# Universal `--finance` Section

Foreign-buyer mortgage availability, LTV caps for non-residents, current rate environment, FX-loan rules across all **126 supported countries**. This is the universal `--finance` overview; the per-country tables below are authoritative (where a country has no domestic non-resident mortgage market the row says so honestly — "cash market" / "data not publicly available — verify with lender").

**Snapshot**: the original 87 rows are dated Apr–May 2026; the 23 post-103 jurisdictions (Crown Deps + DK territories + NL Caribbean + Caribbean UK-OT/CBI + na/bw/pk/tt/vu) were added **2026-06-13** from their playbooks. Rates move monthly — treat as point-in-time.

**Anti-hallucination**: every claim should be cross-checkable against the cited primary source. Where this section's value is not specific enough for a transaction, the per-country playbook + bank's published tariff is authoritative.

## Universal contract

For the property's country, return:
1. **Foreign-buyer access**: yes / restricted / effectively cash-only / banned
2. **LTV cap (non-resident)**: % vs resident benchmark + deposit needed
3. **Indicative 10-yr fixed rate** (Apr 2026)
4. **FX-loan rules** (post-2008 CHF crisis legacy where applicable)
5. **Banks with non-resident desks**
6. **Key caveats**: DTI cap, age limits, tax-ID requirement, min income, processing time
7. **Confidence**: HIGH / MEDIUM / LOW

## Output template

```markdown
## Finance Profile (Foreign Buyer)

**Country**: <ISO2>
**Foreign-buyer access**: <yes | restricted | effectively cash-only | banned>
**LTV cap (non-resident)**: <%> — deposit <%>
**10-yr fixed rate (Apr 2026, indicative)**: <range>
**FX-loan rules**: <free | restricted | banned post-CHF-crisis>
**Banks with non-res desks**: <list>
**Key caveats**: <DTI cap, age limit, tax-ID, processing>
**Confidence**: <HIGH/MEDIUM/LOW>
**Sources**: <URLs>
```

---

## Regional patterns

### Western Europe (FR, IT, ES, PT, DE, AT, CH, NL, BE, LU, IE, UK, GR, MT, CY)
Mortgages broadly available to non-residents but LTV caps drop 10–30 ppts vs residents. Eurozone 10-yr fixed clusters in **3.0–4.5%** band Apr 2026 (ES at low end ~2.55–4.0%, DE 3.5–5%, FR 3.3–3.8%). UK BoE base **3.75%** (held since Dec 2025 after Iran-conflict energy shock); UK expat residential ~4.0–6.0%. Switzerland is the outlier — SNB policy rate **0.00%** Mar 2026; 10-yr CHF mortgages **~1.4–2.0%** but non-resident LTV capped 50–65%.

### Western European microstates (LI, MC, AD, SM)
Three distinct regimes, all small markets where private banking dominates over retail mortgage products. **LI** (Liechtenstein) operates **GVG Lex Liechtenstein (LR 214.11) — non-residents are effectively banned from acquiring real estate**, with only ~5–10 special dispensations granted per year on demonstrable Liechtenstein-purpose grounds; CHF currency union with Switzerland since **1923 Customs Treaty** means CHF mortgage rates apply (LLB, VP Bank, Liechtensteinische Landesbank, Volksbank AG mortgages typically **1.5–2.5%** Apr 2026); Tragbarkeit calculations follow Swiss FINMA-style imputed 5% theoretical rate. **MC** (Monaco) is **open to all nationalities without restriction** — residency requires ~€500k bank deposit (practitioner bar, no statute), **no annual property tax / no CGT / no PIT** (French nationals carved out via [1963 Convention fiscale franco-monégasque](https://www.legifrance.gouv.fr/loda/id/JORFTEXT000000312026)); private-banking mortgages from CFM Indosuez, Compagnie Monégasque de Banque, Barclays Monaco, J. Safra Sarasin, EFG Monaco — **typical LTV 50–70% for HNW non-resident, EUR-denominated, 1.5–3.0%** Apr 2026. **AD** (Andorra) **Llei 36/2024 òmnibus law applies a ~10% non-resident real-estate surcharge** (per [BOPA Llei 36/2024](https://www.bopa.ad/)); residency Activa requires ~€600k investment OR €350k + €50k AFA deposit; mortgages from Andbank, MoraBanc, Crèdit Andorrà, BPA — typical **LTV 60–70% for resident foreigners, 50–60% for pure non-residents at 2.5–4.0% EUR** Apr 2026; INAF (Institut Nacional Andorrà de Finances) supervises.

### CEE / Baltics (CZ, SK, PL, HU, RO, BG, SI, EE, LV, LT, HR)
All EU. EU nationals near-resident terms with local income; non-EU pure-non-residents face 50–70% LTV. **FX-loan history is dominant policy memory**: PL CHF ban + ~700k Frankowicze, HU 2014 forced conversion + retail FX ban since 2010, HR Sept 2015 forced CHF→EUR conversion (now eurozone since Jan 2023), RO Oct 2016 forced CHF conversion at issuance-date FX. SK and CZ never had material CHF retail crisis. Rates **3.5–7.5%** for foreigners; HU highest (6–9%).

### Nordics (SE, FI, NO, DK, IS)
Mortgages available but strongly biased toward local-employment income. SE legal LTV cap 85% but banks internally apply 60–80% non-resident. NO 60–75% non-resident vs 85–90% resident. DK has best-in-world mortgage-bond system but secondary-residence and bopælspligt (residence requirement) constrain non-EU buyers. IS post-2017 capital-controls lifted; ISK volatility means foreign-currency-indexed structures common.

### Western Balkans (RS, ME, BA, MK, AL)
Non-resident lending case-by-case, harder, more expensive than EU. **Most foreign buyers pay cash.** Serbia NBS rules limit non-residents (Banca Intesa/Raiffeisen/OTP cited as most foreigner-friendly). ME has CKB, Hipotekarna, Lovćen Banka (dedicated non-resident product), Universal Capital Bank. BA limited specialist desks. AL has explicit deposit minimums: 15% lek primary residence, 25% euro loan.

### Anglo non-EU (CA, AU, NZ)
All three have **explicit foreign-buyer purchase restrictions**, not just lending caps. CA Prohibition Act extended through **1 Jan 2027**. AU **temporary ban on established/pre-owned dwellings through 31 Mar 2027** plus FIRB fees from AUD 15,100 plus state surcharges. NZ Overseas Investment Act 2018 bans most non-residents from existing homes; AU + SG citizens/PRs exempt; new builds OK.

### Latin America (MX, BR, AR, CR, PA, CO, UY, CL, PE, EC, PY)

### Caribbean (DO, JM, BS, BB, BZ)
Mortgages exist but expensive and paperwork-heavy → practical reality is **cash market** for most international buyers. MX 9% MXN, 30–50% deposit non-resident. BR 9.5–14.5% (Selic **14.75%** Mar 2026, cuts paused after Iran shock); CPF + permanent residency (CRNM) effectively required. AR rates 25–38% UVA peso → properties priced in USD, foreigners pay cash. CR 6–9% USD/7–10% CRC, up to 65% LTV. PA USD-dollarized, 60–70% LTV non-resident. **DO** USD-priced in tourist zones (Punta Cana, Las Terrenas) but DOP-denominated mortgages dominant — non-residents typically cash; Scotiabank DR/Banco Popular offer USD products at 7–9% to qualified buyers. **CO** mortgages denominated in **UVR** (CPI-indexed unit, BanRep) or fixed COP; BanRep policy rate **9.25%** Apr 2026; non-residents need CC/cédula extranjera + tax-ID NIT, LTV 50–70%. **UY** mortgages historically in **UI** (BCU CPI-indexed unit ~UYU 6.6 mid-2026); BHU + ANV state lenders are resident-only; foreigners use BROU/Itaú/Santander UY at 5–7% real over UI for non-VIS. **CL** prices/mortgages quoted in **UF** (Unidad de Fomento, BCCh-set daily inflation unit); CMF-regulated banks (Banco de Chile, BCI, Santander Chile, Itaú Chile, Scotiabank Chile) offer mortgages 4–6% real over UF to residents; non-residents face 50–70% LTV and additional documentation. **PE** (Peru) — **Border Zone 50km BANNED to non-citizens** under Constitution Art. 71 (terrestrial AND maritime borders); BCP, BBVA Continental, Interbank, Scotiabank Peru cap **non-resident LTV at 50–60%** (residents 70–80%); rates **7–10% PEN / 5.5–8% USD** Apr 2026; MiVivienda state subsidy is resident-only; USD pricing dominant ~30% of Lima/coast listings; PEN is managed-float (BCRP — Banco Central de Reserva del Perú) with minimal capital controls; notary mandatory (escribano público) ~0.5–1%; **SUNARP partida registral system** (national property registry — unique). **EC** (Ecuador) — **OPEN to foreigners** but Border Zone 50km + Galápagos require SECOB authorization; Banco Pichincha, Produbanco, BIESS cap **non-resident LTV at 50%** (residents 70%); rates **8–12% USD** Apr 2026; **CGT is 0% if held >5 years (UNIQUE)**; **USD officially adopted Sep 2000 — NO FX risk (UNIQUE)** but ISD 5% outbound capital tax; notary mandatory + Registro per Municipio (no national cadastre); **2024 Internal Armed Conflict Declaration** (Decreto Ejecutivo 110) raises security risk. **PY** (Paraguay) — **Border Zone Ley 2.532/2005 RURAL only** (urban Ciudad del Este / Encarnación are OPEN — common misconception that all border land is restricted); BNF, Itaú PY, Banco Continental, Banco Atlas, Banco Familiar offer mortgages — **non-resident LTV 50%** (residents 70%); rates **8–15% PYG / 6–9% USD** Apr 2026; **CGT effective ~2.4%** under Ley 6.380/2019 (30% taxable design with low effective rate — among LOWEST in South America); IVA 10% / 5% low-income housing; **territorial-source PIT** (foreign passive income generally NOT taxed); PYG is managed-float (BCP — Banco Central del Paraguay), relatively stable; USD informal pricing common; **Resolución SET 1186/2023 reformed RBI** — previously the cheapest formal RBI in South America (~USD 5,200) now requires **USD 70k SUACE business investment** (note "SUACE" = Sistema Unificado de Apertura y Cierre de Empresas).

### North America (US, CA)
**US** has the world's deepest mortgage market for non-residents — "Foreign National" loan products from non-bank specialists (Chase International is gone post-2024 retrenchment; HSBC, RBC City National, BMO Bank of Montreal Private, plus DSCR specialists like Lima One / Kiavi / Visio) offer **65–75% LTV for foreign nationals on US residential**, no SSN required (ITIN or passport), reserves 6–12 months PITI, rates roughly **+0.75 to +1.50 ppts above conforming 30-yr** (Freddie Mac PMMS 30-yr **6.75%** week of 2026-04-24, see [Freddie Mac PMMS](https://www.freddiemac.com/pmms)). Mortgage interest deduction cap **$750k acquisition debt** made permanent under OBBBA (PL 119-21, 4 Jul 2025). State-level non-resident lender variation high (FL/CA/TX/NY foreign-buyer-friendliest). CA Prohibition Act extended through **1 Jan 2027** (covered in the existing Anglo non-EU table).

### South Asia (IN, LK, MV)
**IN** (India) — residential property is **OPEN to NRIs (Non-Resident Indians) and OCIs (Overseas Citizens of India)** under FEMA 1999 + RBI Master Direction on Acquisition and Transfer of Immovable Property; **foreign nationals (non-NRI/non-OCI) are effectively BANNED** from acquiring residential property except via long-term residency under Section 6(5)/Citizenship Act and case-by-case RBI approval (rarely granted); agricultural / plantation / farmhouse land BANNED to NRIs/OCIs (Section 6 FEMA Notification 21/2000-RB). **Cadastre is DECENTRALIZED across 28 states + 8 Union Territories** (no national cadastre — UNIQUE) — Karnataka uses **Bhoomi**, Maharashtra uses **MahaBhulekh / 7-12 extracts**, Tamil Nadu uses **Patta-Chitta**, Telangana uses **Bhu Bharati** (successor to Dharani, Act No. 1 of 2025), Andhra Pradesh uses **Meebhoomi**, etc.; sub-registrar offices under state Registration Acts handle deed-registration. **SBI, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Bank of Baroda + HFCs (LIC Housing Finance, PNB Housing, Tata Capital, Bajaj Housing Finance)** offer **resident LTV 90% (≤INR 30 lakh) / 80% (INR 30L–75L) / 75% (>INR 75 lakh)** per RBI Master Direction on Housing Finance; rates **8–12% INR** Apr 2026 (RBI policy repo **6.00%** Apr 2026 [verify]); **NRI LTV typically 75–80%** with proof of overseas income + NRE/NRO account; **foreign nationals (non-NRI/non-OCI) effectively NO mortgage market**. INR is **managed-float** by RBI with **capital controls under FEMA + LRS (Liberalised Remittance Scheme) USD 250k/yr cap per resident**; NRIs repatriate sale proceeds in USD up to USD 1M/yr per individual via RBI scheme. **Stamp Duty 4–8% state-specific** (Maharashtra 6%, Delhi 6%, Karnataka 5%, Tamil Nadu 7%, Kerala 8%) + **registration 1%** = **5–10% all-in transfer cost**. Notary NOT mandatory in most states (registration via Sub-Registrar suffices); RBI macroprudential rules tighten cyclically on >INR 75 lakh tickets.

