Buying property in Europe offers more than an investment: Golden Visa programs
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If you ever plan to buy a property in a European country, a Golden Visa program in Europe can provide more than an investment. For example, Portugal Golden Visa provided 8,881 non-EU investors residency in Portugal. This number belongs to the years between 2012 and January 2021.
What is more interesting is that more than 90% of those investors obtained Portuguese residency through buying real estate in Portugal.
The same interest in this type of investment is also notable in Greece Golden Visa. More than 8,000 investors got their residency in Greece between 2013 and January 2021.
Golden Visa investments can be more attractive than a property investment in any EU country. Let’s discover the reasons why.
EU citizenship is possible after a certain period
Golden Visa programs are for non-EU investors. The programs aim to attract the foreign investment into the country. As a result of this, they provide some benefits to investors as well. Two of the most useful benefits are EU residency and EU citizenship.
It takes only a few months to get EU residency through Golden Visa programs. It is only possible after your investment and application are approved.
The duration to get EU citizenship, on the other hand, differs from country to country. For Portugal Golden Visa, the regular duration for this is five years. During this time, you need to stay for at least seven days each year in Portugal. The permanent residency will also become available to apply after this period.
Spain’s Golden Visa, however, requires more time to apply for citizenship. You first need to obey the five-year-period stay requirement. This means you need to enter the country at least once, per year. Then, you can apply for permanent residency. This will lead to a 10-year-period of permanent residency. When this time is over, you can then apply for citizenship by naturalization.
Regarding Greece’s Golden Visa, however, no clear data is available yet. The reason is that it requires seven years to apply for citizenship. However, it is comparatively a new program. So, no such record is available yet.
A complete remote process is available now in Greece
The process for Greece Golden Visa has slightly changed due to the pandemic. Starting from 2021, you can remotely apply for it with your family. The process goes like this: at a local Greek consulate, you need to sign a power of attorney. After that, your local firm sends the application on your behalf. Furthermore, the firm will complete the investment as well. In this case, it can buy a property at a minimum amount of €250,000.
There is only one exception to this. Only one entrance to Greece is necessary for the proof of biometrics.
“More than 8,000 investors got their residency in Greece between 2013 and January 2021.”
So, it is still possible to apply for the program even under such mobility restrictions the world undergoes now.
Property purchase is affordable to get a Golden Visa
Buying a house in Greece or Portugal is quite affordable compared to most Western European countries. For Greece Golden Visa, the minimum amount starts from €250,000. This amount is also the lowest to get an EU residency.
Similarly, for Portugal Golden Visa, the amount starts from as low as €280,000. The investment amount can increase depending on the property’s condition. For a property worth at least €280,000, it must be at least 30 years or be located in an urban rehabilitation area. Plus, it must be also in a low-density area as well.
Another option is to buy a property in Portugal worth at least €350,000. In this case, the property must be at least 30 years or be located in an urban rehabilitation area.
The rest of the two options include an investment of €500,000 and €400,000. For the first one, there is no further requirement. However, the recent amendment in the law states that you cannot buy such property in Lisbon and Porto as of 2021. However, if such property is located in a low-density area, you can buy it for a minimum amount of €400,000.
For Spain Golden Visa, you need to buy real estate at a minimum amount of €500,000.
A Golden Visa requires almost no stay requirement at all
Another attraction of these programs is that even if you get residency, you don’t need to move your domicile to these countries. In exchange for an investment, Golden Visa programs provide you the convenience to spend your time in whichever country you want to. Still, you are regarded as a resident and benefit from visa-free travel opportunities.
Questions & Answers
Q.Which countries' Golden Visa schemes are mentioned as allowing EU citizenship, and how long do these processes typically take?
Which countries' Golden Visa schemes are mentioned as allowing EU citizenship, and how long do these processes typically take?
Portugal's Golden Visa allows for EU citizenship after five years, provided the investor stays for at least seven days annually. Spain's scheme requires a five-year stay followed by a 10-year permanent residency period before citizenship application by naturalisation.
Q.What are the minimum property investment amounts for Golden Visas in Greece, Portugal, and Spain?
What are the minimum property investment amounts for Golden Visas in Greece, Portugal, and Spain?
The minimum property investment for a Golden Visa in Greece starts at €250,000. For Portugal, it can be as low as €280,000, while in Spain, a minimum of €500,000 is required for real estate.
Q.What specific conditions apply to the lower property investment options for Portugal's Golden Visa?
What specific conditions apply to the lower property investment options for Portugal's Golden Visa?
For a €280,000 property investment in Portugal, the property must be at least 30 years old, or located in an urban rehabilitation area and a low-density area. A €350,000 property also needs to be at least 30 years old or in an urban rehabilitation area.
Q.How has the application process for Greece's Golden Visa adapted due to the pandemic?
How has the application process for Greece's Golden Visa adapted due to the pandemic?
Since 2021, Greece's Golden Visa application can be done remotely. Investors sign a power of attorney at a local Greek consulate, and a local firm handles the application and investment. Only one entry to Greece is needed for biometrics.
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