8a15b8330)). - **rs** — Non-res foreign-buyer mortgage: Serbian banks lend mostly to residents; non-res access limited (data not publicly available — verify at [National Bank of Serbia](https://www.nbs.rs)). Named non-res broker/desk: none located. Company/SPV purchase route: legal via Serbian d.o.o.; reciprocity governs direct foreign ownership, local company a common route — verify with a Serbian lawyer. Crypto-payment for property: relatively defined — Serbia has a Law on Digital Assets (2020) supervised by the NBS/SEC; still RSD/EUR at the deed (NBS, 2024). **FX-mortgage precedent**: Serbia was among the CEE markets hit by CHF-indexed housing loans; resolution came via negotiated bank conversion schemes/litigation rather than a single statutory act — stress-test any non-RSD-income servicing of a foreign-currency loan ([T&F CEE CHF overview](https://www.tandfonline.com/doi/full/10.1080/13604813.2023.2229695)). - **si** — Non-res foreign-buyer mortgage: Slovenian banks lend mostly to residents; Bank of Slovenia macroprudential LTV/DSTI rules apply; non-res access limited (2025, [Banka Slovenije](https://www.bsi.si); figures may have changed). Named non-res broker/desk: none located. Company/SPV purchase route: legal via Slovenian d.o.o.; EU/EEA citizens can buy directly, non-EU subject to reciprocity, local company a route — verify with a Slovenian lawyer. Crypto-payment for property: grey — Bank of Slovenia/ATVP, MiCA-aligned; EUR at deed (ATVP, 2024). - **sk** — Non-res foreign-buyer mortgage: Slovak banks lend to non-residents case-by-case; NBS macroprudential rules cap LTV (owner-occupier generally ≤80-90%, with a small >80% bucket) and DTI/DSTI — non-residents typically need larger equity and Slovak income (2025, [Národná banka Slovenska / NBS](https://nbs.sk/en/financial-stability/fs-instruments/ltv/); figures may have changed). Named non-res broker/desk: none specifically located. Company/SPV purchase route: legal via Slovak s.r.o.; standard vehicle, no special real-estate regime — corporate-layer tax on rental/exit; agricultural land has separate foreign-ownership rules; verify with a Slovak advokát. Crypto-payment for property: grey — NBS/MiCA-aligned; EUR at the notarial/kataster step (NBS, 2024). ### Levant + GCC + Türkiye + Israel (R3) - **ae** — Non-res foreign-buyer mortgage: yes, available; CBUAE Mortgage Regulations cap owner-occupier LTV but non-residents are bank-policy-limited to ~60–65% LTV on completed property (35–40% down), off-plan generally excluded for non-res (uaeexperthub / Engel & Völkers 2025 — broker/aggregator tier, cross-checks CBUAE Regulations Regarding Mortgage Loans which sets the residents' first-property 80% cap but not a separate non-res figure; verify exact non-res ceiling per lender). Named non-res desks: **Emirates NBD** (Premier, up to AED 15m), **Mashreq** (non-resident home loan product), **HSBC UAE** (non-resident mortgage, Premier/GPB ~60% LTV) — all publish non-res mortgage pages (2025). Company/SPV route: legal — buy via ADGM/DIFC or freezone/offshore (RAK ICC, JAFZA Offshore for Palm) entity; key downside = some banks won't lend to offshore SPVs and DLD restricts which offshore vehicles can hold freehold (verify with Dubai Land Department). Crypto-payment for property: legal under VARA framework with mandatory KYC/source-of-funds (post-Aug-2025 AML deadline); **DAMAC, Emaar, Nakheel** publicly accept BTC/ETH/stablecoins on select projects and DLD ran a tokenisation pilot with PRYPCO Mint/CtrAlt (Cointelegraph / Dubai Business Journal 2025 — developer-acceptance is marketing/press tier; the VARA + DLD pilot is primary-tier; verify the specific project's crypto channel with the developer's official sales contract before relying). - **bh** — Non-res foreign-buyer mortgage: available within designated freehold zones (Juffair, Amwaj, Reef Island, Bahrain Bay, Seef, Durrat Al Bahrain); non-resident LTV ~70% reported (Sands of Wealth aggregator, 2026 — verify against Central Bank of Bahrain mortgage regulations and the specific lender). Named non-res broker/desk: none independently verified at primary tier — verify at Central Bank of Bahrain (cbb.gov.bh) and licensed retail banks (e.g. Ahli United / Kuwait Finance House Bahrain). Company/SPV purchase route: foreign companies can hold freehold in designated zones; key downside = SPV financing scarce and zone restriction applies regardless of vehicle (verify with Survey & Land Registration Bureau). Crypto-payment for property: no specific legal framework for property settlement in crypto; CBB regulates crypto-asset services but property conveyancing is fiat — treat as grey/not-established (verify at Central Bank of Bahrain, cbb.gov.bh). - **il** — Non-res foreign-buyer mortgage: available; foreign-resident LTV capped at ~50% (50% cash down) versus up to 75% for residents — widely reported by Israeli mortgage advisors and consistent with Bank of Israel LTV-limit framework (semerenkogroup / Sands of Wealth 2026 — advisory tier; Bank of Israel "LTV Limits and Borrower Risk" is the primary anchor for the residents' tiered caps, verify the explicit non-resident 50% figure with the lending bank). Named non-res desks: **Bank Mizrahi-Tefahot** (publishes English non-resident mortgage Q&A), plus **Bank Leumi** / **Bank Hapoalim** non-resident desks. Company/SPV purchase route: legal to buy via Israeli or foreign company; key downside = higher purchase tax exposure and no owner-occupier tax relief, plus betterment/Mas Shevach on resale (verify with Israel Tax Authority). Crypto-payment for property: not an accepted conveyancing channel; capital-gains tax applies to crypto and banks scrutinise crypto-sourced funds heavily — treat as prohibited-in-practice for direct property settlement (verify at Israel Tax Authority / Bank of Israel). - **jo** — Non-res foreign-buyer mortgage: foreigners may own property subject to reciprocity and Council of Ministers approval; mortgage lending to non-residents is limited and bank-discretionary. Data not publicly available at primary tier for a specific non-res LTV — verify at Central Bank of Jordan (cbj.gov.jo) and Department of Land and Survey. Named non-res broker/desk: none located at verifiable primary tier — verify with Jordanian retail banks (e.g. Arab Bank, Housing Bank for Trade and Finance). Company/SPV purchase route: foreign companies face the same reciprocity/approval regime; key downside = approval discretion and minimum-holding-period rules (verify with Department of Land and Survey, dls.gov.jo). Crypto-payment for property: Central Bank of Jordan has warned against crypto and it is not a legal settlement channel — treat as prohibited (verify at Central Bank of Jordan). - **kw** — Non-res foreign-buyer mortgage: individual non-Kuwaiti ownership is highly restricted (non-GCC Arabs need ~10 years' residence; Decree-Law 7/2025 & Decree 195/2025 expanded entity/fund ownership routes); where ownership is permitted, non-Kuwaiti residents can borrow up to ~70% LTV with valid residence visa + bank NOC (UNCTAD / Legal500 / aggregator 2025 — cross-check the LTV with Central Bank of Kuwait). Named non-res broker/desk: none located at primary tier — verify with Central Bank of Kuwait (cbk.gov.kw) and licensed banks. Company/SPV purchase route: now legal for KDIPA-licensed entities, listed companies and licensed real-estate funds (Decree 195/2025); key downside = narrow eligible-vehicle list and KDIPA licensing burden (verify with KDIPA / Ministry of Justice Real Estate Registration). Crypto-payment for property: Kuwait prohibits crypto for payments (CBK/CMA prohibition) — treat as prohibited (verify at Central Bank of Kuwait). - **lb** — Non-res foreign-buyer mortgage: foreigners may acquire property by decree above area thresholds; mortgage market severely impaired since the 2019–2020 banking crisis — non-resident mortgage lending effectively unavailable in practice; purchases are predominantly cash (fresh-USD). Data not publicly available at primary tier for a current non-res LTV — verify at Banque du Liban (bdl.gov.lb). Named non-res broker/desk: none located. Company/SPV purchase route: foreign companies face decree thresholds and the 3,000 m² aggregate cap framework; key downside = political/registration risk and capital-controls exposure (verify with Lebanese Land Registry / Banque du Liban). Crypto-payment for property: no legal framework; BdL has cautioned against crypto — informal USD-cash dominates, crypto treated as grey/unregulated for conveyancing (verify at Banque du Liban). - **om** — Non-res foreign-buyer mortgage: available; foreign ownership concentrated in Integrated Tourism Complexes (Al Mouj, Muscat Bay, Jebel Sifah); non-resident LTV ~60–70% reported (aggregator 2025/2026 — verify against Central Bank of Oman regulations and the lending bank). Named non-res broker/desk: none independently verified at primary tier — verify with Central Bank of Oman (cbo.gov.om) and banks (e.g. Bank Muscat, Sohar International). Company/SPV purchase route: foreign companies may own within ITCs; key downside = ITC restriction applies to the vehicle too and financing for SPVs is limited (verify with Ministry of Housing and Urban Planning). Crypto-payment for property: Central Bank of Oman has warned against crypto; no legal property-settlement channel — treat as prohibited/grey (verify at Central Bank of Oman). - **qa** — Non-res foreign-buyer mortgage: available in designated freehold/leasehold zones (e.g. The Pearl, Lusail, West Bay Lagoon); QCB rules cap expat property loans — LTV up to ~75% for properties under QAR 6m and ~70% above, max ~50% of monthly salary to debt service, term cap historically ~20–25 years (Expatica / FG Realty aggregator 2026 — cross-check the precise LTV/DSR/term with Qatar Central Bank). Named non-res broker/desk: none verified at primary tier — verify with Qatar Central Bank (qcb.gov.qa) and banks (QNB, Qatar Islamic Bank, Doha Bank). Company/SPV purchase route: foreign companies may buy in designated zones; key downside = zone restriction and entity-eligibility checks (verify with Ministry of Justice Real Estate Registration / Aqarat). Crypto-payment for property: QCB has prohibited crypto-asset services and crypto is not a settlement channel — treat as prohibited (verify at Qatar Central Bank). - **sa** — Non-res foreign-buyer mortgage: the 2025 Law of Real Estate Ownership and Investment by Non-Saudis (in force from 2026, designated zones in Riyadh/Jeddah/Makkah-Madinah carve-outs) opens ownership; mortgage access for foreigners generally requires Premium Residency or valid Iqama and banks require ~30–40% down (Greenberg Traurig / White & Case legal-tier 2025 on the law; down-payment from aggregator — verify LTV with Saudi Central Bank, SAMA). Named non-res broker/desk: none verified at primary tier — verify with SAMA (sama.gov.sa) and banks (Al Rajhi, Saudi National Bank). Company/SPV purchase route: the new law permits non-Saudi entity ownership in designated areas (Makkah/Madinah subject to special conditions); key downside = zone designation pending implementing regulations and entity registration requirements (verify with General Real Estate Authority / Ministry of Justice). Crypto-payment for property: SAMA has not authorised crypto for payments and crypto is not a legal settlement channel — treat as prohibited (verify at Saudi Central Bank). - **tr** — Non-res foreign-buyer mortgage: available — Turkish banks lend to non-residents/tourists without residency; foreign-buyer LTV typically ~50–70% (some premium banks to ~75% for HNW), TRY-denominated standard with limited USD/EUR options (Wise / Deal-TR / istanbullawyerfirm aggregator+law-firm tier 2025 — cross-check with BDDK/CBRT; FX-loan availability constrained by Turkish FX-lending rules). Named non-res desks: Turkish banks with foreign-buyer mortgage desks include **Garanti BBVA**, **QNB (ex-Finansbank)**, **DenizBank**, **İşbank** (verify product/desk currency directly). Company/SPV purchase route: legal to buy via Turkish company; key downside = corporate tax + the citizenship-by-investment USD-400k path generally requires *personal* (not company) title, so SPV can forfeit the CBI/residency benefit (verify with Tapu ve Kadastro / Presidency Investment Office). Crypto-payment for property: Turkey **banned the use of crypto-assets in payments** by CBRT regulation effective 30 Apr 2021 — paying a