A Private-Client Checklist for Buying Qualifying Real Estate for Residence

Why a disciplined question set matters for qualifying real estate

When property is tied to a residence route, you are not simply buying bricks and mortar. You are also underwriting a regulatory framework, a tax environment and, often, a long-term family mobility plan. A disciplined set of questions helps you distinguish between a pleasant holiday home and a strategic asset that may support your residence planning once verified by the appropriate advisers.

In our work with internationally minded families, we see the same pattern: the marketing focuses on lifestyle and headline thresholds, while the real decision turns on structure, eligibility, exit and how the property interacts with your wider affairs. This guide is designed as a private-bank style checklist you can use across jurisdictions, whether you are looking at Cyprus, Greece, Mauritius or elsewhere.

Cyprus is used below as the principal worked example because it illustrates many of the practical issues: route selection, new-build versus resale treatment, family eligibility, tax residence and Schengen misconceptions. Short contrast notes are included for Greece and Mauritius where the comparison is particularly important.

What follows is not legal, tax or investment advice. It is a decision framework to take into conversations with your own advisers and counterparties.

Part 1 – Questions about the residence route itself

Before you look at individual properties, you need clarity on the underlying residence or citizenship framework. Only then can you judge whether a given asset is capable of being qualifying real estate for your purposes.

1. Is this a recognised residence route, and what is the legal basis?

• What is the formal name and legal basis of the programme? In Cyprus, the fast-track permanent residence route is formally the Immigration Permit under Regulation 6(2) of the Aliens and Immigration Regulations, often referred to as Regulation 6(2) or Category 6.2.
• Is the route explicitly linked to real estate? Some programmes allow multiple asset classes; others are structured around qualifying real estate. Cyprus Regulation 6(2) includes a fast-track property route, but it is not the same as saying every Cyprus permanent residence route requires new-build residential property.
• Is there a separate citizenship route? Do not assume that residence-by-property leads automatically to citizenship, or that a former citizenship-by-investment route still exists. Cyprus abolished its citizenship-by-investment programme in 2020; citizenship is now a separate naturalisation question.
• Who is the competent authority? You should know which ministry, department or programme administrator ultimately decides on your file and interprets the rules.

2. What exactly makes a property qualifying for this route?

• Is new-build required, or are resales acceptable? Under the Cyprus fast-track Regulation 6(2) residential-property route, the EUR 300,000 plus VAT investment is in new-build residential property bought directly from a developer, with resale residential property excluded. Resale property may be relevant under other circumstances, including commercial-property treatment under the fast-track route or under the separate regular Category F route. The regular Cyprus Category F route has no strict property-purchase requirement and permits resale property.
• Are there other qualifying categories? Do not rely on a generic statement that a property is “Cyprus PR eligible”. Ask which route is being used: fast-track Regulation 6(2), regular Category F, or another immigration category. The property rules, income evidence and timing differ materially.
• Are there location, usage or zoning restrictions? Some routes exclude certain regions, require residential use, or apply different thresholds by location. In Greece, for example, the Golden Visa thresholds were revised in 2024–2025 and vary materially by area and property type.
• Can you rent the property out, or must it be owner-occupied? This affects yield, tax and lifestyle flexibility. Do not assume that a property which is attractive commercially is automatically compliant for residence purposes.

3. What are the minimum investment and holding requirements?

• What is the indicative minimum investment level and what must it cover? Under the Cyprus fast-track Regulation 6(2) residential-property route, the usual threshold is EUR 300,000 plus VAT in new-build residential property bought directly from the developer, with funds remitted from abroad. For the regular Cyprus Category F route, the emphasis is different: there is no strict property requirement, resale property is permitted, the secured annual income expectation is around EUR 30,000, and processing is typically slower.
• Does the minimum refer to purchase price only, or can taxes and fees be counted? This varies by jurisdiction and route. Ask whether VAT, duties, professional fees, furniture or parking can be included or are excluded from the qualifying amount.
• Is there a minimum holding period? Many routes require you to retain the qualifying real estate for as long as you hold the status, or for a defined period. Under Cyprus Regulation 6(2), you should expect to hold the qualifying investment; disposing of it without an eligible replacement can put permanent residence at risk.

4. Who in the family can be included, and how?

• Which family members can be added from the outset? Under Cyprus Regulation 6(2), the main applicant, spouse and minor children are typically covered. Adult children aged 18–25 may be included if they are unmarried, financially dependent and studying abroad.
• What happens with adult children? Financially independent adult children generally require a multiple of the EUR 300,000 investment rather than being added on the same basis as minor or dependent student children.
• What income uplift applies for family members? Under Cyprus Regulation 6(2), the secured annual income requirement is about EUR 50,000 for the main applicant, increased by about EUR 15,000 for a spouse and about EUR 10,000 per child.
• Are parents or in-laws eligible? In Cyprus Regulation 6(2), parents and parents-in-law have been excluded since the May 2023 amendments. This contrasts with Greece, where Golden Visa family inclusion can extend to parents of both the applicant and spouse.
• Can family members be added later? This matters for future spouses, new children and changing dependency. Ask whether later additions are assessed under the original rules or the rules in force at the time of addition.

