Today, people are increasingly thinking about moving to another place. The main obstacle is obtaining a legal status for living. This issue is the most difficult to solve, and then dreams of moving remain dreams. However, in some states, there are ways to get legal status easier, for example, to buy a property with a residence permit. In the article we have collected countries loyal to the subjects of foreign states.
Residence permit for real estate – what is it and why?
A residence permit for the purchase of real estate is a legal and fairly simple way to obtain residency in a non–native state . This is a privilege from the state for investing in economic well-being and quite a lot of countries offer such an alternative to those who want to move.
Nevertheless, it is not only those who plan to change their place of residence who need to know what a residence permit means when buying real estate. There are many Russians who like to constantly change their location, work in one place, then in another. To live a little in different parts of the world. In this case, obtaining a visa facilitates many processes and makes it possible to use tax preferences, make visa-free trips, use the resources of local medicine and education. You can buy goods on more favorable terms, such as cars, machinery, and so on.
List of countries
Austria
Although Austria tops the list, it is far from the easiest option for investment immigration. The application will be accepted only from a financially wealthy candidate who is able to confirm his income in the amount of 40,000 euros per year for an adult and 10,000 for a minor family member. Candidates holding high-ranking positions in local firms and receiving from 2500 euros per month are also considered.
Only by meeting the listed requirements, the applicant can purchase housing and apply for privileges from the local state. Strict requirements are largely associated with a high standard of living and the flow of those who wish.
Bulgaria
The method of buying construction objects is used infrequently. The option of opening a business outside the country is in use, which also allows you to apply for legal status.
Low popularity is associated with a high entry threshold. The candidate is required to spend at least 300 thousand euros, whereas the real cost of objects is often 10 times lower. The state also offers convenient conditions for foreigners of retirement age.
Greece
Warm Greece launched a program to buy a species in 2015 and during this time more than 10,000 foreigners have received legal status. It is allowed to purchase several objects, the main thing is that the total amount is at least 250 thousand euros. Territorial affiliation does not matter, it is enough that the object is not located on the territory of the state.
On average, it can take from one to two months to get a residence permit and it is issued immediately for 5 years. Then it is allowed to apply for permanent residence. Having lived in this status for 2 years, a foreigner can become a citizen. Additionally, children, spouses, and parents can apply for residency with the investor.
Georgia
The former country, which is part of the USSR, in 2015 also opened an immigration program for foreigners through real estate for only $ 35,000. Thanks to her, in just 4 years, more than one and a half thousand investors received a residence permit.
However, in 2019, everything changed and the minimum amount of investments increased to 100 thousand for the purchase of residential or commercial property, or land (except agricultural). They will consider the application in just a month. If a resident follows all the rules, he can get permanent residence in 5 years, and citizenship in 10.
Spain
The European pearl, despite the high bar of design, is popular among Russians. To be legalized here, you will need to buy an object for at least 500 thousand euros. Since 2013, the start of the program, more than 4,000 applicants have applied for documents here. A quarter of all those who moved are Russians.
It is noteworthy that the purchase of real estate here should be made exclusively for the investor’s own money. The investor receives an initial permit for 24 months, an extension is available for 5 years. Together with the resident, legal status is granted to members of his family. Even adult children who have not yet got their own family claim it.
Cyprus
You can get a permanent status right away if the investor is ready to invest at least 300 thousand euros in newly built apartments. You also need to take care of having a local bank account with at least 50,000 euros.
The purchase of a cheaper object will make it possible to apply for a temporary permit, but only if there is a permanent income from the side of 25,000 euros. The document is issued for one year. Nevertheless, the Government reserves the right to refuse a candidate.
Latvia
During the launch of the program of the type for investment in real estate in Latvia, a lot of Russians took advantage of this chance. However, later conditions became tougher.
The purchased object should not be worth less than a quarter of a million. You will also need to pay a one-time fee to the state treasury, in the amount of 5% of the cost. The application also includes the closest family members, including minor children. With a positive decision, you can live in Latvia legally for 5 years.
Malta
A very difficult way of registration in Malta. To do this, the candidate will have to:
- purchase bonds for a quarter of a million. for a period of at least 5 years;
- to acquire ownership (from 270 thousand euros) or rent (from 10,000 for 5 years) a house or apartment;
- made a one-time contribution to the state treasury 30,000 euros (non-refundable).
Everything that a foreign citizen has invested in the Maltese economy can be returned in 5 years. That is, to sell a house, an apartment, your securities and at the same time maintain the status. The holder of such a visa will not be able to become a citizen in the future, but the status can be extended an unlimited number of times.
UAE
For 3 years, the Emirates have been issuing residence permits to investors on their territory. However, you need to invest significantly. The minimum amount that allows you to apply for a semi-annual or two-year permit is a little more than 270 thousand dollars. To obtain residency for 5 years, an investment of at least $ 1.36 million will be required.
A residence permit for 10 years can only be obtained by an investor who has invested at least 2.72 million in the economy of the Emirates. Moreover, 40% of this amount can be spent on a real estate object, and the rest of the funds can be invested in a local business through shares or deposits. No matter how much money a foreigner invests in the development of the UAE economy, he will never be able to obtain citizenship here, which is due to strict laws and religion.
Portugal
Portugal is a member of the European Union and is a member of the Schengen Agreement. Thanks to this and fairly simple conditions of legalization through investment, it is popular among those who want to change their place of residence. You will have to invest at least 350 thousand of your own funds in a real estate object.
You can invest not only in housing, financing is welcome in business, art production, scientific research, venture funds. Upon obtaining the status, the applicant may also indicate his family members. After 5 years, you can apply for permanent residence, and just a year later, for citizenship.