developer directly in crypto for property is prohibited (CBRT Regulation on the Disuse of Crypto Assets in Payments, 2021; still in force — verify at CBRT, tcmb.gov.tr). Currency-mismatch trap: TRY mortgage with non-TRY income carries severe FX risk given lira depreciation. ### Asia–Pacific + Central & South Asia (R4) - **au** — Non-res foreign-buyer mortgage: from **1 Apr 2025 foreign persons (incl. temporary residents, foreign-owned companies) are banned from purchasing established dwellings until 31 Mar 2027**, narrow exceptions only (FIRB; foreigninvestment.gov.au; HSF Kramer / K&L Gates 2025) — new dwellings/off-the-plan still permitted with FIRB approval + fees. Non-resident mortgage lending is rare and lender-restricted (most majors lend only to PR/citizens or temp residents with FIRB approval; some lend to non-res at ~60–70% LTV via specialist channels — verify with APRA-regulated lender). Named non-res broker/desk: specialist mortgage brokers (e.g. Odin Mortgage, expat-focused) arrange non-resident/expat loans with second-tier lenders — verify current lender panel. Company/SPV purchase route: a foreign-owned company is itself a "foreign person" and bound by the established-dwelling ban + FIRB fees; key downside = no SPV workaround for the ban (verify with FIRB / ATO). Crypto-payment for property: no prohibition but conveyancing is fiat via PEXA; crypto would be liquidated to AUD first and is CGT-assessable — treat as not-an-accepted-channel/grey (verify at ATO). - **cn** — Non-res foreign-buyer mortgage: foreigners generally must have studied/worked in China ~1 year and buy one self-use home in approved cities; mortgage lending to non-residents is very limited and bank-discretionary, FX/SAFE controls apply to inbound purchase funds. Data not publicly available at primary tier for a specific non-res LTV — verify at People's Bank of China (pbc.gov.cn) and SAFE (safe.gov.cn). Named non-res broker/desk: none located at verifiable primary tier. Company/SPV purchase route: a foreign-invested enterprise may hold property for its own business use, not as a residential-investment workaround; key downside = FIE setup, SAFE registration and use-restriction (verify with SAFE / Ministry of Commerce). Crypto-payment for property: crypto transactions are **banned** in China (PBoC 2021 notice) — prohibited (verify at People's Bank of China). - **hk** — Non-res foreign-buyer mortgage: available; since the 16 Oct 2024 / Feb 2024 measures, **HKMA set a uniform max LTV of 70% for all residential property regardless of residency** and all demand-side stamp duties (BSD, SSD, NRSD) were abolished 28 Feb 2024 — non-permanent residents now pay only Scale-2 AVD (max 4.25%) and face the same LTV (HKMA press releases Oct/Dec 2024; DLA Piper / JSM 2024 — HKMA is primary tier). Named non-res desks: **HSBC**, **Standard Chartered (HK)**, **Bank of China (HK)** all run mortgage desks open to non-PR buyers (SC HK publishes mortgage policy). Company/SPV purchase route: legal to buy via a company; key downside = corporate-holding can trigger higher stamp-duty treatment historically and banks apply stricter LTV/scrutiny to company borrowers (verify with Inland Revenue Department / HKMA). Crypto-payment for property: no statutory prohibition; SFC regulates VA trading platforms but property settlement is fiat — crypto would be off-deal-converted, treat as grey/not-standard (verify at SFC / HKMA). - **id** — Non-res foreign-buyer mortgage: foreigners cannot hold freehold (Hak Milik); permitted via Hak Pakai (right-to-use) for holders of a dokumen keimigrasian (visa, passport or stay permit per PP 18/2021 Penjelasan Pasal 69(1)), or leasehold; mortgage lending to non-resident foreigners is effectively unavailable from local banks. Data not publicly available at primary tier for a non-res LTV — verify at Bank Indonesia (bi.go.id) / OJK. Named non-res broker/desk: none located. Company/SPV purchase route: a foreign-owned PT PMA may hold Hak Guna Bangunan for business; using a local "nominee" individual is **illegal and unenforceable**; key downside = PT PMA capital/activity requirements and nominee voids title (verify with BKPM / Ministry of ATR/BPN). Crypto-payment for property: crypto is a tradeable commodity (Bappebti) but **banned as a means of payment** (Bank Indonesia) — prohibited for property settlement (verify at Bank Indonesia). - **in** — Non-res foreign-buyer mortgage: a non-resident *foreign national* (non-NRI/OCI) generally **cannot purchase residential property** under FEMA; NRIs/OCIs may buy and obtain home loans (up to ~75–80% LTV from Indian banks/HFCs, repaid via NRE/NRO). For pure foreign nationals: prohibited (RBI/FEMA — primary). Named non-res desks (NRI): **SBI NRI Home Loans**, **HDFC**, **ICICI Bank NRI** publish NRI home-loan products. Company/SPV purchase route: foreign companies face FEMA/FDI restrictions on residential real estate (real-estate-business prohibited for FDI; a branch/PO may acquire property for permitted activity only); key downside = no residential-investment SPV route for foreign nationals (verify with RBI, rbi.org.in). Crypto-payment for property: crypto is not legal tender and not an RBI-recognised settlement channel; VDA transfers are taxed at 30% — treat as prohibited-in-practice for conveyancing (verify at RBI / Income Tax Department). - **jp** — Non-res foreign-buyer mortgage: no ownership restriction, but **non-resident mortgages are near-absent** — most banks require Japan residency/PR. Limited exceptions: **SMBC Trust Bank PRESTIA** (does not require PR; needs Japan residency + income floors), **Suruga Bank**, **SBI Shinsei** lend to foreign *residents*; for true non-residents the practical route is a Japanese corporation (KK/GK) borrowing from e.g. **Shinsei Investment & Finance** or arranging finance abroad (Tokyo Portfolio / resources.realestate.co.jp / japan-property aggregator 2025–2026 — verify product/eligibility directly with the bank). Named non-res-capable lenders: SMBC Prestia, Suruga, SBI Shinsei (resident-leaning); Orix/Tokyo Star sometimes via SPV. Company/SPV purchase route: legal and the *standard* workaround — set up KK/GK and take a corporate property loan; key downside = setup/accounting cost and personal guarantee usually demanded (verify with the lending bank). Crypto-payment for property: crypto is regulated property under the Payment Services Act but not a customary conveyancing channel; gains are taxed as miscellaneous income — treat as grey/not-standard, off-deal conversion to JPY in practice (verify at FSA / National Tax Agency). - **kh** — Non-res foreign-buyer mortgage: foreigners may own strata units above ground floor (not land); mortgage lending to non-resident foreigners is very limited — local banks lend mainly to residents/with local income, USD-denominated market. Data not publicly available at primary tier for a non-res LTV — verify at National Bank of Cambodia (nbc.gov.kh). Named non-res broker/desk: none located at verifiable primary tier. Company/SPV purchase route: a Cambodian company with majority-Khmer ownership can hold land; foreign-majority structures using nominees carry enforceability risk; key downside = 51% local ownership requirement / nominee risk (verify with Ministry of Land Management). Crypto-payment for property: NBC restricts crypto and it is not a legal settlement channel — treat as prohibited/grey (verify at National Bank of Cambodia). - **kr** — Non-res foreign-buyer mortgage: foreigners may own freehold; non-resident mortgage access exists but banks apply stricter LTV and FX-source documentation, and macroprudential LTV/DSR caps apply (Bank of Korea / FSC speculation-zone LTV rules — verify the non-resident figure with the lending bank). Data not publicly available at primary tier for a distinct non-res LTV — verify at Financial Services Commission (fsc.go.kr) / Bank of Korea. Named non-res broker/desk: none verified at primary tier — verify with KB Kookmin, Shinhan, Hana foreign-customer desks. Company/SPV purchase route: legal to buy via a Korean corporation; foreign-investment reporting under FIPA applies; key downside = corporate tax + acquisition-tax surcharge exposure and reporting burden (verify with Ministry of Economy and Finance). Crypto-payment for property: real-name-account regime applies to exchanges; crypto is not a legal property-settlement channel and gains are now taxable — treat as grey/not-standard (verify at FSC). - **kz** — Non-res foreign-buyer mortgage: foreigners face land-ownership limits and residency-linked restrictions on residential property; non-resident mortgage lending is very limited. Data not publicly available at primary tier for a non-res LTV — verify at National Bank of Kazakhstan (nationalbank.kz) / Agency for Regulation and Development of the Financial Market. Named non-res broker/desk: none located. Company/SPV purchase route: a Kazakh legal entity may hold property; foreign-ownership and land-category rules still apply; key downside = land-use-category limits and entity registration (verify with Ministry of Justice / state cadastre). Crypto-payment for property: crypto mining is regulated but crypto is not legal tender or a property-settlement channel — treat as prohibited/grey (verify at National Bank of Kazakhstan). - **lk** — Non-res foreign-buyer mortgage: foreigners are barred from freehold land (may buy condominium units above ground floor; the earlier 100% land-transfer tax was replaced by leasehold/condo rules); non-resident mortgage lending is effectively unavailable from local banks. Data not publicly available at primary tier for a non-res LTV — verify at Central Bank of Sri Lanka (cbsl.gov.lk). Named non-res broker/desk: none located. Company/SPV purchase route: a Sri Lankan company with ≤? foreign holding can hold land subject to restrictions and historical land-lease tax for foreign-controlled entities; key downside = foreign-ownership land tax/lease regime (verify with Registrar General's Department / Board of Investment). Crypto-payment for property: CBSL has repeatedly warned crypto is unregulated and not legal tender — treat as prohibited/grey (verify at Central Bank of Sri Lanka). - **mo** — Non-res foreign-buyer mortgage: Macau permits foreign purchase; non-resident mortgage LTV is constrained by Monetary Authority of Macao (AMCM) macroprudential ceilings (non-resident/non-first-home buyers historically faced lower LTV caps than residents — verify the current figure with AMCM). Data not publicly available at primary tier for the current exact non-res LTV — verify at Monetary Authority of Macao (amcm.gov.mo). Named non-res broker/desk: none verified at primary tier — verify with banks (BNU, ICBC Macau, Bank of China Macau). Company/SPV purchase route: legal to buy via a company; key downside = stamp-duty treatment for corporate/non-resident buyers and tighter bank LTV (verify with Financial Services Bureau / AMCM). Crypto-payment for property: no legal crypto-settlement channel; AMCM has warned against virtual assets — treat as prohibited/grey (verify at Monetary Authority of Macao). - **mv** — Non-res foreign-buyer mortgage: the Maldives constitutionally restricts land ownership; foreign freehold was effectively rolled back and ownership is via long-lease/project structures; non-resident mortgage lending is effectively unavailable. Data not publicly available at primary tier — verify at Maldives Monetary Authority (mma.gov.mv). Named non-res broker/desk: none located. Company/SPV purchase route: foreign investment in tourism/leasehold projects is the practical vehicle (BOI-approved); key downside = no residential-freehold route, lease-term dependence (verify with Ministry of Economic Development / Maldives Inland Revenue). Crypto-payment for property: no legal crypto-settlement framework — treat as prohibited/grey (verify at Maldives Monetary Authority). - **my** — Non-res foreign-buyer mortgage: available; **Bank Negara Malaysia permits non-resident individuals to borrow in ringgit to finance residential property**; foreign-buyer Margin of Finance commonly ~70% (≥30% down), subject to state minimum-price thresholds (Juwai citing BNM, 2025 — cross-check exact non-res MOF with the lending bank; state price floors at primary tier via state land offices). Named non-res desks: major banks (Maybank, CIMB, Public Bank, HSBC Malaysia) accept foreign applicants — verify current