Golden visa: how to obtain residency in Greece, Spain, and other countries?

Golden Visa Program in Greece

Since May 2013, Greece has officially launched a program known as the "golden visa," which was slightly adapted in 2015. This initiative offers foreign citizens who invest in residential or commercial real estate for an amount starting from250,000 eurosA simplified path to obtaining a residence permit. The issued residence permit is valid for five years with the possibility of extension.

Visa application requirements

It is important to emphasize that there are no requirements for a mandatory minimum stay in Greece to obtain this visa. However, it is worth noting that holders of this visa are not granted the right to work legally in the country. It is also important to remember that the validity period of the five-year residence permit may be taken into account when applying for...citizenship of GreeceAfter completing a five-year period since obtaining a residence permit, holders have the opportunity to apply for citizenship.

Who is the program available to?

The "golden visa" program covers not only the investors themselves but also their spouses, minor children, and parents on both sides. This became possible due to legislative changes introduced in 2015.

Choosing real estate in Greece

When it comes to the real estate market, foreign investors looking to obtain residency in Greece most often choose properties in the following popular locations:

• Rhodes Islands
• Crete Island
• Corfu Island
• Halkidiki Peninsula

There is also significant interest in large cities, such asAthensandThessaloniki.

Program for investors in Spain

At the same time, in Spain, a similar program for investors began on October 1, 2013. This initiative allows foreign citizens to obtain residency after purchasing real estate worth no less than500,000 eurosHowever, it should be noted that the transaction must be carried out without the use of a mortgage loan.

The process of submitting documents

To apply for residency under the family reunification program, which includes close relatives of the main applicant and dependent adult children, returning to the home country is not required. Documents can be submitted while in Spain. Additionally, there is no need to provide a certificate of no criminal record.

Deadlines for receiving expectations

The initial resident visa is issued for a period of one year, after which it can be converted into a residence permit valid for two years. Then, investors can apply for a visa extension, which will also be valid for two years.

Choosing real estate in Spain

When purchasing real estate to obtain residency status in Spain, most properties acquired by foreign investors are located in picturesque coastal areas, such as:

• Valencia
• Murcia
• Andalusia
• Asturia
• Catalonia

In addition, nearby places are quite popular.Canary IslandsandBalearic Islands.

Current events in the field of investments and immigration

Current events in the fields of investment, immigration, and overseas real estate continue to attract the interest of people looking to broaden their horizons. The "golden visa" program in Cyprus remains in demand, operating unchanged since 2009.

This project provides foreign citizens with the opportunity to obtainresidence permitorpermanent residenceWhen purchasing real estate worth €300,000 or more. Although access to this program is available for properties at lower prices, the need to meet certain conditions may lead to a denial.

Participation in the program practically guarantees a positive outcome, and the review of applications usually takes only 2-3 months.

Residence permit renewal

Regarding the residence permit, it's useful to know that it needs to be renewed every year. If a citizen leaves Cyprus for more than three months, the residence permit is automatically canceled, which requires reapplication.

For this reason, many foreign investors choose to formalize.permanent residenceSince this status has no expiration date and is automatically renewed with a new passport. The following individuals are entitled to receive such status:

• Property owners;
• Spouses of the owners;
• Minor children.

Popular regions of Cyprus

Investors interested in obtaining permanent residency status are paying special attention to the areas of Cyprus. The most popular cities include:

• Limassol;
• Pathos.

Here you can find a wide selection of real estate that meets the program's criteria.

The situation in Latvia

Now let's consider the situation in Latvia. Since July 1, 2016, an updated version of the immigration law has come into effect. According to the new program, foreign citizens who purchase real estate in Riga, Jurmala, or some other municipalities can obtain a residence permit for up to five years, provided that the purchase price is at least €250,000.

In other regions of Latvia, it is also possible to purchase two properties (excluding land plots) for a total amount of €250,000, provided that the cadastral value of each property at the time of purchase is at least €80,000 (or €40,000 for each property).

