7 best options for backup accommodation

Alternative acquisition of additional residence and second citizenship are important elements of an international diversification plan that hold greater significance today than ever before in history..

** There are many opportunities for living abroad. Some countries offer dozens of programs, including options for "self-sufficiency," for which you can demonstrate a guaranteed minimum monthly income. In addition to proving your financial stability, residence visas based on the "self-sufficiency" principle are usually associated with other conditions. For example, you may be required to spend at least six months a year in the country to maintain your residency status.

** Investment visas are an alternative to self-sufficiency visas. They allow obtaining residency in exchange for investments in specific economic areas. The most popular form of investment is purchasing real estate. Obtaining an investment visa is usually quicker and simpler than obtaining a self-sufficiency residence visa. They are usually associated with fewer requirements, such as minimal or no physical presence requirements. This makes them an attractive option, especially if you only need a backup place to reside. Here are the seven best options for obtaining residency through real estate purchase.

Portugal

The Portugal Golden Visa program is one of the best options for obtaining residency in Europe. It offers numerous opportunities for obtaining an investor visa in Portugal, including investments in real estate. The minimum investment amount is €280,000. As a legal resident, you gain free access to local public schools and healthcare services. The required time spent in Portugal is minimal - just seven days a year. Unlike the self-sufficiency visa, the Portugal Golden Visa requires a stay in Portugal of 183 continuous days per year. By becoming a resident of Portugal, you become eligible for Portuguese citizenship after five years of residency and can include family members in your citizenship application. When you obtain Portuguese citizenship, you also gain the right to live and work in all 27 countries of the European Union within the Schengen Area.

Greece

The Greek golden visa program is the most popular in Europe. Non-EU citizens and their families can obtain residency in Greece by investing in real estate. Currently, the minimum investment amount is €250,000, but it will double in 2023. The visa covers children up to 21 years old and is granted for five years. After that, it is renewed every five years as long as you maintain the property. There is no minimum time you need to spend in Greece to keep your residency status. You only need to appear for the visa renewal (again, every five years). Like in Portugal, by becoming a citizen of Greece, you gain access to all 27 Schengen countries, which is possible after seven years of residency.

Ecuador

Ecuador offers one of the lowest entry costs into the world of real estate investment for residency. The minimum investment amount changes annually and is set at 100 times the minimum wage. In 2023, this will be $450, so the minimum investment will be around $45,000. You will be issued a temporary residency visa for two years, and you can spend as much time as you want in Ecuador during this period. This is a unique advantage of Ecuador's investment visa. Other residency options require you to be in the country for 180 days a year.

Colombia

Colombia, like Ecuador, offers affordable residency through real estate investment. You can obtain residency by purchasing property worth at least 350 times the minimum wage. In 2023, the minimum wage will be 1.16 million pesos, so your investment should be around $85,000.

Montenegro

Montenegro also offers residency through real estate investment. The uniqueness lies in the fact that there is no minimum investment amount here. Purchasing property of any value qualifies you for temporary residency in Montenegro. The permit is valid for one year and can be extended. After five years of temporary residency, you can apply for permanent residency, which is valid for five years with the possibility of renewal. This grants you the same rights as local residents of Montenegro, except for the right to vote. However, you will need to spend at least nine months a year in the country to maintain your residency status. Officially, you are required to be in the country for 11 months a year, but if you notify the local police before leaving, you can be abroad for up to three months. Montenegro is set to join the European Union, possibly in 2025. Living in Montenegro today, which does not require significant expenses, could become a residency in the EU in the coming years.

Panama

The qualified investor permanent residency program in Panama stands out because it provides permanent residency from the very beginning. The real estate investment option for obtaining a golden visa requires an investment in unencumbered real estate of $300,000. The physical presence requirements for this visa are minimal: one visit to the country (of any duration) every two years. Permanent residency is valid for five years, after which investors can apply for citizenship. The processing times for naturalization applications are known for their slowness. Formally, Panama does not recognize dual citizenship, but it also does not require renunciation of other citizenships.

Malta

The permanent residency program in Malta also offers investors permanent residency from the very beginning. The uniqueness lies in the fact that investors can either purchase or rent property to qualify. When buying property, the minimum investment amount is €300,000 if the property is located on the southern coast of Malta or Gozo, or €350,000 if it is in popular areas of mainland Malta. When renting, the minimum amount is €10,000 per year if the property is located in southern Malta or Gozo, or €12,000 in popular areas of mainland Malta. Investors are also required to make contributions to the Maltese economy (€28,000 when purchasing property and €58,000 when renting, along with other amounts). They must have at least €500,000 in total assets and €150,000 in liquid financial assets. There are no physical presence requirements to maintain permanent residency status in Malta under its golden visa. After five years, investors can apply for citizenship, which also grants access to the Schengen Area.

Tax issues. One important factor to consider before obtaining residency in another country is your tax obligations. What impact might your new status as a permanent resident have on your annual tax payments? For example, the Colombian government is working on a new property tax. You need to be a tax resident for this to apply to you, so you can always keep Colombia as a backup residency option, but if you find yourself in Colombia and spend more than 183 days within 12 months, you will become a tax resident of the country. Before starting the residency application process in any country, be sure to consult with a local lawyer who has experience in immigration and tax matters.