foreign-buyer MOF per bank. Company/SPV purchase route: legal via a Malaysian company (Sdn Bhd); key downside = foreign-equity rules, state consent for some land categories, RPGT on resale and possible higher MOF for company borrowers (verify with state land office / BNM). Crypto-payment for property: crypto is a regulated security (SC Malaysia) but **not legal tender / not a payment channel** (BNM) — treat as prohibited for direct property settlement (verify at Bank Negara Malaysia / Securities Commission Malaysia). - **nz** — Non-res foreign-buyer mortgage: under the Overseas Investment Act, **most overseas persons cannot buy existing residential property** (Australians/Singaporeans exempt by FTA; some new-build/large-development consents); where purchase is permitted, NZ banks apply stricter non-resident LTV and the RBNZ LVR/DTI macroprudential limits apply (Overseas Investment Office / RBNZ — primary; verify non-res LTV with the bank). Named non-res broker/desk: expat-focused brokers arrange non-resident loans with NZ banks — verify current lender panel. Company/SPV purchase route: an overseas-controlled company is itself an "overseas person" under the OIA and needs consent; key downside = no SPV workaround for the residential restriction (verify with Land Information NZ / Overseas Investment Office). Crypto-payment for property: no prohibition but conveyancing is fiat; crypto is taxable property (IRD) — treat as not-an-accepted-channel/grey (verify at IRD / RBNZ). - **ph** — Non-res foreign-buyer mortgage: foreigners cannot own land but may own condominium units (≤40% foreign per building) and may obtain financing — Pag-IBIG is citizen-only; commercial banks lend to some foreign buyers (often with local income/long lease), with LTV constrained and FX-source documentation required (Bangko Sentral ng Pilipinas / bank policy — verify non-res LTV with the lending bank). Data not publicly available at primary tier for a distinct non-res LTV — verify at Bangko Sentral ng Pilipinas (bsp.gov.ph). Named non-res broker/desk: none verified at primary tier — verify with BDO, BPI, Metrobank. Company/SPV purchase route: a Philippine corporation ≤40% foreign-owned may hold land; majority-foreign or nominee structures are restricted/anti-dummy-law-exposed; key downside = 60/40 rule and Anti-Dummy Law (verify with SEC / Land Registration Authority). Crypto-payment for property: BSP regulates VASPs but crypto is not legal tender / not a conveyancing channel — treat as grey/not-standard (verify at Bangko Sentral ng Pilipinas). - **pk** — Non-res foreign-buyer mortgage: split by buyer category — **the realistic foreign-buyer market is the DIASPORA** (non-resident Pakistanis / POC holders), for whom financing **IS available** via **SBP Roshan Apna Ghar** through **RDA-participating banks** (HBL, UBL, MCB, Meezan, Bank Alfalah and others), in **conventional + Shariah variants, tenor 3–25 years** ([SBP, sbp.org.pk/RDAC/Ghar.html](https://www.sbp.org.pk/RDAC/Ghar.html) — primary; **LTV caps + markup rates are set per participating bank and move with the SBP policy rate — NOT primary-verified; do NOT state an LTV % or markup as fact**). For **non-origin foreign nationals** no clear retail mortgage product surfaced — the realistic expectation is a **CASH purchase via SBP-approved inward remittance**, and they must first clear the **Ministry-of-Interior NOC** gate (1980 Order under s.3 Foreigners Act 1946) + security clearance for any cantonment/border/diplomatic-enclave parcel. Named non-res desk: **Roshan Apna Ghar via RDA-participating banks** is the named diaspora channel (the **House Building Finance Company / HBFC** is the state housing-finance institution; the domestic mortgage market is otherwise shallow). Company/SPV purchase route: **not addressed in the playbook this pass** — no residential-investment SPV/company-holding route for foreign nationals was researched; land records are **provincial** (no national cadastre) and agricultural/rural land is foreign-acquisition-restricted, so `data not publicly available — verify the company-holding route with a Pakistani lawyer + the relevant provincial Board of Revenue`. Crypto-payment for property: **not addressed in the playbook this pass** — no SBP/PVARA crypto-settlement authorisation was located and crypto regulation was not researched; treat as `data not publicly available — verify at State Bank of Pakistan ([sbp.org.pk](https://www.sbp.org.pk/))` and do not assume crypto is an accepted conveyancing channel (2026). **FX note (dominant financial risk)**: PKR is a **managed float (NOT a peg)** under an active IMF EFF with exchange-rate flexibility as the "primary shock absorber"; Pakistan operates **exchange controls** via the SBP FE Manual and the rupee is **not freely convertible** — repatriation is **clean only via the RDA / Roshan Apna Ghar channel** ("investments made through RDAs are fully repatriable"); **outside RDA, repatriation depends on documented inward-remittance provenance + SBP rules — get bank/SBP confirmation in writing before buying**. **Confidence: MEDIUM** (RDA diaspora channel + Interior-NOC gate + managed-float/exchange-controls primary-grounded; per-bank LTV/markup, company route and crypto not researched — hedged). - **sg** — Non-res foreign-buyer mortgage: available for private condos (foreigners cannot buy HDB; landed needs LDAU consent); **ABSD for foreigners is 60% (raised from 30%, Apr 2023; US persons & EFTA nationals get citizen-rate remission under FTAs)**; bank LTV regulatory cap 75% with TDSR 55%, in practice non-res offered ~60–75% (IRAS / MAS macroprudential framework — primary; PropertyGuru aggregator for the 60% ABSD, IRAS confirms). Named non-res desks: **DBS, UOB, OCBC, Standard Chartered, HSBC Singapore** lend to foreign buyers — verify current foreign-applicant LTV/TDSR per bank. Company/SPV purchase route: an entity buying residential pays **65% ABSD (entities)** plus possible 5% non-remittable; trusts/companies do not avoid ABSD; key downside = entity ABSD is higher than individual foreigner in some cases and ACD applies to property-holding-entity transfers (verify with IRAS). Crypto-payment for property: MAS regulates DPT service providers; crypto is not legal tender and conveyancing is fiat — treat as grey/not-standard, off-deal conversion (verify at MAS / IRAS). - **th** — Non-res foreign-buyer mortgage: foreigners may own condo units (≤49% foreign per project), not land; **only a few banks lend to non-resident foreigners — UOB (Thailand) and ICBC (Thai) are the established channels — ~50% LTV (commonly 30–50% down), USD/SGD-denominated offshore programmes** (Keller Henson / FazWaz / ThaiEmbassy.com aggregator 2025 — cross-check terms with the bank; Bank of Thailand is the macroprudential anchor). Named non-res desks: **UOB Thailand**, **ICBC Thai** (offshore foreigner condo-loan programmes); MBK Guarantee offers non-bank financing. Company/SPV purchase route: a Thai company majority Thai-owned can hold land but using it as a foreigner-control workaround risks nominee-law enforcement; key downside = illegal nominee exposure / Land Department scrutiny (verify with Department of Lands). Crypto-payment for property: Bank of Thailand/SEC **banned crypto as a means of payment** (effective 2022) — paying directly in crypto for property is prohibited; conversion to THB then purchase is the lawful path (verify at Bank of Thailand / Thai SEC). - **tw** — Non-res foreign-buyer mortgage: foreigners may own property on a reciprocity basis (countries that allow Taiwanese to own); non-resident mortgage lending is limited and bank-discretionary, with central-bank selective-credit-control LTV caps (CBC) applying. Data not publicly available at primary tier for a distinct non-res LTV — verify at Central Bank of the Republic of China (Taiwan) (cbc.gov.tw). Named non-res broker/desk: none verified at primary tier — verify with banks (CTBC, Cathay United, Mega). Company/SPV purchase route: legal via a Taiwanese company subject to foreign-investment approval (Investment Commission); key downside = reciprocity test still applies to the ultimate owner and FIA approval burden (verify with Department of Land Administration / Investment Commission). Crypto-payment for property: crypto regulated by FSC for AML but not legal tender / not a conveyancing channel — treat as grey/not-standard (verify at FSC Taiwan / CBC). - **uz** — Non-res foreign-buyer mortgage: foreign ownership of residential property is restricted (often tied to residence/investment thresholds); non-resident mortgage lending is very limited. Data not publicly available at primary tier — verify at Central Bank of Uzbekistan (cbu.uz). Named non-res broker/desk: none located. Company/SPV purchase route: a locally registered entity may hold commercial property; residential routes for foreign individuals remain narrow; key downside = land is state-owned (use-rights only) and entity restrictions (verify with State Cadastre / Ministry of Investment). Crypto-payment for property: crypto activity is licensed via NAPP and exchange-only; crypto is not a legal payment channel for property — treat as prohibited/grey (verify at National Agency of Perspective Projects / Central Bank of Uzbekistan). - **vn** — Non-res foreign-buyer mortgage: foreigners may own apartments/houses (capped quotas: ≤30% units per condo building, ≤10% landed per ward) under the 2023 Housing/Land Laws (in force 1 Aug 2024) but cannot own land-use-rights as individuals; **non-resident mortgage lending from Vietnamese banks is effectively unavailable** — purchases are predominantly cash, and developer instalment plans are the main alternative finance (State Bank of Vietnam framework — verify with the bank; quota rules primary via the Housing Law 2023). Named non-res broker/desk: none verified at primary tier; some foreign-bank branches (HSBC, Shinhan, UOB) lend to foreign *residents* with local income — verify directly. Company/SPV purchase route: a foreign-invested enterprise may hold property for permitted business use, not as a residential-investment workaround; nominee land structures are illegal/unenforceable; key downside = FIE activity restriction and nominee risk (verify with Ministry of Construction / Ministry of Natural Resources & Environment). Crypto-payment for property: the State Bank of Vietnam **prohibits crypto as a means of payment** (Decree 80/2016 + SBV directives) — prohibited for property settlement (verify at State Bank of Vietnam). - **vu** — Non-res foreign-buyer mortgage: **believed cash-dominant** — local mortgage lending to non-resident foreigners is understood to be limited/uncommon, and the **declining lease tenure constrains collateral value**, but **exact availability / LTV / terms are NOT primary-confirmed; `data not publicly available — verify at NBV ([nbv.vu](https://www.nbv.vu/)), BRED Bank, ANZ, BSP — do NOT state an LTV %`** (banks supervised by the Reserve Bank of Vanuatu; policy rate 2.75%, Mar-2025). Many foreign purchases are **cash or financed offshore** against home-country security. Named non-res broker/desk: **none located** with a dedicated non-resident desk. Company/SPV purchase route: structurally constrained — **freehold does not exist**; a foreigner (and any foreign company) can hold **only a registered lease** (≤75-yr ceiling) under the Land Leases Act [Cap 163]; where the lease sits in a company the lease may be acquired indirectly via **share transfer** of the lessee company (different stamp-duty treatment — verify), but this is a lease-holding structure, not a freehold-SPV workaround; the **CBI (DSP) is a donation, NOT property-linked**. Verify lease mechanics with a Vanuatu conveyancing lawyer. Crypto-payment for property: **not addressed in the playbook this pass** — no RBV crypto-settlement authorisation was located and crypto regulation was not researched; treat as `data not publicly available — verify at Reserve Bank of Vanuatu ([rbv.gov.vu](https://www.rbv.gov.vu/))` and do not assume crypto is an accepted conveyancing channel (2026). **FX note**: VUV is a **basket peg** (USD/AUD/NZD/EUR), **realigned under a new IMF-advised framework in 2025** → moderate FX risk for a single-currency buyer (use a dated rate, never invent one); **capital-control / sale-proceeds repatriation rules are `data not publicly available — verify at the RBV + IMF AREAER` — do NOT assert "free