### MENA / Gulf (AE, IL, MA, EG, QA, SA, TN, JO, OM, BH, KW, LB)
Heterogeneous. **AE** has mature non-resident mortgage market post-CBUAE Mortgage Regulation Circular 31/2013 (revised) — first-property non-resident **LTV cap 75% on properties ≤AED 5M; 65% above AED 5M; second property 65/60%**; EIBOR-linked variable dominant (3M EIBOR ~4.0–4.4% Apr 2026 per CBUAE), 5-yr fixed available. **IL** Bank of Israel Banking Supervision Directive 329 caps **non-resident LTV at 50%** (vs 75% Israeli first home, 50% Israeli investor); BoI policy rate **4.50%** May 2026 (held through Iran-conflict shock); ILS dominant but USD/EUR mortgages available at some banks. **MA** Bank Al-Maghrib policy rate **2.50%** as of late 2025; CIH/Attijariwafa/BMCE/BMCI/SGMA offer non-resident MAD mortgages 60–70% LTV; **funds must enter via banque agréée intermédiaire with avis d'opération referencing Office des Changes Instruction 02** for repatriation rights. **EG** mortgages effectively unavailable to foreign non-residents — CBE Mortgage Finance Initiative subsidies are resident-and-citizen-only; **foreign-buyer market is USD-cash, gated by Form 4 inflow paperwork** (without it, future USD repatriation of sale proceeds is blocked). **QA** (Qatar) — foreign ownership is restricted to **9 freehold zones + 16 leasehold-99-yr zones** under [Law 16/2018](https://www.almeezan.qa/) (the 2018 freehold reform); QCB caps **non-resident LTV at 60–70%**, nationals 75% (per QCB instructions to banks); rates **~5.5–7.0% QAR** Apr 2026; QAR pegged to USD at **3.64 since 2001** (QCB fixed peg) → effectively zero USD-FX risk; QIB, QNB, Doha Bank, Commercial Bank of Qatar (CBQ), Ahli Bank Qatar (ABQ) all have non-resident desks; **NO recurring property tax / NO PIT / NO VAT yet** (UNIQUE — Qatar has not introduced VAT despite GCC framework agreement); transfer cost very low — **0.25% REA transfer fee + 1–2% notarial = LOW total** (under 3%); PR Law 10/2018 ≥QAR 1M (~USD 275k, capped ~100/yr); Investor Residency Law 21/2018 ≥QAR 730k. **SA** (Saudi Arabia) — **Law on Non-Saudis Ownership of Real Estate, Royal Decree M/14 of 14 Jul 2025, in force 22 Jan 2026** opens broader access (verify implementing regulations); SAMA caps Saudi LTV at 90% (with REDF subsidies), **expat-with-Iqama LTV 60–70%**; rates **5–9% SAR** Apr 2026; SAR pegged to USD at **3.75 since 1986** (SAMA fixed peg); **Mecca and Medina BANNED to non-Muslims** (constitutional/religious — UNIQUE); **NO recurring property tax (UNIQUE)** but **White Land + Vacant Property Fees up to 10%/yr banded, on idle urban land ≥5,000 m²**; RETT 5%; VAT 15%; **NO PIT** but Zakat 2.5% applies to Muslims; Premium Residency: **SAR 800k one-time / SAR 100k/yr renewable / Real-Estate-Owner SAR 4M tier**; Vision 2030 mega-projects (NEOM, Qiddiya, Diriyah, Red Sea, AlUla, Roshn). **TN** (Tunisia) — foreign acquisition outside ONTT-designated tourist zones requires **Governor's Authorization** (6–12 months, no statutory appeal — Code des Droits Réels 1957 + 1964 + 2024 update); agricultural land BANNED to foreigners; STB, BNA, Attijari Bank Tunisie, BIAT, BFPME offer **TND mortgages** (residents 70% LTV typical, foreigners typically need 30–50% deposit); rates **8–15% TND** Apr 2026; **FX-loans (EUR/USD) restricted post-2018** under BCT Circular 2018-04; TND is **managed-float SEMI-CONVERTIBLE** (NOT freely convertible — capital controls via BCT and Office des Changes); **IMF EFF was suspended Mar 2024** (Tunisia rejected the staff-level reform package). **JO** (Jordan) — foreign-buyer market is **OPEN under reciprocity** (Jordan Investment Law + Real Estate Ownership Law); **DLS (Department of Lands and Survey) under MoF — Tabu Torrens-style** registration; **HBTF (Housing Bank for Trade and Finance — largest), Arab Bank, Jordan Kuwait Bank, Cairo Amman Bank, Jordan Ahli Bank** offer **JOD mortgages — 75–80% LTV Jordanians / 50–65% non-residents**; rates **6–10% JOD** Apr 2026; **foreign USD-denominated 5–8% (limited availability)**; **JOD pegged to USD 0.7080 since 1995** (CBJ — Central Bank of Jordan — fixed peg) → effectively zero USD-FX risk for USD-priced sums; **Property Sales Tax 9% unified 2019** (was 4% buyer + 5% seller, [Income and Sales Tax Department](https://www.istd.gov.jo/)) + ~0.4–1% registration + ~0.5–1% notarial = **~10–12% all-in (HIGHEST in MENA)**; notary required + DLS registration. **OM** (Oman) — foreign ownership **restricted to Integrated Tourism Complexes (ITCs) under Royal Decree 12/2006** (non-GCC nationals); GCC nationals have broader access; **MHUP (Ministry of Housing and Urban Planning) Land Registry** + NSA (National Survey Authority); **Bank Muscat, Bank Dhofar, NBO (National Bank of Oman), Sohar International, Ahli Bank** offer **OMR mortgages — 70% nationals / 60% foreigners with residence**; rates **6–9% OMR** Apr 2026; **OMR pegged to USD 0.385 since 1986** (CBO — Central Bank of Oman — fixed peg) → effectively zero USD-FX risk; transfer **3% RD-Land + ~1% notarial = ~4–5% all-in**; notary required at MHUP for transfer registration. **BH** (Bahrain) — among **most open GCC for foreign buyers** under Law 2/2001 + RERA designated-areas list (extensive; verify at [RERA](https://www.rera.gov.bh/)); **SLRB (Survey and Land Registration Bureau)** records; **Ahli United Bank, BBK (Bank of Bahrain and Kuwait), NBB (National Bank of Bahrain), BisB (Bahrain Islamic Bank), Al Salam Bank, KFH Bahrain (Kuwait Finance House)** offer **BHD or USD mortgages — 80% nationals / 70% expats with CPR (Central Population Register card)**; rates **5–8% BHD/USD** Apr 2026; **BHD pegged to USD 0.376 since 2001** (CBB — Central Bank of Bahrain — fixed peg) → effectively zero USD-FX risk; **BHD has UNIQUE highest face-value globally (~USD 2.65/BHD)**; **SLRB Registration ~2% standard + 1.7% sliding additional = ~3–4% all-in**; foreign-buyer mortgages widely available (most open GCC); notary required at SLRB. **KW** (Kuwait) — **non-GCC foreigners CANNOT own real estate in Kuwait** (Decree-Law 74/1979 + amendments — only GCC nationals + naturalized Kuwaitis); some leasehold structures exist via specific commercial arrangements but practical foreign-buyer market essentially zero; **PACI (Public Authority for Civil Information) + MoJ (Ministry of Justice) Real Estate Registration**; **NBK (National Bank of Kuwait), KFH (Kuwait Finance House), Burgan Bank, Gulf Bank, KIB (Kuwait International Bank), ABK (Al Ahli Bank of Kuwait)** offer mortgages to Kuwaitis 70–80% LTV; effectively **NO mortgages for non-GCC foreigners** (cannot own); **KWD basket-managed since 20 May 2007** (was USD-pegged before; CBK — Central Bank of Kuwait — active); **KWD ≈ USD 3.25 — world's HIGHEST face-value currency**; transfer ~0.5–2% MoJ fee + ~0.5% notarial; notary required at MoJ. **LB** (Lebanon) — **POST-2019 BANKING CRISIS — banks effectively collapsed Oct 2019**; **BDL (Banque du Liban) "Lollar" (locked dollar accounts at official rate) crisis ongoing 2019–2026**; depositors faced effective haircuts; **mortgage market FROZEN** — pre-2019 banks Bank Audi, BLC Bank, Byblos Bank, Bank of Beirut, Fransabank, BLOM Bank, BBAC essentially do not extend new mortgages; **new mortgages limited to fresh USD entirely outside the formal banking system** (informal cash-based seller financing common); foreign buyers typically **pay CASH fresh USD**; **LBP HISTORICAL HYPERINFLATION** — LBP was **pegged USD 1,507.5 since 1997** → **decoupled Sep 2019** → black-market peak **USD 100,000+ in 2022** → unified 2023–24 around **USD 89,500–90,000** (verify daily on transaction); **General Directorate of Cadastre under MoF + Solidere BCD (Beirut Central District) separate regime**; **Registration 5.8% buyer + Notary ~0.6–1% + Stamp 0.4% = ~7–8% all-in**; notary required at General Directorate of Cadastre.

### East Asia (JP, SG, HK, KR, TW, MO, CN)
**JP** has the cheapest mortgage rates in the developed world but the strictest non-resident filters. Big-3 megabanks (MUFG, Mizuho, SMBC) generally refuse pure non-resident applications. The non-resident market = **Shinsei (now SBI Shinsei), Sony Bank, Tokyo Star, Aozora, Prestia (SMBC Trust)** — typically require **PR (永住権) or 5+ years JP income history**, with **50–60% LTV** on non-resident profiles, JP-resident guarantor. Variable rates **0.4–0.8%** for prime borrowers; 35-yr fixed **Flat 35** (JHF, [flat35.com](https://www.flat35.com/)) **1.84–2.06%** Apr 2026 for borrowers with PR/long-term-resident status. BoJ policy rate stepped from NIRP exit Mar 2024 → 0.25% Jul 2024 → 0.50% Jan 2025 → ~0.75% Dec 2025 ([BoJ MPM 251219](https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2025/k251219a.pdf)) → 1.0% Jun 2026 → 1.25% effective 24 Sep 2026 ([BoJ MPM 260918](https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2026/k260918a.pdf)) — feeding gradually into variable-rate mortgages. **SG** has a deep mortgage market for non-residents but **MAS TDSR (Total Debt Servicing Ratio) caps total debt service at 55% of gross monthly income** (MAS Notice 645), with **LTV at 75% / 45% / 35% for 1st / 2nd / 3rd housing loan** and tenor caps (max 30y HDB / 35y private; over-65 borrowers face shorter); **all new mortgages must reference SORA since 1 Jan 2025** (SOR/SIBOR retired) per [MAS](https://www.mas.gov.sg/regulation/notices/notice-645-computation-of-total-debt-servicing-ratio); ABSD foreigner stack 60% (residential) / 65% (entity) since Apr 2023 — buyers price the deposit gap in. **HK** **abolished ALL property cooling measures 28 Feb 2024** (Buyer's Stamp Duty + New Residential SD + Special SD cancelled per HKMA / IRD); **HKMA standard limits LTV ≤70% (≤HK$10M residential) / ≤60% (>HK$30M)** with stress-test rate of contracted-rate +200 bps and **DSR ≤50%** (HKMA Supervisory Policy Manual CR-G-3); 2047 New-Territories Crown-lease question is the structural question for any 30-yr mortgage horizon (most HK title deeds expire 30 Jun 2047 unless extended). **KR** Foreign Land Acquisition Reporting Act requires post-purchase notification within 60 days; **macroprudential DSR / LTV caps imposed by FSC + BoK** (Seoul/Gangnam/Gyeonggi LTV typically 40–50% in regulated speculative zones, lifted/relaxed cyclically); jeonse (전세) lump-sum-deposit market under stress 2022–24 led to HUG insurance reform; foreigners need ARC (Alien Registration Card) + Korean co-signer or guarantor at most domestic banks. **TW** **CBC (Central Bank Republic of China) selective credit controls Sep 2024** capped Taipei/New Taipei LTV at **60% on non-self-use** and **70% elsewhere** for natural-person second-home + corporate buyers (5th wave selective controls); Cross-Strait Act §69 restrictions on PRC nationals continue; foreign buyers (non-PRC) generally access non-self-use mortgages at 50–60% LTV via Cathay United, CTBC, Mega Bank, E.SUN. **MO** AMCM (Macao Monetary Authority) Notice 028/B/2017-AMCM caps **LTV at 70% (≤MOP 8M) / 60% (>MOP 8M)** for residential first-property; non-residents face an additional 10% NR-BSD (non-resident buyer stamp duty) on top of base 1–3% scale + 0.5% — total non-res stamp stack ~12–15%; mortgage market dominated by ICBC Macau, BNU, BCM, OCBC Macau.

### Southeast Asia (TH, ID, MY, VN, PH, KH)
Mostly **cash-market** for foreign buyers, with narrow exceptions. **TH** foreigners can buy condos (49% foreign-quota) but mortgage access is rare — UOB Thailand, ICBC Thailand, Bangkok Bank Singapore branch offer offshore-THB or SGD products to expats on work-permit (10-year visa); domestic Thai banks restrict to PR/work-permit holders. **ID** foreigners can hold Hak Pakai (right of use; up to 80 years cumulative on state / HPL land, max 30 yr renewable by deed over Hak Milik — PP 18/2021 Pasal 52) — domestic mortgages on Hak Pakai are scarce; HSBC Indonesia / DBS Indonesia / Standard Chartered provide some private-banking products to high-net-worth expats. **MY** has the most accessible foreign-buyer mortgage market in SE Asia — **BNM caps foreign-buyer LTV at 60–70%** per BNM credit guidelines; Maybank, CIMB, Public Bank, Hong Leong Bank, RHB all have non-resident desks; MM2H Gold/Platinum status marginally improves terms. **VN** 2024 Land Law (Decree 101/2024/ND-CP) **expanded foreign-owned credit institutions to act as mortgagees** (previously domestic-only), but practical foreign-buyer mortgage market still thin — most foreigners pay cash; HSBC VN, Shinhan VN, UOB VN offer limited products. **PH** BSP-regulated banks (BDO, BPI, Metrobank, Security Bank, RCBC) offer foreign-buyer mortgages **at 60–70% LTV** to applicants with Philippine income or guarantor; rates **6.5–9% PHP** Apr 2026. Foreigners can own condos (40% foreign-quota) but **NOT land** (Philippine Constitution Art. XII §7).

### Eastern Europe non-EU (MD)
**MD** (Moldova) — residential property is **open to foreigners**, but **agricultural and forest land are banned** (Land Code Art. 6, only Moldovan citizens may own); flat **12% PIT and 6% CGT** (5-year primary-residence exemption) per [Fiscal Code](https://www.fisc.md/); mortgages thin and BNM (Banca Naţională a Moldovei) macroprudential rules apply; **Moldindconbank, Maib (Moldova Agroindbank), Victoriabank, Mobiasbanca-OTP, ProCredit Bank** offer MDL or EUR-indexed mortgages (typically **6–9% MDL, 5.5–7.5% EUR-indexed** Apr 2026); MDL is managed-float with severe volatility shock 2022–24 (Russia/Ukraine war + energy crisis). **Investor Residency Law 200/2010 €250k threshold → residency 5 years → naturalization at 8 years**; **CBI ENDED 16 May 2020 (Law 100/2020)**. Romanian-citizenship-by-descent path is the dominant EU-passport workaround. **Transnistria is OUT OF SCOPE** (no functioning property registry recognised by Chișinău).

### Caucasus / Eastern Med non-EU (GE, TR, AM, AZ)

### Central Asia (KZ, UZ)
**GE** has perhaps the most foreigner-friendly mortgage regime in the region — TBC Bank, Bank of Georgia, Liberty Bank, Credo Bank, Basisbank offer non-resident mortgages (50–70% LTV typical) on USD or EUR-indexed structures; GEL fixed-rate term loans rare beyond 5 years. **NBG (National Bank of Georgia)** macroprudential rules require loans under GEL 1,000,000 (unhedged-FX ceiling from 1 Jul 2026, NBG FSC) to be issued in lari unless the borrower's income is in the loan currency, with LTV capped at 90% GEL / 70% FX (80% for borrowers with income from abroad per NBG FSC Feb 2025; NBG's live PTI and LTV page and its FSR 2025 table disagree — confirm with the lender) — a meaningful restriction (see [NBG financial stability](https://nbg.gov.ge/en/page/larization-measures)). **TR** has near-zero foreign-buyer fixed-rate mortgage market in TRY because of CBRT's 2023–2025 rate ratchet (one-week repo peaked **50.0%** Mar 2024, down to **37%** since 23 Jan 2026 (held 10 Sep 2026) per TCMB); foreign buyers transact in **USD or EUR cash via FET-equivalent dekont** under MASAK AML rules; some banks (İş Bankası, Garanti BBVA, Akbank) offer USD-denominated mortgages 7–9% to citizenship-by-investment buyers above USD 400k. **AM** (Armenia) — **OPEN for residential** under Civil Code Art. 184 (no foreigner restriction); Land Code Art. 4 BANS agricultural land to foreigners; Ameriabank, ACBA, Inecobank, Converse Bank cap **non-resident LTV at 50%** (residents 70–80%); rates **8–13% AMD / 5–9% USD-or-EUR** Apr 2026; AMD strengthened materially 2022–24 from Russian capital + IT boom (CBA — Central Bank of Armenia — managed-float); **HO-332-N Real Estate Tax phased 2021–26** (2026 first FULL effect — verify implementation); transfer cost is **LOWEST in region (~0.1–0.5%)**: 0.05% state duty + ~AMD 50–150k notary fixed; VAT 20% but **residential first-sale by developer EXEMPT** (Tax Code Art. 64); PIT 20% flat; **HO-105-N IT 1% turnover regime extended to 2031 (UNIQUE)** for tech sector; Investor Residency AMD 50M (~USD 130k) deposit OR property. **AZ** (Azerbaijan) — **OPEN for residential** under Land Code 1999 + Constitution Art. 13; agricultural land BANNED to foreigners (Land Code Art. 47); IBA (International Bank of Azerbaijan), Kapital Bank, PASHA Bank, Unibank, ABB cap **non-resident LTV at 50%** (residents 75%); rates **8–15% AZN** Apr 2026; **AMF (Mortgage and Credit Guarantee Fund) state-subsidized 5–9%** but citizens-only; AZN **de-facto pegged USD 1.70 since 2017** (NOT formal currency-board — peg breached twice in 2015 with +33% then +47% devaluations; SOFAZ FX-buffer ~USD 60bn currently maintains stability); **Property Tax m²-BASED** under Tax Code Art. 198 (AZN 0.4/m² in 30–120m² band Baku; value-component 0.6% above 120m²); CGT 14% resident / 10% non-resident; VAT 18% / 0% first-sale licensed developer; PIT 14% flat (since 2018); TRP via real estate ≥AZN 100k → 1yr renewable to 5+.

### Sub-Saharan Africa (ZA, NG, KE, MU, CV, SC, GH, RW)
**ZA** has a mature mortgage market but a structural non-resident cap. **SARB Exchange Control Regulation A.1(B) and the FNB / Standard Bank / Absa / Nedbank / Investec foreign-investment frameworks** typically cap **non-resident LTV at 50%** without SA work visa; resident-foreigners with valid visa may access **70–90% LTV**. Repo rate **7.50%** Apr 2026 (SARB MPC); prime ~**11.0%**; 20-year ZAR mortgages priced prime-flat to prime+2.0 ppts non-resident. FICA source-of-funds + apostilled documentation adds 4–8 weeks; offshore-funds reverse-repatriation works via SARB endorsement at deed registration. **NG** (Nigeria) — **Land Use Act 1978 grants only LEASEHOLD via Certificate of Occupancy (C of O)** — there is NO freehold in Nigeria for any party (federal/state holds underlying title); **NO national cadastre** — fragmented across **LASRRA (Lagos State Resident Registration Agency) + LSLB (Lagos State Land Bureau) e-LandTitle** for Lagos + **AGIS (Abuja Geographic Information System)** for FCT + state Bureaux for other 35 states; **Access Bank, Zenith Bank, GTBank, UBA (United Bank for Africa), FBN (First Bank of Nigeria) + PMBs (Primary Mortgage Banks: FBN Mortgages, Imperial Homes, Aso Savings)** offer **NGN mortgages — 70–80% LTV** but rates **22–32% NGN** Apr 2026 (CBN MPR ~**27.50%** Apr 2026 [verify at CBN]) make NGN mortgages economically unviable for most buyers; **foreign-currency USD mortgages from Stanbic IBTC, Ecobank, Standard Chartered Nigeria — 50–60% LTV / 7–10% rates**; **NGN was unified + floated June 2023 → massive devaluation** (NGN ~460/USD pre-unification → 1,500+ peak black-market 2024–25 — verify daily); **informal USD pricing dominates prime real estate** (Ikoyi, Victoria Island, Banana Island, Lekki Phase 1, Asokoro, Maitama in Abuja); **State Consent Fee 8–15% Lagos / 8% FCT / 3–5% smaller states = MAJOR closing cost** (under Land Use Act §22 Governor's consent required for transfer); state law variance enormous; notary mandatory at deeds registry. **KE** (Kenya) — **DUAL legacy cadastre system** (RTA / RLA / GLA / LTA being **unified under LRA — Land Registration Act 2012**) — **Land Registry at Ardhi House (Nairobi) + County Registries**; **LIMS (Land Information Management System) digitization 2019–26 + Ardhi-Sasa portal** transitioning slowly; **KCB (Kenya Commercial Bank), Equity Bank, NCBA, Cooperative Bank, StanChart Kenya, Stanbic Kenya, Absa Kenya** offer **KES mortgages — 70–90% LTV** for residents; **foreign USD-denominated 50–65% LTV / 7–10% rates**; KES is **managed-float by CBK (Central Bank of Kenya)** — typical USD depreciation ~**2–5%/yr**; **informal USD pricing dominates prime Nairobi** (Karen, Lavington, Westlands, Kileleshwa, Runda, Muthaiga, Kitisuru); **Stamp Duty 4% urban / 2% rural** (Stamp Duty Act); **Affordable Housing Levy 1.5% gross** (Finance Act 2023 — under judicial review 2024–25, [verify final status at KRA](https://www.kra.go.ke/)); notary mandatory + **Land Control Board consent** required for agricultural-land transfers (LCB Act).

