Europe's Best Golden Visa Real Estate Investment Options

To reward foreigners making direct investment into their countries several European states have implemented Golden Visa schemes which are linked to property. In this article, we discuss the best golden visa schemes with specific reference to investment in real estate. There are also several golden visa schemes which are focused on investment, entrepreneurship and philanthropic donations which we have not considered here.

1. Spain

Spain provides one of the most attractive Golden Visa opportunities in Europe. It provides immediate residency in Spain by investing just €500,000 in a property in the region.

Visas are issued for one year and a residency permit must be applied for after the first year. Direct family (spouses and dependents) can also secure visas without additional property purchases. Unusually, Spain doesn’t require that you make a single property purchase, indeed you can purchase a multitude of properties over a period of time to make up the €500,000. To continue to qualify for residency, all Golden Visa holders must visit Spain once per year while holding the property asset. Permanent residency can be sought after 5 years and citizenship after 10 years.

2. Portugal

Portugal provides a stunning destination for relocation in addition to offering an efficient tax environment. Unlike many other schemes, Portugal only requires that you visit 7 days per annum to maintain your golden visa and it also provides access to the Schengen area which allows you to live and work in Portugal if you wish. 

To secure a Golden Visa in Portugal you can undertake a property investment starting from €350,000 for properties which are over 30 years old or in areas of urban renovation which you want to use yourself. If your property doesn’t meet these criteria, then €500,000 is the minimum investment. A property of over €500,000 can be anywhere in Portugal and you can also use it as a buy to let. Family members (spouses and dependents) can also enter under the visa. You must already hold a Schengen visa to meet the criteria for the Golden Visa. The initial visa is granted for one year and can then be renewed for periods of two years, after which permanent residency can be achieved.

3. Greece

Who wouldn’t want to live in Greece? It offers sun, culture, history, parties, gourmet and so much more. The property investment visa in Greece requires a €250,000 investment. The visa is granted for a 5-year period and allows investors to live, although not work in Greece and if the property is sold, the visa is reallocated to the new buyer.

Unlike most countries, Greece is relatively unique in allowing Golden Visa applicants to bring not only their spouse and dependents, but also their parents and the parents of their spouse. In addition, dependents in Greece are considered to be all children up to 21 years of age. If you’re looking for a passport / citizenship you will need to live in Greece for 7 years as a resident in order to qualify.

4. Cyprus

Cyprus offers a route to permanent residency when you purchase a brand-new property with a value of at least €300,000. Like Greece, the Cypriot opportunity extends to spouses, dependents and direct ascendants. A minimum income is also needed per applicant and per dependent as Cyprus requires that those who apply for permanent residency live in Cyprus for at least 183 days per annum.

For those seeking immediate access to an EU passport, you can invest €5million in property which you must subsequently hold for three years - this is the quickest method to an EU passport with citizenship granted after a 6-month application process – but is also somewhat expensive! In this case, no minimum visits or stays in Cyprus apply. Ascendants do not qualify for citizenship unless they invest €500,000 in their own property.

Future Schemes? Montenegro

Montenegro is in the throes of implementing its own Golden Visa scheme known as Citizenship by Investment. Originally brought into law in 2008, this scheme was suspended in 2010 and has not yet been reinstated. It is possible that it will be brought into force during 2017 and it is expected that an investment of €500,000 will be needed but further criteria may apply. Delays with implementation to date have been the result of political criticism from overseas. However, even now, property owners can secure a 1 year residency visa which is renewable annually. This isn’t currently a path to full residency or citizenship. Once the Citizen by Investment scheme is implemented, as Montenegro has the 47^th most powerful passport in the world according to the Visas Restriction Index 2016, this will be a very interesting destination for those seeking a new home base. Prices of properties in Montenegro may see a substantial increase once the Citizen by Investment scheme comes into effect, so there may be some benefits of early speculative investment, but investors who buy before the criteria are fully defined must understand that their purchase may not qualify them for citizenship.

Golden Visas Through Property at A Glance

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This information is current at the time of press. MEPM accepts no liability for actions taken by readers based on this information. Readers who wish to apply for a Golden Visa must research on their own or appoint us as an agent to secure personalised information as well as appointing a local legal firm once they are prepared to proceed.