repatriation"**. **Confidence: MEDIUM-LOW** (leasehold-only tenure + basket-peg regime primary-grounded; non-res LTV deliberately not stated, FX repatriation + crypto unverified — hedged). ### Latin America + Caribbean (R5) - **ar** — Non-res foreign-buyer mortgage: effectively **none** for true non-residents — Argentine retail mortgages (mostly UVA inflation-indexed) require Argentine residency + documented local income; ~near-100% of foreign purchases are **cash** (aggregator TheLatinvestor 2026; cross-check BCRA — no non-resident mortgage product published). Named non-res broker/desk: **none located** with a genuine non-resident lending desk. Company/SPV purchase route: legal — a local **Sociedad Anónima (SA)** or **SRL** can hold property; downside is annual corporate filing, Ganancia Mínima Presunta/asset tax exposure, and the 2024 RIGI/FX-control overhang (verify with Inspección General de Justicia / a local escribano). Crypto-payment for property: **grey but practised** — crypto is legal to hold/transfer (CNV/BCRA framework) and USDT is commonly used informally in escritura deals, but it is **not** legal tender and the deed price must be stated in pesos/USD; no regulated property platform (data not publicly available — verify at Banco Central de la República Argentina, bcra.gob.ar, 2025). - **ag** — Non-res foreign-buyer mortgage: **largely a cash market** — most foreign + CBI buyers purchase cash or finance via a home-country lender against home-country security; regional banks (**Eastern Caribbean Amalgamated Bank (ECAB)**, **ACB Caribbean / Antigua Commercial Bank**, **Republic Bank**, **CIBC Caribbean**) lend to non-residents only case-by-case, at lower LTV + shorter tenor + larger deposit, with higher rates — **no published non-resident LTV cap** (data not publicly available — verify with the lender at quote stage; prudential framework set by the **Eastern Caribbean Central Bank ([ECCB](https://www.eccb-centralbank.org/))** for the XCD/EC$2.70-pegged OECS union). Named non-res broker/desk: **none located** with a dedicated non-resident mortgage desk. Company/SPV purchase route: a foreign-owned local company can hold land, but a non-citizen (whether buying directly or via a company) outside an approved CBI project still needs the **Non-Citizens Land Holding Licence (NCLHL)** under the Non-Citizens Land Holding Regulation Act CAP. 293 (commonly ~5% of value — *secondary; verify at [legalaffairs.gov.ag](https://legalaffairs.gov.ag/)*); a company route does **not** escape the NCLHL gate, and beneficial-ownership disclosure applies. ⚠️ **Barbuda land is historically held in COMMON (no individual freehold)** — do NOT assume a Barbuda parcel is freehold or financeable. Crypto-payment for property: **regulated but not legal tender** — Antigua & Barbuda has a **Digital Assets Business Act 2020** (FSRC-supervised VASP licensing) but **private crypto is not legal tender** and, as an ECCU member, the ECCB warns the public on crypto risk; conveyance settles in EC$/USD, no regulated property-settlement platform (verify at [FSRC](https://www.fsrc.gov.ag/) / [ECCB](https://www.eccb-centralbank.org/), 2025). **Confidence: MEDIUM** (lenders + CBI + NCLHL primary-grounded; non-res LTV + crypto-RE-settlement not publicly published — hedged). - **bb** — Non-res foreign-buyer mortgage: LTV cap ~**70%** of value, terms up to 25y (aggregator Barbados Dream Properties / Expat Focus 2024–25 — cross-check with lender; **rates/figures may have changed**). Named non-res broker/desk: **Republic Bank (Barbados)** and **RBC Royal Bank (Caribbean)** both lend to non-residents (RBC favoured by existing clients). Company/SPV purchase route: very common — an **offshore/Barbados company (often IBC-successor or Barbados company)** holds the villa to avoid the 2.5% property-transfer tax + 1% stamp on a future *share* sale; downside is annual corporate fees + economic-substance filings (verify with Barbados Corporate Affairs & Intellectual Property Office / Central Bank of Barbados). Crypto-payment for property: **grey** — no Barbados regulator authorises crypto as settlement; private-contract use only, no regulated accepting platform (data not publicly available — verify at Central Bank of Barbados, centralbank.org.bb, 2025). - **bm** — Non-res foreign-buyer mortgage: Bermudian banks (**Butterfield**, **Clarien Bank**, **HSBC Bermuda**) lend in BMD (pegged 1:1 to USD); a foreign / non-resident buyer typically needs **~20–30% down (i.e. ~70–80% LTV ceiling)** with a shorter tenor — **secondary/indicative, no primary published LTV-tenor matrix; verify the current LTV/rate/tenor with the lender at quote stage, do NOT rely on a fabricated rate** (prudential framework: **[Bermuda Monetary Authority (BMA)](https://www.bma.bm/)**; the 2023 Stamp Duty Act reform abolished stamp duty on mortgage transfers). Many foreign buyers structure as a **cash purchase** (the Alien Landholding Licence fee + stamp-duty load already front-loads cost) or borrow offshore against home-country security. Named non-res broker/desk: **none located** with a dedicated non-resident mortgage desk. Company/SPV purchase route: **heavily restricted, not a workaround** — the **Immigration and Protection Act 1956, Part VI** contains robust **anti-fronting provisions** that block trust / nominee / company arrangements used to circumvent the foreign-buyer protections; a non-Bermudian buyer must clear the ARV floor + obtain an **Alien Landholding Licence (ALL)** with a licence fee ~12.5% house / ~8% condo (secondary — verify at [gov.bm Immigration](https://www.gov.bm/department/immigration)) regardless of structure. Crypto-payment for property: **regulated but not legal tender** — Bermuda runs one of the world's first digital-asset regimes (**Digital Asset Business Act 2018**, BMA-supervised; the statute defines digital assets as expressly **NOT legal tender**); the LTRO conveyance settles in BMD/USD and no verified developer accepts on-chain settlement (verify at [BMA](https://www.bma.bm/), 2025). NOTE: Bermuda is **North Atlantic, NOT Caribbean**. **Confidence: MEDIUM** (ALL anti-fronting + DABA primary-grounded; non-res LTV indicative/secondary — hedged). - **br** — Non-res foreign-buyer mortgage: **limited** — Brazilian banks (Caixa, Itaú, Santander Brasil, Bradesco) generally require local income proof + residency, pushing most non-resident foreign buyers to **cash**; qualifying foreigners face ~10–14.5% p.a. nominal rates early-2026 (aggregator TheLatinvestor / Wise 2026 — cross-check Banco Central do Brasil; **rates may have changed**). Rural land and land within 150 km of borders falls under Law 5.709/71 (INCRA authorisation, municipal area caps) and most banks will not mortgage it to foreigners. Named non-res broker/desk: **none located** as a dedicated non-resident desk; Santander Brasil publishes foreigner guidance and Caixa/Itaú have housing-finance products — verify non-resident eligibility directly with the bank. Company/SPV purchase route: legal — a Brazilian **Ltda** or **S.A.** holds urban property (foreign-owned company holding rural/border land still triggers Law 5.709/71 + INCRA); downside is annual filing + the foreign-funds registration (RDE-IED at BCB) needed for repatriation (verify with Banco Central do Brasil / Junta Comercial). Crypto-payment for property: **grey** — crypto legal and regulated as a virtual asset under Law 14.478/2022 (not legal tender); private-agreement settlement is possible domestically but Banco Central do Brasil **banned stablecoin/crypto settlement in cross-border (eFX) payments effective 1 Oct 2025**, so funding a BR purchase with crypto from abroad is restricted; no regulated property platform (verify at Banco Central do Brasil, bcb.gov.br, 2025). - **bs** — Non-res foreign-buyer mortgage: LTV cap **50–70%** depending on lender/profile/property (aggregator MBR Luxury / Ennness 2025 — cross-check with lender; treat as listing-tier). Named non-res broker/desk: **RBC Royal Bank (Bahamas)**, **Scotiabank Bahamas**, **CIBC Caribbean** offer non-resident facilities. Company/SPV purchase route: legal and common — a **Bahamian company or IBC** holds the property; downside is the International Persons Landholding Act registration still applies to the beneficial owner, plus annual company fees (verify with Central Bank of The Bahamas / Bahamas Investment Authority). Crypto-payment for property: **grey-to-permissive** — Bahamas has the DARE Act 2024 regulating digital assets and is the SAND-Dollar CBDC pioneer, but no statute makes crypto legal tender for conveyancing; private-agreement only (data not publicly available — verify at Central Bank of The Bahamas, centralbankbahamas.com, 2025). - **bz** — Non-res foreign-buyer mortgage: **very limited** — most foreign purchases in Belize are **cash**; a few local banks (Atlantic Bank, Belize Bank) lend to non-residents at high USD rates with large deposits, no published standard LTV (data not publicly available — verify at Central Bank of Belize, centralbank.org.bz). Named non-res broker/desk: **none located** with a dedicated non-resident mortgage desk; US-based seller-financing on Ambergris/Placencia developments is the common substitute. Company/SPV purchase route: legal — a **Belize company** (IBC-successor / domestic company) commonly holds property; downside is economic-substance + accounting filing post-2019 reforms and reputational scrutiny of Belize entities (verify with Belize Companies & Corporate Affairs Registry). Crypto-payment for property: **grey** — no Belize regulator authorises crypto settlement; developer seller-finance + private crypto agreements occur but unregulated (data not publicly available — verify at Central Bank of Belize, 2025). - **cl** — Non-res foreign-buyer mortgage: available but restrictive — non-residents typically face **≥30% down (≤~70% LTV)**, strict income proof, often a local co-borrower/guarantor; housing-loan market rate ~**4.1%** late-2025 (Banco Central de Chile, via aggregator NSS/TheLatinvestor 2026 — cross-check BCCh; **rates may have changed**). Named non-res broker/desk: **none located** as a dedicated non-resident desk — Banco de Chile / BancoEstado / Santander Chile lend case-by-case to residents. Company/SPV purchase route: legal — a Chilean **SpA (Sociedad por Acciones)** is the standard holding vehicle; downside is annual tax filing + first-sale capital-gains treatment (verify with Servicio de Impuestos Internos / a Chilean notary). Crypto-payment for property: **grey** — crypto legal to hold (CMF/Fintech Law 21,521, 2023) but not legal tender; deed price must be in pesos/UF, no regulated property platform (verify at Banco Central de Chile, bcentral.cl, 2025). - **co** — Non-res foreign-buyer mortgage: **extremely difficult** — Colombian banks treat non-residents as high-risk; reported 30–50% down, 10.4–13% rates, de-facto residency/local-income requirement (aggregator TheLatinvestor 2026 — cross-check Banco de la República / Superfinanciera; **rates may have changed**). Named non-res broker/desk: **none located**; most foreign purchases are cash or developer payment-plan (fiducia de preventa). Company/SPV purchase route: legal — a Colombian **SAS (Sociedad por Acciones Simplificada)** is the standard holding vehicle, very low formation cost; downside is annual renta + the SAS still requires a registered local agent and DIAN filings (verify with Cámara de Comercio / DIAN). Crypto-payment for property: **grey** — Superintendencia Financiera regulatory sandbox ongoing; crypto not legal tender, deed must be in COP; private-agreement use only (verify at Banco de la República / Superintendencia Financiera de Colombia, 2025). - **cr** — Non-res foreign-buyer mortgage: limited — Costa Rica banks lend to non-residents at high USD rates with large down payments; no single published LTV, developer/private seller-financing dominates the expat market (data not publicly available — verify at Banco Central de Costa Rica, bccr.fi.cr). Named non-res broker/desk: **none located** as a true non-resident bank desk; cross-border lenders market USD loans (verify each against a named regulated lender). Company/SPV purchase route: legal and **standard practice** — a Costa Rican **Sociedad Anónima (SA)** or **SRL** holds the property; downside is the annual corporate "impuesto a las personas jurídicas" + Registro Transparencia (UBO) filing (verify with Registro Nacional de Costa Rica). Crypto-payment for property: **grey-permissive** — crypto legal to hold, not legal tender (BCCR position); some developers advertise crypto acceptance but conveyancing price is recorded in CRC/USD (data not publicly available — verify at Banco Central de Costa Rica, 2025). - **do** — Non-res foreign-buyer mortgage: available — Dominican Republic banks (Banco Popular, Scotiabank DR, APAP) lend to non-residents, commonly **≤~60–70% LTV** with USD pricing and full income proof (treat as aggregator/listing-tier — cross-check with the lender; data not authoritatively published — verify at Banco Central de la República Dominicana, bancentral.gov.do). Named non-res broker/desk: **Scotiabank Dominican Republic** and **Banco Popular Dominicano** have non-resident lending; verify current terms. Company/SPV purchase route: legal — a Dominican **SRL** or an offshore company holds property; downside is annual corporate tax + the property tax (IPI) and DGII transparency filing (verify with DGII / a DR notary). Crypto-payment for property: **grey** — no DR regulator authorises crypto settlement; private-agreement only, no regulated platform (data not publicly available — verify at Banco Central de la República Dominicana, 2025). NOTE: Dominican Republic (DO) ≠ Dominica (DM); DM is out of scope and has no digital-nomad/CBI mortgage product attributable here. - **ec** — Non-res foreign-buyer mortgage: **very limited** — Ecuadorian banks rarely lend to non-residents without local income; near-all foreign purchases are **cash** or developer payment-plan; USD-economy removes FX risk but not credit barrier (data not publicly available — verify at Superintendencia de Bancos del Ecuador, superbancos.gob.ec). Named non-res broker/desk: **none located**. Company/SPV purchase route: legal — an Ecuadorian **compañía limitada / S.A.