Please follow this link for further information on Portugal’s Golden Visa programme.
Now that Britain has left the European Union, if you’re keen to regain EU citizenship or indeed gain EU residency for the first time, there are several options available to you. Investing your way to EU residency through buying property is not a new concept however the rules and requirements vary considerably from country to country. To help you decide on your best post-Brexit plan, here are our top countries for securing EU Citizenship through property investment.
Portugal – Europe’s Most Popular Golden Visa
The Golden Visa in Portugal now enables non-EU property investors to obtain a five year residence permit, (the ‘Golden Visa’) enabling them to enjoy all the benefits that a Portuguese way of life can bring them and their families.
As well as providing a way of obtaining Portuguese residency, the Golden Visa in Portugal provides non-EU citizens with many additional benefits. Once the residence permit is granted there is the flexibility to reside outside of Portugal providing that the property investor spends a minimum of 7 days in the first year of residence in Portugal, and 14 in each of the following 2-year periods. The Golden Visa in Portugal also provides free travel in the European Union and Schengen countries so there is no need to apply for a visa to travel to Europe anymore. In addition a family reunion visa enables family members to be granted a residence permit as well allowing families to live, study, travel and work freely in the entire European Union. The Golden Visa in Portugal also brings Portuguese citizenship; after 5 years of official residence, you can apply for a Portuguese passport. And finally, a Portuguese passport means that it will be much easier to go and live in another European country.
Important: If you want to make a real estate investment in Lisbon, Porto, or in a city along the coast, commercial property is the only option. Residential properties in these spots don’t qualify investors for a Golden Visa as per the changes that came into effect into in January 2022.
The current requirement to be eligible for the Golden Visa in Portugal:
Golden Visa Requirements for Residential Real Estate:
Purchase residential real estate in designated interior areas of Portugal worth at least €500,000 or €350,000 if investing in a rehabilitation project. A 20% discount applies if the residential property is located in a designated ‘low-density’ area.
Golden Visa Requirements for Commercial Real Estate:
Purchase commercial real estate anywhere in the country worth at least €500,000 or €350,000 if investing in a rehabilitation project. A 20% discount applies if the commercial property is located in a designated ‘low-density’ area.
Once purchased the property can be rented out, which is a very attractive option as rental yields in Portugal on average still remain one of the highest in Europe; renting your property out over the summer will easily cover all or the majority of the property’s annual running costs.
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Spain – Europe’s New Golden Visa Haven
First introduced in 2013, Spain’s Golden Visa programme gives foreign investors and their families the opportunity to become Spanish residents and to live and work in Spain with the same rights as Spanish citizens.
The list of requirements for applicants wishing to invest in Spain’s Golden Visa Residency Program are both simple and straightforward:
- An applicant must be a non-EU national
- An applicant must be at least 18-years-old
- An applicant must have authorised proof of no criminal record
- An applicant must have authorised proof of medical insurance whether private or public
- An applicant must have sufficient legal funds to support themselves and their family whilst residents of Spain.
Investors looking to secure a Golden Visa needs to meet these requirements.
- Investing a minimum of €500,000 in real estate within Spanish territory
After five years, the investor (and family) is eligible for permanent residency in Spain and full citizenship can be applied for after having lived in Spain full time for ten years.
Although the temporary residency permit (the golden visa) can be easily renewed without living in the country, the route to both permanent residency and citizenship does require the investor (and their family) to reside in Spain.
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Malta – UHNW EU Citizenship Investment Programme
Known as the Malta Individual Investor Programme (MIIP), this scheme is aimed at ultra high net worth individuals. To be admitted into the citizenship programme, applicants must make a significant and non-refundable contribution to the National Development and Social Fund set up by the Government of Malta.
The fund, which is on the same level as the central bank, finances specific projects within Malta which are linked to public health, education, job creation, social improvement, and innovation.
Once accepted onto the MIIP, you have four months to make the following financial contributions:
- Main applicant – €650,000
- Spouse – €25,000
- Minor children – €25,000 each
- Children 18-26 (unmarried) – €50,000 each
- Dependent parents & grandparents – €50,000 each
- Adult children (physically or mentally challenged) – €50,000 each
As well as the above, applicants are also required to make a property investment of at least €350,000 or sign a five-year rental agreement contract for at least €16,000 per annum.
Finally, applicants must also invest at least €150,000 in government approved financial instruments (bonds, stocks, and debentures that benefit the nation) and must commit to keeping the investment for at least five years.
Upon purchasing real estate or entering a property lease in Malta, candidates are issued with a national identity document called an eResidence card. This signifies the start of their residency in Malta as well as demonstrating a genuine link to the country.
12 months from there, applicants who have maintained residency in Malta will be granted citizenship.
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Other Countries Offering EU Citizenship through Property Investment
If you’re not enamoured by the sandy shores of Spain, Portugal’s investment options, or the Maltese MIIP, there are other European countries offering EU citizenship through investment. These include:
Cyprus, where a property investment of at least €300,000, together with a bank deposit of €30,000 can grant you residency after two months.
Greece, which is home to one of the cheapest and easiest residency programmes in Europe. Here, a property purchase of €250,000 per family will grant you residency from day one. Once you have purchased your property, you aren’t required to stay in Greece to maintain residency, you simply renew your permit every five years. After seven years of residency, you can obtain citizenship.
Further Information
For more information on any of the properties featured in this article, please follow the appropriate link or click on the relevant image(s) to complete an enquiry form. Alternatively, please follow this link for further information on Portugal’s Golden Visa programme.