How to obtain second citizenship through purchasing real estate abroad?

This article was prepared by the professionals of Elma Global. Many people wishing to acquire a second passport consider investing in foreignreal estate as one of the main strategies to achieve this goal. In fact, in some countries in Europe and the Caribbean region, the purchase of housing can be the basis for obtaining a residence permit or even citizenship. However, not all states provide such benefits to real estate owners. This is the exception rather than the rule. For example, foreigners who have property in France, Germany or Austria, can not take advantage of the opportunity to obtain a visa on a par with other citizens and remain in the same position as everyone else. The following is a list of countries where the purchase of real estate can facilitate the acquisition of temporary or permanent residence permits and/or second citizenship.

Greece

Greece is one of the most attractive countries for investment from a financial perspective. The minimum amount required to purchase real estate is only€250 thousandThis makes the process accessible to a larger number of investors. Moreover, purchasing real estate opens the door to obtaining a permanent residence permit and, eventually, citizenship.

Since the new changes to immigration legislation came into effect in 2015, holders of residence permits through investment can apply for permanent residency after five years of living in the country, and for citizenship two years later. It is important to note that there are no established minimum stay requirements to maintain temporary residence status, and knowledge of the Greek language is not mandatory for obtaining permanent residency. However, those aiming for Greek citizenship will need to pass a language test.

Spain

Spain also offers the opportunity to obtain a temporary residence permit based on the purchase of real estate, land, or other assets for an amount of no less than€500,000Investments can be directed towards personal needs as well as commercial purposes, such as renting out real estate.

A significant advantage of obtaining a residence permit in Spain is the ability to work, which is not always offered in similar programs in other countries. According to the latest changes in legislation, a residence permit can be obtained just six months after signing the contract and making the initial payment. The temporary residence permit in Spain is issued for two years, with the possibility of extending it for another five years.

• After a citizen has lived in the country continuously for five years, they can apply for permanent residency.
• After ten years of living in Spain, you can apply for Spanish citizenship.

It is important to note that Spanish laws do not allow dual citizenship, so it will be necessary to renounce your previous citizenship.

Conclusion

Thus, acquiring real estate in European countries can significantly assist in obtaining a second passport. It is essential to thoroughly understand the conditions and requirements of each country to choose the most suitable option according to personal preferences and investment strategies. It is also worth considering that professional support in immigration law and real estate may be needed for the successful processing of all necessary documents, which will help avoid mistakes and facilitate the process of obtaining the desired statuses.

Current opportunities for investors

Questions related to investments, emigration, and foreignreal estate are becoming increasingly relevant among investors. Today, Cyprus is one of the countries offering foreign citizens opportunities to obtain residency.

Conditions for obtaining a residence permit in Cyprus

This is accomplished by acquiring real estate, the value of which shall not be less than300 thousand eurosInvestors can choose both residential apartments and commercial properties, such as offices or shops, provided that they are purchased from a single developer and have no previous owners.

Additional requirements for immigration

Among the mandatory conditions, in addition to purchasing real estate, there is a requirement to open a deposit account, which must have no less than30 thousand eurosMoreover, future residents are required to provide proof of a stable income.

• At least 30 thousand eurosper year for a married couple
• 5 thousand eurosfor each minor child

The processing time for applications for permanent residency under this program is onlytwo to three months.

Permanent immigration status

If the property ownership is maintained, this immigration status becomes permanent. It is worth mentioning that there is no need to reside continuously in Cyprus to maintain this status; it is sufficient to visit once in a while.two yearsto visit a country, even if it's just forone day.

Upon expirationseven yearsIt is possible to apply for Cypriot citizenship.

Accelerated citizenship acquisition

For those looking to expedite the process of obtaining citizenship, there is a special program that allows for the quick issuance of a Cypriot passport.

Dual citizenship in Latvia

In Latvia, there is a strict ban on dual citizenship, which makes this aspect important for potential investors. However, obtaining a residence permit in this country comes with clear advantages, especially for those who decide to invest in real estate.