** can hold property; downside is annual corporate filing + the SRI beneficial-owner registry (verify with Superintendencia de Compañías / SRI). Crypto-payment for property: **grey** — Ecuador previously banned a private-money role for crypto but holding/private transfer is tolerated; not legal tender, deed in USD; no regulated property platform (data not publicly available — verify at Banco Central del Ecuador, bce.fin.ec, 2025). - **gd** — Non-res foreign-buyer mortgage: **largely a cash market** for foreign buyers — regional banks (**Republic Bank (Grenada)**, **CIBC FirstCaribbean**, **Grenada Co-operative Bank**, **RBTT/RBC**) lend to non-residents case-by-case at lower LTV + shorter tenor + larger deposit; **no single authoritative public mortgage-rate index or non-resident LTV cap captured** (data not publicly available — verify with the lender at quote stage; ECCU prudential framework set by the **[ECCB](https://www.eccb-centralbank.org/)**, XCD pegged EC$2.70 = US$1.00). Named non-res broker/desk: **none located** with a dedicated non-resident mortgage desk. Company/SPV purchase route: legal, but a non-citizen (directly or via a company) buying outside CBI-approved real estate must obtain an **Alien Landholding Licence (ALHL ≈ 10% of value, ~3 months)** AND pays **10% Property Transfer Tax (purchaser)** — a **~22%+ acquisition stack** on the non-CBI route; beneficial-ownership disclosure applies to corporate-held land, so a company does **not** dodge the ALHL/PTT gate (the **CBI route waives the ALHL** — materially cheaper on entry). Crypto-payment for property: **no specific framework + not legal tender** — Grenada has **no dedicated cryptocurrency legislation**, and as an ECCU member private crypto is not legal tender (ECCB issues consumer crypto-risk advisories); conveyance settles in EC$/USD, no regulated property-settlement platform (verify at [ECCB](https://www.eccb-centralbank.org/), 2025). **Confidence: MEDIUM** (ALHL + PTT + lenders primary-grounded; non-res LTV + crypto not publicly published — hedged). - **jm** — Non-res foreign-buyer mortgage: available via local banks/building societies (JN Bank, Victoria Mutual, Sagicor) — these focus on the **diaspora** (non-resident Jamaicans) with foreign-income underwriting; LTV not authoritatively published (data not publicly available — verify at Bank of Jamaica, boj.org.jm). Named non-res broker/desk: **JN Bank** and **Victoria Mutual Building Society** run diaspora mortgage programmes; **Sagicor Bank Jamaica** lends to non-residents. Company/SPV purchase route: legal — a Jamaican company can hold property; downside is annual filing + transfer-tax/stamp on a future share sale still capturable (verify with Companies Office of Jamaica). Crypto-payment for property: **grey** — Jamaica is the JAM-DEX CBDC pioneer but no statute makes private crypto legal tender for conveyancing; private-agreement only (data not publicly available — verify at Bank of Jamaica, 2025). - **kn** — Non-res foreign-buyer mortgage: foreign buyers face a **largely cash / home-country-financed market** — regional banks (**St. Kitts-Nevis-Anguilla National Bank**, **Republic Bank**, **RBC Caribbean**, **The Bank of Nevis**) lend to non-residents at higher rates, shorter tenor and larger down payment, with **USD-denominated lending** sometimes available for foreign-currency-income borrowers; **no published non-resident LTV cap** (data not publicly available — verify with the lender; ECCU prudential framework set by the **[ECCB](https://www.eccb-centralbank.org/)**, XCD pegged EC$2.70 = US$1.00 since 1976). Named non-res broker/desk: **none located** with a dedicated non-resident mortgage desk. Company/SPV purchase route: legal, but a non-citizen buying **open-market** (non-CBI) property — whether directly or via a company — must first obtain an **Alien Land Holding Licence (ALHL ~10% of price, ~3 months)** under the Aliens Land Holding Regulation Act; the **CBI-approved-development route is EXEMPT from the ALHL** (CBI real-estate minimums post-Oct-2024: US$325,000 developer unit / US$600,000 single-family home, 7-year hold — verified at [ciu.gov.kn](https://ciu.gov.kn/private-real-estate-investment/)). Crypto-payment for property: **regulated but not legal tender** — St. Kitts & Nevis has a **Virtual Asset Act** (FSRC-supervised; NFTs within scope) but private crypto is not legal tender, and as an ECCU member the ECCB warns on crypto risk; conveyance settles in EC$/USD, no regulated property-settlement platform (verify at FSRC / [ECCB](https://www.eccb-centralbank.org/), 2025). **Confidence: MEDIUM** (ALHL + CBI + lenders primary-grounded; non-res LTV + crypto-RE-settlement not published — hedged). - **ky** — Non-res foreign-buyer mortgage: the international/regional banks (**Butterfield**, **Cayman National Bank**, **Royal Bank of Canada (RBC)**, **Scotiabank**, **CIBC FirstCaribbean**) lend in KYD (pegged CI$1 = US$1.20) and **USD-denominated lending is available for foreign-currency borrowers**, but a foreign / non-resident buyer typically faces **lower LTV + shorter tenor + larger down payment** than a resident — **published parcel-of-the-market LTV/tenor tables are not in a free primary feed; verify directly with the lender at quote stage and do NOT fabricate an LTV/tenor/rate** (prudential framework: **[Cayman Islands Monetary Authority (CIMA)](https://www.cima.ky/)**). Many foreign buyers **purchase cash Cayman-side** (the CI$/USD peg removes FX risk) + use an offshore-currency loan against home-country security. Named non-res broker/desk: **none located** with a dedicated non-resident mortgage desk. Company/SPV purchase route: legal and globally significant — the **Cayman exempted company** is a canonical tax-neutral global property-holding vehicle (no income / capital-gains / corporation tax; merely holding real estate is **not** an "economic-substance relevant activity", so a pure property-holder generally has minimal substance burden but still files an annual ES notification by 31 Jan + UBO/beneficial-ownership obligations); **but for Cayman real estate the structure does NOT avoid the transaction lever** — a share-transfer acquisition of a Cayman land-holding company is caught by the **Land Holding Companies Share Transfer Tax** that mirrors the **7.5% / 10%-band (from CI$2m, effective 1 Jan 2026)** stamp duty (verify at [gov.ky](https://www.gov.ky/) / [legislation.gov.ky](https://legislation.gov.ky/)). Crypto-payment for property: **regulated but not legal tender** — the **Virtual Asset (Service Providers) Act** (VASP Act; Phase-2 full-licensing regime in force from 1 Apr 2025, CIMA-supervised) regulates VASPs but crypto is not legal tender; conveyance settles in KYD/USD, no verified on-chain property settlement (verify at [CIMA](https://www.cima.ky/), 2025). **Confidence: MEDIUM-HIGH** (peg + exempted-company ES + share-transfer tax + VASP Act primary-grounded; non-res LTV deliberately not fabricated). - **lc** — Non-res foreign-buyer mortgage: foreign buyers face a **largely cash / home-country-financed market** — regional banks (**Bank of Saint Lucia (ECFH)**, **Republic Bank**, **RBC Royal Bank Caribbean**, **CIBC Caribbean**, **Scotiabank**) lend to non-residents at typically lower LTV + shorter tenor + larger deposit (Caribbean norm), but the **resident AND non-resident LTV are both `data not publicly available — verify with the lender`** (ECCU prudential framework: **[ECCB](https://www.eccb-centralbank.org/)**, XCD pegged EC$2.70 = US$1.00; lending is in XCD). Named non-res broker/desk: **none located** with a dedicated non-resident mortgage desk. Company/SPV purchase route: legal, but a non-national buying an **ordinary (non-CBI)** property — whether directly or via a company — must obtain an **Alien Landholding Licence (ALHL)** under the Aliens (Licensing) Act, Cap. 15.37 before completion (licence tied to one property); the **CBI-approved-project route does NOT need an ALHL** (CBI real-estate minimum US$300,000, 5-year hold, effective 1 Jul 2024 — verify at [cipsaintlucia.com](https://www.cipsaintlucia.com/)). Crypto-payment for property: **regulated but not legal tender** — Saint Lucia's **Virtual Asset Business Act** (in force Dec 2022, FSRA-supervised VASP licensing) makes crypto legal to use/invest but **not legal tender**; as an ECCU member the ECCB warns on crypto risk; conveyance settles in EC$/USD, no regulated property-settlement platform (verify at FSRA / [ECCB](https://www.eccb-centralbank.org/), 2025). **Confidence: MEDIUM** (ALHL + CBI + Virtual Asset Business Act primary-grounded; non-res LTV explicitly not published — hedged). - **mx** — Non-res foreign-buyer mortgage: USD developer/specialist financing — **Global Mortgage (MoXi)** lends to foreign non-residents up to **65% of appraised value** ($250k–$2.5M, ~7–9% USD, ~35% min down, ~60-day close) (Global Mortgage / mexicolife.com Sept-2025 aggregator — broker-marketing tier, cross-check the lender; **rates may have changed**); peso bank mortgages to non-residents are rare. Named non-res broker/desk: **Global Mortgage (MoXi)**; **Intercam Banco** and **Scotiabank Mexico** market expat USD products — verify current non-resident eligibility/LTV directly. Company/SPV purchase route: a Mexican **sociedad (S. de R.L. / S.A.)