Residence Permit by Real Estate Purchase. Terms and Conditions
September 04, 2020
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Buying a property abroad and obtaining a residence permit is possible, but not in all popular countries. In this article we have collected the basics about the conditions for issuing ID cards for those, who want to delve into the topic.
Why Do I Need a Residence Permit?
Mainly, to move and legalize your status in a new place. The real experience shows that a residence permit isn’t issued only by those who are going to change their place of residence.
Each year the number of cosmopolites is growing. For them, a residence permit is valuable for the bonuses that it gives. Visa-free travel, tax preferences, access to financial assets, education and medicine, the ability to register a legal entity and purchase a car in another country. Such tasks can be solved by issuing a residence permit in the "right" state.
Ways to Get a Residence Permit
The ways to obtain a residence permit can be divided into two groups: "investment" and "other". In the first case, the path to a residence permit is opened to you via money that you invest in certain areas and under certain conditions. In the second case, your personal qualities and professional skills allow you to pass (however, this does not mean that the registration of such a residence permit passes without financial costs).
Investment residence permits
Non-investment residence permits
Buying real estate
As a rule, there are restrictions on the property price
Employment
Official employment contract
Investment in the economy
Purchase of government securities, opening bank accounts, business investments, contributions to state funds
Education
Admission to the courses in schools, colleges or universities
Family
Marriage or other relative links to citizens of the country
Treatment
Long-term treatment or rehabilitation programs
Startups and business
The discovery/purchase of the company and the creation of work places
Special achievements
Science, culture, arts and sports
Financial viability
Sufficient personal capital, payment of taxes
The advantage of residence permits by investment is that there are fewer requirements for their holders. Usually, investors are not forced to live in the country for most of the year, they do not have to learn the language to extend their status, they do not have to submit reports that the business opened for a residence permit is actually functioning, or prove that your marriage is not fictitious.
In this review, we are talking about residence permits via real estate and other investments. Plus, we will discuss "financial viability", applicants of which do not need to invest money in the economy, only to prove that they have it.
It is easier in countries with an official “Residence Permit by Real Estate” programs. This means that the process is well-established and authorized lawyers prepare documents for applicants. Authorities welcome such investors. In this case you do not need to meet additional conditions, such as proving financial viability or connections with the country, opening (and actually running) a business or getting a job. The real estate purchase pretty much guarantees a residence permit.
The cheapest ones are below in the table. Please note: it is only the starting price of the property, the purchase of which will give you the right to apply for a residence permit. Do not forget such expenses as lawyer's fee, realtor's fee, notary's fee, state taxes and other duties.
Countries with a Residence Permit for the Purchase of Real Estate
Countries
Minimal price
Montenegro
Any price
Turkey
Any price
Georgia
$100,000
The UAE
$272,000*
Latvia
$250,000 (+ state duty)
Greece
$250,000
Malta
$270,000* (+ government bonds and state duty)
Cyprus
$300,000
Portugal
$350,000
Spain
$500,000
* This type of residence permits do not lead to further citizenship.
Remember about the minimum length of stay to extend your residence permit
"Golden visas" usually give you the right to live in your chosen country all year long. It is the right, not the duty. For example, in Greece, you don’t need to be present in the country at all for the entire period of validity of the residence permit. In Spain and Latvia there are no formal requirements for staying in the country, but in practice, you will need personal visits to extend your residence permit. Cyprus must be visited once every two years. And in Portugal 7 days a year is enough.
But there are exceptions. For example, holders of a residence permit for the by real estate in Turkey and Montenegro must spend at least 6 months per year, otherwise the card will not be renewed. Holders of 2-year investor visas to the UAE also shouldn’t leave the country for more than 6 months. This means that these documents should not be received by those, who do not plan to move to another country.
