Spanish citizenship when purchasing real estate in 2021: dispelling the myths

The right to a residence permit or a second passport

In the context of a protracted crisis, many states consider the purchase of real estate to be a solid investment in their economy. More than 40 countries are ready to reward foreign investments in square meters of residence permits with the prospect of permanent residence. And more than 10 offer citizenship in exchange for real estate.

Such a scheme is possible in Europe and the Caribbean. However, almost all of these states impose a number of mandatory requirements on their future citizens:

They set a certain minimum threshold for the investment amount.
They set the condition for the period of residence or stay in their country.
Prescribe compliance with their laws regarding the possibility of working. The purchase of real estate does not provide employment rights. Therefore, the investor must have other sources of livelihood.

In different countries, the conditions for acquiring a second citizenship can vary significantly. Let's look at the most attractive options for investors with the necessary capital.

In which countries can you obtain citizenship when purchasing real estate?

It sounds paradoxical, but sometimes real estate becomes the key to free movement around the world. The general scheme is as follows: having invested in a foreign project, the investor receives a second passport, and with it the opportunity for visa-free entry to both the “new homeland” and other countries. Economic citizenship is citizenship in exchange for investment in the country's economy. A non-resident invests funds and gets the opportunity to obtain a passport of another state, while it is not necessary to renounce his first citizenship.

Of course, second citizenship is an alternate airfield, which, however, may never be needed. The majority of Russians who received second passports in exchange for investments do not intend to leave - they also have successful businesses in Russia.

But neither a good business nor the amount of capital in themselves makes it easier to obtain visas and move from country to country: one day you may not pay for parking in Spain and lose the right to enter the Schengen zone for a long time... But this problem is eliminated by obtaining a residence permit or citizenship in a number of states.

The possibility of business immigration increases the attractiveness of real estate markets - and during a recession, easing immigration policy becomes an effective anti-crisis measure. In particular, the governments of the United States and Cyprus thought so, expanding the opportunities for real estate investors.

Thus, in Cyprus, starting this year, foreign citizens who have purchased property worth more than 300,000 euros can receive a guaranteed category E emigration permit, which is equivalent to a permanent residence permit in Cyprus. “This decision applies to citizens of all countries outside the European Union. It is expected that, in addition to Russians, this opportunity will be actively used by real estate buyers from Ukraine, Belarus, Kazakhstan, and Middle Eastern countries,” notes Andreas Huloudis, head of the Russian representative office of the Cypriot company Pafilia.

A number of countries offer business immigration schemes in one form or another, and, in addition to Cyprus, several programs seem to be the most attractive for real estate investors.

USA

The United States, which has traditionally been famous for its strict visa regime, is now opening its doors to foreigners wishing to invest in real estate. They are opening, apparently, not for long: everything can return to normal as soon as the American economy recovers from the crisis.

The business immigration program, the first step of which is obtaining an EB-5 visa, has existed in the United States for almost 20 years. Under the old rules, in order to become a green card holder, a non-resident had to invest at least $500,000 in a business in one of the specified regions and create 10 jobs. Now the list of regions has been expanded, and most importantly, these funds can be invested in commercial real estate. First, a person receives an investor visa, and after about two years, subject to all the conditions of the program, a green card.

“In this case, the investor becomes not the owner of the property, but a co-shareholder in the LLC joint stock company. There may be another 20-30 such shareholders, depending on the size of the project, explains Stanislav Zingel, president of the Gordon Rock real estate agency. “The projects themselves are created by regional centers, each of which is a bridge between business and state government.”

It is clear that the profitability of real estate is low, but the main goal of investors under the EB-5 program is not profit, but legalization in the United States. “Even when the expected return reaches 5% per annum, this is not the main thing,” emphasizes Stanislav Zingel. “In order to get good dividends from investments in the American economy, there are more effective tools.”

In most cases, the procedure is carried out remotely, but from the moment you receive EB-5 you must be in the United States for more than 180 days a year. According to the expert, you can fly away and return, the main thing is to get the required number of days in the end.

In principle, you can stop at a green card - it will be enough to live and work in the USA or visit there regularly - especially since the path to an American passport, as before, is long and thorny.