** can hold property *outside* the restricted zone; **the fideicomiso bank trust is NOT an SPV** — it is a mandatory title-holding trust for foreigners inside the 50 km coast / 100 km border restricted zone (setup ~$2–3k, annual ~$550–1,000) (mexicolife.com / mycasa.mx 2025). Crypto-payment for property: **grey** — crypto not legal tender (Banxico/CMS 2025); usable in private agreements where both parties consent but the escritura price is recorded in MXN; no regulated property platform (verify at Banco de México, banxico.org.mx, 2025). - **pa** — Non-res foreign-buyer mortgage: available — Panama banks (Banco General, Global Bank, Banistmo, Multibank) lend to non-residents, commonly **~60–70% LTV** on the foreign-resident segment with full income proof and USD pricing (treat as aggregator/listing-tier — cross-check with the lender; data not authoritatively published — verify at Superintendencia de Bancos de Panamá, superbancos.gob.pa). Named non-res broker/desk: **Banco General** and **Banistmo** have non-resident lending channels; verify current terms. Company/SPV purchase route: legal and **very common** — a Panamanian **sociedad anónima** or **private interest foundation** holds property (no transfer tax on a share/foundation transfer); downside is post-FATF annual accounting-records + UBO-registry obligations and prior grey-list reputational drag (verify with Registro Público de Panamá). Crypto-payment for property: **grey** — Panama's crypto law was partially vetoed (2022) and remains unsettled; not legal tender, private-agreement use only, no regulated property platform (verify at Superintendencia de Bancos de Panamá, 2025). - **pe** — Non-res foreign-buyer mortgage: **very limited** — ~85–90% of foreign purchases are cash; banks rarely lend without substantial local income/residency; foreigner rates ~8–11% (Sol) vs ~7.4% market late-2025 (Banco Central de Reserva del Perú via aggregator Expat Focus / TheLatinvestor — cross-check BCRP; **rates may have changed**). Named non-res broker/desk: **none located**. Company/SPV purchase route: legal — a Peruvian **SAC (Sociedad Anónima Cerrada)** holds property; downside is annual renta + SUNAT beneficial-owner filing (verify with SUNARP / SUNAT). Crypto-payment for property: **grey** — crypto not legal tender, no SBS authorisation for conveyancing settlement; private-agreement only (verify at Banco Central de Reserva del Perú, bcrp.gob.pe, 2025). - **py** — Non-res foreign-buyer mortgage: **very limited** — Paraguayan banks rarely lend to non-residents; near-all foreign purchases are cash or developer payment-plan (data not publicly available — verify at Banco Central del Paraguay, bcp.gov.py). Named non-res broker/desk: **none located**. Company/SPV purchase route: legal — a Paraguayan **SA** or **SRL** holds property; downside is annual filing + the SET beneficial-owner registry; rural-land near borders has additional foreign-ownership limits (verify with Dirección General de los Registros Públicos / SET). Crypto-payment for property: **grey** — Paraguay regulates crypto mining/registration (post-2024 law) but crypto is not legal tender for conveyancing; private-agreement only (data not publicly available — verify at Banco Central del Paraguay, 2025). - **tc** — Non-res foreign-buyer mortgage: **largely a cash market** — many foreign buyers purchase cash (or finance via a home-country lender against home-country security), and the USD denomination throughout means no FX layer; the regional banks (**Scotiabank (Turks & Caicos)**, **RBC Royal Bank**, **CIBC FirstCaribbean**) are the main providers but write to a foreign / non-resident at **lower LTV + larger down payment + shorter tenor + higher rate** — **TCI-specific LTV/tenor/rate terms are not publicly indexed; verify at the lender at quote stage** (no central bank of its own — USD is sole legal tender; a registered charge/mortgage attracts a ~1%-of-secured-amount registration fee under the Registered Land Ordinance Ch. 9.01). Named non-res broker/desk: **none located** with a dedicated non-resident mortgage desk. Company/SPV purchase route: legal — a foreigner may take title directly or via a **TCI-registered company** (a foreign person may own 100% of that local company's shares; **foreign companies cannot directly hold TCI land** — they must incorporate locally first); the one transaction lever is the slab **stamp duty (Providenciales 6.5% / 8% / 10%; outer-island 5% / 6.5%)** on the full value (Stamp Duty Ordinance Ch. 19.05 — *verify exact current bands at [gov.tc](https://www.gov.tc/agc/)*), waived only for TCI Status / BOTC holders, not general foreign buyers. Crypto-payment for property: **🔴 UNAUTHORISED** — the **TCI Financial Services Commission publicly stated (Nov 2025) that cryptocurrency activities remain unauthorised in the TCI** (a digital-asset framework is "underway" but not yet in force); treat crypto-for-property as **prohibited / outside any regulated channel** until the framework lands; conveyance settles in USD (verify at TCI FSC / [gov.tc](https://www.gov.tc/), 2025). **Confidence: MEDIUM** (local-company route + stamp duty + crypto-unauthorised status primary/strong-secondary-grounded; non-res LTV not published — hedged). - **tt** — Non-res foreign-buyer mortgage: **NO primary source publishes a non-resident mortgage product** — Republic Bank, First Citizens, Scotiabank T&T and CIBC Caribbean accept non-resident *applicants* subject to KYC, but **non-resident LTV / rate / tenor is `data not publicly available — verify directly with the lender`**; foreign-buyer finance is best framed as **predominantly cash/equity** (treat "mostly cash" as inference, not a sourced fact), because the **Foreign Investment Act s.10(1) requires the purchase consideration to be settled in hard currency through an authorised dealer** and TTD borrowing against a USD-settled purchase is structurally awkward (CBTT is the prudential anchor; the Trinidad & Tobago Mortgage Bank + Home Mortgage Bank are the local mortgage lenders). Named non-res broker/desk: **none located** with a dedicated non-resident mortgage desk. Company/SPV purchase route: **NOT a workaround for the eligibility gate** — a company incorporated in T&T but **under foreign control is itself a "foreign investor"** (FIA Chap. 70:07 s.2(1)(c)), so it remains bound by the licence regime (≤1 acre residential Trinidad licence-free; **ALL Tobago land needs the President's licence regardless of size**; CARICOM nationals are treated as nationals, not foreign investors) + the s.8(2) Third-Schedule notice + the s.10 hard-currency-settlement rule; **s.11 blocks holding land in trust/nominee for an unlicensed foreign investor without the President's licence** — verify with a T&T attorney (conveyancing is attorney-handled; there is no civil-law notary). Crypto-payment for property: **not addressed in the playbook this pass** — no CBTT crypto-settlement authorisation was located and crypto regulation was not researched; treat as `data not publicly available — verify at the Central Bank of Trinidad and Tobago ([central-bank.org.tt](https://www.central-bank.org.tt/))` and do not assume crypto is an accepted conveyancing channel (2026). **FX note (the single biggest exit risk)**: TTD is a **managed float with a de-facto soft USD anchor** (~TT$6.74–6.78/USD, 2025–26); inbound is clean (FIA s.10 forces USD-in through a bank) BUT a genuine multi-year **USD shortage** means authorised dealers **ration forex** — there is **no legal bar to repatriation** (the Exchange Control Act Chap. 79:50 was substantively liberalised from 1993) but a foreign seller is paid in TTD and must source USD through a rationing dealer to remit, which is slow/uncertain. **Confidence: MEDIUM** (FIA eligibility/foreign-investor-company definition + hard-currency-settlement + USD-rationing exit risk primary/strong-secondary-grounded; non-res LTV deliberately not stated, crypto not researched — hedged). - **vg** — Non-res foreign-buyer mortgage: **largely a cash market** — many buyers pay cash (often via offshore structures) given the small local mortgage market + the NBLHL timeline; local-bank finance for non-Belongers exists but is limited and is written at **lower LTV + larger down payment + shorter tenor** — **no public BVI mortgage-rate series; `data not publicly available — obtain a lender quote`, do NOT cite a BVI mortgage rate without a primary lender quote** (USD is sole legal tender since 1959, no FX layer; prudential framework: **[BVI Financial Services Commission (FSC)](https://www.bvifsc.vg/)**). The common structure is **cash purchase USD-side + offshore-currency financing from a home-country bank against home-country security**, minimising BVI lender involvement. Named non-res broker/desk: **none located** with a dedicated non-resident mortgage desk. Company/SPV purchase route: legal and globally significant — the **BVI Business Company (BVIBC)** is THE canonical tax-neutral global property-holding vehicle (0% tax on holding/trading; merely owning real property is **not** an "economic-substance relevant activity", so a BVIBC holding only real estate generally falls outside the substance test, though it must still file annually + disclose UBO); **but for BVI land the company does NOT escape the local gate** — a **non-Belonger-owned BVI company is treated as a non-Belonger and STILL needs the Non-Belongers Land Holding Licence (NBLHL)** (Cabinet-granted, buyer-AND-property-specific, USD 500 company application fee, 4-week local advertising + development-commitment conditions) and pays the **12% non-Belonger stamp duty** (verified at [bvi.gov.vg](https://www.bvi.gov.vg/services/non-belongers-land-holding-licence)). Crypto-payment for property: **regulated but not legal tender** — the **VASP Act** (in force 1 Feb 2023, FSC-registration regime; 0% crypto tax) regulates virtual-asset services but crypto is **not legal tender** (USD is); rigorous AML / source-of-funds applies, conveyance settles in USD, no regulated property-settlement platform (verify at [BVI FSC](https://www.bvifsc.vg/), 2025). **Confidence: MEDIUM-HIGH** (NBLHL-catches-company + 12% stamp + BVIBC ES nuance + VASP Act primary-grounded; non-res LTV deliberately not fabricated). - **uy** — Non-res foreign-buyer mortgage: limited — Uruguayan banks (BROU, Itaú Uruguay, Santander Uruguay, BHU) lend mostly to residents; non-resident lending is case-by-case with large down payments, no published standard LTV (data not publicly available — verify at Banco Central del Uruguay, bcu.gub.uy). Named non-res broker/desk: **none located** as a dedicated desk; foreign purchases are predominantly cash, aided by no restriction on foreign ownership. Company/SPV purchase route: legal — a Uruguayan **SA** or **SAS** holds property; downside is annual IRAE/asset-tax filing + UBO registry (BCU/Auditoría Interna de la Nación); a SAS is now low-cost (verify with DGI / a Uruguayan escribano). Crypto-payment for property: **grey, moving to regulated** — Uruguay's crypto law (Ley 20.345, 2023) brings VASPs under BCU supervision but crypto is **not** legal tender; deed in pesos/UI, private-agreement settlement only (verify at Banco Central del Uruguay, 2025). ### Africa + North America (R6) - **bw** — Non-res foreign-buyer mortgage: **non-resident terms are `data not publicly available`** — Botswana banks (FNBB, Absa Botswana, Stanbic, Standard Chartered, BBS Bank) advertise up to **100% LTV (105% first-time)** but that is the **resident/general** market; **whether a non-resident can obtain a Botswana home loan, and at what LTV, is not documented at a primary source — confirm directly with FNBB / Absa Botswana, or default to a cash purchase** (FNBB home-loans page; Bank of Botswana is the prudential anchor — verify at [bankofbotswana.bw](https://www.bankofbotswana.bw/)). ⚠️ **Do NOT transpose South African non-resident products** (the FNB/Absa ~50% non-resident mortgages that surface in search are *South African*, not Botswana). Named non-res broker/desk: **none located** with a dedicated non-resident desk. Company/SPV purchase route: a non-citizen can realistically hold only **freehold** (urban residential — scarce) or a **~50-yr state-land Fixed Period State Grant**; **tribal land is closed** to non-citizen freehold; **agricultural land needs Ministry of Agriculture consent (Land Control Act 1975)** which a company route does NOT bypass; non-citizen transfer duty is **10%/15% progressive** (Transfer Duty (Amendment) Act 2023 No. 5, eff. 3 May 2023) — verify with a Botswana conveyancer. Crypto-payment for property: **not addressed in the playbook this pass** — no Bank of Botswana crypto-settlement authorisation was located and crypto regulation was not researched; treat as `data not publicly available — verify at Bank of Botswana ([bankofbotswana.bw](https://www.bankofbotswana.bw/))` and do not assume crypto is an accepted conveyancing channel (2026). **FX note**: exchange controls were **abolished 9 Feb 1999** (rents/sale proceeds freely repatriable) BUT the **crawling-band peg is a managed depreciation** (downward crawl 2.76% p.a. as of 11 Jul 2025) — a BWP asset tends to lose value in ZAR/SDR/USD over a multi-year hold; model the crawl. **Confidence: MEDIUM** (tenure + transfer-duty + FX regime primary-grounded; non-res LTV explicitly not published, crypto not researched — hedged). - **ca** — Non-res foreign-buyer mortgage: legal but **min 35% down (~65% LTV)** for buyers living outside Canada/US, own verified funds in a Canadian account pre-funding; **AND** the federal Prohibition on Purchase of Residential Property by Non-Canadians is extended to **1 Jan 2027**, so most non-resident