Such real estate allows you to obtain a
300 000 €
Apartment in Dubai, UAE
40 sq.m1
Oceanz by Danube is a new high-rise complex by Danube Properties, in Dubai Maritime City, created in the shape of two twin interiors are being designed with participation of the specialists from Tonino Lamborghini Casa. The developer is planning to complete construction in the first quarter of 2027.
The towers of Oceanz by Danube, each...
A new luxury complex in the city of Paphos near the King Avenue Mall, 150 meters from the sandy beach near the five-star Elysium Hotel. Installment payments of up to two years without interest from the developer. For sale a new apartment in Paphos in the area of the mall "King Avenue" 200 meters from the beach of the five-star hotel "Elysium"....
To view the apartments, we organize the possibility of a flight to Cyprus from 4 days, more details by phone + 7 925 506 85 03
ATTENTION PRICE REDUCTION !!!!
The city of Paphos
Three-Bedroom villa in a cottage village with a fenced, protected area
Price 300 000€
This Is a real Place To Live! Extraordinary panoramic views and unique...
3 minutes walk to the sea, to the sandy equipped beach, eucalyptus grove of Dasudi beach !
Germassoya is the best area in Limassol
It is particularly elegant and will suit buyers looking for exceptional accommodation in Limassol, a coastal city that attracts businessmen and party lovers. However, Limassol is not only noise and excitement,...
This new apartment in Petridia, Pafos features 3 bedrooms and 4 balconies, offering ample space for comfortable living and entertaining. The apartment has been designed with a modern aesthetic and includes high-quality finishes throughout.
As you enter the apartment, you will find a spacious living room that opens up to one of the balconies,...
Foutina
300 000 €
House in Athens, Greece
180 sq.m42
A detached house is available for sale, two levels (ground floor, 1st), in Dafni. The area of the property is 180 sq.m. and is located on a plot of 115 sq.m. It consists of: 4 bedrooms, 2 bathrooms, kitchen, 2 living rooms. It was built in 1968 and renovated in 2003. The heating of the property is autonomous with oil, while air conditioning,...
Permanent residence under the accelerated scheme. An investment. High rental potential. 2 bedroom Apartment in a retirement village. Retirement Village is located in the picturesque coastal village of Yersoskipou, a suburb east of Paphos in Cyprus, known for its remarkable five-domed Byzantine Church of St. Paraskeva. From here, it is easy to...
ABC CYPRUS HOMES
300 000 €
Flat in Thessaloniki, Greece
125 sq.m432
Residence
For sale apartment of 125rs in Thessaloniki. The apartment is situated on the 4th floor. It consists of 3 bedrooms, living room with kitchen, 2 shower WC. Flat has front layout. There are: solar panels for water heating, a fireplace, air conditioning, heating. Building has an elevator.
Mercury Group
300 000 €
Flat in Thessaloniki, Greece
125 sq.m432
Residence
An apartment of 125 sq.m is for sale in Thessaloniki. The apartment is located on the fifth floor and consists of 3 bedrooms, a living room with a kitchen, 2 shower rooms. The object has solar panels for heating water, a fireplace, air conditioning, heating. There is an elevator in the building.
Permanent residence under the accelerated scheme. Apartments in the nearest suburb of Paphos.
This is a luxury residential complex in Geroskipou, the second largest municipality in the Primorsky district. Houses in Geroskipou are in great demand because of its close proximity to the city of Paphos and the international airport, as well as...
The Mediterranean project is the result of a collaboration with renowned architect Jean-Pierre Heim, known for his impressive portfolio and worldwide recognition.
Branded apartments with management are located on the 1st line of Marina Zeas, Piraeus; 8 floors of 58 studios are fully furnished according to all modern standards. The complex...
Permanent residence under the accelerated scheme, Installments, Payment by crypt is possible.
New 2 bedroom smart apartment in a complex with a swimming pool in a 5-minute drive to the city and the sea in Geroskipou. English schools and the airport are about 10 minutes away by car. The complex consists of 5 two-bedroom apartments and 1...
