Media: Russians opt for Türkiye, Cyprus to buy homes for residence permits

Since the beginning of this year, Türkiye and Cyprus take the lead among Russians' most popular countries to obtain a residence permit. 

The share of the above-mentioned states accounted for 21 per cent and 17 per cent of the total number of requests from Russians, according to the information portal RBC-Real Estate, citing statistics from analysts of Tranio.

Currently, in order to obtain a residence permit in Türkiye, one must purchase a property worth more than $50 thousand in sparsely populated areas and above $75 thousand in metropolitan areas. In Cyprus, applicants will be given a residence permit if they invest a total amount of €300 thousand and above in local new buildings, the article said.

"The leading country, where Russians in 2023 most often considered buying real estate for residence permit or citizenship, was Türkiye with 21 per cent of the demand <....> It is followed by Cyprus. This country in 2023 accounted for 17 per cent of applications," the article said.

Spain is in third place on the list of countries Russians opt for residence permits.  In this European country, the "golden visa" for the purchase of real estate of €500 thousand. Spain accounted for 13 per cent of the corresponding requests from Russians.