---

## Country tables

### Western Europe

| ISO | Access | LTV (non-res) | 10-yr fixed (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **FR** | yes | 70–80% EU/UK; 50% non-EU | ~3.3–3.8% (20-yr 3.50–4.25%) | free, EUR | BNP Paribas Int'l Buyers, CFF (BPCE), Crédit Agricole Britline, SocGen, HSBC France | HCSF DTI ≤35%, max 25y; assurance emprunteur required |
| **IT** | yes (restricted profile) | 50–60% (40–50% deposit) | ~3.5–4.5% fixed; 6.10–6.80% variable non-res | free, EUR | Intesa Sanpaolo, UniCredit, BNL BNPP, Banco BPM | Codice Fiscale; non-res higher purchase tax (9% vs 2%); 8–12 wk processing |
| **ES** | yes | 60–70% | ~2.55–4.0% (LTV>65% starts above 4%) | free, EUR | BBVA, Santander, CaixaBank, Sabadell, Bankinter, ING España | NIE; DTI ≤35%; max 20–25y; 30–40% deposit |
| **PT** | yes | 60–70% | ~3.0–4.5% | free, EUR | Caixa Geral de Depósitos, Millennium BCP, Novobanco, Santander Totta, BPI | NIF; max 30y non-res; spread +0.3–0.7 ppts vs resident |
| **DE** | yes (restricted) | 50–60% | ~3.5–5.0% | free, EUR | Sparkasse expat units, Hypothekenbank Frankfurt, DB private, Commerzbank, Interhyp | SCHUFA history; 3.5–6.5% Grunderwerbsteuer + Notar |
| **AT** | restricted (Bundesländer rules) | 65–75% | 3.2–4.2% (well-doc 3.4–3.8%) | free; FMA discouraged FX retail since 2008 | Erste, Raiffeisen, BAWAG, UniCredit Bank Austria | Grundverkehrsgesetz approval per Land for non-EU; secondary-residence restrictions Tirol/Salzburg/Vbg |
| **CH** | yes (residents); restricted (non-res Lex Koller) | 50–65% non-res | **~1.4–2.0%** (SNB policy 0.00%) | free, usually CHF | UBS, Raiffeisen, Migros Bank, Cantonal banks (ZKB, BCV) | Tragbarkeit ≤33% imputed at 5% theoretical rate; 20% min equity (10% non-pension); Lex Koller cantonal permit |
| **NL** | yes | 70–90% (vs 100% NHG ≤€470k 2026) | 3.51–4.79% fixed | free, EUR | ABN AMRO, ING, Rabobank, Expat Mortgages | BSN; Dutch employment contract preferred; max LTI 4–5x |
| **BE** | yes | 70–80% (no statutory cap; banks 80–90% rare) | ~3.1–3.7% [Statista 5–10y series] | free, EUR | BNP Paribas Fortis, KBC, Belfius, ING Belgium, Argenta | Region-dependent registration tax 3–12.5%; quotités d'emprunt rules |
| **LU** | yes | 80% typical | short-mid fixed falling, >25y rising (BCL Jan 2026) | free, EUR | Spuerkeess (BCEE), BGL BNP Paribas, BIL, ING LU, Banque de Luxembourg | High prices stress LTI; 7% notary+registration; cross-border-worker income often accepted |
| **IE** | yes | 50–80% | 3.4–5.0% (non-res +0.25–1 ppt) | free, EUR | Bank of Ireland, AIB, PTSB, Avant Money, Finance Ireland | Central Bank LTI rules (4x FTB / 3.5x sub); PPS number; Irish-source income preferred |
| **UK** | yes | 70–75% residential / 60% BTL >£1m | residential expat ~4.0–5.5%; BTL ~4.2–6%; BoE base **3.75%** | free; FX-income via expat specialists | HSBC Expat, NatWest Int'l, Barclays Int'l, Skipton Int'l, Santander Int'l (Jersey) | SDLT non-res surcharge **+2%** on top of additional-property +5% (from 31 Oct 2024, was 3%; 2024 data, source gov.uk HMRC); max age ~75 |
| **GR** | yes | **50% of taxation value** (often 30–40% market) | 3.0–6.5% | free, EUR | Alpha Bank, NBG, Eurobank, Piraeus | AFM; Golden Visa thresholds €800k/€400k 2024; processing 3–6 mo |
| **CY** | yes | 60–70% non-EU; 80% primary | 4.15–4.75% variable; CB Cyprus avg Feb 2026 **3.45%** | free, EUR | Bank of Cyprus, Hellenic Bank, Eurobank Cyprus, Alpha Bank Cyprus | Council of Ministers permit non-EU (formality); "Green" mortgage discounts 0.10–0.25 ppts |
| **MT** | yes (AIP permit non-EU outside SDA) | **65% non-res (HSBC Malta)**; up to 80% strong profiles | ~3.5–4.5% [unverified specific 10-yr] | free, EUR | HSBC Malta, Bank of Valletta, APS, Lombard | AIP permit non-EU; SDA units exempt; max ~25y |

### Western European microstates

| ISO | Access | LTV (non-res) | 10-yr fixed (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **LI** | **effectively banned for non-residents** (GVG LR 214.11; ~5–10 special permits/yr Liechtenstein-purpose only) | n/a (residents 70–80%) | ~1.5–2.5% CHF (CHF currency union with CH since 1923) | CHF; FX retail discouraged | LLB (Liechtensteinische Landesbank), VP Bank, Volksbank AG | NO standalone property tax (Sollertrag formula ~0.05–0.15% effective); 1.0% Handänderungsabgabe; notary NOT mandatory; residency lottery NOT investment-track |
| **MC** | yes (open to all nationalities) | 50–70% HNW non-res (private-banking only) | ~1.5–3.0% EUR | EUR Monetary Convention 2002; FX rare retail | CFM Indosuez, Compagnie Monégasque de Banque, Barclays Monaco, J. Safra Sarasin, EFG Monaco | NO annual property tax / NO CGT / NO PIT (French nationals carved out per 1963 Convention fiscale); 4.5% droits d'enregistrement (Loi n° 1.560 Dec 2024 closed SCI 7.5% loophole); notaire ~1.5%; 20% TVA new builds |
| **AD** | yes (10% non-res RE surcharge per Llei 36/2024) | 50–60% pure non-res; 60–70% resident foreigners | ~2.5–4.0% EUR | EUR (2011 Monetary Treaty); FX rare retail | Andbank, MoraBanc, Crèdit Andorrà, BPA | INAF supervised; IRPF 0/5/10% (lowest in Western Europe); IGI 4.5% standard / 0% second-hand; ITP 4% transfer; naturalization 20yr (NOT investment-pegged); 7-Comú parish cadastres |
| **SM** | yes (**2-property cap per foreign individual** — Legge 173/2018 abolished prior authorization regime) | 50–70% non-res LTV (BCSM-licensed bank-dependent — small thin market); residents 60–70% | ~3.0–4.5% EUR | EUR (2000 Monetary Convention with EU); FX rare retail | Banca Agricola Commerciale (BAC), Banca Sammarinese di Investimento (BSI), Cassa di Risparmio di San Marino, Banca di San Marino | UTCC Ufficio Tecnico del Catasto e Cartografia + Conservatoria dei Registri Immobiliari (Italian-influenced civil-law); RIM (Imposta sui Redditi degli Immobili) replaced ICI; transfer tax + registration ~6–7% all-in; Imposta Monofase 17% on first-sale developer (VAT-equivalent); Italian-listings overflow Rimini-Riccione corridor common; **IGR 2026 reform** (Imposta Generale sui Redditi) — verify gazetted text; UNESCO historic centre + Mount Titano preservation-zone constraints; ~33,987 pop |

### CEE / Baltics

| ISO | Access | LTV (non-res) | 10-yr fixed (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **CZ** | yes (EU near-resident) | 85% from non-risky countries; 60% investor | ~4.0–4.5% (CBA Hypomonitor avg <4.5% late 2025) | CZK; EUR retail rare | Česká spořitelna (Erste), ČSOB (KBC), KB (SocGen), Raiffeisenbank, Hypoteční banka | **CNB Apr 2026: 3rd+ property or pure-rental capped at 70% LTV**; <36yr FTB up to 90% |
| **SK** | yes (EU/EEA preferred) | 70–80% (90% rare quota) | ~3.8–4.6% (NBS lending rate Jan 2026 **3.79%**) | EUR (eurozone since 2009); never had CHF retail crisis | VÚB (Intesa), Slovenská sporiteľňa (Erste), Tatra (Raiffeisen), ČSOB SK, UniCredit SK | NBS rules — DSTI ≤60%, DTI ≤8x; >90% LTV ≤20% of new lending quarterly |
| **PL** | yes (EU; non-EU often need MSWiA permit) | 60–80%; foreign-income often 50–60% | ~6–8% [unverified specific 10-yr] | **CHF retail ban post-2015**; PLN only; ~700k "Frankowicze" households | PKO BP, mBank, Pekao, ING Bank Śląski, Santander Polska | "Bezpieczny Kredyt 2%" was domestic-only; foreign-income haircut 20–30% |
| **HU** | yes (NAV/local permit non-EU) | 50–70% [estimate] | **6–9% APR non-residents** | **FX retail ban 2010**; 2014 forced conversion; HUF only | OTP Bank, K&H (KBC), MBH Bank, Erste HU, Raiffeisen HU | CSOK Plusz subsidies resident-only; HUF volatility = real FX risk on EUR/USD income |
| **RO** | yes (EU; non-EU need SRL for land, buildings OK direct) | 60–75% non-EU; 75–85% EU+local | 5.5–7.5% RON | **CHF force-converted Oct 2016**; today RON or EUR | Banca Transilvania, BRD-SocGen, BCR-Erste, Raiffeisen RO, ING RO | Prima Casă successor scheme local-only; CNP/NIF required |
| **BG** | yes (EU; non-EU restricted on land) | 60–70% non-res [broker]; 80% residents | 3.5–5% foreigners (locals 2.7–3.2%) | EUR or BGN; **BGN→EUR conversion 1 Jan 2026** | UniCredit Bulbank, DSK Bank (OTP), Postbank (Eurobank), Raiffeisen BG, Fibank | Bulgaria entered eurozone **1 Jan 2026** — verify dual-display + contract repricing |
| **SI** | yes (EU) | 50–70% | 3.5–5.0% (foreigners +0.5–1.5 ppts) | EUR (eurozone since 2007) | NLB, NKBM (OTP), SKB (OTP), Sparkasse SI, Intesa Sanpaolo SI | BS regulator caps DSTI ~50%; non-EU reciprocity check on land |
| **EE** | yes (EU) | 60–80% | 4–6% (Euribor+margin) | EUR (eurozone since 2011) | Swedbank, SEB, LHV, Luminor, Coop Pank | e-Residency does NOT confer mortgage access |
| **LV** | yes (EU) | 60–80% | 4.8–6.5% (Euribor+margin) | EUR (eurozone since 2014) | Swedbank, SEB, Citadele, Luminor | English-language docs at top 4 banks |
| **LT** | yes (EU) | 60–85% (statutory cap 85%) | 3.5–4.5% all-in foreigners | EUR (eurozone since 2015); ESRB-notified macroprudential 85% LTV | Swedbank, SEB, Luminor, Citadele | Bank of Lithuania DSTI rules; clear purpose-of-purchase needed non-res |
| **HR** | yes (EU) | 60–70% | ~3–4.5% (mid-3% avg) | **2015 forced CHF→EUR/HRK conversion**; eurozone since **1 Jan 2023** | Zagrebačka banka (UniCredit), PBZ (Intesa), Erste HR, OTP HR, Raiffeisen HR | Certified translation often needed; max 25–30y; closing ~5% |

### Eastern Europe non-EU

| ISO | Access | LTV (non-res) | 10-yr fixed (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **MD** | yes (residential); **agri/forest BANNED to foreigners** (Land Code Art. 6) | 50–70% [estimate]; private-banking case-by-case | MDL 6–9%; EUR-indexed 5.5–7.5% | MDL managed-float (severe 2022–24 volatility); EUR-indexed common | Maib (Moldova Agroindbank), Moldindconbank, Victoriabank, Mobiasbanca-OTP, ProCredit Bank | BNM macroprudential; EU candidate (Jun 2022) / accession opened (Jun 2024); Investor Residency €250k 5yr → 8yr to citizenship; **CBI ENDED 16 May 2020 (Law 100/2020)**; Romanian-by-descent EU passport path; Transnistria OUT OF SCOPE |

### Nordics

| ISO | Access | LTV (non-res) | 10-yr fixed (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **SE** | yes (Swedish-employment biased) | 60–80% practical (legal cap 85%) | 2.9–4.0% (non-res +0.1–0.9 ppts) | SEK; FX retail rare | SEB, Handelsbanken, Swedbank, Nordea, SBAB, Länsförsäkringar | 2x amortisation rules (LTV>50% → 2%/yr; >70% → 3%/yr); DTI>4.5x triggers extra |
| **FI** | yes | 65–75% (vs ~85% resident) | 3.5–4.5% [unverified specific] | EUR (eurozone since 1999) | OP Financial Group, Nordea, Danske Bank FI, Handelsbanken FI, Aktia | FIN-FSA loan-cap 90% first-home (95% with state guarantee); 85% other |
| **NO** | yes | 60–75% (vs 85–90% resident) | ~5–6% [Norges Bank policy 4.0%] | NOK; FX retail rare | DNB, Nordea NO, Sparebanken Vest/Sør, Handelsbanken NO | Boliglånsforskriften — DTI ≤5x, stress-test +3 ppts, 5%/yr amortisation if LTV>60% |
| **DK** | EU residents only without permit; non-EU need Justitsministeriet permit + 5y residence | 80% mortgage-credit-institute portion; lower for non-res | 4–5% [unverified specific] | DKK (pegged narrow ±2.25% to EUR) | Danske Bank, Nordea DK, Jyske Bank, Sydbank, Nykredit | Bopælspligt residence requirement on many homes |
| **IS** | yes EEA/EFTA; non-EEA need Min Justice permit | 80% standard | 7–10% ISK; FX-indexed available | post-2008 capital controls **lifted Mar 2017** | Landsbankinn, Íslandsbanki, Arion banki, Kvika | Kennitala required; 10%/yr ISK volatility typical; small market |

### Western Balkans

| ISO | Access | LTV (non-res) | 10-yr fixed (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **RS** | restricted (NBS rules; reciprocity) | 50–70% [broker] | 5.5–7% RSD or EUR-indexed [estimate] | EUR-indexed common; full FX restricted | Banca Intesa Beograd, Raiffeisen Serbia, OTP Bank Serbia, UniCredit Serbia, Erste RS | Most foreign buyers pay cash; diaspora with local banking history preferred |
| **ME** | yes | 50–80% (40–50% deposit common) | 5–7% EUR loans [estimate] | **EUR (unilaterally adopted 2002)** — no central-bank issuance | CKB (OTP), Hipotekarna Banka, Lovćen Banka (dedicated non-res), Universal Capital Bank, NLB ME, Erste ME | Title/cadastre due diligence weak; coastal-zone restrictions |
| **BA** | yes (reciprocity) | 50–70% [unverified] | 4.5–6.5% [unverified specific] | BAM-currency-board pegged to EUR (1.95583); BAM or EUR-indexed | UniCredit Bank BA, Raiffeisen BA, Intesa Sanpaolo Banka BA, Sparkasse BA, NLB Banka | Federation vs RS legal frameworks differ; cadastral inconsistencies |
| **MK** | yes (reciprocity) | 50–70% [unverified] | 4.5–6.5% [unverified specific] | MKD de-facto pegged to EUR ~61.5±1%; EUR-indexed common | Komercijalna Banka, Stopanska Banka (NBG), NLB Banka, ProCredit, Halkbank MK | Thin foreign-buyer market; docs in Macedonian; local lawyer essential |
| **AL** | yes (since 2016 reform; outside protected zones) | 60–75%; **deposit min 15% lek/25% euro** | 5–8% (lek loans higher than euro) | free; lek + euro both used | BKT, Credins Bank, Raiffeisen AL, Intesa Sanpaolo AL, OTP AL | Hard for pure non-residents w/o local ties; coastal-zone planning checks; informal-construction cadastre risk |