Saint Kitts and Nevis

One of the easiest ways to become a “citizen of the world” is to invest in real estate on a tiny island nation in the Caribbean. It cannot be said that Saint Kitts and Nevis is widely known to Russians - meanwhile, this former British colony offers a unique program for obtaining economic citizenship.

The buyer of real estate worth $350,000 or more automatically becomes the holder of a Commonwealth of Nations (an association of states that were formerly part of the British Empire) passport, and therefore does not have to obtain a visa to enter the UK, Canada, Schengen states, Switzerland, South Africa and South Korea.

According to Peter Kovalenko, head of the regional department of foreign real estate sales at IntermarkSavills, most often real estate in St. Kitts is purchased by those who already have houses and apartments abroad - mainly in the United Kingdom. “The English visa is a capricious thing. A person who bought a mansion worth £10 million still has to apply for a visa in the usual way, and one day he may not receive it - which means he will never see his beautiful home again,” says Petr Kovalenko. Among his clients are many who would like to settle in England and enjoy medical and social benefits as a resident of the former colony. For example, children can study at British universities at prices set for English people rather than for foreigners.

Saint Kitts and Nevis is a good option for those who are interested solely in citizenship (it can be obtained without even leaving Russia, and the property can be sold after five years), and for those who are waiting for a return on investment or intend to live or vacation in the Caribbean.

Objects on the islands with an area of only 261 sq. There are few km being built, the quality of housing in resort complexes is high.

“In the near future, the minimum investment threshold will increase to $400,000, which means that real estate prices will also increase,” comments Petr Kovalenko. — Today the apartments have an area of 72 sq. m with one bedroom in the village of Ocean's Edge country houses cost $359,000, and there are already people willing to rent them for $1,800 a month.”

Dominican Republic

It is also relatively easy to obtain a passport from another Central American country, the Dominican Republic. By purchasing real estate for at least $200,000, a foreigner can count on a reduction in the time frame for naturalization - at least, a reduction by local standards.

“Dominicans are very fond of bureaucratic red tape, so in order to collect the necessary documents without taking a very long time, it makes sense to contact local lawyers,” advises Alexey Vedenin from the Apex Real Estate agency. “Then in about four months it will be possible to obtain a residence permit and in another year - citizenship.” According to him, if you act on your own, the process can be significantly delayed.

The good news is that, no matter how long the naturalization process may be, you do not have to live in the country all this time, but documents must be submitted and received in person. The usual procedure is as follows: a person buys real estate on the spot and immediately submits papers for a residence permit, during the second visit he obtains permanent residence, arriving for the third time, applies for citizenship, and then receives a passport. According to the law, the owner of real estate worth $200,000 or more has the right to apply for citizenship within six months after the transaction, but this figure should not be relied upon, since first you need to obtain a residence permit and permanent residence. “In my experience, the ideal period for issuing a passport is a little over a year,” says Alexey Vedenin.

A passport of a citizen of the Dominican Republic, among other things, allows visa-free entry into Japan, South Korea, as well as Argentina and other South American countries.

For $200,000 here you can buy a spacious two-bedroom apartment in a good complex on the first line from the sea. Villas with an area of 100-150 sq. m. are offered at the same price. m in a gated guarded village 10 min. from the beach.

From the point of view of short-term investments, local real estate is still unattractive, since the previous price growth has not been observed for a whole year. Article courtesy of Homes Overseas Magazine #30 (December 2009)

Greece

Since 2015, the entry threshold has been set relatively low - 250 thousand euros or more. Almost immediately after signing the purchase papers, the newly minted owner of Greek real estate receives a residence permit in addition. And not only for yourself, but also for all relatives, even not the closest ones.

There are no minimum periods of stay on Greek territory. New amendments to the laws of the country allow changing a residence permit to permanent residence after 5 years without the requirement to master the Greek language. After another two years, you can obtain citizenship. Although at this last stage you will have to take a language exam.

Where can real estate owners get a passport?

It is important to note that those who decide to move to another country in this way need to be wealthy people and know which countries provide citizenship when purchasing real estate.

Spain

The Spaniards are extremely interested in the influx of foreign investment, which is reflected in numerous programs to support entrepreneurs, investors and those who decide to buy housing in the kingdom.

Primary requirements:

the total cost of acquired square meters should start from 500 thousand euros;
it is allowed that this is not one purchase, but several objects, the total cost of which will be the specified limit;
It also takes into account property that was acquired before the law came into force, and therefore if a certain amount is not enough to reach the specified minimum, you can simply buy additional housing.