5. What mobility and tax-residence outcomes does the route actually deliver?

• Does the residence status confer wider travel rights, or is it domestic only? It depends on the issuing country. A residence permit issued by a Schengen state, such as Greece, permits short-stay movement across the Schengen Area within the 90/180-day framework. Cyprus is an EU member state but is not yet in the Schengen Area; a Cyprus residence permit does not currently confer Schengen short-stay travel, and there is no confirmed Schengen accession date.
• What are the tax-residence rules if you spend time in the country? Cyprus has a standard 183-day rule and an additional 60-day tax-residency rule, each subject to qualifying conditions. Mauritius applies day-count rules of 183 days in a tax year or 270 days across three years.
• Are there inheritance or estate taxes that may affect succession planning? Cyprus currently levies no inheritance tax or estate duty. Mauritius levies no inheritance or estate tax, no wealth tax and no capital gains tax, with foreign income taxed only when remitted. These positions should still be reconfirmed when planning.

6. What are the ongoing obligations to maintain status?

• Is there a minimum physical presence requirement? Cyprus permanent residence under Regulation 6(2) can lapse if the holder does not visit Cyprus at least once every two years. Greece Golden Visa residence is a five-year renewable status with no minimum physical-stay requirement while the investment is held.
• Are there income, insurance or other conditions that must be maintained? Some programmes require ongoing evidence of income, health insurance, clean criminal records or retained investment. In Cyprus Regulation 6(2), the secured income expectation is materially higher than under Category F.
• What happens if you sell or change the property? Ask whether you can substitute one qualifying property for another and what notification or re-approval process applies. Selling before a compliant replacement is accepted can be a status risk.

7. What are the indicative timelines and government costs?

• How long does the process typically take? Cyprus fast-track Regulation 6(2) is commonly marketed with an examination target of about 2–3 months from a complete file, although practical end-to-end timing can be longer. Cyprus Category F is typically much slower, often around 12–24 months. Greece Golden Visa processing is often modelled at about 4–9 months end-to-end, and Mauritius property-based residence at about 3–6 months.
• What are the government application and issuance fees? For Cyprus Regulation 6(2), indicative government fees include a EUR 500 application fee plus per-person registration and permit-card fees of about EUR 70 each. Greece Golden Visa fees are commonly modelled at EUR 2,000 for the main applicant plus EUR 150 per dependent.
• Are there separate fees for each family member? This can materially affect total cost for larger families, especially where adult children require separate or enhanced investment treatment.

Part 2 – Questions about the property and transaction

Once you are comfortable with the residence route, you can turn to the specific asset. Here the discipline is similar to any cross-border property acquisition, but with the added overlay that the property must remain qualifying throughout your intended holding period.

No property should be treated as qualifying until this has been confirmed in writing by local counsel and, where relevant, by the competent authority or programme administrator. Sales material, developer assurances and informal market practice are not enough.

8. How is title held, and what due diligence has been done?

• Is the title clean, and are there mortgages or encumbrances? Independent legal due diligence is essential, particularly in markets where developer or vendor debt can affect the property.
• Is the property fully permitted and compliant with planning rules? Unauthorised alterations or use can create future regularisation costs, block resale or jeopardise programme eligibility.
• Will you obtain an individual title deed, and on what timeline? In some jurisdictions, delays in issuing separate title deeds are common. This should be priced into your risk assessment.

9. Who is the counterparty, and what is their track record?

• Are you buying from a developer, an individual or an institutional seller? Programme rules may require a particular seller type. Under the Cyprus Regulation 6(2) residential-property route, for example, the qualifying residential property is new-build and bought directly from the developer.
• What is the developer’s delivery record? Ask for completed projects, references, evidence of financing and a history of on-time, on-budget delivery.
• Is there an independent project manager or engineer overseeing construction quality? This is particularly relevant for off-plan purchases and staged payments.

10. What is the true total cost of ownership?

Headline prices rarely tell the full story. You should map all acquisition and ongoing costs, then confirm the treatment with local counsel, tax advisers and, where appropriate, the relevant land registry or tax department.

Beyond acquisition, ask about annual property taxes, common charges, insurance, utilities, maintenance reserves and local management costs. Where a cost figure is important to your investment case, verify it against official sources or written adviser advice before signing.

11. How do other jurisdictions compare?

• Greece. Greece is a Schengen member, so a Greek residence permit permits Schengen short-stay travel within the 90/180-day framework. The Golden Visa real estate thresholds revised in 2024–2025 include EUR 800,000 for one single residential property of at least 120 square metres in the entire Region of Attica, the Regional Unit of Thessaloniki, Mykonos, Santorini and any Greek island with more than 3,100 inhabitants. Elsewhere, the standard threshold is EUR 400,000 for one single residential property of at least 120 square metres. A EUR 250,000 tier applies to certain commercial-to-residential conversions or listed-building restorations.
• Greece letting restrictions. Under the post-2024 Golden Visa rules, a property used to qualify for the permit may not be let on a short-term basis, including Airbnb-style letting. Long-term leasing is permitted, subject to the usual tenancy, registration and tax rules. Breach can lead to permit cancellation and an administrative fine of up to EUR 50,000.
• Mauritius. Mauritius is outside the EU and Schengen Area, and a Mauritian residence permit is not a travel document for other countries. A qualifying acquisition of at least USD 375,000 in approved property schemes such as PDS, IRS, RES or Smart City can support a residence permit while the property is held. These schemes are not the only residence routes: Mauritius also offers routes such as the Occupation Permit for investors and a Retired Non-Citizen permit for qualifying retirees.
• Do not compare only headline thresholds. Travel rights, family coverage, stay requirements, tax residence, resale liquidity and holding costs often matter more than the nominal entry price.