### Anglo non-EU

| ISO | Access | LTV (non-res, where exempt) | 10-yr fixed (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **CA** | **Effectively banned through 1 Jan 2027** (Prohibition Act extended Dec 2025) | 50–65% (PR/work-permit/exempt) | 5.0–6.5% [unverified specific] | CAD; FX rare | RBC, TD, Scotiabank Int'l, BMO, CIBC, HSBC Canada (run-off post-RBC acq 2024) | Provincial NRSTs (BC 20%, ON 25%); review 2026 considering AU-style FIRB post-2027 |
| **AU** | **FIRB-required + ban on established homes through 31 Mar 2027** | 50–70% specialist lenders | 5y fixed common ~6.0–7.0% non-res (10y rare); +0.5–2 ppts vs resident | AUD; FX rare | Specialist brokers/Citadel; majors (CBA/Westpac/NAB/ANZ) tightened or exited post-2018 | FIRB fees from AUD 15,100; state surcharges (NSW +9%, VIC +8%, QLD +8%); absentee land-tax |
| **NZ** | **Banned for existing homes since 2018** (OIA Amendment Act); AU+SG citizens/PRs exempt; new builds OK | 60–70% (resident 80%) | 5.5–7% [unverified specific] | NZD; FX rare | ANZ NZ, ASB (CBA), BNZ (NAB), Westpac NZ, Kiwibank | OIO consent for sensitive land; resident test 183 days/yr; 30–40% deposit non-res |

### Latin America

| ISO | Access | LTV (non-res) | 10-yr fixed (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **MX** | yes outside 50km coastal/100km border restricted zones (fideicomiso required) | 50–70% | ~9–11% MXN; USD private banking 7–9% | MXN typical; USD via private banking | BBVA México, Banamex (Citi), Santander México, HSBC México, Scotiabank Inverlat, MoXi/Global Mortgage cross-border | Fideicomiso ($600–800/yr) restricted-zone; CURP+RFC; max 30y |
| **BR** | yes (CPF; rural land Lei 5709 restricted) | 30–60% (40–50% deposit typical) | 9.5–14.5% (Selic 14.75% Mar 2026, cuts paused on Iran shock) | BRL; IOF tax incoming transfers | Caixa Econômica Federal, Itaú Unibanco, Bradesco, BB, Santander Brasil | Most foreign buyers cash; CPF mandatory; max 30y |
| **AR** | yes (no ban) but mortgages **practically unobtainable** for pure non-res | 50–70% UVA peso (where qualified) | **25–38% UVA peso** — most foreign buyers ignore and pay USD cash | **Capital controls largely lifted 14 Apr 2025** (see `--currency`) | Banco Nación, Galicia, Santander Río, BBVA AR, ICBC AR — UVA designed for residents | UVA index ties principal to inflation; "vivienda de uso permanente" excludes most foreign use |
| **CR** | yes (oceanfront 200m maritime concession rules) | up to **65%** (40–50% deposit) | USD **6–9%**; CRC **7–10%** | USD or CRC; managed-band currency | Scotiabank Costa Rica, BAC Credomatic, Banco Promerica, Banco Nacional CR, Davivienda CR | Titled vs concession critical; closing 3–4%; max often 20y |
| **PA** | yes (very few restrictions) | 60–70% | ~6–8% USD | USD (paper currency) | Banco General, Banistmo (Bancolombia), BAC Credomatic Panama, Scotiabank Panama, Multibank | Apostilled income docs; international credit reports; 30%+ deposit |
| **DO** | restricted (most non-res buy cash) | 50–70% (USD products) | USD 7–9%; DOP 10–13% [broker quotes 2025] | DOP-mortgages dominant; USD products at Scotiabank DR / Banco Popular for qualified non-res | Scotiabank DR, Banco Popular Dominicano, BHD León, Banreservas, Asociación Popular de Ahorros y Préstamos | Ley 155-17 source-of-funds sworn declaration at notary; UAF KYC review; CONFOTUR-zone first-buyer can claim 15-yr property-tax holiday + transfer-tax exemption |
| **CO** | yes (CC/cédula extranjera + NIT required) | 50–70% non-res | UVR-indexed ~5–7% real over UVR; fixed COP 12–14% est. (BanRep policy 9.25% Apr 2026) | UVR (BanRep CPI-indexed unit) standard; pure-COP fixed available; **FX retail USD mortgages rare** | Bancolombia, Davivienda, Banco de Bogotá, BBVA Colombia, Itaú Colombia, Scotiabank Colpatria | TRM volatility 3,800–4,900 COP/USD 2022–2026; FRECH subsidy resident-only; non-res need apostilled income + tax-ID processing 6–10 wk |
| **UY** | yes (residents preferred) | 60–80% on UI loans | UI-indexed: VIS 3.5–5.5% real; non-VIS 5–7% real | UI (BCU CPI-indexed unit ~UYU 6.6 mid-2026) standard; pure-UYU rare; **Ley 19.210 caps cash >40,000 UI** (~USD 5.5–6k) — must flow through banking | BROU (Banco República), Itaú UY, Santander UY, BBVA UY, Scotiabank UY (BHU + ANV resident-only) | FATCA + CRS compliance; foreigners can buy without restriction (Uruguay one of LatAm's most open); rural land >500ha needs MEF auth |
| **CL** | yes | 50–70% non-res | UF-indexed 4–6% real over UF (BCCh-set inflation unit); pure-CLP nominal 5–7% [CMF series, Apr 2026] | **UF mortgages dominant** — daily-indexed inflation unit; pure-CLP fixed available; FX retail rare | Banco de Chile, BCI, Santander Chile, Itaú Chile, Scotiabank Chile, BancoEstado | RUT (tax-ID) needed for non-res; CMF-regulated; processing 6–10 wk; UF reset daily — verify total CLP at signing |
| **PE** | yes (residential); **Border Zone 50km BANNED to non-citizens** (Const. Art. 71 — terrestrial AND maritime) | 50–60% non-res (residents 70–80%) | 7–10% PEN; 5.5–8% USD (BCRP cycle, banks Apr 2026) | PEN managed-float (BCRP) minimal capital controls; **USD ~30% pricing in Lima/coast** | BCP (Banco de Crédito del Perú), BBVA Continental, Interbank, Scotiabank Perú, Mibanco | Notary mandatory (escribano público) ~0.5–1%; **SUNARP partida registral**; Alcabala 3% above 10 UIT; CGT 5% resident / 30% non-resident; IGV 18% effective ~9% (50/50 terreno-construcción split); MiVivienda subsidy resident-only |
| **EC** | yes (open); Border Zone 50km + Galápagos require SECOB authorization | 50% non-res (residents 70%) | 8–12% USD (no FX risk — USD adopted Sep 2000) | **USD officially adopted Sep 2000 — NO FX risk (UNIQUE)** but ISD 5% outbound capital tax | Banco Pichincha, Produbanco, Banco Guayaquil, Banco del Pacífico, BIESS (state, resident-only) | **CGT 0% if held >5 yrs (UNIQUE)**; IVA 12→**15% from 1 Apr 2024** (Decreto Ejecutivo 198, security funding; in force for 2026 per SRI Circular NAC-DGECCGC25-00000006); notary mandatory + Registro per Municipio (no national cadastre); 2024 Internal Armed Conflict Declaration raises security risk |
| **PY** | yes (residential); **Border Zone Ley 2.532/2005 RURAL only** (urban CDE / Encarnación OK — common misconception) | 50% non-res (residents 70%) | 8–15% PYG; 6–9% USD | PYG managed-float (BCP) relatively stable; USD informal pricing common | BNF (Banco Nacional de Fomento), Itaú Paraguay, Banco Continental, Banco Atlas, Banco Familiar, Banco Río, Banco Sudameris | **CGT effective ~2.4%** (Ley 6.380/2019 30% taxable design — among LOWEST in S.America); IVA 10% / 5% low-income housing; territorial-source PIT (foreign passive income generally NOT taxed); **Resolución SET 1186/2023 reformed RBI** — previously cheapest formal RBI (~USD 5,200) → now USD 70k SUACE business invest |

### North America

| ISO | Access | LTV (non-res) | 30-yr fixed (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **US** | yes (no federal foreign-buyer ban; some state restrictions: FL SB 264 2023 China/Russia/Iran/NK/Cuba/Venezuela/Syria; OK/IN/SC analogous statutes) | 60–75% (Foreign National products); ITIN buyers 60–70% | conforming **6.75%** ([Freddie Mac PMMS](https://www.freddiemac.com/pmms) week 2026-04-24); Foreign National **+0.75 to +1.50 ppts** | USD; FX rare (private-bank multicurrency for HNW only) | HSBC Premier US, RBC City National, BMO Bank Private, Bank of America Private, BNY Mellon Wealth, JP Morgan Private, plus DSCR specialists (Lima One, Kiavi, Visio, Angel Oak) | No SSN needed (ITIN/passport); reserves 6–12 mo PITI; FIRPTA 15% withholding at sale (Form 8288); state-level NRSTs none federal; estate-tax exposure $60k exemption non-domiciliaries → cross-border-tax counsel before closing; MID cap $750k acquisition debt permanent under [OBBBA PL 119-21](https://www.irs.gov/newsroom/one-big-beautiful-bill-provisions) |

### MENA / Gulf

| ISO | Access | LTV (non-res) | Indicative fixed rate (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **AE** | yes (in designated freehold zones per emirate) | **75% ≤AED 5M / 65% >AED 5M (1st prop); 65/60% (2nd)** per CBUAE Mortgage Regulation | 5-yr fixed **4.0–5.5%**; variable 3M EIBOR ~4.0–4.4% + 1.0–1.75 ppts margin | AED pegged USD 1 = 3.6725 since 1997 (CBUAE) → effectively zero USD-FX risk | Emirates NBD, FAB, Mashreq, ADCB, HSBC UAE, Standard Chartered UAE, Dubai Islamic Bank | DLD mortgage registration **0.25% of loan + AED 290**; bank processing **0.5–1%** loan; valuation AED 2,500–3,500; max age 65–70; non-res DBR (debt burden ratio) ≤50% |
| **IL** | yes | **50% non-resident** (BoI Banking Supervision Directive 329); 75% Israeli first home; 50% Israeli investor | ILS fixed 5–7% [BoI series Apr 2026]; USD-denominated 7–9% at select banks | ILS dominant; some banks (Bank Hapoalim, Mizrahi-Tefahot, Bank Leumi) offer USD/EUR-denominated mortgages with FX conversion at drawdown | Bank Leumi, Bank Hapoalim, Mizrahi-Tefahot, Discount Bank, FIBI (First International), Bank of Jerusalem | BoI policy 4.50% May 2026; AML Order 5761-2000 source-of-funds; non-res bank-account opening 4–8 wk + apostilled docs; war-zone insurance disrupted post-Oct 2023 |
| **MA** | yes (mostly permissive; agricultural land restricted) | 60–70% non-res | MAD fixed 5.5–7.0% (Bank Al-Maghrib policy 2.50% late 2025); EUR-mortgages from CIH/SGMA-Société Générale 4.5–6.0% | MAD (basket-pegged 60% EUR / 40% USD ±5% band since 2020) | CIH Bank, Attijariwafa Bank, Banque Populaire (BCP), BMCI (BNP Paribas), SGMA (Société Générale Maroc), BMCE (Bank of Africa) | Funds MUST enter via banque agréée intermédiaire with **Office des Changes Instruction 02 declaration** to preserve repatriation rights (without it, sale proceeds stuck in MAD); titre foncier (TF) required for bank lending |
| **EG** | **effectively cash-only for non-residents** (CBE Mortgage Finance Initiative subsidies citizen-and-resident-only) | n/a (no foreign-buyer mortgage market of scale) | n/a | **USD-cash market**; **Form 4 (نموذج 4) at CBE-authorized bank is mandatory** at inflow or future USD repatriation is blocked | n/a for non-res mortgages; CIB Egypt, NBE (National Bank of Egypt), QNB Alahli, Banque Misr handle USD inflows + Form 4 | EGP devaluation 2022–2024 (~50% vs USD); off-plan delivery routinely 1–4 yr late; AML on transfers >EGP 500k typical; foreign-purchase 5-yr no-resale rule on non-tourist-zone freehold (lifted in tourist-investment zones) |
| **QA** | **restricted to 9 freehold zones + 16 leasehold-99-yr zones** (Law 16/2018) | 60–70% non-res; 75% nationals (QCB instructions) | ~5.5–7.0% QAR (5-yr fixed) | QAR pegged USD 3.64 since 2001 (QCB) → effectively zero USD-FX risk | QIB, QNB, Doha Bank, Commercial Bank of Qatar (CBQ), Ahli Bank Qatar (ABQ), Mashreq Qatar | NO recurring property tax / NO PIT / NO VAT yet (UNIQUE among GCC); 0.25% REA transfer + 1–2% notarial = LOW (<3% all-in); PR Law 10/2018 ≥QAR 1M (~USD 275k, capped ~100/yr); Investor Residency Law 21/2018 ≥QAR 730k; Tourism STR ≥30 days only |
| **SA** | **NEW Foreign Real Estate Ownership Law adopted 7 Jan 2025, eff. Jan 2026** (broader access — verify implementing regs); Mecca/Medina BANNED to non-Muslims (UNIQUE) | 60–70% expat-with-Iqama; 90% Saudi (REDF) | 5–9% SAR (SAMA-supervised) | SAR pegged USD 3.75 since 1986 (SAMA fixed peg) → effectively zero USD-FX risk | Al Rajhi Bank, SNB (Saudi National Bank), Riyad Bank, ANB, Banque Saudi Fransi, Alinma, SAB (Saudi Awwal Bank ex-SABB) | NO recurring property tax (UNIQUE) but White Land + Vacant Property Fees up to 10%/yr banded, on idle urban land ≥5,000 m²; RETT 5%; VAT 15%; NO PIT but Zakat 2.5% Muslims; Premium Residency: SAR 800k one-time / SAR 100k/yr renewable / Real-Estate-Owner SAR 4M; Vision 2030 mega-projects (NEOM, Qiddiya, Diriyah, Red Sea, AlUla, Roshn) |
| **TN** | **RESTRICTED — Governor's Authorization** required for foreign acquisition outside ONTT-designated Zone Touristique (6–12 mo, no statutory appeal — Code des Droits Réels 1957 + 1964 + 2024 update); agricultural land BANNED to foreigners | residents typically 70% TND (banks); foreigners typically 30–50% deposit | 8–15% TND (variable / fixed mix) | TND managed-float **SEMI-CONVERTIBLE** (NOT freely convertible — capital controls via BCT + Office des Changes); FX-loans (EUR/USD) restricted post-2018 BCT Circular 2018-04 | STB (Société Tunisienne de Banque), BNA, Attijari Bank Tunisie, BIAT (Banque Internationale Arabe de Tunisie), BFPME, UBCI, BT (Banque de Tunisie), Amen Bank | **titré-only safe** (Conservation Foncière — Torrens-style since 1885) vs informal **melk** (not bank-financeable for foreigners); IMF EFF SUSPENDED Mar 2024; Droit de Mutation 5% (raised 2018) + Conservation 1% + notarial 1% = ~7–9% all-in (HIGH); CGT 10% resident / 25% non-resident |
| **JO** | yes (OPEN under reciprocity per Real Estate Ownership Law + Jordan Investment Law) | **75–80% Jordanians / 50–65% non-residents** | 6–10% JOD; foreign USD 5–8% (limited availability) | JOD **pegged USD 0.7080 since 1995** (CBJ — Central Bank of Jordan — fixed peg) → effectively zero USD-FX risk | HBTF (Housing Bank for Trade and Finance — largest), Arab Bank, Jordan Kuwait Bank, Cairo Amman Bank, Jordan Ahli Bank, Bank al Etihad | **Property Sales Tax 9% unified 2019** (was 4% buyer + 5% seller) + ~0.4–1% reg + ~0.5–1% notarial = **~10–12% all-in (HIGHEST in MENA)**; DLS (Department of Lands and Survey) Tabu Torrens-style; notary required + DLS registration |
| **OM** | **restricted — non-GCC limited to ITC (Integrated Tourism Complexes) under Royal Decree 12/2006**; GCC nationals broader access | 70% nationals / **60% foreigners with residence** | 6–9% OMR (CBO supervised) | OMR **pegged USD 0.385 since 1986** (CBO — Central Bank of Oman — fixed peg) → effectively zero USD-FX risk | Bank Muscat, Bank Dhofar, NBO (National Bank of Oman), Sohar International, Ahli Bank, HSBC Oman, Standard Chartered Oman | Transfer **3% RD-Land + ~1% notarial = ~4–5% all-in** (LOW); MHUP (Ministry of Housing and Urban Planning) Land Registry + NSA (National Survey Authority); Investor Residency via property [verify thresholds]; Sharia-compliant Islamic mortgages dominant retail product |
| **BH** | yes (**most open GCC for foreign buyers** under Law 2/2001 + RERA designated-areas list extensive) | 80% nationals / **70% expats with CPR** | 5–8% BHD/USD | BHD **pegged USD 0.376 since 2001** (CBB — Central Bank of Bahrain — fixed peg) → effectively zero USD-FX risk; **BHD UNIQUE highest face-value globally (~USD 2.65/BHD)** | Ahli United Bank, BBK (Bank of Bahrain and Kuwait), NBB (National Bank of Bahrain), BisB (Bahrain Islamic Bank), Al Salam Bank, KFH Bahrain (Kuwait Finance House), HSBC Bahrain, Standard Chartered Bahrain | **SLRB (Survey and Land Registration Bureau) Registration ~2% standard + 1.7% sliding additional = ~3–4% all-in**; foreign-buyer mortgages widely available; Golden Residency 10-yr via property ≥BHD 200k (Permanent Residence Visa); notary required at SLRB |
| **KW** | **non-GCC foreigners CANNOT own real estate** (Decree-Law 74/1979 + amendments — only GCC nationals + naturalized Kuwaitis); some leasehold via specific commercial arrangements but practical foreign-buyer market essentially zero | n/a (foreigners cannot own); Kuwaitis 70–80% LTV | n/a (no foreign-buyer mortgage market); Kuwaiti rates ~5–7% KWD | KWD **basket-managed since 20 May 2007** (was USD-pegged before; CBK — Central Bank of Kuwait — active); **KWD ≈ USD 3.25 — world's HIGHEST face-value currency** | NBK (National Bank of Kuwait), KFH (Kuwait Finance House), Burgan Bank, Gulf Bank, KIB (Kuwait International Bank), ABK (Al Ahli Bank of Kuwait) — Kuwaitis only for mortgages | Transfer ~0.5–2% MoJ (Ministry of Justice) + ~0.5% notarial; **PACI (Public Authority for Civil Information)** + MoJ Real Estate Registration; foreign buyers must structure via leasehold/commercial routes; notary required at MoJ |
| **LB** | yes (no formal foreign-buyer ban — Decree-Law 11614/1969 cap of 3,000 m² without permit; >3,000 m² needs Council of Ministers); **practical market is CASH-ONLY in fresh USD** post-2019 banking collapse | n/a (mortgage market FROZEN post-2019); pre-2019 Lebanese 70–80% LBP/USD | **MORTGAGE MARKET FROZEN** since Oct 2019 banking crisis; new mortgages limited to fresh USD informal cash-based seller financing | LBP **HISTORICAL HYPERINFLATION**: pegged USD 1,507.5 since 1997 → **decoupled Sep 2019** → black-market peak USD 100,000+ 2022 → unified 2023–24 around USD 89,500–90,000 (verify daily); BDL "Lollar" (locked dollar accounts at official rate) crisis ongoing | Pre-2019 Bank Audi, BLC Bank, Byblos Bank, Bank of Beirut, Fransabank, BLOM Bank, BBAC — **all effectively non-functional for new lending** post-Oct 2019 collapse | **Registration 5.8% buyer + Notary ~0.6–1% + Stamp 0.4% = ~7–8% all-in**; General Directorate of Cadastre under MoF + Solidere BCD (Beirut Central District) separate regime; foreign buyers pay **CASH fresh USD entirely outside banking system**; depositor haircuts on pre-2019 USD accounts continue (Lollar regime) |

