Foreigners Guide to Financing in With the influx of international buyers and investors coming to for real estate. ’s banking center has recently established financing opportunities that will now include foreigners. It’s expected that 80 million baby boomers will retire over the next 10 years, with around 5% relocating to Latin America. As a result, the local nian banks are opening their doors and welcoming foreigner financing. Typically nian banks only offer financing towards titled properties where improvements have been made, infrastructure already exists and the property is located in an urban or developing area.
When comparing financing to the United States to financing in , you will find that the terms and rates are very similar; however, the application process will differ greatly. In North America financing is all about your credit history whereas in the banks emphasize your ability to pay as well as the property’s loan to value ratio. As a result, nian banks will require that you provide extensive documentation to prove your income and prove the value of the property that you are buying. Keep in mind that a foreigner applying for financing in is a tedious process. The mortgage process will require a great deal of document preparation and organization.
banks require these general documents in order to start the loan process.
Photocopy of entire passport including all stamps
Photocopy of one additional photo ID
Utility bill showing your name and address
Personal education and work resume
Two original bank reference letters
Two original commercial reference letters
Last two years of tax returns
Letter explaining your income sources & reason for the purchase
Appraisal of the property
Purchase contract
Title deed of the property
Completed and signed mortgage application.
Applying for a mortgage will require a considerable amount of personal time, to meet with the bankers, complete the applications, organize all the documents. Documentation Requirements to open an Account: A. Photocopy of Passport. The photocopy of passport should include the photo of the person, the personal details (name, date of birth, passport number, etc.), and the signature. The photocopy should be clear and legible. B. One (1) Financial Reference Letter. The financial reference letter can be from any established bank, brokerage firm, or credit union. The letter should be on the financial institutions letterhead, and should include the signature of an official, and the contact information (address, telephone, fax, email, etc.). There is no specific format that the reference letter must be written in, however, we have provided an example below for your reference. C. One (1) Personal or Professional Reference Letter. The personal or professional reference letter can be from any friend, business associate, attorney, accountant, or any company you deal with personally or professionally. If from a professional or company, the letter should be on letterhead, and should include the signature of the representative issuing the letter, and the contact information (address, telephone, fax, email, etc.). D. Proof of Address . This can be a utility bill, phone bill, insurance bill, bank statement, or any bill or statement showing your physical address. | 
