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“Golden Visa” in exchange for the purchase of real estate

“Golden Visa” in exchange for the purchase of real estate

One of the ways to get a «Residence permit, and later «Permanent residence status» is the program “Golden Visa” in exchange for the purchase of real estate “or in other words: «Investment in the country’s economy in exchange for status of a permanent resident». Almost everyone perceives the “golden visa” as an opportunity that opens many doors to its owner. Many take it for a “physical visa” – an expensive and valuable document that has incredibly broad capabilities. But this is not the case:  a “Golden visa” is a way to get a residence permit in the country where such a program is operating.

 How to get a “Golden visa”?

Investment in the economy of another country makes it possible to obtain a residence permit under a simplified procedure and for a relatively fast period.

 There are 2 ways to get a permanent residence:

In some countries, the investor may first issue and obtain a residence permit. If during 5 years one fulfills all the conditions of the program (invests a certain amount all these years in the country’s economy), then one can immediately deal with registration of permanent residence; some countries immediately provide permanent residence.

 “Golden Visa” in exchange for the purchase of real estate

An investor buys any property for the minimum amount determined by each country. It can be a house, apartment or even a land plot. For 5 years to withdraw investment from the country is prohibited. It is possible to sell the object, but in return you need to immediately buy another in the same country.

The amount value  varies in different countries. For example, in Spain it is necessary to buy a real estate  object for not less than 500,000 euro, in Greece – for 250,000 euro, and in Portugal – from 350,000 to 500,000 euro. As we see, the “Golden Visa” in exchange for the purchase of real estate is the easiest, but at the same time, it requires significant amounts of money.

 Purchase of securities

You can buy sovereign bonds, get a residence permit, and in 5 years to sell them, thus returning all the money spent. For example, in Malta the minimum purchase value of bonds is 250,000 euro. The only condition that is put forward by the authorities: in addition, you need to purchase real estate or enter into a long-term rental agreement, the value of which must be at least 10,000 euro/year.

 Bank deposit

In Spain, there is a «tempting» offer for immigrants: by opening a bank account and depositing 1 million euro, the investor receives a “golden visa”, and in 6 months one receives a residence permit in the country.

 Starting a business

By having started your own company with new jobs, thereby having made a contribution to the economy, one can apply for a residence permit, and in 5 years –  to get a permanent residence status. All this time, the company must work in the market and bring real income to its owner.

The starting amount for starting a business in each country is different: in Greece from 300,000 euro, in Spain – 1 million euro, and in Hungary – only 2,000 euro.

 Can one get a residence permit without investment?

Sure, but for this one needs to prove financial solvency by providing a statement from the bank account. If this amount is enough to sustain the livelihoods for several years – one can get a residence permit.

 Please note:  a “Golden visa” does not entitle a person to work in the country where it was issued.

To make the long story short, you can also add that all programmes for obtaining a residence permit status, including the “Golden Visa” in exchange for the purchase of real estate by foreign citizens in Switzerland, Spain, Portugal and Greece, as well as permanent residence in Malta are governmental ones.

 Regarding other European countries, in particular – the Czech Republic.

A small country with great economic and investment potential currently does not offer any programs for obtaining a residence permit or permanent residence. In terms of investment in real estate – every foreigner has the right to purchase residential, commercial or other real estate without restrictions, as well as to start business in the Czech Republic on a general basis.

Here one can get information regarding the actual prices for residential real estate in the Czech Republic. The method described for Greece, in our humble opinion, is the most suitable for the Czech Republic, since the cost of a two-room apartment (about 65-70 square meters) in a new district of Prague (for example, Prague 9) will be about 230 thousand euro. The cost of buying a family house of about 160 square meters.  with a land plot of 0.4 hectares will cost about 350 thousand euro.

 

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