Which country grants citizenship when buying real estate?

Citizenship when buying real estate is a relevant topic for those who would like to have political and legal ties not only with their homeland, but also with another country that is promising for residence. Clients regularly contact Prikhodko & Partners Law Firm with such requests, so we know how to help you effectively. We offer you to learn more about the countries where you can obtain citizenship or permanent residence by purchasing real estate. We will also tell you how the services of our team can be useful on this path.

• Spain

The Spanish government has developed a program called the Golden Visa. It is intended for those foreigners who buy real estate in this country for the amount of 500 thousand euros or more. In this case, it will be possible to apply for citizenship in 10 years. However, not all applicants want citizenship, as obtaining it in the vast majority of cases requires renouncing the citizenship that a person currently holds. The only exceptions are citizens of Portugal and some Latin American countries.

If renouncing your existing citizenship is unacceptable to you, you can apply for a permanent residence permit. Such a residence permit in Europe is in demand when buying real estate.

• Portugal

Portugal has a similar “golden visa” program, where, having purchased real estate for 500 thousand euros or more, you can first obtain a residence permit, and, after 5-6 years, become a citizen of this country. Despite the fact that there were rumors about the possible cancellation of this program, it is currently still in effect. Therefore, people who like Portugal and would like to invest in real estate in this country have the prospect of becoming its citizens, if they so desire.

• Greece

The program, which allows you to obtain Greek citizenship by purchasing real estate in this country, has been in place since 2015. The starting point for purchasing real estate to qualify for this opportunity is 250 thousand euros. When an investor makes such a purchase, he automatically receives a residence permit for himself and his family. And after 7 years, they can apply for citizenship of this country.

A big plus for those who do not want to lose their existing citizenship is that Greece allows dual citizenship.

• Cyprus

This country is perhaps the most expensive in the context of investment programs that open up the possibility of becoming a citizen. To do this, you need to buy a property worth at least 5 million euros. This applies to cases of individual investment. If we are talking about collective investment, an investment of 2.5 million euros will be enough. At the same time, it is an advantage to be able to retain your existing citizenship, as Cyprus also allows dual citizenship.

• Turkey

Turkey also allows dual citizenship, which is a great advantage for investors. If you invest in real estate in this country in the amount of $400 thousand or more (this is the cadastral value of the property), Turkish citizenship becomes available to you, your spouse and minor children. This also applies to children from previous marriages.

Real estate investors are very fond of Turkey in this context, given the speed of the citizenship acquisition process. On average, it takes 6 to 8 months. The applicant must be over 18 years of age, have no criminal record and no violations of Turkish law and visa regime.

Citizenship in Europe when buying real estate

As you have already seen from the conditions for obtaining citizenship in the above cases, the acquisition of real estate does not open the possibility of obtaining citizenship instantly. A certain legalization process must take place, and it takes time in each country. In some countries it takes 5 years, in others 7, and in others 10. It is also worth considering whether you want to keep your existing citizenship while obtaining a new one. For example, in Spain, this will not be possible (so a European residence permit for real estate may be appropriate), while in Greece it will be quite possible. In view of this, it is very important who you entrust with the support of your case on obtaining citizenship of another country for the purchase of real estate in it. The team of Prikhodko & Partners Law Firm is well versed in such cases. Therefore, we will help you efficiently.

What services do we provide?

As for the services in such requests, they may include the following:

• Consultation. If you have already made a decision to purchase real estate in another country with a view to obtaining citizenship there, your interaction with lawyers will begin with an initial consultation. For some people, a simple consultation without further support is enough at this stage, if you are going to buy real estate not now, but in some time. By consulting with a lawyer in advance, you will learn about the available opportunities and prospects that will be best used in your case. This will be the key to clarity in further planning.
• Legal support. When the decision to purchase real estate has been made, legal support will allow you to do everything in accordance with the law, manage your investments wisely and avoid the pitfalls of the real estate market of the chosen country.

Citizenship by investment is a fairly popular opportunity used by investors from all over the world who want to have a political and legal connection with the country they like. So, if you are interested in citizenship of Turkey, Cyprus, Greece or other countries, don't hesitate to contact us. Fill out the form on the website and our lawyer will contact you as soon as possible.