### East Asia

| ISO | Access | LTV (non-res) | 35-yr fixed (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **JP** | restricted (PR or 5+ yr JP income history typical) | **50–60% non-res specialist banks**; MUFG/Mizuho/SMBC generally refuse pure non-res | **Flat 35** (JHF) **1.84–2.06%** (LTV ≤90%; ZEH-S discount −1.0 ppt for first 5 yr) per [flat35.com](https://www.flat35.com/); variable 0.4–0.8% prime; non-res specialist 2.5–3.5% | JPY dominant; USD/SGD private-banking products at SMBC Trust / Prestia for HNW only | SBI Shinsei, Sony Bank, Tokyo Star, Aozora, Prestia (SMBC Trust); Flat 35 via JHF | BoJ policy 0.75% Dec 2025 → 1.25% effective 24 Sep 2026 → variable rates rising; 重要事項説明書 (jūyō jikō setsumeisho) mandatory pre-contract disclosure; non-res guarantor commonly required; mortgage tax deduction (住宅ローン控除) **0.7% × outstanding × 13 yr** for ZEH/long-life housing |
| **SG** | yes (open) but ABSD foreigner stack 60% (residential) / 65% (entity) since Apr 2023 | **75% / 45% / 35% (1st / 2nd / 3rd housing loan)** per MAS Notice 645; tenor cap 30y HDB / 35y private; over-65 shorter | SORA-pegged variable 2.6–3.4%; 3-yr fixed 2.4–3.0% (DBS / OCBC / UOB Apr 2026) | **All new mortgages must reference SORA since 1 Jan 2025** (SOR/SIBOR retired by MAS) | DBS, OCBC, UOB, Maybank Singapore, HSBC Singapore, Standard Chartered Singapore, Citi Singapore | **TDSR 55% of gross monthly income** cap (MAS Notice 645); STR <90 days BANNED (URA Planning Act); GIP S$10M / S$25M business + S$200M-SFO routes (NO golden-visa via real estate) |
| **HK** | yes (open; ALL cooling measures abolished 28 Feb 2024) | **70% (≤HK$10M) / 60% (>HK$30M)** per HKMA Supervisory Policy Manual CR-G-3; stress-test +200 bps; **DSR ≤50%** | HIBOR-pegged H+ variable ~3.8–4.6%; cap rates 4.0–5.0% Apr 2026 | HKD pegged to USD 7.75–7.85 LERS (Linked Exchange Rate System since 1983) | HSBC HK, Hang Seng, Bank of China (HK), Standard Chartered HK, Citibank HK, BEA, DBS HK | **2047 Crown-lease question** structural for any 30-yr horizon; CIES (Capital Investment Entrant Scheme) reactivated Mar 2024 — HK$30M total + up to HK$10M residential; Buyer's Stamp Duty / NRSD / SSD all CANCELLED Feb 2024 |
| **KR** | yes (Foreign Land Acquisition Reporting Act — post-purchase notification within 60 days, reciprocity-based) | 40–50% in Seoul/Gangnam/Gyeonggi regulated zones; 50–70% elsewhere (FSC + BoK macroprudential) | KRW 4.0–5.5% mortgage (BoK base 2.50% Apr 2026 [estimate]) | KRW free-float; FX retail rare | KB Kookmin, Shinhan, Hana, Woori, NH NongHyup, Standard Chartered Korea, Citi Korea | ARC (Alien Registration Card) + Korean co-signer/guarantor commonly required; **RTMS 실거래가 real-price disclosure since 2006**; jeonse fraud crisis 2022–24 + HUG insurance reform; F-2 Investor ₩600M 5yr / F-5 PR after 5yr |
| **TW** | restricted (Cross-Strait Act §69 PRC restrictions; non-PRC foreigners reciprocity-based) | **60% Taipei/New Taipei non-self-use; 70% elsewhere** (CBC Sep 2024 5th-wave selective controls) | TWD 2.0–2.5% prime; non-self-use +0.5–1.0 ppt | TWD managed; FX retail rare | Cathay United, CTBC Bank, Mega Bank, E.SUN, Taipei Fubon, First Bank | 房屋稅 2.0 multi-home reform Jul 2024 (top 4.8%); 房地合一稅 2.0 since Jul 2021 — **foreigners flat 35–45% regardless of holding period**; TBDY 2018 building code; 2024 Hualien M7.4 EQ relevance; Gold Card / Plum Blossom (NO golden visa via real estate) |
| **MO** | restricted (Land Law 10/2013 — ALL state-leasehold; 10% NR-BSD on top of base scale) | **70% (≤MOP 8M) / 60% (>MOP 8M)** per AMCM Notice 028/B/2017-AMCM | MOP / HKD-pegged variable 3.5–4.5% [estimate, AMCM] | MOP-HKD-USD double peg | ICBC Macau, BNU (Banco Nacional Ultramarino), BCM (Banco Comercial de Macau), OCBC Macau | Total non-res stamp stack ~12–15% (1–3% scale + 0.5% + 10% NR-BSD + 20%/10% SSD <2yr); STR <30 days illegal; **Investment Residence SUSPENDED since 2007**; Talent Programme 2024 NOT property-linked |
| **CN** | restricted (foreigners must live, work or study in China continuously **≥1 year** per 171号文 2006 + 2024 nationwide easing); HK/MO/TW residents broadly equivalent to Mainland citizens | 60–70% non-res (post-1-yr-residence eligibility) per local PBOC + city-level rules | **CNY 4.0–5.5%** (PBOC 1-yr LPR ~3.0% / 5-yr LPR ~3.6% Apr 2026 [verify at PBOC]) | CNY **managed-float against undisclosed CFETS basket** (PBOC daily central parity ±2% trading band); offshore CNH HKEX deliverable; **SAFE individual cross-border quota US$50k/yr**; **SAFE Sept 2025 reform extended HK/Macao settlement nationwide + removed non-self-use residential restriction** | ICBC, China Construction Bank (CCB), Bank of China (BoC), Agricultural Bank of China (ABC), China Merchants Bank (CMB), HSBC China, Standard Chartered China, Citi China | **VAT cut to 3% for <2yr holds eff. 1 Jan 2026**; **Deed-tax restructure 1%/1.5%/2%/3% eff. 1 Dec 2024**; **Tier-1 social-security overlay easing Sept 2024 (BJ 5yr / SH 1yr / SZ 3yr / GZ abolished)**; **Civil Code Art. 359 LUR-renewal regime UNTESTED** at scale (70-yr residential — first batches 2049+); **NO citizenship-by-investment, NO golden-visa via real estate**; HK + MO + TW separate playbooks (HK Basic Law / Macao Land Law 10/2013 / ROC Land Act all distinct) |

### Southeast Asia

| ISO | Access | LTV (non-res) | Indicative fixed rate (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **TH** | restricted (condos only, 49% foreign-quota; cash-dominant) | n/a–60% via offshore products (rare for pure non-res) | THB fixed 6–8% [domestic series]; offshore-THB / SGD specialist products 5–7% | **FET (Foreign Exchange Transaction Form, formerly Tor Tor 3) mandatory at DOL transfer; banks must request supporting documents for inbound transactions ≥USD 200k** (raised from USD 50k in 2019) per [BoT Exchange Control Regulation](https://www.bot.or.th/en/our-roles/financial-markets/foreign-exchange-regulations/exchange-control-regulation.html); cash will not register | UOB Thailand, ICBC Thailand, Bangkok Bank Singapore branch (offshore products); Krungsri / Kasikornbank / SCB / Bangkok Bank for PR + work-permit holders only | BoT policy rate **2.25%** Apr 2026; max 25–30y; processing 8–12 wk; condo foreign-quota verification at juristic person before signing |
| **ID** | restricted (Hak Pakai right-of-use only, max 80 yr cumulative on state / HPL land, 30 yr renewable by deed over Hak Milik — PP 18/2021 Pasal 52; freehold ban for foreigners) | scarce; private-banking case-by-case | IDR 9–12% [domestic series]; HSBC ID / DBS ID / SCB ID HNW products 6–8% | IDR with BI capital-flow reporting on transfers ≥USD 10k; cash repatriation needs original-inbound FX evidence | HSBC Indonesia, DBS Indonesia, Standard Chartered Indonesia (HNW only); Mandiri/BNI/BCA generally refuse non-res mortgages on Hak Pakai | BI policy rate **5.50%** May 2026; foreign-buyer mostly cash; Permenkumham 22/2023 Second Home Visa = IDR 2bn (~USD 130k) deposit OR property of equivalent value via Hak Pakai/SHMRS |
| **MY** | yes (foreign-buyer minimum price RM 600k–RM 1M state-dependent) | **60–70%** per BNM credit guidelines (vs 80–90% citizen) | 4-yr fixed 4.5–5.5%; variable BLR/BR + margin 4.7–6.0% | MYR; FX rare retail | Maybank, CIMB, Public Bank, Hong Leong Bank, RHB, AmBank, OCBC Malaysia, HSBC Malaysia, Standard Chartered MY | BNM policy OPR **3.00%** May 2026; MM2H Gold/Platinum marginally better terms; foreign-buyer **stamp duty 4% flat** (Stamp Act 1949 + Finance Act amendments); RPGT 10% above year 5 |
| **VN** | restricted (apartments + houses in commercial-housing projects only; 30% per building / 250 landed houses per area of ward-equivalent population foreign-quota) | thin (Land Law Art. 41 keeps the formula 'credit institutions licensed to operate in Vietnam' — the earlier foreign-owned-credit-institution expansion claim is not verified against primary text; practical market thin, confirm with the specific lender) | VND 8–11% [domestic series]; HSBC VN / Shinhan VN / UOB VN limited foreign-buyer products 7–9% | **Foreign capital must enter from abroad in foreign currency and convert to VND inside Vietnam via commercial bank (Circular 06/2019/TT-NHNN)** with bank documentation at notarization; cash + third-party payments rejected; repatriation beyond original-capital basis needs SBV approval | HSBC Vietnam, Shinhan Bank Vietnam, UOB Vietnam, Standard Chartered Vietnam (limited); Vietcombank / VietinBank / BIDV / Techcombank typically domestic-only | SBV policy refinancing rate **4.50%** May 2026; Pink Book (Sổ Hồng) issuance gates registration; statutory sinking fund 2% pre-VAT at handover (Article 36 Housing Law 2023) — verify joint-controlled escrow |
| **PH** | restricted (condos only, 40% foreign-quota; **NO land ownership** Constitution Art. XII §7) | 60–70% non-res | PHP fixed 6.5–9.0% (BSP policy **5.75%** Apr 2026) | PHP dominant; USD products at HSBC PH / Standard Chartered PH for offshore-Filipino + qualified non-res | BDO, BPI, Metrobank, Security Bank, RCBC, EastWest, UnionBank, China Bank, HSBC PH, Standard Chartered PH | Philippine income or local guarantor often required; max 20–25y; processing 6–10 wk; SRRV deposit (PRA-accredited bank) ≥USD 10k–50k convertible to property purchase |
| **KH** | **strata-titled units only** (Foreign Ownership Law May 2010 — 70% per-building cap, NOT ground floor / 1st floor); freehold land constitutionally banned (Art. 44); foreign-buyer mortgage market thin | thin (private-banking case-by-case for HNW); typical foreign-buyer transaction CASH USD | USD-denominated 7–10% offshore products; KHR-denominated minimal foreign uptake | KHR + USD dual-currency; **USD dominates RE transactions ~80–90% urban**; NBC-supervised | Canadia Bank, ACLEDA Bank, ABA Bank, Cambodia Asia Bank, Foreign Trade Bank, SBC, Hong Leong Bank Cambodia, RHB Cambodia | **Hard / Soft / Strata title trichotomy** — Soft Title (commune/district-only) materially weaker provenance — AVOID; **Law on Taxation 2023** (Property Transfer Tax + TOIP + TROD + rental + CGT — CGT 20 % under Prakas No. 1130 MEF.Prk.GDT (31 Dec 2025, abrogating Prakas 346/2020) on immovable-property gains from 1 Jan 2027); **Bakong digital riel rollout (NBC) + de-dollarization signal**; nominee structures: Land Law 2001 Art. 9 voids any shareholder side-agreement contrary to the 51 % rule, so the Cambodian-majority-company workaround gives the foreign funder no enforceable protection |