Latvia

Citizenship can be achieved for less money. For example, real estate in Latvia, it is enough to become the owner of an apartment worth 143 thousand euros, if we talk about Riga, and spend 71.5 thousand on housing in other regions of the country.

One of the disadvantages of such a transaction is the fact that every year the owner will have to confirm the fact of ownership of the declared premises. This will last for five years. Only after this will he be able to obtain permanent residence in Latvia and forget about this obligation.

Bulgaria

Obtaining citizenship by purchasing real estate can be realized in Bulgaria. The purchase and sale document is the basis for issuing a residence permit for a year. But the investment amount must be at least 300 thousand euros. There are no restrictions regarding the purpose of the room. You can buy both residential and commercial buildings.

Before obtaining permanent resident status, the candidate will have to renew his residence permit five times annually. Only after this will he be able to enjoy the rights of legal citizens.

Greece

It is possible to obtain citizenship through the purchase of real estate in Greece starting in 2015. This amendment to the law was adopted in light of the catastrophe looming over the country in the form of default. The main requirement is that the investment amount must exceed 250 thousand euros. Immediately after the transaction, the owner automatically receives a residence permit for himself and his relatives, including distant ones.

The total duration of stay in the state before receiving a Greek passport will be only 7 years.

Cyprus

Citizenship for real estate in Cyprus will be more expensive. Here you will need to invest at least 5 million euros in property for individual investment and from 2.5 million for collective investment. Features of this deal:

any purchase made within three years preceding the application for citizenship will be taken into account;
already being a citizen of Cyprus, a migrant will be able to sell any real estate if he remains the owner of an object worth 500 thousand euros;
The application for a passport is processed within a few days.

Great Britain

Another attractive place where you can obtain citizenship by purchasing real estate is the UK. Here you need to invest 250 thousand pounds out of the million set by the state in a real estate property. The remaining funds should go into bonds.

But the applicant and his family will be able to obtain British passports within 5 years. This method of legalization is part of the “Emigration for Investment” program.

Saint Kitts and Nevis

This territory has not yet been well studied by Russians. But if other countries that grant citizenship when purchasing real estate, for the most part offer to go through the stage of temporary residence, then here, having become the owner of property worth 350 thousand dollars, you can receive a local passport automatically.

You can sell your property after five years of owning it, without losing your new passport. At the same time, you can complete the transaction and become a citizen without leaving Russian territory.

In addition, you can count on a reduction in the time frame for naturalization based on the purchase of housing in countries such as Turkey, Andorra, Dominican Republic, Panama, and Portugal.

Cyprus

It has its own program. A foreigner receives a permanent residence permit immediately after a transaction in the amount of 300,000. Any real estate is taken into account - residential or commercial, one object or several, but the condition is completely unambiguous. This should be an investment in construction, not a purchase on the secondary market.

The second condition will be to have an additional 30 thousand in your account. And the third - to prove an annual income of the same 30 thousand for a couple of spouses plus another 5 thousand for each of their children. The income must be earned outside of Cyprus. If three conditions are met, permanent residence is obtained in 2-3 months and forever, if the purchased property is not sold.

It is not necessary to live on the island; it is enough to come for 1 day every two years. After 7 years, you can prepare an application and documents for citizenship. And a Cypriot passport gives you the advantage of visa-free travel to 150 countries. But there is no need to wait that long for citizenship if you have 2 million euros in stock.

EU citizenship through the purchase of real estate

Cyprus

The Cyprus government offers citizenship through the purchase of real estate; the EU country is in high demand among foreign investors for obtaining a European passport due to its clearly regulated program and simple conditions. One of them is the purchase of real estate for an amount of € 2 million.

Start of the program: 2011. Application processing time: 2-3 months. The passport provides visa-free travel or visa on arrival to 158 countries, including the UK, Switzerland, EU, Canada, Australia, Japan, Brazil, South Africa, Singapore and Hong Kong.

