No, it does not.
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If I buy property in the northern region of Cyprus, does that make me eligible for a legitimate Cypriot residency permit with access to the EU?
If so, what are the risks?
Please note that you cannot buy property in the northern region of Cyprus and be applicable for a Cyprus residency permit. Even if you buy property in non-occupied Cyprus, the Cyprus residence permit is not eligible for travel in EU, since Cyprus is not part of Schengen.