foreigners are *barred from purchasing* many urban dwellings regardless of financing (Government of Canada / aggregator confirmation 2025 — verify exemption list at cmhc-schl.gc.ca; **rules may have changed**). Named non-res broker/desk: **RBC**, **BMO**, **Scotiabank**, plus brokers True North Mortgage / Strive — non-resident programmes. Company/SPV purchase route: a Canadian **corporation** can hold property, but a corporation controlled by non-Canadians is itself caught by the foreign-buyer Prohibition for in-scope residential property; commercial/large-multifamily generally exempt; downside is the ban + provincial NRST (ON 25% / BC 20%) (verify with CMHC / provincial land-transfer authority). Crypto-payment for property: **grey** — crypto legal as property, not legal tender (Bank of Canada); some developers/realtors advertise crypto-accepted but funds are converted to CAD at closing via a registered MSB; no special conveyancing status (verify at Bank of Canada, bankofcanada.ca, 2025). - **cv** — Non-res foreign-buyer mortgage: **very limited** — Cabo Verde banks (BCA, Caixa Económica, BCN) lend mainly to residents; foreign resort buyers (Sal, Boa Vista) overwhelmingly **cash** or developer payment-plan; no published non-resident LTV (data not publicly available — verify at Banco de Cabo Verde, bcv.cv). Named non-res broker/desk: **none located**; UK/PT developer in-house finance is the common substitute (verify each against the developer). Company/SPV purchase route: legal — a Cabo Verde company or a Portuguese/offshore holding company holds resort units; downside is annual filing + substance questions on offshore holders (verify with Casa do Cidadão / Banco de Cabo Verde). Crypto-payment for property: **grey** — no Banco de Cabo Verde authorisation for crypto settlement; not legal tender, private-agreement only (data not publicly available — verify at Banco de Cabo Verde, 2025). - **eg** — Non-res foreign-buyer mortgage: **very limited** — Egyptian mortgages to non-residents are rare; the foreign new-build/resort market (North Coast, Red Sea) runs on **developer instalment plans** (commonly 5–10y, often 0–10% down) rather than bank mortgages; no published non-resident bank LTV (data not publicly available — verify at Central Bank of Egypt, cbe.org.eg). Named non-res broker/desk: **none located** as a bank non-resident desk; developer in-house finance dominates. Company/SPV purchase route: legal — an Egyptian company can hold property, but foreigners face Law 230/1996 limits (max 2 properties, ≤4,000 m², not for commercial resale) which a company structure does **not** automatically bypass; downside is approval + repatriation friction (verify with Egyptian General Authority for Investment / Central Bank of Egypt). Crypto-payment for property: **prohibited/illegal** — the Central Bank of Egypt Banking Law 194/2020 bans issuing/trading/promoting crypto without a CBE licence (none issued); crypto property settlement is unlawful (Central Bank of Egypt, 2020 — **verify current status**, cbe.org.eg). - **gh** — Non-res foreign-buyer mortgage: available mainly as **diaspora** products — First National Bank Ghana, Stanbic Bank Ghana, Republic Bank, Absa offer diaspora/non-resident home loans on foreign-income underwriting, often USD-denominated; LTV not authoritatively published (aggregator Habitaf 2025 — cross-check with lender; data not publicly available — verify at Bank of Ghana, bog.gov.gh). Named non-res broker/desk: **Stanbic Bank Ghana** and **First National Bank Ghana** diaspora desks; **Absa Ghana**. Company/SPV purchase route: legal — a Ghanaian company can hold the **leasehold** interest (foreigners cannot hold freehold; max 50-year leases), so the company holds a lease not freehold; downside is the leasehold cap + annual filing (verify with Ghana Lands Commission / Registrar-General). Crypto-payment for property: **grey-to-restricted** — Bank of Ghana has not licensed crypto for payments and historically warned banks off it (a VASP framework is in progress); not legal tender, private-agreement use only (verify at Bank of Ghana, 2025). - **ke** — Non-res foreign-buyer mortgage: available as **non-resident / diaspora** products — Standard Chartered Kenya explicitly offers mortgages to non-resident Kenyans for investment/return; KCB and Equity Bank run diaspora mortgage centres with foreign-income underwriting; LTV not authoritatively published (Standard Chartered Kenya / aggregator Wise 2026 — cross-check the lender; data not publicly available — verify at Central Bank of Kenya, centralbank.go.ke). Named non-res broker/desk: **Standard Chartered Kenya** (non-resident mortgages), **KCB** and **Equity Bank** diaspora centres. Company/SPV purchase route: legal — a Kenyan company holds property, but foreigners are constitutionally limited to **leasehold (max 99 years)**, not freehold, and an agricultural-land company with foreign control is restricted; downside is the leasehold cap + annual filing (verify with Ministry of Lands / Business Registration Service). Crypto-payment for property: **grey** — Central Bank of Kenya has cautioned against crypto and it is not legal tender; the 2025 VASP Bill is advancing but conveyancing settlement in crypto is not authorised; private-agreement only (verify at Central Bank of Kenya, 2025). - **ma** — Non-res foreign-buyer mortgage: available — four major banks lend to non-residents at up to **~70% LTV (≥30% down)**: **Attijariwafa Bank**, **Bank of Africa (ex-BMCE)**, **CIH Bank**, **Crédit du Maroc**; non-resident loans are typically in MAD and may require funds routed through a convertible-dirham account (aggregator Sands of Wealth Sept-2025 — cross-check the lender/Bank Al-Maghrib; **rates/figures may have changed**). Named non-res broker/desk: **Attijariwafa Bank** and **CIH Bank** have dedicated MRE/non-resident international desks. Company/SPV purchase route: legal — a Moroccan **SARL** holds property (foreigners may own urban property freely; **agricultural land is barred** to foreigners, and a company route does not bypass that); downside is annual filing + convertible-account/repatriation rules (verify with Office Marocain de la Propriété Industrielle / Office des Changes). Crypto-payment for property: **prohibited** — crypto transactions have been officially banned in Morocco since 2017 (Office des Changes / Bank Al-Maghrib joint notice); a regulatory bill is pending but crypto property settlement is currently unlawful (verify at Bank Al-Maghrib, bkam.ma, 2025). - **mu** — Non-res foreign-buyer mortgage: available **within approved schemes** — banks **MCB** and **SBM** (and others) finance non-resident purchases under government property schemes (**PDS / IRS / Smart City**, min ~USD 375,000 investment which also confers residence); standard non-resident LTV not authoritatively published (aggregator Habitaf 2025 — cross-check the lender; data not publicly available — verify at Bank of Mauritius, bom.mu). Named non-res broker/desk: **Mauritius Commercial Bank (MCB)** and **SBM** finance scheme purchases for non-residents. Company/SPV purchase route: legal and standard — a Mauritius company (often a GBC) holds the scheme unit; downside is non-resident freehold outside schemes is generally barred so the company must still buy *within* an approved scheme, plus annual substance/filing (verify with Economic Development Board Mauritius / Bank of Mauritius). Crypto-payment for property: **grey, regulated VASPs** — Mauritius licenses VASPs under the FSC (VAITOS Act 2021) but crypto is **not** legal tender and not authorised for conveyancing settlement; private-agreement only (verify at Bank of Mauritius / FSC Mauritius, 2025). - **na** — Non-res foreign-buyer mortgage: financing is available from the four principal banks (**Bank Windhoek**, **FNB Namibia**, **Standard Bank Namibia**, **Nedbank Namibia**); a non-resident is commonly cited as needing a **~20% deposit (est., advisory — NOT a Bank of Namibia rule)**, and **whether a non-resident needs BoN / Authorised-Dealer approval to borrow locally is not primary-confirmed — verify per-bank + at [BoN](https://www.bon.com.na/)**; no published statutory non-res LTV cap (the 2023 BoN amended LTV regulations introduced a deposit ladder for *additional* properties but the first-property/non-res figure was not re-verified this pass — re-fetch at BoN). Named non-res broker/desk: **none located** with a dedicated non-resident desk. Company/SPV purchase route: legal — property may be held via a **company / close corporation / trust**, but **entity transfer duty is a flat 12%** (vs the natural-person sliding scale topping ~11%) and, since the **Transfer Duty Amendment Act No. 6 of 2024 (eff. 1 Oct 2024)**, buying the **SPV that owns Namibian residential property** itself triggers transfer duty (share/member's/trust-interest deals are now caught) — verify with a Namibian conveyancer. Note **urban/residential freehold is OPEN to foreigners** (Constitution Art. 16(1); no enacted urban ban as of 2026-06-13) but **agricultural (commercial) land requires Ministerial consent + is subject to the State preferent right** (ACLRA 6/1995 s.58), and the not-yet-enacted consolidating **Land Bill** would prohibit foreign acquisition of communal AND commercial land if passed — watch it. Crypto-payment for property: **not addressed in the playbook this pass** — no BoN/NAMFISA crypto-settlement authorisation was located and crypto regulation was not researched; treat as `data not publicly available — verify at Bank of Namibia ([bon.com.na](https://www.bon.com.na/)) / NAMFISA` and do not assume crypto is an accepted conveyancing channel (2026). **FX note**: NAD is **pegged 1:1 to ZAR** inside the **Common Monetary Area** — flows **within the CMA** (NA↔ZA/LS/SZ) are **not** exchange-controlled, but flows **outside the CMA** are; route incoming funds through an Authorised Dealer and plan the repatriation channel before purchase. **Confidence: MEDIUM** (foreign-ownership scope + entity 12%/SPV-trigger + CMA peg primary-grounded; non-res deposit advisory-only, crypto not researched — hedged). - **ng** — Non-res foreign-buyer mortgage: available mainly as **diaspora** products — Access Bank's Diaspora Mortgage and similar (FCMB, Stanbic IBTC) lend to non-resident Nigerians on foreign-income/FX-denominated terms; standard non-resident LTV not authoritatively published (Access Bank / aggregator Habitaf 2025 — cross-check the lender; data not publicly available — verify at Central Bank of Nigeria, cbn.gov.ng). Named non-res broker/desk: **Access Bank** (Access Diaspora Mortgage), **Stanbic IBTC**, **FCMB** diaspora desks. Company/SPV purchase route: legal — a Nigerian company holds property, but the Land Use Act vests land in state Governors so what is held is a **statutory right of occupancy (≤99-yr lease)**, plus Governor's consent for transfers; downside is consent friction + annual CAC filing (verify with Corporate Affairs Commission / state Lands Bureau). Crypto-payment for property: **grey, recently re-opened** — CBN lifted its 2021 banking ban in Dec 2023 and the SEC now licenses VASPs (2024–25), but crypto is **not** legal tender and not authorised for conveyancing settlement; private-agreement only (verify at Central Bank of Nigeria / Nigerian SEC, 2025). - **rw** — Non-res foreign-buyer mortgage: **very limited** — Rwandan banks (Bank of Kigali, I&M, Equity Rwanda) lend mainly to residents; non-resident lending is case-by-case, no published LTV; foreign purchases predominantly cash (data not publicly available — verify at National Bank of Rwanda, bnr.rw). Named non-res broker/desk: **none located** as a dedicated non-resident desk. Company/SPV purchase route: legal — a Rwandan company holds land on a **leasehold** basis (foreigners and foreign-owned entities access land via leases, not freehold; investor leases via Rwanda Development Board); downside is the leasehold structure + RDB approval (verify with Rwanda Development Board / Rwanda Land Management Authority). Crypto-payment for property: **restricted** — the National Bank of Rwanda has warned the public against crypto and it is not legal tender or authorised for settlement; private-agreement only and discouraged (verify at National Bank of Rwanda, 2025). - **sc** — Non-res foreign-buyer mortgage: **very limited** — Seychelles banks lend mainly to residents; non-resident purchases require