Conditions:

purchase of real estate for residence and “registration” in Cyprus for at least € 500,000 + taxes and notary costs for registration, plus one of the following fully refundable investments (keep for at least three years):

investments of at least €2 million in Cyprus government bonds;
purchase or creation of a Cypriot company for an amount of at least €2 million (5 employees);
investments of at least €1.5 million in residential real estate in Cyprus;
investments of at least €2 million in commercial real estate in Cyprus.
Requirements for the number of days of residence in the country: no

Issues of obtaining citizenship in Cyprus are covered in the article: “Cypriot citizenship by investment - features of obtaining.”

EU citizenship through the purchase of real estate: Malta MGRP program

Malta is the second most popular EU country for obtaining citizenship through the purchase of real estate. Malta has a government program, the Malta Global Residence Programme.

Installed: 2014. Processing time: 6-12 months. Passport: Visa-free entry or visa on arrival to 167 countries including the US, UK, Switzerland, entire EU, Canada, Australia, Japan, Brazil, South Africa, Singapore and Hong Kong.

Economic citizenship by investment:

purchase of real estate in Malta for an amount of at least € 350 thousand.
apartment rental at least €16 thousand per year (5 years).
contribution to the Malta Economic Development Fund in the amount of € 650 thousand.
Residency Requirement: A genuine connection to Malta (maintaining local residency combined with a visit to the country).

Read more about obtaining EU citizenship when purchasing property in Malta here.

Sergey Evdokimov

Founder of Bridges For more than 10 years I have been providing assistance in obtaining second citizenship and residence permit.

Cyprus Accelerated Program

There is an accelerated program for wealthy investors. They are issued a passport in 2-3 months, at the same time the spouse and heirs up to 28 years old receive citizenship. No one will ask about residence, language, or knowledge of history. But they will be interested in the legality of the origin of the wealth and the investor’s relationship with the law.

Of course, a lot will have to be invested in the island’s economy. Possible options:

Real estate construction, purchase of land plots.
Investments in business, creation of an enterprise and 5 jobs for the local population.
Investing in securities and government funds.

All such investments for the three years before applying for citizenship are taken into account. After receiving a passport, part of the property can be put up for sale, leaving property worth half a million euros.

Dominican Republic

Features of obtaining citizenship - the program covers the entire family of the applicant. This is the spouse, children under 28, parents over 55.
The investment amount starts from $200,000, plus an administrative fee of $50,000 for the buyer and $20,000 for each new participant. Domestic residence is not required. After 3 years, the property can be sold.
Popular offers - in addition to houses on the coast, the investor has the opportunity to purchase a share of a tourist infrastructure facility, for example, a hotel. In this case, property maintenance is carried out by the management company.

Malta

After a similar Hungarian citizenship by investment program died out, Malta took its place on the list. In this Mediterranean corner of paradise, conditions are more than attractive. The situation and economy are stable, the climate is mild, and medicine and education are of a good European level.

Prices on the real estate market are relatively low. A 6-room apartment or a townhouse of the same size with a garden in Maltese cities will cost 250 thousand, no more. But it is not even necessary to buy such objects; it is enough to pay their rent up to 10 thousand euros per year in order, after a security check, to receive a residence permit for a year, and after another year - a Maltese passport.

Which European countries offer residence permits and citizenship for real estate investments?

About 10 countries in Europe offer those wishing to purchase a residence permit or permanent residence permit for investment. Moreover, each program has its own characteristics. Thus, some states only accept combined investments (for example, for permanent residence in Malta you need to buy bonds and real estate). Let's go through each program.

On a note!
Be careful when choosing a residence permit program in Europe. If you receive a residence permit from a country that is located in the European Union, but did not participate in the Schengen Agreement, you will not be able to visit Schengen territory without a visa.

a residence permit in Schengen or the EU for investment in real estate:

Portugal:

registration - from 2 to 6 months;
cost - from €350,000.

Spain:

registration - from 4 to 7 months;
cost - from €500,000.

Greece:

registration - from 2 to 5 months;
cost - from €250,000.

Latvia:

registration - from 2 to 4 months;
cost - from €250,000.

Cyprus:

registration - up to 2 months;
cost - from €300,000.

Malta:

registration - from 3 to 9 months;
cost - from €250,000.

A Schengen passport for investing in real estate can be obtained in the following countries:

Malta:

registration - from 14 months;
cost - from €880,000.

Greece (not yet launched):

registration - at this stage the duration of registration is unknown;
cost - from €2,000,000.

Cyprus:

registration - from 7 to 9 months;
cost - from €2,150,000.

