News: Purchase of foreign real estate and related visa benefits

One of the main and pressing questions that everyone who wants to settle abroad asks himself is: "Does the purchase of real estate abroad give benefits when registering visas or permanent residence?".

The answer to this question is ambiguous. On the one hand, it is not indicated anywhere that the acquisition of real estate guarantees you a residence permit or citizenship. But, on the other hand, relying only on international practice, we can provide you with a huge number of examples in favour of the opposite.

To reveal the essence of this problem, it is necessary to consider the following aspects.

Everyone knows that to cross the border of almost any state, a foreigner requires a visa. In fact, a visa is a time-limited permit to stay in the country you need. Visas themselves are of several types, depending on the purpose and type of the trip.

Interesting point. Many countries help those wishing to obtain a visa in the form of mutually beneficial cooperation. In order to attract investors, the state is considering granting a number of benefits to obtain a visa, in the case of buying a property.

In addition, together with the owner of the building, the family members - spouse(s) and children - obtain the right to the visa.

Countries that are part of the Schengen area, when buying real estate within their territory, can provide an annual multivisa, which entails a number of advantages.

The peculiarity of the annual multivisa is in the visa corridor, through which multiple entry is opened and there is a possibility of staying up to 90 days during each half year in the Schengen area.

In Spain and Finland, the owner of real estate can count on a two-year multivisa. But, in Spain, the provision of such a multivisa is decided individually.

It should also be noted the specifics of some countries that signed the Schengen agreement, but so far remain outside the Schengen zone.

Acquisition of real estate in Cyprus gives the right to claim its annual multivisa for up to 180 days, which is significantly less than in other countries.

The United Kingdom by its decision can provide a British multivisa for up to two or three years. Bulgaria, when buying a property within its territory, provides a multivisa for up to three years, with the right to stay up to 90 days during each half-year.

If we consider countries outside the borders of Europe, then it is necessary to note the features of obtaining visa benefits in the United Arab Emirates. There, paying for real estate from 1 million Dirhams (approximately 272 thousand US dollars), you thereby acquire the right to a three-year multiple visa.

But, if the time allocated by a visa is not enough, it is always worth considering the following two options:

1. Obtaining a temporary residence permit.

2. Obtaining a permanent residence permit.

Obtaining a temporary residence permit enables a foreigner to enter the country freely and unrestrictedly while his residence permit is in effect. It is necessary to note that the residence permit also has its own peculiarities. The term of residence permit is limited, but there is a possibility of renewal. Also, it is necessary to pay attention to the fact that if you are in the territory of the state for less than a certain period, the status of residence permit will not be extended.

A person who has obtained a permanent residence receives the same rights and guarantees as citizens of a given country. Except for the right to elect and to be elected to public authorities. The specificity of many European countries lies in the fact that they provide permanent residence after five years of residence in the country. Unlike temporary residence permit, the term of permanent residence has no restrictions, but the status of permanent residence can be lost, staying in the country less than the allotted time.

When you receive citizenship, the subject acquires all the rights and guarantees that the given state can provide. But in some countries, such as Germany or Spain, dual citizenship is prohibited. So, when registering citizenship, this factor must also be taken into account.

But, nevertheless, to obtain the citizenship of the desired state, you must first obtain a residence permit, although in some countries this procedure is greatly simplified.

Thus, in Croatia and Cyprus, homeowners can claim a residence permit. But in Cyprus there is a minimum qualification for the purchase of real estate - from 350 thousand dollars.

To get citizenship in Panama, you should go through the following procedure. Initially, you need to invest from 300 thousand dollars in real estate, that would get a residence permit for two months. Next, extend it for another two months, and then you get permanent residence.

In five years from the moment of obtaining permanent residence, it is possible to file documents for the registration of citizenship. In addition, you also get the right to visa-free entry to a number of other countries, including Schengen countries.

The Dominican Republic provides two ways of obtaining citizenship - long and short. Following the first, you must first get a residence permit for a year, then permanent residence for two years, and only then you can apply for citizenship.

The short path, however, presupposes a legal "bribe". It is required only to pay 25 thousand dollars and to issue documents. Then within six to nine months you will become a citizen of the Dominican Republic.

The simplest way to obtain a residence permit is indicated by Turkish law. When buying a home, you need to get a half-year permanent residence, the procedure for issuing it is quite easy, compared to other countries.

Egypt, in the case of buying real estate from 300 thousand Egyptian pounds (just over 35 thousand US dollars) provides a resident visa with the right of multiple renewal, which is equated as a residence permit. When purchasing an object of lower cost, visa privileges are also provided, which include the right to an annual visa with the possibility of prolongation, i.e renewal.

On the other hand, obtaining residence permits together with the purchase of real estate is not provided in all European countries. One of the most costly and problematic ways of obtaining citizenship is the United Kingdom. To obtain the citizenship of the United Kingdom, the following conditions must be met: to live in the country for five years with a residence permit, to have at least 5 million pounds of capital, while not a small part of this money, namely 750,000 pounds, to invest in the UK economy. And only then, having submitted documents to the appropriate authorities, you can get the status of a citizen.

The situation with obtaining permanent residence is also more complicated in the USA. The purchase of housing does not guarantee the receipt of a green card - local analogue of residence permit. But, the availability of real estate can serve as an important bonus, as it is a guarantee of your financial well-being and solvency in the process of obtaining residence permit.

Summing up it can be noted that buying a home can be a valid trump card on your part if you want to get a visa, residence permit or even citizenship.

So we recommend to think seriously about the purchase of real estate abroad.