Investing in real estate in Northern Cyprus through the residency program is a thoughtful choice for those seeking stability, beautiful landscapes, and a quality lifestyle. Let’s explore the process of investing in Cypriot real estate, the minimum requirements, and other details.
To gain firsthand and comprehensive insight, we met with Andrey. Andrey, a graphic designer, moved here from Samara.
My Path to Citizenship
Hello! Andrey, why specifically Northern Cyprus?
Good day! Approximately a year ago, I considered relocating with the prospect of obtaining documents from another country. After exploring numerous options, I chose Northern Cyprus, and I’m thrilled about it. Besides the financial and documentary benefits that are obvious to me now, just take a look at how beautiful it is here!
We’ll certainly delve into that more. But for now, can you share where one should begin to obtain residency through real estate investment in Northern Cyprus?
I’ll start by saying that upon arrival, I was pleasantly surprised by the variety of locations available for purchasing property. To make a choice, verify the property, and prepare all the necessary documents, Sofia from Veles Property helped me. She guided me through the entire relocation process, assisted with residency paperwork, and even helped with enrolling my child in daycare. I chose Alsancak, a suburb of Kyrenia. Here, everything is available for a comfortable family life.
Did you move here with your family?
Yes. Buying property here grants not only the property owner but also their spouse and underage children the right to residency. This significant advantage is what we call “Family Residency.”
Additionally, residency holders have access to the following privileges:
- Unrestricted stay in the country
- Access to national health insurance
- Quality healthcare services
- School and preschool education
- Opening a bank account
- The prospect of obtaining citizenship
What documents are required for entry and property purchase?
For entry, a valid passport with a validity of at least six months is sufficient. There aren’t many documents required, and the immigration service will provide you with the exact list. However, when purchasing property, I recommend using real estate agency services. I was fortunate to have a realtor from Veles Property; they helped me prepare and gather the entire package, including:
- Obtaining a certificate from local authorities
- Opening a bank account and depositing funds (lawyers advise depositing at least 10,000 euros per adult family member)
- Transferring funds for the purchase to the seller’s account
- Submitting an application to the immigration service. If you have all the documents, your application will be sent for consideration.
- Additionally, a medical certificate, photographs, and stamps are required.
I recommend obtaining multiple copies of certificates as they might be useful later. After submitting the application, you cannot leave the island; otherwise, your residency application will be automatically revoked. However, even if your visa expires during this period, you will still be in the country legally.
The review of applications by the immigration service takes up to 3 months. My application was approved within 20 days.
Anything else you’d like to highlight?
- No need to take exams to obtain residency in Northern Cyprus (as required in some countries); owning property suitable for living is sufficient.
- No minimum transaction amount limit.
- Buying property in Northern Cyprus allows you to rent it out and earn a stable income. After a few years, you can sell the property and still retain residency.
Thanks to the minimal requirements and speedy processing, obtaining residency through real estate investment in Northern Cyprus is straightforward and swift. If you value comfort and stability, this is the right choice. The enchanting landscapes will be the cherry on top of your new high-quality and promising life.