12. How will you manage the property, and at what cost?

• Who will manage the property when you are not there? Consider whether you need a local property manager and how their fees are structured.
• Is short-term or long-term letting permitted, and how is it taxed? Rules on holiday rentals can change and may affect yield assumptions. In Greece, short-term letting of Golden Visa qualifying property is prohibited under the post-2024 rules; do not build Airbnb-style income into a compliance model.
• What are the service charges and sinking fund contributions? In managed developments, these can be material and may rise over time.

13. What is the realistic exit strategy?

• Who is the likely buyer when you eventually sell? Local end-users, other investors, or future residence applicants?
• Is there depth of local demand at your price point? Properties designed solely for foreign investors can be harder to exit in stressed markets.
• Will selling affect your residence status? In many programmes, disposing of the qualifying asset without replacement can lead to loss of status. Under Cyprus Regulation 6(2), this is a central point to verify before any sale.

Part 3 – Questions about your wider position

Even a well-chosen property in a sound programme can be misaligned with your personal and family circumstances. The final set of questions focuses on fit: how the asset interacts with your tax profile, succession planning and long-term family optionality.

14. How does this interact with your current and future tax residence?

• Could spending time in the jurisdiction make you tax resident there? Cyprus has both a 183-day and a 60-day tax-residency rule, each with specific conditions. Mauritius has its own day-count tests. Greece has a non-dom regime, but it should be assessed separately from residence-permit eligibility.
• How will rental income, capital gains and wealth be taxed locally and in your home country? Cross-border tax advice is essential. Residence status, immigration status and tax residence are related but not the same.
• Are there inheritance or estate taxes that could affect your heirs? Cyprus currently has no inheritance tax, but succession outcomes also depend on local property law, matrimonial regimes, forced-heirship rules and your existing wills.

15. Does the structure support your succession and asset-protection goals?

• In whose name will the property be held? Direct personal ownership, joint names, corporate structures and trusts each have different implications. Some programmes restrict or condition non-personal ownership.
• How will the asset pass on death? Local forced-heirship rules, matrimonial regimes and your existing wills all need to be coordinated.
• Does the residence status itself pass to heirs, or must they reapply? Many programmes do not automatically transmit status to adult children. Dependency rules should be reviewed before children age out.

16. What level of lifestyle commitment are you comfortable with?

• How often are you realistically willing to visit? If a programme requires periodic presence, such as the Cyprus Regulation 6(2) visit-at-least-once-every-two-years condition, this should align with your travel patterns.
• Are you prepared for the practicalities of owning abroad? Time zones, language, local service standards and distance from trusted advisers all matter.
• Does the jurisdiction align with your family’s education, healthcare and lifestyle preferences? A technically efficient structure that nobody wants to use is rarely optimal.

17. How robust is your contingency planning?

• What if programme rules change? You should understand whether changes are typically grandfathered and what that has meant in practice in the jurisdiction.
• What if you need to raise liquidity quickly? Highly specialised qualifying stock can be less liquid in stressed markets.
• Do you have alternative residence options if this route becomes less attractive? Many families deliberately build redundancy into their private-client mobility planning.

Bringing it together – a working checklist

To make this practical, structure your decision-making under three headings and insist on clear answers before committing:

• Programme suitability – Is this a recognised residence route with a legal basis you understand, clear family coverage, and mobility and tax outcomes that serve your objectives once verified by advisers?
• Asset quality and liquidity – Is the property sound on title, build quality and location, with a realistic exit route and a transparent total cost of ownership?
• Family optionality – Does the structure support your wider residence planning, succession and asset-protection goals, without creating unwanted tax or lifestyle commitments?

Where the answer is uncertain, the next step is not necessarily to abandon the idea, but to slow down and obtain targeted advice from local legal, tax and technical professionals. A measured approach at this stage is usually far less costly than unpicking a misaligned structure later.

How Kestrel Private fits into this process

Our role at Kestrel Private is to help families and investors compare recognised residence routes and associated qualifying real estate in a calm, analytical way. We do not sell property; instead, we work alongside your existing advisers to test programme suitability, jurisdiction selection and the practicalities of implementation.

If you are considering qualifying real estate in Cyprus, Greece, Mauritius or a comparable jurisdiction, we can help you frame the right questions, benchmark options and coordinate with local professionals so that any eventual acquisition is tested against your long-term residence planning and family optionality. A confidential consultation is often the most efficient way to stress-test assumptions before committing capital.