The process of obtaining a residence permit

The application process allows you to obtain a residence permit within 30 days, which is quite a fast timeframe. If you need to expedite this procedure, you can pay around500 eurosAfter that, the documents will be processed in just five business days.

Golden Visa Program in Moldova

As for Moldova, recently there has been attention drawn to the initiative of introducing a "golden visa" program. This step has become part of a new strategy aimed at attracting foreign investments.

The legislation simplifying the process of obtaining citizenship of the Republic of Moldova through investments was adopted in the fall.2017 yearIt is expected that the application process for participation in the program will begin very soon, as all the necessary documents and regulations have already been developed.

Investment options in Moldova

Several investment options are available under this program, including:

• Transfer of funds to the state fund;
• Purchase of bonds;
• Investing in real estate.

To qualify for Moldovan citizenship, it is necessary to:

• Purchase one or more pieces of real estate in an amount of at least250,000 euros;
• To keep them in ownership for at leastfive years.

After this period, the ability to sell the property will not affect citizenship status.

The rights of Moldovan citizens

The decision on granting citizenship will be made within30 daysAfter submitting all the necessary documents, a Moldovan citizen's passport opens up numerous travel opportunities, allowing for seamless visits to:

• All Schengen and European Union countries except Great Britain and Ireland;
• A number of countries in the post-Soviet space;
• Some countries in Asia and Africa.

The number of countries that Moldovan citizens can visit without a visa is comparable to the offerings of Caribbean passports, which are becoming increasingly popular among international investors.

Investing in Portugal

As for Portugal, it offers a variety of options for investors looking to obtain residency through real estate investments. The investments can vary:

• From280,000 eurosfor objects that need repairs;
• From350,000 eurosto the same objects;
• From400,000 eurosfor housing in regions with low population density;
• From500,000 eurosfor any other property in the country.

Conditions for obtaining a residence permit in Portugal

Initially, the residence permit in Portugal is issued for one year, with the possibility of extending it for two more years, followed by further extensions at the same stage. The investor must stay in Portugal for a minimum of7 daysin the first year,14 daysin the second and also14 daysin the third year.

Thus, for the first five years, the minimum stay is35 daysAfter this period, you can apply for a permanent residence permit, and a year later, for Portuguese citizenship.

Language requirements for permanent residency

In order to obtain a permanent residence permit, it will be necessary to pass a language proficiency test, confirming the level at the level ofA2However, retesting for the citizenship application process is not required, which significantly simplifies the task for foreign investors.

Conclusion

Thinking about obtaining a second passport through investments in foreignreal estate, I increasingly realize how popular this trend has become in recent years. The opportunity to obtainresidence permitorcitizenshipin other countries offers a lot of advantages, especially in the context of globalization and increasing mobility. Investing in real estate in countries such as Greece, Spain, Cyprus and Latvia opens the door to living in Europe or the Caribbean, which is a dream for many.

Although not all countries offer such favorable conditions, the opportunities available to investors speak for themselves. I have thoroughly studied the programs of various countries and want to emphasize that it is important not only to consider the financial aspects but also to pay attention tolegislative features...that can affect the success of the project. For example, in Spain and Cyprus, you can obtain residency simply by purchasing real estate; however, it is important to note that Cyprus also offers expedited citizenship programs for larger investments.

Investing in real estate is not just a financial move, but an opportunity to create a new life and take control of your future. It is possible to significantly improve the quality of life through new cultural, social and economic conditions. When making a decision, I would advise you to consider all possible scenarios, including the pros and cons of each approach, so as not to miss any details.

• Greece: a low entry threshold and the possibility of obtaining citizenship after 7 years.
• Spain: work permit and the possibility of renting out property.
• Cyprus: expedited citizenship acquisition through significant investments.
• Latvia: the possibility of obtaining permanent residency after 5 years of living there.

Ultimately, thoughtful investing and prior research will help avoid surprises and ensure a smooth transition into your new life. I hope that the information presented in this article will be useful to all those seeking to improve their situation and open new horizons through international real estate.