Foreigners & Mortgages: Turkey, Spain, Portugal, Greece
A practical guide on foreigner mortgage eligibility across Turkey, Spain, Portugal and Greece, with numbers, steps, alternatives and how Resida Global can help.
Introduction
Buying property abroad is often the first step toward a new lifestyle or an investment portfolio. Yet many prospective buyers wonder whether they can finance that purchase with a local mortgage, especially when they do not hold citizenship or permanent residence in the target country. This article breaks down the current reality for foreign borrowers in four popular destinations – Turkey, Spain, Portugal and Greece – and highlights alternative pathways where traditional financing is limited.
Turkey
Turkey welcomes foreign property buyers, but its mortgage market operates differently from most European countries. Local banks typically offer a loan‑to‑value (LTV) ratio of up to 70% for non‑resident borrowers, with repayment terms ranging from 5 to 20 years.
- Typical interest rate: 14 %–16 % per annum (variable or fixed for a limited period).
- Down payment: Minimum 30 % of the purchase price, plus closing costs (~4 %).
- Documentation: Passport, Turkish tax identification number (TIN), proof of income (salary slips or bank statements), and a property appraisal.
- Residency link: While the country offers a citizenship‑by‑investment program that requires a minimum $400 k real‑estate purchase held for three years, this route does not grant EU citizenship.
If you prefer to avoid a mortgage, cash purchases are common and can speed up the citizenship process. Resida Global works with Turkish banks that have English‑speaking loan officers, simplifying paperwork for first‑time foreign buyers.
Spain
Spain’s Golden Visa program will cease to exist after April 2025, but the country’s mortgage market remains open to non‑residents. Banks usually finance up to 70 % LTV** for foreign borrowers**, with loan terms of 10–30 years.
- Typical interest rate: 2.8 %–4.0 % (fixed or Euribor‑linked).
- Down payment: 30 % minimum, plus notary and registration fees (~1 %).
- Documentation: NIE number, passport, proof of income (employment contract or tax returns), and a property valuation.
- Residency alternatives: After the Golden Visa ends, foreign nationals can obtain residence via a non‑lucrative visa (requires €400 per month passive income) or a digital‑nomad visa (minimum remote‑work salary of €2,500 per month).
Spanish banks are accustomed to dealing with international clients, but the process can be slower during peak buying seasons. Resida Global assists with obtaining the NIE and coordinating the mortgage file.
Portugal
Portugal removed residential property from its Golden Visa scheme in October 2023, but mortgages for foreign buyers are still widely available. Most banks will lend up to 70 % LTV** on a primary‑residence purchase**, with terms of 15–30 years.
- Typical interest rate: 2.5 %–4.0 % (fixed or variable).
- Down payment: At least 30 %, plus stamp duty and registration (~6 %).
- Documentation: Portuguese tax number (NIF), passport, proof of regular income, and a property appraisal.
- Residency route: The D7 visa – often called the “passive‑income” visa – requires a minimum annual income of €8,000 for the main applicant (higher for family members). This visa grants temporary residency that can be renewed and eventually leads to permanent residence.
Mortgage approval times average 4–6 weeks. Portuguese banks may request a local bank account; Resida Global can set this up on your behalf.
Greece
Greece’s Golden Visa remains one of the most affordable EU residency programs. Investors can choose from three tiers:
- €250,000 – minimum purchase (studio or apartment).
- €400,000 – larger property or multiple units.
- €800,000 – premium real‑estate projects.
The visa grants a five‑year renewable residence permit for the investor and immediate family. Mortgage options are more conservative than in Western Europe; banks typically offer up to 60 % LTV** for non‑resident borrowers**, with rates of 3 %–4 %.
- Down payment: At least 40 % plus legal fees (≈2 %).
- Documentation: Passport, Greek tax number, proof of funds, and a property valuation.
- Rental restrictions: Units obtained through the Golden Visa cannot be listed on short‑term platforms such as Airbnb; they must be used for long‑term tenancy or personal residence.
The Greek market is attractive for investors seeking EU residency without a high capital outlay. Resida Global can coordinate both the visa application and mortgage paperwork.
Alternative Routes When Mortgages Are Limited
| Country | Typical Max LTV for Foreigners | Key Residency Path | Mortgage Availability |
|---|---|---|---|
| Montenegro | 50 % | Property‑linked residence (renewable every year) | Local banks offer limited loans; many buyers use cash or offshore financing. |
| Thailand | 0 % (Thai banks do not lend to foreigners for condos) | No residency‑by‑property; long‑term visas are work‑based or retirement schemes. | Financing possible only through foreign lenders, usually at 5 %–7 % rates and short terms. |
Both Montenegro and Thailand illustrate that property ownership does not automatically translate into mortgage access. In Montenegro, the euro‑based market allows a modest 50 % LTV, but the residence permit is not an EU visa. Thailand restricts foreign ownership to 49 % of any condominium building and offers no local mortgage products for non‑citizens.
Steps to Secure a Foreign Mortgage
- Obtain a tax identification number: Required in all four primary countries (TIN, NIE, NIF).
- Gather financial documentation: Recent payslips, bank statements, and proof of existing assets.
- Choose a property and get an appraisal: Lenders will only finance after a professional valuation.
- Submit a mortgage application: Include all documents, the purchase contract, and a down‑payment receipt.
- Sign the loan agreement and register the mortgage: This step usually occurs at the notary or land registry office.
Working with an experienced cross‑border agency such as Resida Global can streamline each of these steps, especially when dealing with language barriers and differing legal systems.
Conclusion
Foreigners can obtain mortgages in Turkey, Spain, Portugal and Greece, but the terms, LTV limits and residency ties differ markedly. While Turkey offers high‑interest loans without an EU link, Spain and Portugal provide Euro‑area rates comparable to local borrowers. Greece couples a modest mortgage with one of Europe’s most affordable Golden Visa schemes. When traditional financing is unavailable—as in Montenegro or Thailand—cash purchases or offshore lenders become the main alternatives. Understanding each market’s nuances and partnering with specialists like Resida Global will help you turn property ambitions into reality.
Frequently Asked Questions
Can I obtain a mortgage in Turkey as a non‑resident?
Yes. Turkish banks typically lend up to 70 % of the property's value to foreign buyers, with loan terms of up to 20 years and interest rates around 14‑16 % per annum.
What residency options exist in Spain after the Golden Visa ends?
Foreign nationals can apply for a non‑lucrative visa (requires €400 per month passive income) or a digital‑nomad visa (minimum remote‑work salary of €2,500 per month). Both grant legal residence without property investment.
How does Portugal’s D7 visa differ from its former Golden Visa for investors?
The D7 visa is based on proof of regular passive or retirement income (minimum €8,000 annually for the main applicant) rather than a real‑estate purchase. It offers a pathway to residence and citizenship without requiring property investment.
Are short‑term rentals allowed on Greek Golden Visa properties?
No. Units bought under Greece’s Golden Visa program cannot be listed on platforms like Airbnb; they must be used for long‑term tenancy or as a personal residence.
Is it possible to finance a Thai condo as a foreign buyer?
Thai banks do not provide mortgages to non‑citizens. Financing is only available through offshore lenders, usually at higher rates (5‑7 %) and shorter repayment periods.
Get a Free Consultation
Let our expert team assess the right country and property for your overseas property, residency or citizenship goal — free of charge, end to end.
