You can indeed obtain and wear this outfit as a free account - it was confirmed by CM Skerio.
Source: https://www.tibia.com/forum/?action=thread&postid=39252120#post39252120
Yes, Royal Costume is obtainable and wearable through free accounts. CM Skerio replied to a similar question from a player.
Similarly to the golden outift, will free account players be able to get and to wear the Royal Costume Outfit too?
Yes, the royal costume is indeed comparable to the golden outfit in this regard
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