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How much is a “golden visa”

In which EU countries can you get a “golden visa”

Investment immigration is a tool that is actively used by businessmen of almost all countries. This is one of the ways to legally get freedom of movement around the world. 

You can apply for a “golden visa” in exchange for the business investment, securities or real estate. Learn how to apply at https://offshorecitizen.net/golden-visa/. Here we must make a reservation that we are talking about obtaining a residence permit (permit). By extending this permit, in some countries, it is possible to obtain citizenship. Over the past four years, Harper has been publishing a global rating of residence permit programs through investments. In the ranking of 2018-2019, 21 countries were considered. Experts evaluated 10 indicators of the states: reputation of the state, quality of life in the state, taxation, visa-free entry to other countries, the term for consideration of the application and the quality of information processing in the state, compliance, investment requirements, general expenses, terms for obtaining citizenship and requirements for obtaining citizenship. As a result, the first place was taken by the program of Austria, on the second – Portugal, on the third – Italy. The top 10 also includes Thailand, UK, Malta, Belgium, Australia, USA, Switzerland, Canada. Close to them is approaching Greece, which in a year has risen by three lines at once – from 15th to 12th place. In compiling this rating, all possible international programs for obtaining a residence permit were investigated. The simplest of these is real estate investment. Correspondent considered the most popular for this country in Europe. United Kingdom, Malta, Belgium, Australia, USA, Switzerland, Canada. Close to them is approaching Greece, which in a year has risen by three lines at once – from 15th to 12th place. In compiling this rating, all possible international programs for obtaining a residence permit were investigated. The simplest of these is real estate investment. Correspondent considered the most popular for this country in Europe. United Kingdom, Malta, Belgium, Australia, USA, Switzerland, Canada. Close to them is approaching Greece, which in a year has risen by three lines at once – from 15th to 12th place. In compiling this rating, all possible international programs for obtaining a residence permit were investigated. The simplest of these is real estate investment. Correspondent considered the most popular for this country in Europe.

Pros of the “golden visa”

A residence permit does not necessarily receive only those who plan to leave their homeland. One of the main reasons is the opportunity to visit the countries of the “Schengen” zone without visas. It also provides an opportunity to teach children in European schools, to undergo treatment in clinics or to spend holidays with the whole family at world-famous resorts. Each country has its own requirements for the amount of investment in real estate. For comparison, we took five countries: Greece, Spain, Cyprus, Latvia, Portugal.

Of these countries, the dynamics are particularly noticeable in Greece, which began issuing a “golden visa” in 2013 and is already claiming to be the most popular program in the world. Over the years, demand has increased by almost 1000%. According to the Ministry of Immigration Policy of Greece, by December 2018, 9,756 residence permits were issued. More than half of the total number of “golden visas” were received by citizens of China, Turkey is in second place, and Russia is third. Citizens of Kazakhstan have also become more interested in real estate in this part of Europe. According to the company Grekodom Development, our compatriots in two years bought about 100 objects. Most often they choose Chalkidiki-Kassandra, Crete, Thessaloniki, Chalkidiki-Sithonia, Athens, Attica.

The company Harper explained that the registration of a residence permit in Greece will take no more than two months. And at this time, the investor can enjoy all the benefits that the holder of the “golden visa” has. All real estate acquisition and visa operations are carried out transparently, so there can be no question of money laundering or violation of the laws of your country.

As for real estate options, on the popular among Kazakhstani Chalkidiki-Kassandra peninsula for 300 thousand euros you can buy a villa of 116 square meters. m 150 meters from the sea. Townhouse in Thessaloniki will cost about 280 thousand euros, a cottage in Attica costs about 350 thousand euros, a villa in Crete – from 260 thousand euros. 

Property tax must be paid once a year, the amount depends on the region and year of construction of the house. For example, in Thessaloniki, it will be necessary to pay from 0.50 to 17 euros per square meter.

Cyprus Golden Visa May Rise

The government of Cyprus and developers are discussing stricter requirements for citizenship applicants

Cyprus President Nikos Anastasiadis discussed with the country’s leading developers a number of amendments to the Cyprus Investment Citizenship Program. One of them is a possible increase in the cost of the program at € 500,000, to € 2.5 million. 

Cyprus is a member of the European Union since 2004. The Cyprus Investment Citizenship Program has been operating for five years. “From the beginning of 2013, when the program began to function, more than 2500 families from different countries received citizenship. Most of them are absolutely legitimate investors who have invested their money in the economy of Cyprus, primarily in real estate, ”says Andrey Manukovsky, chairman of the board of directors of Moscow Sotheby’s International Realty. “Many of those who received Cyprus passports have become Cyprus tax residents.”

The United States and the European Commission expressed their doubts about the integrity of the verification of all candidates for citizenship of Cyprus, explained Manukovsky. In this regard, the President of Cyprus held a special meeting with the participation of relevant ministers, as well as business representatives. Possible changes in the program, mainly related to the tightening of requirements for candidates, were discussed.

According to Manukovsky, the issue of raising the cost of citizenship was really raised at a meeting with developers, however, it was decided not to do this and leave the minimum amount of necessary investments to obtain citizenship at € 2 million. The increase in the cost of the program plays into the hands of the president had to give way to developers who are very strong lobbyist community on the island. “Representatives of the construction sector oppose the idea of increasing the amount of investment from € 2 million to € 2.5 million. They are dissatisfied with this idea and remind that when buying property, the investor has to pay 19% VAT, which will bring the total amount of required investments to € 3 million, ”says Berezin.

According to Manukovsky, the meeting also decided to attract independent companies to verify candidates. With this, the Government of Cyprus meets the requirements of the European Commission to tighten the requirements for applicants (candidates).“This requirement will not complicate the program, since even today all candidates had to undergo a very tough filter of checks from the Cyprus banking community, and external companies are unlikely to impose more stringent requirements,” Manukovsky said.

Another measure looks more effective: at the meeting, it was proposed to introduce a new non-refundable tax on the purchase of real estate in the amount of € 150,000, of which 100,000 will go to the innovation fund, and 50,000 to the special fund to subsidize the construction of housing for the citizens of Cyprus. This measure is designed to satisfy the demands of critics of the program and benefit the common citizens of Cyprus. Some innovations limit not only investors but also developers themselves. When selling the new building to the applicant, the developer must have a permit for the territory planning. Only in such situations, the applicant has the right to apply for citizenship. 

“This amendment will make the Cyprus property market more transparent,” says Anastasia Demidova-Zenonos, director of the foreign real estate department at Zen Invest. – Today, 

developers are trying to sell future real estate even without permission for planning. Perhaps this amendment to the legislation will protect buyers. “

In addition, the meeting participants discussed the requirement that all applicants have a valid open visa. An investor will not receive Cyprus (EU) citizenship if he has already been denied by any other country belonging to the European Union. All these changes in the program in the near future should come under the jurisdiction of the parliament (before this restriction was introduced by secondary legislation at the government level). “Now these proposals must take the form of a law, and it will be considered by parliament in the near future,” says Manukovsky.