ABC CYPRUS HOMES
300 000 €
Apartment in Paphos, Cyprus
89 sq.m22
The historic old quarter, located away from the lower part of the city and the main tourist area, offers a more relaxed atmosphere, as well as a number of cultural attractions. Stroll through this charming and laid-back part of the city to see the elegant colonial-era buildings and the modern commercial center of the city. Ktima is an ideal...
BLUE SKY HOUSES
300 000 €
Flat in Athens, Greece
75 sq.m321
Residence
For sale apartment of 75rs in Athens. The apartment is situated on the 1st floor. It consists of 2 bedrooms, living room with kitchen, one shower WC. Flat has front layout. There are solar panels for water heating, air conditioning and heating. Building has an elevator. The apartment is located in the Piraeus area It has electrical appliancesNew...
Mercury Group
300 000 €
Flat in Pireas, Greece
75 sq.m321
Residence
An apartment of 75 sq.m is for sale in Athens. The apartment is located on the second floor and consists of 2 bedrooms, a living room with a kitchen, one shower room. The apartment has a corner location. The facility has solar panels for heating water, air conditioning, heating. There is an elevator in the building. The apartment is located in...
GREKODOM DEVELOPMENT A.E
300 000 €
Villa in Larnaca, Cyprus
185 sq.m33
BLUE SKY HOUSES
300 000 €
Flat in Thessaloniki, Greece
93 sq.m321
Residence
For sale under construction apartment of 93rs in Thessaloniki. The apartment is situated on the 3rd floor. It consists of 2 bedrooms, living room with kitchen, one shower WC. Flat has front layout. There are solar panels for water heating and heating. Building has an elevator. There is an alarm system installed. Extras included with the...
Mercury Group
300 000 €
Flat in Thessaloniki, Greece
93 sq.m321
Residence
An apartment of 93 sq.m is for sale in Thessaloniki under construction. The apartment is located on the fourth floor and consists of 2 bedrooms, a living room with a kitchen, one shower room. The facility has solar panels for water heating, heating. There is an elevator in the building. The facility has an alarm system installed. The property...
The Checklist for the "Residence Permit by Real Estate Purchase" programs
Don't compare programs with each other solely by the price of real estate. There are many other factors that can be crucial for you.
Duration: the longer it is, the more serious law enforcement takes place.
Types of properties for investment: there may be restrictions. For example, in Cyprus, you cannot invest in properties from the secondary market.
The number of properties: in some countries the entire amount must be invested in one property, in others you can buy several properties, distributing the risks.
Ability to use the loan: this option will be an advantage for those, who do not have the entire amount.
Additional expenses: in addition to the price of the property, there will be duties, taxes and legal expenses. Their amount can be up to 30% of the original amount.
Terms of obtaining a residence permit: this factor can become critical, if the status is needed urgently.
Security check procedure: be sure to consult with lawyers about the preparation and submission of documents.
Standard of living, economy and political situation in the country: this is important, if you are planning to move. Also, it affects the liquidity of the purchased property.
Requirements for residence in the country. This is relevant, if you are not going to move, but just want to enjoy the benefits of a residence permit holder.
The right to work: whether the investor's residence permit allows you to get a job. Not every residence permit offers this right.
Right to rent: whether the status obtained for the purchase of real estate gives the right to rent housing. Moreover, restrictions may be in laws that are not directly related to the residence permit. For example, in Barcelona to rent an apartment for short-term rent you need a tourist license, the issuance of which is subject to a moratorium at the moment. This applies to all owners, not just holders of a residence permit.
The right to study: whether your children will have advantages in entering schools and universities.
The right to visa-free travelling: how many countries and which ones you can visit without a visa, if you have this residence permit.
Residence permit validity period: the longer it is, the better.
Conditions for obtaining citizenship: how long and under what conditions you will be entitled to a passport of the selected country.
In the next article you can find out, which countries offer residence permits (permanent and temporary ones) and uinder which conditions.
