From renting to permanent residence: a Tranio client's story of buying an apartment in Cyprus
Andrey, an entrepreneur from Moscow, enlisted the Tranio team’s help to find an apartment for long-term rental in Cyprus. However, his aspirations evolved into purchasing an apartment for permanent residence for his entire family. In this article, we will delve into Andrey’s first overseas property purchase and explore the key factors that influenced his choice of apartments in Larnaca for investment and personal residence. Andrey successfully completed the transaction despite the recent EU sanctions against Russian nationals. With the guidance of migration lawyers and Tranio’s experts, he secured a Cyprus residence card for himself and his family members in just six months.
The original plan: to rent in Larnaca
Andrey is an EdTech entrepreneur. His company assists online schools in creating platforms from scratch for lesson delivery, course publishing, reporting, statistics, and collaboration. By 2023, Andrey had transitioned most of the processes to a remote format, enabling him to work from anywhere in the world.
Cyprus had long been a place where Andrei, his wife and child often went on holiday. Before we met, the family rented apartments or villas, choosing something new each time and getting to know different places.
Andrey first contacted Tranio to find an apartment in Larnaca where he and his family could spend their next holiday. We selected options based on factors such as location, number of bedrooms and the availability of services in the complex for a comfortable family holiday.
Andrey was planning a trip and was in Moscow at the time of his request. He managed to book accommodation and draw up a contract remotely: Tranio’s local manager in Cyprus helped close the deal on his behalf.
Why Andrey decided to buy out the rented property
After spending several weeks in Larnaca and enjoying the city’s charm, Andrey decided to purchase an apartment instead of renting it. Our client often found himself in situations where his preferred housing option was unavailable due to other occupants. Given the complexity of payment services against the backdrop of sanctions, he concluded that he was unwilling to take the risk of having his reservation cancelled. As a result, he invested in his own property with the prospect of obtaining a residence permit in Cyprus.
Andrey viewed seven apartments in Larnaca before making his final decision. During each call, a personal consultant from Tranio discussed the apartment’s location in detail with the client. They analysed the infrastructure on a map and calculated the distance to key facilities in the city.
From 270,000 €
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From 181,000 €
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From 436,000 €
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From 568,000 €
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From 540,000 €
Built in 2023 Total of 9 apartments
From 445,000 €
Total of 14 apartments
The investor liked Larnaca because of its reasonable prices and active development: now the construction of the marina is nearing completion, which means that in the future there will be properties on the coast that will increase in price significantly.
Once the construction of the new marina is finished, property prices in the region are anticipated to rise significantly, similar to what occurred in Limassol.
Andrey has a child of school age, and it was important for the family to find a reputable international school in Cyprus. Consequently, our clients prioritised the proximity of the apartment complex to the city’s top four educational institutions. In addition, the family considered the complex’s proximity to a landscaped embankment with jogging and cycling tracks, pleasant beaches, and urban venues where numerous festivals take place.
The presence of an airport in Larnaca became another important factor in choosing an apartment: Andrey was not planning to relocate to Cyprus himself, so frequent flights to and from Moscow would be a regular occurrence for him.
Remote purchase of property in Cyprus
Before the deal was finalised, Andrey had to return to Moscow for several days for personal reasons. He completed the entire purchase process remotely, relying on constant communication with Tranio’s local team. We provided all the necessary support and documentation for a smooth transaction.
The client transferred the funds for the property purchase from his Russian account at Raiffeisenbank, which was not subject to sanctions. In order for the bank to approve the transfer, it is enough to provide details about the developer, owner and project, verify the booking and submit an invoice for payment. Tranio’s manager prepared all the documents for the bank and gave them to Andrey.
Criteria for choosing a property for permanent residence in Cyprus
Andrey decided to invest 300,000 euros in a property in Larnaca in order to obtain Cyprus permanent residence through investment. He did not intend to go much beyond this amount, so our manager looked for options in a similar price range that would meet all the requirements for permanent residence. Under Cypriot law, in order to participate in the residence permit programme, you must invest in a property that is under construction and will not be rented out in the future.
Benefits of permanent residence in Cyprus
- The only permanent residence programme in the EU available to Russians for the purchase of real estate.
- Minimum percentage of refusals.
- Unlimited validity of the residence permit.
- Low investment threshold of 300,000 €.
- Favourable residence requirements of 1 day every 2 years.
- Remote registration.
- You can include spouses and children under the age of 25 in your application.
- Tax benefits when opening a company in Cyprus.
- You can obtain Cypriot citizenship after 7 years.
From 229,000 €
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67 units in total
From 315,000 €
Completion in: 2026.III Total of 24 apartments
Collection of documents for permanent residence in Cyprus
While in Moscow, Andrey, with our help, prepared a package of documents to obtain permanent residence for himself and his family members. Some of these documents can only be obtained in the Russian Federation or in a Russian consulate abroad, while the rest were prepared in Cyprus. In Moscow, with the help of our managers, Andrey obtained a certificate of good conduct, copies of marriage and birth certificates complete with apostilles, and bank statements.
Documents required for registration
- A foreign passport valid for at least 2 years from the date of application and certified copies of passport pages.
- Certificate of ownership. If this has not yet been received, the applicant must provide the deed of sale and proof of payment.
- Bank statements showing regular income from abroad of at least 50,000 € per year (plus 15,000 € for the spouse and 10,000 € for each minor child).
- Health insurance policy.
- Certificate of good conduct.
- A certified copy of the marriage and birth certificates (if submitted together with family members).
- An official statement by the applicant and spouse that they do not intend to work in Cyprus.
- A free-form curriculum vitae describing the applicant’s biography and intentions regarding life in Cyprus.
Once the package of documents had been translated, Tranio’s manager submitted an application to the Cyprus Civil Registry and Migration Department (CRMD). Andrey did not need to visit Cyprus in person: you can apply for permanent residence online without visiting the island.
The timeframe for obtaining permanent residence has increased due to the high volume of applications. Currently, residents have to wait for 5-8 months for the issuance of a residence card.
Andrey’s application was approved. During his next holiday in Cyprus, he submitted his biometric data and received a residence card after 6 months.
Andrey not only provided his family with comfortable living arrangements in the resort region, but also opened up possibilities for pursuing education and conducting business in Cyprus, thanks to a permanent residence and the opportunity to acquire EU citizenship in a few years.
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