Foreign Property Acquisition – An Investment Opportunity for Residency & Citizenship
Investment in foreign real estate has offered many the opportunity of permanent residency or citizenship by investment, which is one way of becoming a permanent resident or a citizen of some of the finest nations of the world. This program known in most countries who offer them as the golden visa or golden passport program has been in existence for decades.
● Popular Destinations:
Some of the most popular destinations are Portugal, Spain, Cyprus, Saint Kitts & Nevis, United Kingdom and the United States of America.
● Benefits:
Notable benefits of this program include Capital gains on property acquisition, freedom of travel to multiple countries, access to quality education, investment security, & better quality of life.
● Abridged Process: (Ex. Portugal)
- The process begins with a visit to the country e.g. for Portugal; selection & payment for property, including fees, taxes etc. (all property types – residential, commercial, land) with minimum investment totaling €500,000 (Five Hundred Thousand Euros) or €350,000 for urban renovation & necessary documentation done.
- Online application and approval of submitted documents for residency processing by Immigration services and issuance of residency card.
- Renewals of residency cards are required as multiple years of visit and stay are required before permanent residency or citizenship is issued to the investor and their family. For example, Portugal requires you & your family to stay 7days for the first year, 14days for the next 2 years and 14days for the final 2 years (A total of 35 days in 5 years).
- Visits can be combined with processing of these renewals. Renewals should begin around 4 months before expiry of residency cards. (There are processing fees attached to these renewals)
- Eligibility of the investor and their family for permanent residency is after this 5 years mentioned above and the permanent residency last for another 5 years. Basic Knowledge of Portuguese (A2 Level) is also required for permanent residency. Citizenship can also be applied for after this 5 years.
(Note: These processes can change with government regulation & Funds from Illicit activities, money laundering and terrorism are not eligible for this property investment program)
● Locations for Property Acquisition:
In Portugal some of the areas were properties are available for such investment are Lisbon City, Cascais and Algrave. While in Spain areas such as the popular Mediterranean orange coast of Oropesa del Mar, Valencia – Castellon, Málaga, are open for such property investment.