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Owning property in a country of which you are not a resident is not only considered prestige nowadays but can also make you an official resident. It is important to familiarize yourself with the acquisition process and the legal requirements.
Buying Property to Become a Resident: What You Need to Know
Property all over the world is gradually rising in price due to high demand. Some are buying real estate to live in, others are looking to obtain a residence permit or even citizenship from the investment.
If you want to purchase real estate abroad, you need to pay attention to a number of things. It is important to decide on the type of property and the location, as well as take into account all legal peculiarities.
This article will tell you all about the process of buying property in European countries, in the Caribbean region, and in Dubai.
European interest in purchasing real estate continues unabated. With interest rates continuing to fall, and with savings accounts no longer yielding any interest, real estate seems to remain the safest investment in most countries.
Choosing a European country as your place of residence is a smart decision. There are numerous advantages of living in Europe, plus you can get an opportunity to obtain a residence permit or even citizenship. Among the most popular countries for citizenship through investment in real estate are:
- Cyprus — Investment of €2,000,000+;
- Spain — Investment of €500,000 or more (you get residency first, then a permanent residency in five years, and citizenship in 10 years);
- Portugal — Investment of at least €500,000 (permanent residency in five years);
- Greece — Investment of €250,000 or more (residency, then citizenship in seven years).
There are also countries in Europe where you can get residency and then citizenship without the need to buy real estate:
- Malta — €600,000 investment in the economy, waiting period —36 months (or €750,000 with a 12-month waiting period).
- Italy — €250,000 investment in the economy, waiting period — three months.
- Latvia — €250,000 investment in the economy, waiting period — three months.
- North Macedonia — €200,000 investment in the economy, waiting period — three months.
Having received one of these statuses, you can come to the country and leave without any restrictions.
The Golden Visa program launched in the UAE has been a hit among foreigners wanting to move to Dubai. The new changes make it even more attractive and promise to help many people realize their dream of a quality life in Dubai.
The legislation of the United Arab Emirates does not establish the possibility of obtaining a residence permit and permanent residence. But every foreigner can obtain a resident visa, which has the same functions as a residence permit.
Under the Golden Visa program, a foreigner can count on long-term residence in Dubai and the UAE. To do this, you need to invest in the economy of the country or purchase real estate. If you are not an inventor, scientist, engineer, or outstanding talent, then other requirements apply to you. An investment of 2 million dirhams gives the opportunity to obtain a visa for 10 years. An investment of 2 million dirhams in real estate guarantees a five-year visa.
If you are planning to choose a property and find a profitable investment, an excellent option is to buy Metropolitan real estate. Their database includes hundreds of properties from all over the UAE, especially Dubai. It is a locally integrated and optimally networked agency in the Dubai region.
Investing in real estate in the Caribbean is a very good idea. This small Caribbean island keeps attracting dreamers, so the demand is consistently growing.
Caribbean countries offer foreigners to obtain citizenship for a lower investment than in Europe — starting from $100,000. Note that investments in real estate are slightly higher than donations to the economy.
Among the popular destinations where you can invest in real estate and obtain citizenship:
- Saint Kitts and Nevis — $200,000 investment, 3-6-month waiting period;
- Antigua and Barbuda — $200,000 investment, 5-month waiting period;
- Saint Lucia — $300,000 investment, 3-month waiting period;
- Grenada — $220,000 investment, 4-6-month waiting period;
- Dominica — $200,000 investment, 3-6-month waiting period.
Please note: in the Caribbean, you do not buy traditional residential properties, but invest in the construction of tourist infrastructure and government-approved real estate projects.
Let’s summarize where to look for real estate and where to invest:
- Dubai. The center of modern technology and a rapidly developing region, where real estate can be purchased for $550,000 (AED 2,000,000) to obtain a resident visa for five years.
- The Caribbean. If you prefer a location on the shore, then we recommend you take a look at Saint Kitts, Antigua, Barbuda, Saint Lucia, Grenada, or Dominica. There is a fairly low investment threshold of $100,000 to obtain citizenship.
- European countries. Here you’ll find a large selection of places to live and the opportunity to obtain citizenship/residence permit starting from €250 000.
If you wish to obtain citizenship through investment in real estate, you have to understand that it is a multi-step process. First, your application is approved. After receiving initial approval, the government of the specific country will send a letter requesting investment. Then the applicant can make the investment under the real estate purchase program. In time, the investor receives a naturalization certificate stating that he/she is now a citizen.