Inspired by the new Spanish law on "golden visa", ee24.com presents a review of European countries where you can buy property and obtain a residence permit.
It is no secret that many foreign property buyers are looking for not only housing at large, but also for the possibility of visa-free travels in European countries. A permanent residence permit in any given country is much harder to obtain than Schengen visa. However, many countries grant so-called "golden visas". It implies that a temporary residence permit and all its benefits are provided in exchange for the purchase of property of a certain price.
Recently, such a rule came in force in Spain. However, each country has its aspects and it is not easy to understand all the intricacies of different states' laws and to make the best choice. In order to make your search easier, the portal ee24.com presents a list of the most promising European countries in terms of obtaining a residence permit.
Residence permit in Turkey is granted to buyers of any property. This country is the first in our rating because foreign investors can buy a property of any price to obtain a residence permit. It is fair to say that residence permit in Turkey does not provide the visa-free travel to Europe, because Turkey is not a member of the European Union. However, the country and especially its resort areas, is very attractive for recreation purposes.
Residence permit in Bulgaria is granted to buyers of property that costs at least €300,000. So that Bulgaria is #2 country in our rating. Taking into account that Bulgaria is the EU member (but not part of the Schengen area) and you'll get the opportunity to travel under the simplified scheme in many European countries, this option claims attention. Bulgarian language is very similar to Russian, the Bulgarians' mentality is close to the Russians' belief system, and the property is very cheap even in the resort areas of the country. For example, a luxury 10-room house in Sarafovo (10 km from Bourgas) on a seaside can be purchased for €450,000.
Residence permit in Latvia is granted to buyers of property that costs at least €71,000. Though, it is true only for rural areas. The minimum for Riga and Jūrmala is €142,000 . This price is quite appropriate. Notice that Latvia is a part of the Schengen Area, so that along with obtaining a residence permit you'll get access to 25 other countries. In addition, Latvia is one of the few countries in which to obtain a residence permit is not required to live permanently (for example, in Portugal - 6 months per year). However, it is expected that soon the minimal cost will increase to € 200,000, but official announcement was not proclaimed yet. Nowadays the comfortable apartment of 85 sq.m can be purchased in Riga for €155,000.
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Residence permit in Spain is granted to buyers of property that costs at least €500,000. Compared with previous top 3 countries, this ammount is dramatically higher. It came into force in October 2013. Spain not only offers beautiful landscapes and unimpeded travels to other European countries, but also a lot of wonderful resorts with an excellent level of service, and residential facilities of high quality and luxurious furnishing . For instance, you can buy a luxury villa with all the furnishing and adjoining garden of 2 hectares for €680,000.
Residence permit in Portugal is granted to buyers of property that costs at least €500,000. Portugal is a great opportunity to live in a developed region and to experience the fantastic climate. What can you buy for the aforesaid amount of money? Either spacious apartment or a small but comfortable villa with a seascape in resort town of Faro.
In addition to options from above, residence permit in exchange for investment (including the buying of real estate) can be purchased in Malta (minimum price starts from €275,000), Greece (€250,000), Cyprus (€300,000). "Golden residence permit" is available mainly in the "troubled" countries. Foreign investments are not required in prosperous countries. In France, Switzerland, United Kingdom and Germany the property purchase does not automatically grant you a residence permit.
Text: Nadezhda Degtyareva, especially for ee24.com