Purchasing a property abroad is not only an investment into real estate. If you are considering where to purchase an apartment or a house, it is best to find out the advantages, apart from being a home owner, that different countries can offer you.
The so-called “Gold Visa” program, for example, is popular in various countries. The essence of this program is that it allows foreigners, investing in real estate, to apply for and receive a residence permit, and at a later stage, according to certain criteria – even citizenship. Holders of such a Visa can freely travel to all the countries that are part of the Schengen zone.
The requirements for this “Gold Visa” are different in each country. We have prepared a rating of countries, where the purchase of real estate is most attractive and profitable from the perspective of receiving a residence permit.
The advantages in this country are quite obvious. After purchasing real estate in Greece, you receive an opportunity to apply for a residence permit. The residence permit is valid for 5 years, with the right to prolong it. After 5 years of receiving the residence permit in Greece, you can apply again, and after 7 years – for a citizenship. In Greece there is a price threshold for the foreigners who wish to purchase real estate, to be eligible to apply for a residence permit, the value of the residential or commercial real estate must exceed 250 000 euros (one property or the total value of several properties). Moreover, a residence permit in Greece does not require you to reside in the country, while your parents, spouse and children, under the age of 21, can apply together with you.
When purchasing real estate on Cyprus, the value of which exceeds 300 000 euros, you are granted the right to apply for a residence permit. It should be noted that owners of real estate, the value of which is lower than 300 000 euros can also apply for a residence permit. However, in such case, the processing time can take from 8 to 12 months. To be eligible to receive Cypriot citizenship, you have to invest at least 2 million euros into the country.
The residence permit granted in Cyprus is permanent and is given for life. There is no obligation to regularly live in Cyprus, it is enough to visit the country once every two years. As in previous cases, your family members can also apply for a permit. This applies to minor children and adult children up to 25 years old, who are students.
In Spain only those who can afford to purchase a villa or an apartment the value of which is at least 500 000 euros can apply for a residence permit. What is more, there is a significant restriction in Spain, the purchase has to be done strictly without any mortgage or loan funds. The “Gold Visa” is valid for one year. After that the property owners and their relatives can apply for a residence permit valid for 2 years.
When purchasing real estate in Portugal, you can apply for a residence permit only if the value of your property exceeds 500 000 euros. This rul applies to the purchase of all types of real estate. If you have decided to invest in a property that is older than 30 years, in this case, the value cannot be lower than 350 000 euros. In Portugal, you are allowed to purchase several houses or apartments, the total value of which amounts to 500 000 euros. The same as in Spain, you are prohibited from purchasing real estate, with a loan or a mortgage. According to the Portuguese legislation, you are not allowed to sell the purchased house or apartment for a period of 5 years after the purchase.The first residence permit is granted for a year, the second – for two. You can receive a permanent residence permit after 5 years and after one year – to apply for citizenship. Family members of the investor are also eligible for the residence permit.