Responsibilities for foreign investors

It should be noted that foreigners applying for a residence permit for the first time are required to contribute 5% of the value of the purchased property to the state budget.

Temporary residence permit (TRP) in Latvia

A temporary residence permit (TRP) is granted to investors, their official partners, and minor children. If the duration of the TRP exceeds one year, annual registration is required.

In recent years, there has been a decrease in the number of real estate transactions in Latvia aimed at obtaining residence permits, especially after recent changes in legislation. Nevertheless, clients' interests have remained the same: foreigners still seek to purchase property, particularly in Riga and its surroundings, as well as in the resort town of Jurmala.

Obtaining a residence permit in Malta

Since May 2016, an updated program has been in operation in Malta that allows for obtaining a residence permit through investments. To become a participant in the program, foreign citizens must meet one of the following conditions:

• Investments:Invest €250,000 in government bonds.
• Real estate purchase:to acquire a property worth at least €320,000 (€270,000 for the southern part of Malta or the island of Gozo).
• Housing rental:Rent real estate for €12,000 a year (€10,000 for the southern part of Malta or Gozo).

One of the important conditions is also the preservation of property rights or lease agreements for a minimum of five years. In addition, each applicant is required to pay a state fee of €30,000.

Rights and advantages of investors

After five years, residence permit holders can sell their property while retaining their resident status. To renew the residence permit, it is necessary to provide a residential address in Malta, which imposes restrictions on the rented property for a period of five years. The process of obtaining a residence permit under this program takes approximately three to four months.

One of the significant advantages of the Maltese "golden visa" is the absence of strict residency requirements.

• For five years, the owner can be outside the country for no less than six consecutive months.
• It is possible to spend a total of ten months at different times.

However, it is important to understand that participants in this investment program cannot apply for citizenship.

Who can obtain a residence permit?

The right to obtain a residence permit, in addition to the main investor, is also granted to:

• Spouse.
• Minor children.
• Parents, grandmothers, and grandfathers.
• Adult children who are dependent on the primary applicant.

Choosing real estate in Malta

Foreign investors often choose Maltese seaside properties, paying special attention to areas with developed infrastructure, such as Sliema, St. Julian's, Bugibba-Qawra, and Mellieha. In these locations, it is easy to gather the necessary amount for obtaining a residence permit by purchasing apartments with sea views.

Changes to Portugal's "Golden Visa" program

As for Portugal, since July 1, 2015, there have been changes in its "golden visa" program that significantly expanded the available opportunities for investors. The procedures have become clearer, and oversight of the process has increased, making the program more attractive to foreign investors seeking to obtain residency status in a European country.

Conclusion

In summary, it can be said that the "golden visa" programs in different countries offer foreign investors a unique opportunity not only to invest in real estate but also to obtain legal residency rights and, subsequently, citizenship. Greece, Spain, Cyprus, and Latvia all demonstrate different approaches to attracting investments.

I observe thatGreece, with its beautiful islands and rich historical heritage, attracts many people eager to enjoy life by the sea.SpainIt offers a variety of options from coastal resorts to vibrant cities like Barcelona and Madrid, making it appealing for those who want to combine life with cultural pleasures.CyprusWith quick document processing and a great climate, it is becoming increasingly popular for long-term investments.LatviaIndeed, with its low cost of residential real estate, especially compared to Western Europe, it opens up opportunities for those who intend to develop their business or simply want to enjoy a peaceful life in one of the most beautiful countries in the Baltics.

Advantages of "golden visa" programs

• The possibility of obtaining a residence permit by investing in real estate.
• The prospect of obtaining citizenship in a few years.
• Diversity of countries with different cultural and economic conditions.

Each of these programs has its pros and cons, and it's important to carefully analyze every aspect before making such an important decision. I hope this information will be useful for those considering investing in foreignreal estate and obtaining residency. Don't forget that after obtaining residency, it's also important to take care of your safety by adhering to all the laws and regulations of the country you live in. Ultimately, luck will be on your side if you approach this with the right preparation and awareness of all possible nuances.