They offer investors citizenship programs for investments in real estate and European countries that are not members of either the EU or Schengen . These include the following states:

Montenegro:

registration - up to 7 months;
cost - from €350,000.

Türkiye:

registration - from 3 to 12 months;
cost - from $250,000.

Spain

The country offers several programs to encourage foreign investors. For those who bought housing, land or other assets in this kingdom, a limit of 500 thousand is set, which will immediately be followed by a residence permit and work permit . Recent amendments to the laws promise temporary residence already at the stage of registration of the transaction.

They issue a residence permit for 2 years, then extend it for 5. After which it is permissible to apply for permanent residence. The right to citizenship is given by 10 years of life in the country. However, Spanish rules do not recognize dual citizenship. Consequently, the former will have to be abandoned.

Bulgaria

Bulgaria is a leader among countries in which Russians invest in real estate. Owners of any property, regardless of price, receive a multiple visa valid for 1 year or more with the right to stay in Bulgaria for 180 days a year.

To obtain the right to permanent residence, the minimum amount of purchased housing must be 600 thousand leva (this is approximately € 300 thousand, depending on the exchange rate).

In Bulgaria there is a fast and inexpensive scheme for obtaining a residence permit for pensioners. The main condition is to have in your local bank account an amount equivalent to 12 Bulgarian minimum pensions (in 2021 this is 2600 leva, approximately 1300 €).

A long-term residence permit in Bulgaria is issued quickly, within 15-30 days. You can order expedited processing, it will take only 3 days and will cost 200 leva (instead of the standard 45).

Renewal of residence permit

It must be renewed every year, at least 10 working days before the card expires. A year will cost 500 leva per person, or 200 leva for six months.

Is it possible to rent out the property?

Renting out resort real estate in Bulgaria is not profitable: this market is overflowing with offers that exceed demand. In addition, the beach season here is short, and the rest of the year the apartments by the sea are empty.

Short-term rental does not bring profit, and, in the best case, only covers the costs of maintaining the apartment and the services of the management company. If you want to make money by renting out housing, choose real estate in big cities and long-term rental options starting from a year.

How to obtain citizenship later

Foreign investors receive Bulgarian citizenship after five years of residence permit with residence in the country for at least 30 months.

Portugal

With a high level of economy, the country gives a residence permit, and after 6 years a citizen’s passport with an investment of 500,000 euros. The minimum residence requirement is not at all burdensome - you need to collect 35 days in 5 years. But permanent residence is obtained only after mastering the basic level of the language; repeated testing is not required when issuing a Portuguese passport. It is allowed to sell real estate after 5 years.

Latvia

The rise in prices for Baltic real estate led to the fact that in 2015 Latvia raised the investment level to 250 thousand euros and obliged foreigners to contribute an additional 5 percent of this amount to the government fund. But this amount will be enough for a furnished apartment of 120 square meters in Riga or a large house with a swimming pool in the surrounding area.

And the buyer can count on a government loan of half this amount. A residence permit is issued to a family and provides the right to work, study and do business. After 5 years, it’s time for permanent residence, and after another 5 years, it’s time to obtain citizenship, subject to an annual stay of 10 months.

Nine ways to immigrate to Europe

Get a job by invitation (work visa). Either you are a free slave for the service sector, a laborer in a factory, or you are a very valuable, almost irreplaceable specialist who will earn the company a lot of euros. In some European countries, for example Finland, the following gradation is used:

student,
highly paid specialist
employee of a subsidiary company,
seasonal worker,
relative of an EU citizen.

Strawberry picking in Finland on plantations (seasonal work): 12 hours, 20 – 70 euros per day (depending on the season, gender, cost of berries and speed of assembly).
In Spain you can pick tangerines . The most profitable thing is if you are invited to work in Europe. Therefore, while still in your homeland, write with people, look for work, negotiate. Ideally, when you arrived in the country for immigration and within a few days you went to work. You will have money and acquaintances who may help you settle into the country.

