Over the past year many European countries made changes in the program of granting to foreign citizens residence permit in exchange for investments in square meters. Moreover, in some countries conditions have tightened, and in other for foreign investors "light turned green".
The Latvian Parliament has imposed a duty for the extension of residence permit
This summer in Latvia was introduced an additional fee (€5000) for the renewal of the residence permit. Those foreign citizens who have managed to buy housing in Latvia before 1 September 2014 will pay this fee during the second renewal of the residence permit.
Legal costs should only be made by the buyer of the object, the members of his family are exempted from this obligation to renew the residence permit. Besides, if earlier to obtain a residence permit through investment in square meters needed to acquire one object cost up to €250,000, it is now allowed to buy 2 properties in regions of Latvia (not in Riga, Jurmala and major regional centers) cost from €125 000 each.
Where the size of the required investment have decreased?
In Bulgaria the conditions for issuing a residence permit might become "softer". A month ago in the first reading was signed the bill to reduce 6 times the price threshold for investors from €306 000 to €51 000.
Portugal also reduced the size of the required amounts for a residence permit through real estate investment. If before the temporary residence permit issued with the purchase cost of €500 000, now it is enough to acquire the object for €350 000. In addition, since 2013, for applicants for a residence permit was reduced the duration of compulsory residence in the country for up to 7 days in the first year and 14 days in subsequent years. It should be noted that in recent years to Portugal has moved a large number of wealthy Europeans who are in search of a safer place of residence.
Permanent residence on Cyprus and in Hungary
On Cyprus from February 1 of this year, permanent residence permit is issued as foreign owners of property in the amount of €300 000 as for their parents.
In Hungary permanent residence permit can now be obtained not only by the parents but also by the children of foreigners, who invested €300,000 in government bonds.
Where is it still cheap?
Accessible conditions for obtaining a residence permit for investors remain in Spain, Greece, Malta and Cyprus. The amount of the required investment in real estate in these countries varies from €250 000 to €500 000.
On Malta the investor doesn't even have to buy the apartment or house –applicants of residence permit can rent a house for €8750–€9600 per year. It’s possible to move to Malta and through the opening of own company and the employment of 3 persons locals.
In Albania buying of property for any amount also can serve as a basis for granting a residence permit. Albania is not yet a member of the EU, so the Albanian residence permit does not give the right of free movement in Europe, however, it simplifies the obtaining of Schengen multivisa in countries such as Greece or Italy.
Text – Alena Eliseeva, ee24
Photocredit Depositphotos.com