### South Asia

| ISO | Access | LTV (non-res) | Indicative fixed rate (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **IN** | **NRI/OCI yes** under FEMA 1999 + RBI Master Direction; **foreign nationals (non-NRI/non-OCI) effectively BANNED** except case-by-case RBI approval; **agricultural / plantation / farmhouse land BANNED to NRIs/OCIs** (FEMA Notification 21/2000-RB §6) | **resident 90% (≤INR 30L) / 80% (30L–75L) / 75% (>75L)** per RBI Master Direction on Housing Finance; **NRI 75–80%** with NRE/NRO + overseas-income proof; **foreign nationals NO mortgage market** | **8–12% INR** Apr 2026 (RBI repo **6.00%** Apr 2026 [verify at RBI]); HFC fixed/floating split with PLR-linked variable dominant | INR **managed-float by RBI**; capital controls under FEMA + LRS USD 250k/yr cap per resident; NRIs repatriate sale proceeds in USD up to USD 1M/yr per individual | SBI (State Bank of India), HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Bank of Baroda + HFCs (LIC Housing Finance, PNB Housing, Tata Capital, Bajaj Housing Finance) | **Cadastre DECENTRALIZED** across 28 states + 8 UTs (Bhoomi/MahaBhulekh/Patta-Chitta/Bhu-Bharati/Meebhoomi etc — UNIQUE); **Stamp Duty 4–8% state-specific** (MH 6%, DL 6%, KA 5%, TN 7%, KL 8%) + **registration 1% = 5–10% all-in transfer**; notary NOT mandatory in most states (Sub-Registrar registration suffices); RBI macroprudential cyclical on >INR 75L tickets; sub-registrar offices under state Registration Acts |
| **LK** | **foreign freehold land BANNED** under Land (Restrictions on Alienation) Act No. 38 of 2014 (consolidated through Act No. 21 of 2018); foreign condominium purchase requires **full price remitted from abroad up-front**; foreign-buyer mortgage market thin | thin (private-banking case-by-case for HNW NRIs; Sri Lankan banks generally do not lend to non-residents) | LKR-denominated 11–15% (CBSL macro stress); USD-denominated minimal foreign uptake | LKR managed-float by CBSL; **post-2022 sovereign-default volatility** (pre-2022 ~200/USD → 360+ during 2022 default → 295-325 stabilised band) | Bank of Ceylon (BOC), People's Bank, Commercial Bank of Ceylon, Hatton National Bank, Sampath Bank, Nations Trust Bank, DFCC Bank, NDB Bank, HSBC Sri Lanka, Standard Chartered Sri Lanka | **Inland Revenue Act Amendment 2025 (CGT 10% statutory; 15% proposed — verify before quoting)**; **Stamp Duty (Special Provisions) Act No. 12 of 2006 s.3 Order (Gazette Ext. No. 2429/39, 27 Mar 2025)** doubled rental stamp duty Rs.10 → Rs.20 per Rs.1,000 effective 1 Apr 2025; **VAT 15% → 18% effective 1 Jan 2024** (developer first-sale apartments only); **Cyclone Ditwah 2025 USD 4.1bn damage** + IMF EFF fifth review deferred (combined 5th+6th review completed 27 May 2026, IMF PR26/172); foreign buyers transact CASH foreign currency entirely — no domestic mortgage market for non-residents |
| **MV** | **constitutional foreign-prohibition** (Article 251 of 2008 Constitution; 2015 freehold amendment REPEALED 23 April 2019); only **leasehold ≤99 years** for non-Maldivians; foreign-buyer mortgage market negligible | n/a (leasehold-only; resort head-lease is corporate-pathway) | n/a (residential foreign mortgage market non-existent); resort developers raise USD project finance offshore | MVR **fixed within ±20% band around USD 1 = MVR 12.85** since April 2011; resort transactions USD-denominated by Tourism Act practice | Bank of Maldives (BML), Maldives Islamic Bank (MIB), HSBC Maldives, State Bank of India Maldives, Mauritius Commercial Bank Maldives | **TGST 17% + Green Tax USD 12/bednight** both eff. 1 Jan 2025; **16th Tourism Act Amendment 2025-12** discounted lease-extension window 2025-12-06 to 2026-06-05; **climate-existential** (~1.5m above MSL — among lowest of any nation, IPCC SLR exposure top-decile globally); **NO unified national digital cadastre** — fragmented (HDC Hulhumalé / MoH other Malé / Tourism Ministry resorts / Local Councils); foreign buyers obtain leasehold rights tied to head-lease balance — collapses if underlying head lease collapses |
| **PK** | restricted / **diaspora-driven** — NOT a conventional non-resident mortgage market; non-origin foreigners need Federal/Interior approval (1980 Order) + cantonment clearance | diaspora financing via SBP **Roshan Apna Ghar** (RDA banks); LTV/markup set per bank (not stated) | markup set per bank, moves with SBP policy rate | **PKR managed float** (NOT a peg; market-determined since ~2023 IMF reforms) + capital controls (SBP FE Manual) | House Building Finance Co (HBFC) + commercial/Islamic banks via RDA | freehold (approved schemes/urban resale) or development-authority allotment (DHA/CDA/Bahria); **provincial land records (no national cadastre)** — Punjab PLRA most digitised; FBR §236K purchase / §236C sale + CGT §37(1A) — change every Finance Act; 27th-Amendment FCC (13 Nov 2025) |

### Caucasus / Eastern Med non-EU

| ISO | Access | LTV (non-res) | Indicative fixed rate (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **GE** | yes (one of region's most foreign-friendly) | 50–70% non-res | USD-indexed 7–10%; EUR-indexed 6.5–9%; GEL fixed 11–14% short-term | NBG macroprudential: **loans under GEL 1,000,000 (unhedged-FX ceiling from 1 Jul 2026, FSC May 2026) must be issued in lari unless the borrower's income is in the loan currency**; LTV cap 90% GEL / 70% FX (NBG PTI and LTV page; 80% for borrowers with income from abroad per NBG FSC Feb 2025 — NBG sources disagree, confirm with the lender); GEL-natural-currency lending preferred; verify at [NBG financial stability](https://nbg.gov.ge/en/page/financial-stability-report) | TBC Bank, Bank of Georgia, Liberty Bank, Credo Bank, Basisbank | NBG policy refinancing rate **8.25%** since 6 May 2026, held 9 Sep 2026 (NBG MPC); listings priced USD but contracts denominated GEL at NBG reference rate signing-day → exchange-rate exposure; processing 4–8 wk |
| **TR** | yes (>1,000 listings near-zero foreign-buyer mortgage uptake; cash USD/EUR dominant) | 50% [İş/Garanti/Akbank USD products to CBI buyers] | USD-mortgages 7–9% (CBI buyers above USD 400k); TRY fixed 35–50% (CBRT policy 37% since 23 Jan 2026, held 10 Sep 2026 [TCMB](https://www.tcmb.gov.tr/)) → economically unviable for foreign buyers | **CBRT one-week repo 50.0% Mar 2024 peak → 37% since 23 Jan 2026 (held 10 Sep 2026)**; TRY hyperinflation makes long-term TRY mortgages unviable; **MASAK AML rules require purchases >75k TRY through Turkish bank with FX dekont** | İş Bankası, Garanti BBVA, Akbank, Yapı Kredi (USD products to CBI buyers); Ziraat / Halk / Vakıf state banks for green-build (Yeşil Konut) preferential rates | TRY hyperinflation (CPI 44.38% YoY Dec 2024 → 30.89% Dec 2025 → 31.51% Aug 2026 per TÜİK, via TCMB CPI table) makes long-term TRY comparisons meaningless — always check date + USD-equivalent; CBI threshold **USD 400k**; kat irtifakı vs kat mülkiyeti title status critical |
| **AM** | yes (residential, Civil Code Art. 184); **agricultural land BANNED** to foreigners (Land Code Art. 4) | 50% non-res (residents 70–80%) | 8–13% AMD; 5–9% USD/EUR-indexed | AMD managed-float (CBA — Central Bank of Armenia); strengthened materially 2022–24 from Russian capital + IT boom | Ameriabank, ACBA Bank, Inecobank, Converse Bank, Evocabank, Unibank, IDBank, HSBC Armenia | **HO-332-N Real Estate Tax phased 2021–26** (2026 first FULL effect); transfer ~LOWEST in region (~0.1–0.5%): 0.05% state duty + ~AMD 50–150k notary fixed; VAT 20% but **residential first-sale by developer EXEMPT** (Tax Code Art. 64); PIT 20% flat; **HO-105-N IT 1% turnover regime extended to 2031 (UNIQUE)**; Investor Residency AMD 50M (~USD 130k) deposit OR property |
| **AZ** | yes (residential, Land Code 1999 + Const. Art. 13); **agricultural land BANNED** to foreigners (Land Code Art. 47) | 50% non-res (residents 75%) | 8–15% AZN; AMF state-subsidized 5–9% citizens-only | AZN **de-facto pegged USD 1.70 since 2017** (NOT formal currency-board — peg breached twice 2015 +33% then +47%; SOFAZ FX-buffer ~USD 60bn) | IBA (International Bank of Azerbaijan), Kapital Bank, PASHA Bank, Unibank, ABB, Yapı Kredi Bank Azerbaijan | **Property Tax m²-BASED** Tax Code Art. 198 (AZN 0.4/m² 30–120m² Baku band; value-component 0.6% above 120m²); transfer notary 0.5–1% sliding; CGT 14% resident / 10% non-resident; VAT 18% / 0% first-sale licensed developer; PIT 14% flat (since 2018); TRP via real estate ≥AZN 100k → 1yr renewable to 5+ |

### Central Asia

| ISO | Access | LTV (non-res) | Indicative fixed rate (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **KZ** | residential: **PRP required** (foreigners on TRP CANNOT own residential housing per Law on Legal Status of Foreigners Art. 9); LLP/ТОО workaround common; agricultural land BANNED since May 2021 | 50% non-res-with-PRP; residents 70–80%; foreigners-via-LLP 50–60% | **KZT 18–24%** (NBK refinancing rate **18.0% Apr 2026** — disinflation effort; CPI 10.6%); USD-indexed limited 8–12% | KZT **free-float since Aug 2015** (post-Aug 2015 devaluation ~188→345/USD); minimal capital controls | Halyk Bank, Kaspi Bank, Forte Bank, Eurasian Bank, Bank CenterCredit, Jusan Bank, Bank RBK, Bereke Bank | **Investor Visa US$300k 10 May 2025 — real estate not a reported qualifying asset (secondary guides; verify at MFA KZ)**; **New Tax Code eff. 1 Jan 2026** progressive PIT 10/15% + VAT change; AIFC English-law option (Astana International Financial Centre); **Almaty HIGH SEISMIC** + mudflow (Medeu dam barrier); winter PM2.5 smog top decile; USREC unified cadastre (1 Jul 2023) merged former Real Estate Register + State Land Cadastre |
| **UZ** | **buildings YES / land NO** — foreigners may freehold buildings + structures (apartments / houses / commercial premises) per Civil Code + **Cabinet Resolution PQ-384 of 16 July 2022** which expanded eligibility to **108 countries to acquire built RE without residence permit**; **Land Code Articles 17-18** PROHIBIT foreign land ownership (state-property regime) | thin (private-banking case-by-case for HNW; foreign-buyer mortgage market emerging post-2022 PQ-384) | **UZS 24–28%** (CBU policy rate **14.0% Apr 2026 unchanged since April 2025**; CPI 7.3% end-2025); USD-denominated minimal foreign uptake | UZS managed-float; **dual-rate "black market" gap closed Sep 2017** under Mirziyoyev liberalisation (Decree UP-5177); cumulative depreciation 2017→2026 ~3,200 → ~12,500 UZS = ~290% over 9 yrs; minimal post-2017 capital controls | NBU (National Bank of Uzbekistan), Uzpromstroybank, Asaka Bank, Hamkorbank, Ipoteka Bank, Kapital Bank, KDB Bank Uzbekistan, ORIENT FINANS BANK | **June 2025 Golden Visa launch** (PD UP-67 / PF-67 of 18 Apr 2025, eff. 1 June 2025): USD 250k payment + USD 150k per family member, **no real-estate condition**; property residence is the separate UP-5611 route at USD 300k Tashkent / 200k regions / 100k other (vs KZ, where real estate is not a reported Investor Visa qualifying asset — verify at MFA KZ); **2026 +7% land/property/water indexation** (per EY); World Bank "Modernization of Real Property Registration and Cadastre Project" (P151746) full nationwide digitisation completed 2.5× ahead of scope; Cadastre Agency at kadastr.uz operates unified e-Cadastre (PD UP-60 of 28 Jan 2022) |

