Residence permit in Cyprus: North Cyprus vs South Cyprus – where is it better to live?

What South Cyprus and North Cyprus have in common

It is enough to visit Cyprus once to understand that everything that we really love in life originated here, on a small cozy island in the calm and serene Mediterranean Sea. It can be said without exaggeration that the island of Cyprus is one of the most attractive in the world for life. The climate of the Eastern Mediterranean is as close to ideal as possible and is the main competitive advantage in the market of resort countries. 

And even this seemingly small picturesque island has two sides that differ significantly. The southern part of Cyprus is mostly an arid plain with almost no vegetation, while in Northern Cyprus the nature is much more colorful. Northern Cyprus is distinguished by: the picturesque Cyrene mountain range, covered with forest, which runs along the coast of the island from west to east, as well as olive groves, extensive citrus orchards and even strawberry fields. And the beaches of Northern Cyprus are the cleanest in the entire Mediterranean. And Even southerners recognize that Northern Cyprus, rich in forests, mountains and clean beaches, holds the palm here. The desert South is not so fortunate in this matter.

But what significantly distinguishes Cyprus from other Mediterranean islands is that it is divided into two different parts not only by nature itself, but also has a political border. There are two separate states in Cyprus: the Republic of Cyprus and the Turkish Republic of Northern Cyprus, which occupies 33% of the entire island’s territory.

Naturally, having decided to settle in Cyprus, an important question for you is – which part of Cyprus is better to choose for temporary or permanent residence? As for the nature, beaches, cleanliness of the sea and the cost of living, Northern Cyprus is much more preferable here. But what about real estate and investment prospects?

In both southern and northern Cyprus, you can obtain a Temporary Residence Permit (Residence Permit) when buying a property.

In the Republic of Cyprus, you have the right to purchase a house or apartment up to 100 square meters, while the source of your money must be outside Cyprus and must be justified in terms of the legality of its receipt.

To obtain a temporary residence permit (residence permit) in South Cyprus, the purchased property must cost at least 300,000 €, while the apartment must be new, and you only need to buy it from an official developer.

Also, to obtain a residence permit, you must confirm the official income of at least 30,000 € per family member, which is approximately 60 – 70,000 € per family per year.

When applying for a residence permit in South Cyprus, you must put an amount of € 30,000 on a deposit in a Cypriot bank.

The South Cyprus Permanent Residence Permit allows you to live on the island all year round and fly in and out of Cyprus at your own discretion, however you cannot be absent from the island for more than three months, otherwise your permit will be canceled.

(Residence Permit) South Cyprus does not allow you to travel to other EU countries without any valid visa (tourist, student, business visa, etc.).

As for Northern Cyprus, everything is much simpler and more transparent here.

You and your family automatically receive the right to a residence permit when buying any property in North Cyprus, regardless of the value of the property or any other factors. At the same time, you do not have to pay the entire amount for your apartment at once in order to obtain a residence permit – to obtain the keys to the apartment and the documents required to obtain a residence permit in Northern Cyprus, it is enough to pay 60-70% of the cost of the apartment and you will have everything required documents for permission. Our company provides 100% transparency and legality of the transaction for the purchase of real estate in North Cyprus and takes care of all the hassle of obtaining a North Cyprus residence permit for you as soon as possible.

When buying real estate in North Cyprus, you just need to transfer or deposit cash to the developer’s account. At the same time, you can pay only 30% of the cost of your apartment and take advantage of the interest-free installments offered by the developers for up to 3 years, as well as preferential loan services for the purchase of an apartment for up to 7 years.

To obtain a residence permit, you just need to show that you have enough money to live in North Cyprus for a year – today it is about 10 thousand dollars, which you can show as income outside the country or put on an account in a local bank … You have the right to withdraw the amount deposited in the bank account as soon as you receive an account statement on the availability of the required amount there.

The big advantage of buying property and living in North Cyprus is the low cost of living and prices for villas and apartments, which are significantly lower than in South Cyprus. Apartments of comparable quality and proximity to the sea in North Cyprus are 30-40% cheaper than in South Cyprus.

In addition to the price per square meter, there is another fundamental difference between the real estate markets of the “two Cyprus”. Unlike South Cyprus, where today there are not so many liquid offers from developers, in North Cyprus you have the opportunity to choose an apartment in a new building of any type within walking distance from the sea with a title of a new sample, ensuring the absence of any land disputes … It is also important that the cost of apartments in new buildings in the TRNC most often includes not only complete finishing, but also built-in kitchen furniture, a wardrobe, and sometimes even electrical appliances. The South Cyprus market is mostly secondary. Buying property from a developer in South Cyprus is not as easy as in other countries due to the limited supply.

Рынок недвижимости Кипра – по локациям и типам жилья

  Студия (1+0), тыс € Односпальная (1+1), тыс € Двуспальная (2+1), тыс € Трехспальная (3+1), тыс € Таунхаус, тыс € Дом, Вилла, тыс €
Никосия, Лимассол От 95 от 100 – 120 от 150 – 200 от 240 – 300 от 250 – 300 от 300 до 30.000
Ларнака От 65 от 70 – 80 от 100-120 от 263 до 1.145 от 195 – 225 От 260 до 1.000
Пафос От 58 От 70 от 100-150 от 350-600 от 250 до 6.500
Фамагуста (ТРСК) От 47 От 57 От 78 От 84 От 202  
Искеле (ТРСК) От 37 От 64 От 77 От 101 От 118 От 192

 

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