government **sanction (Immovable Property (Transfer Restriction) Act)** and are largely cash or developer-financed in approved villa/resort schemes; no published non-resident LTV (data not publicly available — verify at Central Bank of Seychelles, cbs.sc). Named non-res broker/desk: **none located** as a dedicated non-resident desk. Company/SPV purchase route: legal but **gated** — a Seychelles company can hold property, but a non-Seychellois (incl. a foreign-owned company) needs government sanction to acquire immovable property and pays a sanction fee; an IBC cannot hold local land; downside is the sanction process + substance rules (verify with Seychelles Financial Services Authority / Ministry of Lands). Crypto-payment for property: **grey** — Seychelles hosts many offshore VASPs but the FSA's VASP Act regulates them as exporters of service; crypto is **not** legal tender and not authorised for local conveyancing settlement (verify at Central Bank of Seychelles / FSA Seychelles, 2025). - **tn** — Non-res foreign-buyer mortgage: **very limited** — Tunisian banks lend mainly to residents; foreign (non-Tunisian) property purchase requires **Governor's authorisation** and is mostly cash; no published non-resident LTV (data not publicly available — verify at Banque Centrale de Tunisie, bct.gov.tn). Named non-res broker/desk: **none located**; non-resident Tunisians (TRE) get diaspora products from some banks — verify per bank. Company/SPV purchase route: legal but **gated** — foreigners need authorisation to acquire non-built land/agricultural land; a Tunisian company holding built urban property is feasible but still subject to the foreign-ownership authorisation regime; downside is approval friction + foreign-exchange repatriation rules (verify with Banque Centrale de Tunisie / Tunisian land registry). Crypto-payment for property: **prohibited/illegal** — Tunisia's exchange regulations bar crypto; the Central Bank has stated it is not legal and a regulatory framework is only being studied; crypto property settlement is unlawful (verify at Banque Centrale de Tunisie, 2025). - **us** — Non-res foreign-buyer mortgage: available — **Foreign National** programmes lend to non-resident aliens with no US credit, typically **~65–75% LTV (25–35% down)**; **DSCR (no personal income, qualifies on rent)** loans for investment property reach ~70–75% LTV, occasionally up to ~80% on strong profiles; assets often must season ~60 days (specialist-lender marketing — Foundation Mortgage / Angel Oak / America Mortgages 2025–26 — broker-tier, verify exact LTV with the named lender; **rates may have changed**). Named non-res broker/desk: **Foundation Mortgage**, **Angel Oak Mortgage Solutions**, **America Mortgages**, **Waltz**; for Canadians, **RBC Bank (US, Georgia)** lends up to **80% on primary/2nd-home, 75% on investment** using Canadian credit. Company/SPV purchase route: legal and **very common** — a US **LLC** holds the property (liability shield, estate-tax planning, privacy in some states); downside is potential loss of homestead/owner-occupant rates, FIRPTA 15% withholding on resale, and US estate-tax exposure for non-resident aliens above the low $60k exemption — get cross-border tax advice (verify with IRS FIRPTA guidance / state filing office). Crypto-payment for property: **legal/grey-practised** — crypto is legal property (no federal ban); private parties can transact, and platforms like **Propy** facilitate crypto-assisted US deals, but title companies typically require conversion to USD at closing and AML/source-of-funds checks apply (verify at IRS / FinCEN, 2025). - **za** — Non-res foreign-buyer mortgage: **LTV effectively capped at 50%** of purchase price for true non-residents — Exchange Control Reg 3(1)(f) / the "50% borrowing rule" requires a non-resident to introduce ≥50% own foreign capital (1:1 local-credit-to-introduced-funds), administered by SARB FinSurv via Authorised Dealer banks; foreigners with a SA work/residence visa + SA income can exceed 50% subject to bank affordability (SARB Currency & Exchanges Manual / Polity / BusinessReport Jan-2026; **verify current SARB Manual**, resbank.co.za). Named non-res broker/desk: **Standard Bank**, **Absa**, **Nedbank**, **FNB**, and broker **ooba** all process non-resident bonds within the 50% rule. Company/SPV purchase route: legal — property held via a SA **company** or **trust**; but a non-resident-funded company is still bound by the exchange-control 50% local-borrowing limit and the entity needs SARB-approved foreign funding; downside is the borrowing cap carrying through + annual filing + transfer-duty/CGT on share-disposal anti-avoidance (verify with SARB FinSurv / CIPC). Crypto-payment for property: **grey** — SARB/FSCA treat crypto as a regulated financial product (FSCA declaration 2022) but **not** legal tender and not authorised for conveyancing settlement; cross-border crypto settlement is constrained by exchange control; private-agreement only (verify at South African Reserve Bank / FSCA, 2025). ## Corrections folded (research-surfaced) - **"You can buy property directly with Bitcoin in Spain/Portugal/Greece"** (widely repeated by crypto-relocation marketing sites, e.g. astons.com): MISLEADING. Crypto is not legal tender in any EU/EEA state; the notarial deed settles in fiat (EUR). The accurate statement is crypto→EUR conversion via a regulated CASP, then a euro-denominated deed (MiCA fully applicable 30 Dec 2024, [ESMA](https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica)). Folded into every EU/EEA bullet as "grey — convert to EUR before the deed". - **"France/Spain/Portugal cap non-residents at 80%+ LTV like residents"**: WRONG for non-residents. Non-residents are materially more constrained: ES ~60-70%, IT ~50-60%, PT ~60-70%; only FR is comparatively generous at ~70-85% (2025 sources cited inline; cross-check the lender/central bank — figures may have changed). Folded into the es/it/pt/fr bullets. - **"Poland forced a CHF→PLN conversion like Hungary"**: WRONG. Poland passed no statutory conversion act; relief was litigation-driven via CJEU C-260/18. Hungary (Act LXXVII/2014) and Croatia (2015 amendment) did legislate; the relief mechanism differs by country ([EPRS briefing](https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/689361/EPRS_BRI(2021)689361_EN.pdf)). Folded into hu/hr/pl/ro/rs bullets. - **Studio Legale Metta is a law firm, not a mortgage broker** — useful for Italian non-res mortgage *parameters/legal advisory* but should not be cited as a "non-res broker"; corrected in the **it** bullet. - **ae** "Damac/Emaar/Nakheel accept crypto" — widely repeated in aggregator/press but is *developer-marketing/press tier*, not a primary regulator statement. Corrected in-bullet: legality of crypto property settlement rests on the **VARA framework + DLD tokenisation pilot (primary)**; specific developer crypto channels must be verified against that developer's official sales contract before relying. Do not state developer crypto-acceptance as regulator-confirmed fact. - **tr** Frequent aggregator claim that buyers "pay developers in crypto" in Turkey is wrong: **CBRT's 2021 Regulation on the Disuse of Crypto Assets in Payments prohibits using crypto for payments** — direct crypto property settlement is illegal; only fiat conversion then purchase is lawful. Folded into the tr bullet. - **au** Aggregators still describe "foreign buyers getting Australian mortgages" generically — materially stale post-**1 Apr 2025 established-dwelling ban (FIRB, to 31 Mar 2027)**. Corrected in-bullet: established dwellings are off-limits to foreign persons (incl. foreign-owned companies — no SPV workaround); only new/off-the-plan with FIRB approval. - **hk** Many older guides still cite a 15%/7.5% Buyer's Stamp Duty and lower LTV for non-permanent residents — **abolished 28 Feb 2024; HKMA uniform 70% LTV, Scale-2 AVD only** (HKMA, 2024). Folded into the hk bullet. - **sg** Stale "30% ABSD for foreigners" persists in older sources — **raised to 60% (Apr 2023)**; entities pay 65% (IRAS). Folded into the sg bullet. - **jp** "Foreigners can easily get a Japanese mortgage" is misleading for non-residents — **near-absent without Japan residency/PR**; SMBC Prestia/Suruga/SBI Shinsei lean to *residents*; corporate (KK/GK) loan is the real non-resident route. Folded into the jp bullet. - **in / vn / id / kh** Generic "foreigners can get a mortgage" claims are wrong for pure foreign nationals — IN bars non-NRI/OCI residential purchase (FEMA), VN/ID/KH bar foreign land ownership and have effectively no non-resident mortgage market; nominee structures are illegal in ID/VN/KH/TH. Folded into each bullet. - **Mexico — fideicomiso ≠ SPV (widely conflated).** Many listings and aggregators describe the *fideicomiso* as a "way to own through a trust/structure" and imply it is an asset-protection SPV. It is **not** a special-purpose vehicle: it is a *mandatory bank-trust title-holding mechanism* required for any foreigner buying inside the restricted zone (50 km coast / 100 km border). The genuine SPV route is a Mexican *sociedad* (S. de R.L./S.A.), which is only usable for non-residential or non-restricted-zone property without the trust. Folded into the **mx** bullet. - **Canada — financing vs. eligibility conflation.** Cross-border-bank marketing ("Canadians can get a Canadian mortgage") frequently omits that the federal *Prohibition on the Purchase of Residential Property by Non-Canadians* (extended to **1 Jan 2027**) bars many non-resident foreigners from purchasing in-scope residential property *regardless of mortgage access*. A 35%-down mortgage offer does not equal legal eligibility. Folded into the **ca** bullet. - **South Africa — "non-residents can get a normal 90% bond" (common aggregator overstatement).** Several blog/broker pages imply standard high-LTV bonds for foreigners; the binding constraint is Exchange Control Reg 3(1)(f) capping local credit at ~50% of price for true non-residents (visa+SA-income holders excepted). Folded into the **za** bullet. - **Dominican Republic vs. Dominica.** Recurrent aggregator error attributes Dominica's (DM) digital-nomad/CBI-linked financing to the Dominican Republic (DO). DO has no such product; DM is out of scope. Flagged in the **do** bullet. - **Brazil — "pay for BR property with crypto from abroad" overstatement.** Aggregators that say crypto is "legal and regulated in Brazil" omit that Banco Central do Brasil banned stablecoin/crypto settlement in *cross-border* (eFX) payments effective **1 Oct 2025** (Banco Central do Brasil / CoinDesk May-2026). Domestic private crypto transfer remains possible, but cross-border crypto settlement to fund a purchase is restricted. Folded into the **br** bullet. - **Brazil/LatAm rural-land trap.** Listings frequently quote "no foreign-ownership restrictions in Brazil" — true for urban property but Law 5.709/71 imposes INCRA authorisation + municipal area caps on rural land and the 150 km border strip, and banks largely refuse to mortgage it to foreigners. Folded into the **br** bullet. ## Confidence labels - **HIGH** — central bank / financial regulator / named-lender policy pinned with date + figure (anchor set surfaced in research: ZA SARB exchange-control non-res rule, CA federal Prohibition + 35% rule, AE CBUAE, IL Bank of Israel, ES/PT/FR/IT/UK established non-res markets, US foreign-national/DSCR, MX named expat-desk LTV, EG/MA/TN central-bank crypto prohibition). - **MEDIUM** — non-resident LTV / broker reality from named-secondary or broker-tier cross-checked to a regulator stance; SPV route legally sound but downside qualitatively stated. - **LOW** — no located primary source for non-resident lending in a thin/closed market; marked `data not publicly available — verify at `. No LTV or rate was stated without a source+year or the unavailable marker. ## Status **Last refreshed**: 2026-05-15. **Next refresh**: per-event for foreign-buyer-lending regime changes (AU foreign-buyer ban bedding in; NZ partial reopen; any national FX-loan conversion statute), annual for the broker-network + SPV-route baseline. **Confidence**: MEDIUM overall — HIGH for the primary-anchored markets above; MEDIUM for the broker/SPV tier; LOW/`verify at` in thin or closed non-resident-lending markets. The currency-mismatch trap and the resident-vs-non-resident LTV distinction are the actionable core.