### Caribbean

| ISO | Access | LTV (non-res) | Rates (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **JM** | yes (foreign-ownership PARITY — no nationality bar — Registration of Titles Act, no border zone, no maritime setback, no quotas) | 70–80% non-res JMD; 70–80% USD-denominated for tourist-corridor villas | **JMD 7–10%** / **USD 5–7%** (BOJ policy [verify]) | JMD managed-float **BOJ**; USD-denominated mortgages widely available for tourist-corridor (Montego Bay villas, Tryall, Round Hill, Negril, Ocho Rios beachfronts, Kingston upper-tier); POCA AML scrutiny on large wires | NCB (National Commercial Bank), Sagicor Bank, JN Bank (Jamaica National), CIBC FirstCaribbean Jamaica, Scotiabank Jamaica, JMMB Bank | **2% Transfer Tax + JMD 5,000 flat Stamp Duty + ~2% legal/conveyance** post-2019 reform (was 5% transfer + 4% stamp); CGT 0% individuals (UNIQUE); TRN mandatory; ~40% of land remains UNREGISTERED (common-law possessory title) — verify Torrens vs unregistered chain; **Hurricane Melissa Cat 5 28 Oct 2025** insurance-market hardening expected through 2026-2027 |
| **BS** | yes (IPLA 1993 — single-family ≤2 acres by REGISTRATION; >2 acres / commercial = PERMIT from BIA) | 60–70% non-res; 70–80% Bahamians | 6–9% USD (CBOB-supervised; market-driven not policy-rate-anchored) | **BSD pegged 1:1 USD since 1973** (CBOB Exchange Control Regulations 1956); **USD universally accepted**; CBOB Exchange Control Permission letters customary at significant non-resident-purchase size (procedural post-IPLA 1993) | RoyalFidelity Merchant Bank & Trust, Scotiabank Bahamas, RBC Royal Bank Bahamas, FCIB (FirstCaribbean Bahamas), Commonwealth Bank, Bank of The Bahamas, Citibank Bahamas, Fidelity Bank Bahamas | **NO PIT, NO CGT, NO inheritance/estate, NO gift, NO wealth tax** (UNIQUE); **Stamp Duty + VAT-on-conveyance combined ~10%** above B$100k; RPT bands budget-revisable annually; **Property-Acquired Visa Program**: B$750k → PR consideration / B$1.5M → expedited; **Hurricane risk DOMINANT physical risk** — Dorian 2019 calibration event (~75% home destruction Abaco/Grand Bahama parts) |
| **BB** | yes (foreign-ownership PARITY — no nationality bar; gating step is **CBB Foreign Exchange Department registration** of incoming purchase funds — administrative not gatekeeping but is the legal precondition for capital + gains repatriation on resale under Exchange Control Act Cap. 71) | 60–70% non-res; 70–85% Barbadians | 5–8% BBD/USD (CBB-supervised; market-driven) | **BBD pegged 2:1 USD since 5 July 1975** (CBB) — unbroken peg through 2026; tourist-corridor + west-coast luxury (Sandy Lane / Royal Westmoreland / Apes Hill / Port Ferdinand / Port St. Charles) USD-quoted; mid-market BBD-priced | Republic Bank Barbados, FirstCaribbean International Bank Barbados, Royal Bank of Canada Barbados, Scotiabank Barbados, CIBC Caribbean Barbados, Bank of Barbados (where applicable), CGI Consolidated Finance | **PTT 2.5%** above BBD 150,000 (where building exists; vacant land no exemption) + **Stamp Duty 1% on seller** + **17.5% VAT on professional services** (RE sale itself VAT-EXEMPT); **annual Land Tax** banded 0–1.0% owner-occupied capped BBD 100,000; **Welcome Stamp** 12-month DNV (USD 50,000+ income, Cabinet renewed to 31 Dec 2026); **2025 Budget** PTT removed for deeds of gift to children/dependants for land <1 acre; **Resilience and Regeneration Fund employee contribution 0.10% → 0.25% effective 1 Apr 2025**; **Hurricane Beryl 1 July 2024 Cat 3** ECLAC effects ~BBD 193M — insurance market re-rating ongoing 2024-2026 |
| **BZ** | yes (foreign-ownership PARITY since **2001 Aliens Landholding Act repeal** — no permit / quota / nationality bar for residential / commercial / agricultural freehold); **DEAL-BREAKER**: Maya communal customary tenure in Toledo District (CCJ 2015 ruling) — verify before any Toledo deal | 50–70% non-res; 70–80% Belizeans (limited LTV — small-market thin) | 6–9% USD/BZD (Central Bank of Belize-supervised); offshore-USD products through tourist-corridor banks 6–8% | **BZD pegged 2:1 USD since May 1976** (Central Bank of Belize) — peg cornerstone of monetary regime; tourist-corridor (Ambergris Caye / Caye Caulker / Placencia / Cayo) widely USD-denominated; local-market BZD-priced; minimal capital controls | Belize Bank, Atlantic Bank, Heritage Bank, Belize Bank International, Caye International Bank (Ambergris Caye-focused), Heritage International Bank & Trust, Choice Bank | **Stamp Duties (Amendment) Act 2024 (Act No. 33 of 2024)** clarified IBC share-transfer treatment + technical updates; **Income Tax exemption raised BZD 26k → BZD 29k effective 1 Jan 2025**; **QRP age threshold lowered 45 → 40** (Belize Tourism Board); declared-vs-undeclared land split — **undeclared = materially weaker Deed of Conveyance** (verify Registered Land Act Cap. 194 status with attorney pre-contract); **Hurricane Lisa Cat 1 (2 Nov 2022)** ~5,000 homes damaged + 500 destroyed + ~USD 100M losses (most recent direct major-impact event) |
| **AW** | yes — no nationality restriction / no foreign surcharge; eigendom (freehold) or erfpacht (60-yr lease) on resident terms; gate is bank LTV + notary AML | ~60–65% non-res (35–40% down); resident 70–80% | ~5–7% (USD-pegged AWG tracks USD env + spread; verify per bank) | AWG pegged **1.79/USD since 1986** (CBA); USD circulates; no material capital controls; NOT in SEPA (OCT) | Aruba Bank, Caribbean Mercantile Bank (CMB), RBC Royal Bank Aruba, Banco di Caribe | eigendom vs erfpacht (annual canon — verify term); NO standalone CGT for individuals; grondbelasting 0–0.6% (non-res 0.60% >AWG 120k); overdrachtsbelasting 3% / 6% >AWG 250k |
| **CW** | yes — no restrictions; non-residents have identical rights to citizens | ~60–70% non-res (30–40% down) | ~4.5–6% (2025–26; MCB + agency, secondary) | **XCG** (replaced ANG 31 Mar 2025 at 1:1; ANG ended 1 Jul 2025) pegged **1.79/USD** | Maduro & Curiel's Bank (MCB), RBC Royal Bank, Banco di Caribe, Vidanova Bank | eigendom vs erfpacht (60-yr; <30-yr remaining = mortgage friction); typically NO standalone CGT for non-professional individual sellers; overdrachtsbelasting 4% |
| **SX** | yes — no restriction; non-residents buy eigendom/erfpacht without prior permission | 50–65% non-res (case-by-case; tighter post-2018 KYC) | ~6.5–8.5% variable Q1 2026 (fixed sparser) | **XCG** (replaced ANG 31 Mar 2025 at 1:1) pegged **1.79/USD** (peg since 1971) | WIB (Windward Islands Bank), RBC Royal Bank, CIBC FirstCaribbean, Republic Bank SX, Banco di Caribe | eigendom vs erfpacht (60/99-yr); **4% overdrachtsbelasting** is the headline buyer cost (on higher of price/assessed); Irma-2017 build-standard diligence |
| **BQ** | yes — open, no nationality restriction (BES = NL special municipalities) | ~50–60% non-res/2nd-home; resident 65–80% | USD-denominated; variable ~US-prime ± spread; fixed limited | **USD sole legal tender since 1 Jan 2011** (Wet geldstelsel BES) — zero FX risk | MCB Bonaire, RBC Royal Bank (BES), Banco di Caribe, Orco Bank | eigendom vs erfpacht (30/60-yr island lease — verify expiry); vastgoedbelasting ~0.91% effective Bonaire; Saba/Statia hurricane-belt |
| **KY** | yes — among the most open; non-Caymanians hold freehold with NO size/value restriction + no alien-landholding licence | n/a published (cash-heavy market — verify with lender) | data not publicly available (no central bank; USD-linked) | KYD pegged **1.20/USD fixed since 1974** (Currency Law; CIMA) | Butterfield, Cayman National Bank, RBC, Scotiabank, CIBC FirstCaribbean | Torrens **state-guaranteed** registered title (Registered Land Act 2018 Revision, Part X indemnity); **NO income/CGT/inheritance/annual property tax** — only stamp duty 7.5% (+10% band >CI$2M from 1 Jan 2026) |
| **BM** | restricted — one of the world's most restrictive (North Atlantic, not Caribbean); non-Bermudians only above an ARV floor + Alien Landholding Licence | ~70–80% ceiling for foreign/non-res (secondary — verify; shorter tenor) | tracks Bermudian-bank USD-linked pricing | BMD pegged **1:1 USD**; USD circulates at par (BMA) — zero FX risk | HSBC Bermuda, Butterfield Bank, Clarien Bank | freehold/condo-strata; registered title (Land Title Registration Act 2011, mid-transition); ARV floors (house ≥$126k / condo ≥$25.8k, 2016 — secondary) + licence fee ~12.5%/8% (secondary — verify gov.bm); **NO income/CGT/inheritance**; "Work From Bermuda" DN cert **discontinued 28 Feb 2025** |
| **TC** | yes — among the most open; foreigner takes freehold in own name/jointly, no permission | foreign lower LTV / larger down / shorter tenor (no published series) | data not publicly available (USD jurisdiction, no central bank) | **USD official + sole legal tender** — no local currency, no peg to manage | Scotiabank TCI, RBC Royal Bank, CIBC FirstCaribbean | Torrens registered **freehold** (Registered Land Ordinance Ch. 9.01); **NO income/CGT/inheritance/annual property tax** — slab stamp duty (Provo 6.5/8/10%, outer 5/6.5% — secondary, verify Ch. 19.05) + HTT 12% on rentals |
| **VG** | restricted — a non-Belonger cannot hold land without a **Non-Belongers Land Holding Licence** (NBLHL; Cabinet-granted, property-specific) | non-Belonger lower LTV / shorter tenor (heuristic — no public series) | data not publicly available (no public BVI rate series) | **USD sole legal tender since 1959** — zero FX risk | small market — FirstBank, Banco Popular, CIBC FirstCaribbean | Torrens registered land (Registered Land Act/Ordinance 1970 CAP.229; condo CAP.219); **stamp duty 4% Belonger / 12% non-Belonger** (CAP.122); no income/CGT/inheritance/VAT — annual land + house tax |
| **KN** | yes — CBI development (US$325k+ → citizenship, ALHL-exempt) OR open-market freehold via an **Alien Land Holding Licence (~10%)** | 50–70% non-res (resident 80–90%), 10–20-yr tenor | foreign-buyer rates higher / shorter tenor / larger down (no published series) | XCD pegged **EC$2.70/USD since 1976** (ECCB) — zero FX risk; USD parallel for CBI/expat | St. Kitts-Nevis-Anguilla National Bank, Republic Bank, RBC Caribbean, Bank of Nevis | dual title (registered Certificate-of-Title vs unregistered deed — prefer COT); **NO income/CGT/inheritance/wealth tax**; modest annual property tax; CBI 7-yr hold |
| **AG** | yes — CBI development (US$300k+ → citizenship) OR open-market via a **Non-Citizens Land Holding Licence (~5%)** | 50–70% non-res (citizen 80–90%), 10–20-yr tenor | indicative rate not primary-confirmed; non-res availability limited | XCD pegged **EC$2.70/USD since 1976** (ECCB) — zero FX risk | Eastern Caribbean Amalgamated Bank (ECAB), ACB Caribbean, Republic Bank, CIBC Caribbean | Torrens registered title (Registered Land Act 1975; Landfolio, in-office search at the Land Registry Department); **NO personal income tax since Apr 2016**; stamp duty seller 7.5% / buyer 2.5% + ABST 15% (secondary — verify IRD); Barbuda communal/leasehold |
| **LC** | yes — CBI real-estate project (US$300k, ALHL-exempt) OR open-market via an **Alien Landholding Licence** (Cap. 15.37) | n/a (effectively cash market — no reliable public LTV/rate series) | cash market — no benchmarked non-res mortgage product | XCD pegged **EC$2.70/USD since 1976** (ECCB) — zero FX risk | Bank of Saint Lucia (ECFH), Republic Bank, RBC Royal Bank, CIBC Caribbean, Scotiabank (verify presence) | hybrid civil/common law; state-guaranteed registered title (Land Registration Act 1984); stamp duty 2% buyer / **10% non-citizen vendor**; **final court = CCJ since 20 Jul 2023** |
| **GD** | yes — foreign freehold gated: non-CBI buyer needs an **Alien Landholding Licence (~10%)**; CBI route (US$270k) self-contained | ~50–70% non-res (resident 80–90%) | ECCU spreads; no single public rate index | XCD pegged **EC$2.70/USD since 1976** (ECCB) — zero FX risk | Republic Bank Grenada, CIBC FirstCaribbean, Grenada Co-operative Bank, RBC/RBTT | **deeds-registration (NOT Torrens)** under Deeds & Land Registry Act Cap. 79 — chain-of-deeds diligence, 30-yr title search; non-citizen PTT 10% + vendor 15% + ALHL ~10% → ~22%+ stack; US E-2 access (AMIGOS Act 3-yr residence) |
| **TT** | restricted — no outright ban but a **threshold + licence regime** (Foreign Investment Act Chap. 70:07): ≤1 acre residential / ≤5 acres commercial licence-free, above → President's licence; Tobago stricter | n/a (predominantly cash/equity — no published non-res mortgage product) | cash market — no benchmarked non-res product | **TTD managed float** (soft USD anchor ~6.74–6.78/USD 2025–26, CBTT) with genuine **USD/FX rationing** → repatriation slow (the #1 exit risk) | Republic Bank, First Citizens Bank, Scotiabank T&T, CIBC Caribbean, RBC | **dual title** (~75–80% Old-Law deeds, no state guarantee — trace chain; minority RPA/Torrens); **final appeals = UK Privy Council, NOT CCJ**; property tax statutory 2% of ATV ≈1.8% of ARV (Act No. 3 of 2024), collection halted per FY2026 Budget Statement (13 Oct 2025); VAT 12.5%; NO CBI |

### Sub-Saharan Africa

| ISO | Access | LTV (non-res) | 20-yr fixed (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **ZA** | yes (no foreign-buyer purchase ban; SARB exchange controls on funds movement) | **50% pure non-res** (no SA work visa); **70–90%** resident-foreigners with valid visa | ZAR prime ~**11.0%** (SARB repo **7.50%** Apr 2026); 20-yr ZAR mortgage prime-flat to prime+2.0 ppts non-res | ZAR; FX retail rare; offshore-funds verification adds 4–8 wk; FICA source-of-funds + apostilled docs | FNB, Standard Bank, Absa, Nedbank, Investec (Premier non-res desk best-known) | Beetle/Electrical/Plumbing CoC at sale non-negotiable for lender finance; Bond initiation fee ~R6,000; SARB endorsement at deed registration enables reverse-repatriation at sale; FLISP subsidy resident-only |
| **NG** | yes (no formal foreign-buyer ban) but **Land Use Act 1978 grants only LEASEHOLD via C of O (Certificate of Occupancy)** — NO freehold for any party | NGN: 70–80% LTV (residents); foreign USD products **50–60% LTV** | **NGN 22–32%** Apr 2026 (CBN MPR ~**27.50%** Apr 2026 [verify at CBN]) — economically unviable for most foreign buyers; **foreign USD 7–10%** | **NGN unified + floated June 2023** → massive devaluation (~460/USD pre-unification → 1,500+ peak black-market 2024–25 — verify daily); informal USD pricing dominant prime RE | Access Bank, Zenith Bank, GTBank (Guaranty Trust), UBA (United Bank for Africa), FBN (First Bank of Nigeria); **PMBs (FBN Mortgages, Imperial Homes, Aso Savings)**; **foreign USD via Stanbic IBTC, Ecobank, Standard Chartered Nigeria** | **State Consent Fee 8–15% Lagos / 8% FCT / 3–5% smaller states = MAJOR closing cost** (Land Use Act §22 Governor's consent for transfer); fragmented cadastre — **LASRRA + LSLB e-LandTitle Lagos / AGIS Abuja FCT / state Bureaux** (NO national cadastre); USD informal pricing dominates Ikoyi / Victoria Island / Banana Island / Lekki Phase 1 / Asokoro / Maitama; notary mandatory at deeds registry; state law variance enormous |
| **KE** | yes (no formal foreign-buyer ban; agricultural-land transfers need Land Control Board consent) | KES: 70–90% LTV (residents); **foreign USD 50–65% LTV** | **KES 14–18% / USD 7–10%** Apr 2026 [verify at CBK] | KES managed-float by **CBK (Central Bank of Kenya)** — typical USD depreciation ~2–5%/yr; informal USD pricing dominant prime Nairobi | KCB (Kenya Commercial Bank), Equity Bank, NCBA, Cooperative Bank, StanChart Kenya, Stanbic Kenya, Absa Kenya, HFC Kenya | **Stamp Duty 4% urban / 2% rural** (Stamp Duty Act); **Affordable Housing Levy 1.5% gross** (Finance Act 2023 — under judicial review 2024–25 — verify at KRA); **DUAL legacy cadastre** (RTA/RLA/GLA/LTA being unified under **LRA — Land Registration Act 2012**); LIMS (Land Information Management System) digitization 2019–26 + Ardhi-Sasa portal; informal USD pricing dominates Karen / Lavington / Westlands / Kileleshwa / Runda / Muthaiga / Kitisuru; notary mandatory + Land Control Board consent on agricultural-land transfers |
| **MU** | **EDB-scheme-only foreign acquisition** (Non-Citizens Property Restriction Act 1975) — IRS / RES / PDS / SCS / IHS / Smart City schemes OR G+2 apartment ≥ MUR 6M | **30–40% deposit typical for foreigners** (banks 60–70% LTV scheme-property dependent); residents 70–80% | **MUR fixed 6.5–9.0%** (BOM Repo Rate ~4.0% Apr 2026 [verify]) | MUR **managed-float** against undisclosed basket (BOM); FX scrutiny via POCAMLA on large flows | **MCB (Mauritius Commercial Bank)**, SBM (State Bank of Mauritius), HSBC Mauritius, Absa Mauritius, **Bank One**, AfrAsia Bank, BCP Bank Mauritius, MauBank | **Finance Act 2025 (Act 18/2025) 5%→10% non-citizen registration duty + LTT REPEALED by Finance Act 2026** (Act 14/2026, gazetted 13 Aug 2026; 5% applies; no 30%-of-gain formula ever enacted; new 10% transferor-paid duty on State-land / Pas Géométriques residential transfers to non-citizens); 0/10/20% PIT 1 Jul 2025; **NO CGT, NO inheritance, NO wealth tax**; LAVIMS digital cadastre (PIN per parcel, 2-hour SLA at RGD); EDB scheme approval mandatory; Pas Géométriques 81m coastal reserve non-purchasable; Tourism Authority + EDB licensing for STR |
| **CV** | yes (BROADLY PERMISSIVE — no nationality bar for urban + tourism property) | residents 60–70%; foreigners 50–60% (limited LTV — small-market thin) | **CVE 6–9%** (BCV-supervised) | CVE **fixed peg EUR 1:110.265 since 1999** (Acordo de Cooperação Cambial with Portugal) → effectively zero EUR-FX risk | BCA (Banco Comercial do Atlântico), Caixa Económica, BAI Cabo Verde, Banco Inter-Atlântico, BCN (Banco Caboverdiano de Negócios) | **Leis 54/X/2025 (ITI) + 55/X/2025 (IPI) IUP→IPI/ITI reform eff. 1 Jan 2026** (0.1% IPI annual + 1% ITI transfer); **IRPC corporate-income-tax rate 20% from 1 Jan 2026 (Lei 69/X/2025 Art. 29.º)**; cadastre coverage strongest in Sal/Boa Vista/Praia, weakest in interior Santiago + Barlavento highlands; **diaspora-heir trap** ("herança partilhada" undivided shares — verify all heirs' consent); UNESCO Cidade Velha IPC restoration permits required |
| **SC** | **moratorium LIFTED 20 Mar 2025** for non-Seychellois — SCR 10M (~USD 670k) dwelling floor + SCR 4,000/m² bare-land minimum | **40–50% deposit typical** (small-market thin); residents 60–70% | **SCR 7–10% / USD 7–9%** (CBS-supervised) | SCR **managed-float since Nov 2008** (de-pegged amid 2008 sovereign-debt crisis); USD + EUR informally accepted in tourism segment | Nouvobanq, MCB Seychelles, Absa Seychelles, Seychelles Commercial Bank, Bank of Baroda Seychelles, Mauritius Commercial Bank Seychelles | **Sanction Duty 11→12%** (eff. 2025-03-20); **IPT 0.25→0.5% (foreigner-only) eff. 1 Jan 2024**; 5% Stamp Duty + 15% VAT first-sale developer; NO individual CGT (UNIQUE); **Eden Island concession route ~7-9% all-in vs ~18-19% standard sanction** (10pp cheaper); GOP framework SCR 1,000 + SCR 700/mo; Praslin/La Digue New Register (Torrens) conversion since June 2024 |
| **GH** | **leasehold MAX 50 yrs renewable** for non-Ghanaians (1992 Constitution Art. 266) — no freehold for foreigners; Akwaaba / Right of Abode + Pan-African Identity Card framework for diaspora | thin (foreign-buyer mortgage market practically negligible — most prime-RE foreign transactions CASH USD); residents 70–85% | **GHS 24–32%** (BoG MPR ~28% Apr 2026 [verify at BoG]); USD-denominated rare specialist products 9–12% | GHS managed-float by Bank of Ghana (BoG) — sharp depreciation 2022 (~GHS 6 → 14/USD peak Nov 2022); some recovery + renewed pressure 2023-25; ~GHS 12-16/USD range 2025-26; **IMF Extended Credit Facility approved 17 May 2023 USD 3bn** (concluded 27 Jul 2026 at the sixth and final review; successor 36-month Policy Coordination Instrument is non-financing) | Ghana Commercial Bank (GCB), Ecobank Ghana, Standard Chartered Ghana, Stanbic Bank Ghana, Absa Bank Ghana, Fidelity Bank Ghana, Cal Bank, Zenith Bank Ghana, Republic Bank Ghana, Access Bank Ghana, ADB (Agricultural Development Bank) | **VAT 12.5% → 15% via Act 1082 (2022)**; E-Levy 1% on electronic transactions (Act 1075/2022 reduced from 1.5% via Act 1089/2023); **customary tenure (stool / skin / family / clan land) overlays ~78% of total land area** per Lands Commission classification — single largest due-diligence trap; **Title Registration vs Deed Registration** parallel systems (Title supersedes Deed when district migrates — Accra/Kumasi most advanced); **double-allocation fraud** by stool/skin chiefs the dominant fraud vector — verify chain via Lands Commission; USD informal pricing common Cantonments / Airport / East Legon / Labone / Ridge / Roman Ridge |
| **RW** | **leasehold-only for foreigners** (max 99 years per **Law N° 27/2021 of 10/06/2021** Land Law); freehold reserved Rwandan citizens (subject to international convention reciprocity) | thin (private-banking case-by-case); residents 60–80% | **RWF 14–18%** (BNR repo Apr 2026 [verify]); USD-denominated minimal foreign uptake | RWF managed-float (no fixed peg) by BNR — 1 USD ≈ 1,448.54 RWF (BNR Weekly Bulletin 11 Aug 2025); 2024 depreciation ~9.65% vs USD; minimal capital controls | Bank of Kigali, BPR Atlas Mara, Equity Bank Rwanda, KCB Bank Rwanda, Cogebanque, Ecobank Rwanda, Access Bank Rwanda, GT Bank Rwanda, Bank of Africa Rwanda, I&M Bank Rwanda | **Land Tenure Regularization 2009-2013 issued 8.8M titles ~93% gender-equal** — Rwanda one of very few African countries with near-universal parcel-level digital cadastre via LAIS (e-titles paperless from 2024); **Property Tax Reform — Law N° 048/2023 of 05/09/2023** (in force 14 Sept 2023; first tax period calendar 2024): Land Tax compressed FRW 0-300/m² → FRW 0-80/m²; Building Tax 0.5% residential / 0.3% commercial / 0.1% industrial; Sale levy 2% registered taxpayer / 2.5% unregistered; **Investor visa Law N° 006/2021 Art. 14** USD 250,000 registered-investor permit (USD 100k EAC + COMESA); CGT **10 %** on shares / licences / debt instruments / options / guarantees since Law N° 014/2025 (29/05/2025; 5 % before) — immovable property is NOT in the CGT base (residential sales carry the 2 % / 2.5 % sale levy); **Kigali Master Plan 2050 (KMP 2050)** strict zoning enforcement |
| **NA** | yes (urban/residential freehold) — no enacted statute bars foreign urban/residential freehold as of 2026-06-13 (only agricultural farmland restricted, ACLRA 6/1995 s.58) | non-res ~20% deposit (est., advisory — NOT a BoN rule; confirm per-lender) | indicative rate not stated (NAD tracks SARB under the CMA; no policy anchor given) | NAD pegged **1:1 to ZAR** (Common Monetary Area; both legal tender at par) | Bank Windhoek, FNB Namibia, Standard Bank Namibia, Nedbank Namibia | Roman-Dutch freehold + sectional title; operative deeds law = Deeds Registries Act 47 of 1937 (2015 Act never commenced); transfer duty (0→11% / entities 12%) + stamp duty eff. 1 Oct 2024; NO CGT on ordinary assets; **Land Bill re-tabled Oct 2025 is a BILL, not enacted** |
| **BW** | restricted — freehold is the principal (scarce) foreign route (Gaborone/Lobatse/Francistown/Tuli Block); tribal land closed to non-citizens | non-res: data not publicly available — confirm with FNBB / Absa Botswana or default to cash | indicative rate not stated (no policy anchor given) | BWP **crawling-band peg** to a 50% ZAR / 50% SDR basket (May 2005; 50/50 from Dec 2024); exchange controls abolished 9 Feb 1999 (free repatriation) | FNB Botswana, Absa Bank Botswana, Stanbic Bank Botswana, Standard Chartered Botswana, BBS Bank | three tenures — freehold (scarce) / Fixed Period State Grant (state leasehold ~50-yr non-citizen / 99-yr citizen) / tribal land (not a non-citizen route); transfer duty 5% citizen / 10%+15% non-citizen (flat 30% stale); CBI announced (Citizenship (Amendment) Bill 2025), not live |

