With the introduction of many Golden Visa programs, real estate investment has gained vast popularity. Countries that are included in the Golden Visa program offer residency or citizenship in exchange for this type of investment.
The option to invest in real estate is very appealing to many investors because it has several benefits including income generation and tax advantages. Before moving on to subjects like where to invest and steps to invest in a property, let’s have a brief look at the advantages of real estate investment.
There are a couple of ways of investing in real estate. Some of these are:
- Rental property
- Buying a house
Perks of the Real Estate Investment
- Real estate provides you with a regular income. If your property is in a central location, you’ll receive a good rental income.
- Real estate will always be in demand. Therefore you’ll be able to sell it in the future or get the return for your investment otherwise.
- It’s a physical investment; you can use it however you like.
- It is an investment type that is entirely in your control. You can expand it, rent it or sell it. It’s your call.
Tips for Real Estate Investment
There are some crucial points to consider while making a real estate investment. Find some tips below:
- Choose an investment type that fits your budget. Make sure you won’t get into much debt and are capable of making a down payment.
- Consider the extra fees such as utility costs, insurance, and taxes.
- Learn about the property taxes of the relevant country thoroughly. Property taxes usually depend on the purpose of buying and property value. In addition, you may be responsible for paying annual taxes.
- Getting to know your neighborhood is a crucial part of buying property. You can check the area for popularity or future infrastructure projects.
- Learn about the inheritance laws. You have to write a will while buying property in some countries.
- Know about tax liabilities and check if there’s a treaty of double taxation between your home country and the country you get properties in. You become a tax resident when you live in the house you’ve bought.
- Investing in exchange for residency and citizenship are two different processes with specific requirements. A residence permit may lead up to the right to apply for citizenship if you meet the requirements at the end of a significant number of years. In some countries like Turkey, however, this process is much more straightforward; you can get citizenship in as little time as a few months.
- The assistance of a professional will save you money and time. They will walk you through the process and inform you about costs and property characteristics.
Where To Invest in Real Estate
Several countries offer residency in exchange for investment. Portugal, Turkey, Spain, and Greece are some of the countries where you can get residency or citizenship by real estate investment.
In Turkey, you can get a residence permit or citizenship by investing in real estate. The minimum investment amount is $400,000. After getting a residence permit, you can get citizenship in four to six months in Turkey.
Portugal offers residency by real estate investment to non-EU, non-EEA, and non-Swiss citizens through the Golden Visa Program. The program has provided residency to over 10,000 investors since it was launched in 2012.
One of the greatest perks of the Golden Visa for Portugal is that alongside the permit to live and work in Portugal, it enables you to travel among Schengen countries visa-free.
Very similar to Portugal’s Golden Visa Program, the Greek Golden Visa allows you to reside in Greece in exchange for an investment sub-limit of €250,000. By investing this amount in Greek real estate, you earn the right to live and work in Greece. Your family can be included in the Golden Visa Greece program, as well.
We’ve given you the basics of getting a residency permit by real estate investment. Take action now and start building your new life by investing.