Serbia
Serbia is very popular among Russians due to the conditions for obtaining the species, the warm attitude of the locals and small cultural differences. However, just buying a property and getting a residence permit will not work. You can count on legal status if you prove your financial viability to the state.
Almost certainly, the applicant will receive approval, with an income of 2000 euros per year per person, a valid lease or property agreement. As you can see, the conditions are quite real, so moving to Serbia is now very popular among citizens of different incomes.
Slovakia
In Slovakia, having your own or rented living space in order to obtain a residence permit is one of the conditions, but not the only one. In addition, you will have to open your own business in any available way or purchase an existing local company.
The investor will get the very first permission for a year or two. In the future, to extend it, you will have to prove the profitability of your business, which should be at least 12,000 euros per year. After 5 years in the status of a temporary resident, you can apply for a permanent one.
Slovenia
Business emigration is also supported by the Slovenian authorities. In this case, buying a house will not be the main, but an indirect argument in favor of obtaining a permit. First of all, the applicant will have to register a company. Investments of 50,000 euros can be either in your own company or for the purchase of any type of real estate.
When choosing such a path, a foreign businessman should understand that it will not be possible to just open a business and quit, they will need to be seriously engaged. For further extension of the status, you will need confirmation of payment of taxes, payment of wages to workers. Also, the turnover of the company should not be less than 60,000 euros for six months. If all the conditions are met, you can apply for permanent residence after 5 years, and after another 5 and for citizenship.
Thailand
Wealthy foreigners use the Thailand Elite program in Thailand, which allows them to apply for visas valid from 5 to 20 years. To do this, you will need to pay a non-refundable fee from 15 to 60 thousand dollars. The amount varies depending on the validity period of the visa and the conditions of its registration.
In addition to the fact that the applicant gets the opportunity to legally reside in Thailand for the entire specified period, he can also use medical services and other bonuses. However, such an option to legalize does not imply obtaining permanent residence and citizenship in the future.
Turkey
Turkish shores have always attracted Russians with a warm climate and simple legalization. To get a residence permit here, you can buy any housing, the threshold of the minimum cost is not set. An important condition is that all applicants for a permit must be entered into the transaction.
A nice bonus – a Turkish document gives a foreigner the opportunity to visit a huge number of countries without applying for a visa. The permit can be obtained for a year or two, and the extension is issued remotely. After 5 years, you can apply for permanent residence.
Montenegro
Montenegro is one of the most attractive resort areas for Russians. An additional plus is obtaining residency for homeowners without price restrictions. By purchasing even an inexpensive apartment, you can apply for the legalization of a long stay.
The document is issued for a period of one year and can be extended an unlimited number of times, but does not give the right to receive an education, start a business or work in Montenegro. However, you can wait 5 years and get permanent residence, and then citizenship after another 5 years. In this case, obviously, these restrictions are lifted.
Residence permit for the purchase of real estate: where is it easier and cheaper?
Everyone who wants to obtain a residence permit through the purchase of housing space should first of all consider places where such a program is officially in effect. This guarantees that the state itself is interested in legalizing a new citizen, it organizes processes, prepares personnel for the conduct of such investors’ affairs.
When choosing a country with an official program, you will not have to think about additional factors, that is, confirming your financial viability, registering and running a business, proving your connection with the state in other ways. The transaction must guarantee obtaining the desired temporary legal residence permit.
Checklist for the analysis of programs “residence permit for the purchase of real estate”
Experts advise not to limit the choice of a country to the cost alone and suggest comparing the states according to the compiled checklist. It is necessary to study:
- how long does the program last, the longer, the more experience the local authorities have and there will be fewer problems with paperwork;
- which objects can be invested in, since some countries do not allow buying residential space on the secondary market;
- how many objects can be purchased for the minimum threshold amount, after all, many allow reducing risks by purchasing several objects;
- is it possible to use a loan or should the transaction take place based only on the foreigner’s own funds;
- what will be the additional costs;
- the duration of consideration of documents, for some foreigners who want to get permission urgently, this factor is important;
- what is the state of the economy, standard of living and political situation, if a real move is planned;
- what are the requirements of the state for the minimum period of stay, sometimes you need to live for at least six months in order not to lose your status;
- is there an opportunity for residents to officially get a job in local companies;
- is it possible to use the acquired object for renting and making a profit in this way;
- is it possible to get an education for an investor and his family members, which is important for many moving;
- what is the situation with visa-free visits to countries, is there such a program and what areas it applies to;
- for what period the primary and subsequent residence permit is issued, as well as whether there is an option for obtaining citizenship.
Common mistakes of investors
Some foreigners have illusions about obtaining a temporary residence permit in European countries. Not everywhere there is an official program, but even if there is, it is on its own, not always favorable terms for the investor. All this must be taken into account otherwise there is a great risk of encountering unnecessary problems:
- Some do not give the opportunity to obtain a residence permit automatically, only for the purchase of housing, for example, France or Germany. Exactly until the visa is valid, you can stay in the country. For a long stay, you can request a permit on a first-come, first-served basis, but the decision can be waited for years. In some cases, the property in the property, although it does not guarantee residency, is an additional plus when considering an application.
- Even if the program is valid, this does not mean that a foreigner can buy a studio and get a temporary residence permit. Often, the minimum threshold of the allowable amount is strictly regulated and amounts to 250-500 thousand euros. Some set restrictions on the areas in which the investor can spend his money.
- Foreigners sometimes do not think that in addition to the purchase costs, they will have to spend extra. The costs should include various duties, taxes, legal support and other waste, which are regulated by law in a particular country.
Thus, it is not possible to buy real estate with a residence permit in every state. And even where possible, acceptable conditions are not always offered
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