### Crown Dependencies & Territories

| ISO | Access | LTV (non-res) | Indicative rate (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **JE** | restricted — **closed housing market** (Control of Housing and Work (Jersey) Law 2012); foreign buyers via the **Entitled (HVR / 2(1)(e))** route | Entitled/HVR: full mortgages from CI banks; non-res 50–65% (broker — verify) | GBP — Jersey banks track BoE base + margin | GBP at parity (States of Jersey notes 1:1 sterling; no own monetary policy) | HSBC Channel Islands, Santander International, NatWest International, Lloyds Bank International | freehold + flying-freehold (Stamp Duty, Royal Court contract passing) vs share-transfer flats (LTT, movable); **NO CGT / inheritance**; HVR ~£3.5M house / £1.75M apt thresholds (verify Locate Jersey) |
| **GG** | restricted (most restrictive Crown Dep) — two-market system gates **occupancy not ownership**; the **Open Market** register (~1,600 dwellings) is the foreign route | non-res expat BTL ~75–80%; owner-occupier ~85–90% | GBP — mortgage = "Bond" (hypothèque); BoE-linked (verify product pricing) | GBP 1:1 (Guernsey pound at par; no own monetary policy) | Skipton International, Lloyds Bank International, HSBC Channel Islands | Norman-customary title ("enfin et de perpétuité d'héritage" ≈ freehold); flying freehold (Law of Real Property 1987); **20% flat income tax, NO CGT/IHT/GST**; Document Duty (2% non-PPR surcharge repealed 5 Nov 2025) |
| **IM** | yes — NO restriction on foreign ownership (any nationality/value, freehold or leasehold) | non-res ~60–70% (year + bank dependent) | GBP — BoE base followed informally (no published rate band) | GBP at parity (IoM notes 1:1 sterling; no own FX regime) | Isle of Man Bank (NatWest), Lloyds Bank International, HSBC Isle of Man, Barclays Isle of Man | Manx common-law freehold (fee simple) standard; **NO CGT, NO inheritance tax**; 20% income tax with a tax cap; commonhold not adopted |
| **GI** | restricted — **two-tier market** (Open Market: no nationality restriction; vs resident-qualified); central land scarce | non-res ~60–70% (re-confirm at decision-in-principle) | GIP/GBP 1:1; lenders stress-test ~+2–3 ppts above offer | GIP pegged 1:1 GBP — both legal tender locally | Gibraltar International Bank, NatWest International (Gibraltar) | English-law conveyancing (no notary); most property on **long Crown leasehold** (99/125/150-yr, nominal ground rent); **NO CGT/inheritance/VAT**; Cat-2 residency tax regime; EU/Schengen interaction post-Brexit |
| **FO** | restricted — **foreign-buyer permit** regime (Løgtingslóg nr. 158 of 10 Dec 2021); most banks require Faroese residency + local income | foreign-buyer mortgage availability LIMITED (cash / 50%+ equity the practical norm) | DKK — variable ~4–6%, 5-yr fixed ~5–7% (typical 2025–26; no DK policy-rate anchor stated) | DKK (Faroese króna notes 1:1 DKK); DKK pegged to EUR via ERM II | BankNordik, Eik Banki | Danish-derived deed (skøde) at the Tinglýsing via a licensed Faroese advokat; CGT / property-charge specifics LOW-confidence (verify TAKS / Sorinskrivari) |
| **GL** | restricted + structurally unique — **NO private land ownership** (all land held in common); foreign-buyer mortgages structurally very rare | n/a (cash market; Inatsisartutlov 78/2025 limits who can buy buildings) | DKK — cash market, no domestic non-res mortgage to quote | DKK (pegged to EUR via ERM II); cross-realm DK↔GL payments need no FX hedge | Grønlandsbanken (Bank of Greenland) | **NO land cadastre / NO land-title registry** (MLSA-confirmed) — you buy the BUILDING + a land-use right, never the land; realkredit largely unavailable; thin sold-price data |

### Pacific

| ISO | Access | LTV (non-res) | Indicative rate (Apr 2026) | FX-loan rules | Banks for non-res | Key caveats |
|---|---|---|---|---|---|---|
| **VU** | **LEASEHOLD ONLY** — no freehold (1980 Constitution Ch.12 Arts 73–75 vest all land in indigenous custom owners); foreigners take a registered lease (≤75-yr) | n/a (cash market — non-res mortgage lending limited/uncommon) | cash market — no domestic non-res mortgage; RBV policy rate ~2.75% (Mar-2025 reference) | **VUV basket peg** (USD/AUD/NZD/EUR, RBV-managed; realigned 2025) | ANZ Vanuatu, Bank South Pacific (BSP), National Bank of Vanuatu, BRED Bank | leasehold ONLY — never call a "purchase" freehold; **years-remaining is the #1 DD item** + ground rent + Lessor's/Minister's consent; ZERO direct tax (15% VAT + 12.5% Rent Tax); CBI = DSP donation (EU Schengen revoked 12 Dec 2024) |

---

## Cross-cutting risks to flag

1. **FX-loan denomination vs income currency mismatch** — single biggest retail-borrower trap of last 20 years (CHF crisis). **Always cross-check `--finance` "FX-loan rules" against `--currency` "Currency code".**
2. **Foreign-buyer purchase bans dressed up as 'mortgages restricted'** — CA/AU/NZ rows make this explicit so a buyer doesn't conflate "70% LTV available" with "you can legally purchase". PH adds a Constitutional **land** ban (Art. XII §7) that does not block condo purchase but does block house+land — verify property type before quoting LTV.
3. **Eurozone accession transition (BG)** — contract repricing, dual-display deadlines, mortgage payment switchover are live April 2026 issues.
4. **Sanctions / PEP / AML overlay** in RS, AR, BR, BA, ME, EG, TR — non-resident mortgage approval depends on KYC/AML far more than rate. **EG Form 4** and **MA Office des Changes Instruction 02** are the two paperwork gates without which future repatriation of sale proceeds is structurally blocked — must be obtained at the moment foreign currency lands in-country.
5. **CPI-indexed mortgage units (UF/UI/UVR)** in CL/UY/CO are **not** simple fixed-rate loans — the principal escalates with inflation. A "5% real over UF" loan in a 4% CPI environment is a 9% nominal loan; modelling without the indexation adjustment understates payments. Always quote nominal CLP/UYU/COP at signing and re-state at each annual review.
6. **TRY hyperinflation** (Türkiye) makes any long-term TRY-denominated mortgage economically unviable for foreign buyers — the foreign-buyer market is **USD/EUR cash via FET-equivalent dekont**. Don't quote a TRY mortgage as a viable financing option.
7. **CBUAE LTV step at AED 5M** (75%/65%) for non-residents — buying a single property at AED 4.95M vs AED 5.05M shifts the deposit requirement by ~10 ppts of value (~AED 500k). Worth modelling at the deal level.
8. **JP Flat 35 ZEH discount** is materially valuable (−1.0 ppt for first 5 yr on a 35-yr fixed) — buyers should ask if the property qualifies before signing the variable-rate alternative. Tax deduction (住宅ローン控除) **0.7% × 13 yr** also stacks for ZEH/long-life housing.
9. **US estate-tax exposure** for non-domiciliary foreign individuals: only **$60,000 exemption** vs domestic $13.61M — a $1M property in personal name = $940k taxable estate at graduated rates to 40%. Mitigation via foreign blocker corporation, foreign trust, or US-Country estate-tax treaty (15 treaties exist) — cross-border-tax counsel before closing is non-optional.

## Confidence labels

- **HIGH**: rate band verified against bank or broker source within last 90 days
- **MEDIUM**: source 90 days–12 months old, or is a broker quote with regional plausibility
- **LOW**: source >12 months old or unverified specific rate

## Status

Last refreshed: **2026-06-13** (**126-country completion** — the 23 post-103 jurisdictions backfilled from their playbooks: je/gg/im/gi/fo/gl + aw/cw/sx/bq + ky/bm/tc/vg + kn/ag/lc/gd + na/bw/pk/tt/vu; many are cash markets / leasehold-only / no published non-res mortgage series, stated honestly per row — MEDIUM-to-LOW confidence on those, grounded in the country playbooks). Prior: 2026-05-01 (**Tier-5 expansion**: IN, NG, KE, JO, OM, BH, KW, LB added — 87-country base). Tier-4 expansion 2026-05-01 added QA, SA, PE, EC, PY, AM, AZ, TN. Tier-3 expansion 2026-05-01 added SG, HK, KR, TW, LI, MO, AD, MC, MD. Tier-2 expansion 2026-05-01 added GE, ID, MY, VN, PH, IL, MA, EG. Tier-1 expansion 2026-04-26 added US, TR, AE, JP, TH, DO, CO, UY, CL, ZA. Next refresh recommended: monthly (rates), quarterly (LTV/AML rules), per-event (regulatory reform).

**Confidence per added country**:

- **HIGH**: US (Freddie Mac PMMS weekly + IRS OBBBA primary), AE (CBUAE Mortgage Regulation primary), IL (BoI Banking Supervision Directive 329 primary), JP (BoJ MPM + JHF Flat 35 primary), MY (BNM credit guidelines + LHDN), ZA (SARB MPC primary), CL (BCCh UF + CMF series primary), CO (BanRep TRM + UVR primary), UY (BCU UI primary), SG (MAS Notice 645 + SORA reform primary), HK (HKMA SPM CR-G-3 + IRD Feb 2024 cooling-measures abolition primary), TW (CBC Sep 2024 5th-wave selective controls primary), LI (GVG LR 214.11 primary), MC (Loi n° 1.560 Dec 2024 + 1963 Convention fiscale franco-monégasque primary), AD (Llei 36/2024 òmnibus primary), QA (Law 16/2018 freehold zones + QCB peg primary), SA (SAMA peg + Foreign Real Estate Ownership Law 7 Jan 2025 primary), AM (Civil Code Art. 184 + Land Code Art. 4 + Tax Code Art. 64 primary), AZ (Tax Code Art. 198 + Land Code Art. 47 primary), JO (CBJ peg 1995 + Property Sales Tax 9% unified 2019 primary), OM (CBO peg 1986 + Royal Decree 12/2006 ITC primary), BH (CBB peg 2001 + Law 2/2001 + RERA primary), KW (Decree-Law 74/1979 non-GCC ban primary; CBK basket-managed since 2007), IN (FEMA 1999 + RBI Master Direction primary)
- **MEDIUM** (Tier-5 additions): NG (CBN MPR + Land Use Act 1978 + State Consent Fee bands primary; rate quotes broker-aggregated; NGN devaluation makes any quote stale within weeks), KE (CBK + Land Registration Act 2012 + Stamp Duty Act primary; Affordable Housing Levy under judicial review 2024–25 — verify final ruling), LB (BDL post-2019 banking crisis primary — mortgage market frozen; LBP rate verifies daily, depositor haircut regime evolving)
- **MEDIUM**: TR (TCMB + BDDK primary, but TRY hyperinflation makes any forward quote stale within weeks), MA (Bank Al-Maghrib + Office des Changes primary, but non-res mortgage rate ranges are broker-quoted), GE (NBG primary, but specific bank rate ranges from broker aggregators), TH (BoT FX rules primary, but offshore-product rates broker-quoted), PH (BSP primary, broker-quoted bank rates), DO (BCRD aggregates + broker quotes — no official residential-mortgage rate index), KR (FSC + BoK macroprudential primary; specific ARC + co-signer rules vary by bank, broker-aggregated), MO (AMCM Notice 028/B/2017 primary; mortgage rate ranges broker-quoted), MD (BNM macroprudential primary; bank rate ranges broker-quoted in thin market), PE (BCRP + Const. Art. 71 + SUNARP primary; non-res LTV broker-aggregated), EC (USD adoption Sep 2000 primary; non-res mortgage rate broker-quoted), PY (BCP + Ley 6.380/2019 + Resolución SET 1186/2023 primary; broker rate ranges), TN (BCT Circular 2018-04 + Code des Droits Réels primary; foreigner deposit ranges broker-aggregated; IMF EFF status verified suspended Mar 2024)
- **LOW**: EG (foreign-buyer mortgage market thin enough that "no scale" is the answer rather than a quotable rate; CBE Mortgage Finance Initiative is citizen-resident-only), VN (foreign-buyer mortgage market thin — Land Law Art. 41 keeps 'credit institutions licensed to operate in Vietnam'; the foreign-owned-lender expansion claim is withdrawn; confirm with the lender), ID (foreign-buyer mortgages on Hak Pakai are private-banking-only — case-by-case)

**Open items for next refresh**:

- TR USD-mortgage rate from İş/Garanti/Akbank — call non-resident desks for current quotes (rates moved >20 ppts during 2024)
- VN foreign-buyer mortgage practice — which credit institutions licensed to operate in Vietnam (Land Law Art. 41) actually lend to foreign dwelling owners
- MA SGMA / CIH non-resident EUR-mortgage live tariffs (verify against Bank Al-Maghrib monetary statistics page)
- CL CMF non-resident mortgage stats (`https://www.cmfchile.cl/`) — drill below aggregate to non-resident segment