A loan in a Polish bank for a foreigner.

According to data from the MSWiA, in 2017, foreigners bought 6.4 thousand premises in Poland.

The basic is to have a permanent residence card, however, some Polish banks will also need a certificate of registration and a higher own contribution.

Although mainly foreigners come to Poland to study, work or start business, some of them have decided to stay with us for a longer time and invest the earned money. The Ministry of the Interior and Administration said that last year foreigners purchased 6.4 thousand premises in our country, of which 4.8 thousand were apartments.

Some premises are bought for cash, however, foreigners may also apply for a mortgage for the purchase of real estate in Poland, but of course they must meet a number of conditions. In addition to the basic, applicable to all, regardless of nationality – such as creditworthiness or documents certifying employment, there are additional criteria.

It is not without significance whether the person applying for a mortgage is a citizen of the European Union or not – the method of loan proceedings depends on it.

For a foreigner the basic criterion is to have a permanent residence card. However, the period of expected card validity varies depending on the bank. Some require a validity period of not less than 12 months at the time of submitting the application, others expect only 3 months. It is also important to have a PESEL number.

It also happens that the Polish bank requires confirmation of the relationship with Poland, for example, income tax certificates in Poland, marriage with a Polish citizen or property in Poland. Requirements differ slightly in different banks, but the most important thing is that there are possibilities to obtain financing for the purchase of real estate by foreigners.

As in the case of Poles who apply for a mortgage, foreigners also have to take into account that banks have different criteria and mandatory documents.

It should also be remembered that obtaining remuneration abroad requires the submission of a certificate from the equivalent of Polish BIK along with a sworn translation. Banks may also require a certificate of residence in Poland even for at least 5 years.

However, do not be discouraged by the need to submit additional documents.

Sometimes it’s better to spend some time and arrange all the formalities to get a loan on better terms. The situation becomes more complicated if we are unable to provide the required certificates. In this case, it is best to use the advice of an expert who knows the offers from most banks and the criteria in them to best match the loan to the life situation and financial possibilities of the person.