This type of residence in Serbia is issued for a shorter time period than the one that the Law on Foreigners stipulates. In practice, a permit on this basis is most often issued for a period of 6 months. This is a great possibility for those who have or intend to buy a property in Serbia. It is much simpler if a foreigner already owns immovable property in the territory of the Republic of Serbia. In that case, they only submit a proof of possession of this property when applying for a temporary residence.
On the other hand, if a foreigner intends to buy, for example, a house or an apartment in Serbia, it is necessary for them to conclude a purchase contract. In practice, you need a lawyer to conclude the contract, since it is necessary to carry out all the necessary checks for that real estate with the competent state authorities (to check if there is an encumbrance, who the owner is, etc.). In Serbia, the purchase contract of immovable property has to be solemnized before a notary. After that, you are not yet the owner of the real estate in question, but you have to submit a request with all the necessary documents to the Real Estate Cadaster. The Cadaster is in charge of registration of the ownership right on your behalf for that particular real estate.
It is useful to know that, when applying for a temporary residence on this basis, you have to supply the Police Department with only a certified purchase contract, and not a Real Estate Cadaster registration decision. In other words, a foreigner does not have to wait for registration on the purchased property. A foreigner can go to the Police Department and apply for a temporary residence permit immediately after the certification of the purchase contract with the notary. Of course, you should submit other requested documents, which significantly speeds up and relaxes the application itself.
In order for the Republic of Serbia to be assured that a foreigner residing in its territory will be financially secured, the foreigner must display a proof of sufficient means of subsistence when applying for a temporary residence.