Some European countries offer to participate in the Golden Visa programme. With its help, the host countries authorities grant residence permits to buyers of local housing. It is beneficial for both parties: the EU states receive investments in the real estate market, and buyers get new home with the prospect of becoming citizens of Europe. We offer to consider the conditions for obtaining residence permit.
Latvia
In Latvia, the procedure of obtaining a residence permit is not too complicated. The Golden Visa programme for those wishing to purchase housing and obtain citizenship started in 2010. A low investment threshold guaranteed the demand and a huge influx of new citizens. In early 2014, the number of property buyers reached 5,000, but at the end of the year the authorities raised the minimum investment amount to 250,000 euros, which led to a sharp drop in demand. As a result, the housing market subsided.
Portugal
In 2012-2013, the Portugal economy was weak. Its recovery has started in 2014. At that time, the Portuguese authorities launched the Golden Visa programme. The number of applicants wishing to buy home in the country and get a residence permit was really high. The state offered to purchase the real estate for more than 500,000 euros. In 2018, the Portuguese authorities lowered the threshold for the programme entry. Analysts believe that the housing market growth in Portugal is based on the local economy recovery and the tourist flow increase.
Spain
Currently, Spain's economy is growing rapidly. In 2013, the authorities launched the Golden Visa programme for giving a residence permit for investment in the housing market. According to the statistic office of Spain, the number of transactions with real estate has risen sharply and continues to increase. Despite the programme success, the number of issued golden visas is small in comparison with the total number of transactions with real estate. The key incentives for buying Spanish housing are low mortgage rates, popularity among tourist and a warm climate.
Cyprus
The economy of Cyprus is actively recovering from the crisis started in 2008. In 2009, to improve the situation in the real estate market, the authorities launched a residence permit programme for investment. According to its terms, it is necessary to invest 300,000 euros in real estate in order to claim citizenship. This contributed to the foreign investors influx into the local housing market. The launch of the Golden Visa programme led to a record number of transactions with real estate.
Greece
Greece is among the European states, whose economy was badly damaged by the global financial crisis. In 2013, in order to improve the situation in the housing market, the Golden Visa programme was launched. According to its terms, investors must purchase real estate for 250,000 euros. According to analysts, real estate prices in Greece will grow by 22% in 2019. Gradual economic recovery and low cost of housing attract a huge number of foreign investors.
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