Repatriation - restoration of roots (relatives may be dead). USSR politicians resettled entire peoples from place to place. You may have relatives in Bulgaria, Hungary, Israel (Jewish maternal relatives), Romania, Poland, Czech Republic, Lithuania and Latvia. If you don’t have relatives, then your relatives from Ukraine and Belarus may have them. The advantage of this method of immigrating in Europe is that you will be given a residence permit, permanent residence permit or even a passport of a citizen of the European Union almost immediately. It is very important to find some documents confirming the relationship. You can do this yourself or through companies that restore family ties.
Reunion with family (only living relatives are needed). This is a more complicated method because you need close relatives abroad who have received permanent residence or an EU passport. These are parents, grandparents, siblings. There are such? Build relationships, come to visit, try to get permanent residence in the European Union.
Relationship or marriage with a person who has a residence permit, permanent residence or EU passport. In many European countries, you have the right to apply for a simplified scheme for obtaining a residence permit if you are in a relationship. By relationship we mean simple cohabitation. And this person does not have to be a citizen of the European Union.

A doubly happy marriage Marriage
is almost a 100% way to get a residence permit, and then permanent residence. The method is attractive primarily to girls, since a European girl does not need a man without a fortune.

Student visa and language courses. You need to enter a European university after school or a master's degree after graduating from our university. To avoid getting into trouble and find a job after studying, you need to choose specialties that are in demand in Europe. First of all, these are technical specialties: design engineers, electronics engineers, software engineers, and other IT specialists. The only thing you need is to learn the language. Therefore, the best strategy should be considered to be moving to Europe to study the language (visa for 1 year), and then enrolling in a foreign university and getting a study visa. The only thing is that you cannot officially work on a student visa, so you need money.
Become a refugee (political asylum). It is important to prove that you are being persecuted, your rights are being violated, and the police are not interested. You create political content, go to rallies, you are beaten, humiliated, you write statements to the police, you save copies. Or you, for example, are a person of non-traditional sexual orientation who is insulted and humiliated. Write statements to the police, keep copies. When there are a dozen such statements and evidence of pressure on you, you go to Europe as a tourist and apply to the state to obtain refugee status.
Come on tour. visa and get a NIE (Spain). You can come to Spain as a tourist and stay in the country illegally for 3 years. During these three years, you cannot break the law and you need to collect information (receipts, statements, photographs) that you have lived in Spain for 3 years. During these three years you will receive a NIE (Numero de Identificacion de Extranjero) - an identification number for a foreigner who lives in Spain.

Deportation looks like this
After 3 years, you can apply for a residence permit, and then permanent residence, if you prove that you have been living in Spain for all these 3 years. There is something similar in Portugal. The main thing is not to break the law and be an adequate person so that the police do not have a reason to detain you. And they are detained here strictly for business.

Find a business incubator in Europe. Many European countries have business incubators. If you work as a freelancer or individual entrepreneur via the Internet, you do not hold real jobs in the country. This is beneficial for any European country. Because you spend money here on housing, food and entertainment, but you don’t take up jobs. Universities and European entrepreneurs are creating business incubators, which, as it were, hire a self-employed citizen of a foreign country to work. For this you pay monthly from 50 to 200 euros to the business incubator.

Freelancers on the way to permanent residence
After some time, you can open your own individual entrepreneur under the wing of a business incubator, hire local citizens, prove to the state that your business brings money to the state and receive a residence permit, and then permanent residence.

Buy property. The path to permanent residence through investment in real estate is the same in all EU countries, the difference is in the amount and timing of obtaining permanent residence. If you have 300,000 euros, you can get a residence permit in Latvia, Bulgaria, Greece, Cyprus. Spain, Portugal, Malta, Italy are available for 500,000 euros. And if you have 3,000,000 euros, you can become a citizen of the European Union within 9 months by purchasing real estate in Cyprus. Most CIS citizens do not have that kind of money, so they have to look for other ways.

You'll have to leave the bear at home

Where to look for detailed information on each country: internal affairs websites, embassy websites, portals like “Permanent Residence Science”, as well as from bloggers. Don't forget to check any information.

Caribbean countries

Although the size of the investment varies, in general the conditions are very favorable:

Saint Kitts and Nevis does not require residence and a citizen’s passport is issued automatically immediately after a transaction for 350 thousand. After 5 years, you can sell everything without losing citizenship.
Antigua and Barbuda presents citizenship status to the buyer and 3 of his relatives after 5 years of permanent residence. The minimum bet is 400 thousand.
Grenada - similar, but the amount is 50 thousand less.
Dominica has no residency requirements and grants citizenship in 3-6 months without a personal interview.