While citizenship and residency through investment programs have exploded in popularity amongst high net worth individuals in recent months, many are also securing Golden Visas by investing specifically in real estate.
Research by Astons, the alternative residency and citizenship acquisition experts, has revealed the nations that are currently tempting HNW property investors away from the UK, due to the lower minimum cost of investment, as well as the speed of securing that all-important additional passport.
“The UK and London, in particular, offers a location that worldwide investors look to acquire property in, whether for lifestyle or investment purposes. However, the process of gaining citizenship is a lengthy one and the cost of bricks and mortar investments are far higher than elsewhere around the world,” said spokesperson for Astons, Konstantin Kaminskiy,
“That’s not to say there is no demand for UK property investment, and it remains the jewel in the crown of global property portfolios. However, with the current uncertainty we’ve seen as a result of the pandemic, many are looking elsewhere for better value and a quicker route to gaining citizenship until the dust has settled.”
Turkey is one location drawing foreign investment in real estate, offering one of the most affordable options globally and a wide choice from studio apartments to luxurious villas. The average price of an investment listed with Astons is currently £187,625, with investors required to invest a minimum of $250,000 (£194,000). However, in doing so, they can secure a Turkish passport in as little as two months.
Greece has also grown in popularity, with a minimum real estate investment of just €250,000 (£229,000). While this only secures EU residency rather than full citizenship, investors can buy anywhere on the mainland or within the Greek islands with the option to go down the commercial or residential route. However, investors must retain the property to ensure that residency status is renewable.
Astons currently offers investment opportunities including villas and apartments starting at £147,257 with an average price tag of £250,341.
Cyprus is currently one of the most popular destinations for citizenship and residency through investment, and the same applies to the real estate route. Cypriot residency can be secured in just two months with a €300,000 (£229,000) property purchase. The cost of securing real estate citizenship is far higher though, taking six months and requiring a minimum property investment of €2,000,000 (£1.830m).
Advantages include; passport in 180 days from application submission; live, work, and study anywhere in the EU; minimum Investment period of 5 years; visa-free travel to over 170 countries worldwide; a simple process with no residency required. Astons currently has 75 investment options available with the average price starting at £602,769 and climbing to £12.5m.
While Cypriot citizenship may require a higher level of investment, the advantages include a passport in 180 days from application submission and you can live, work, and study anywhere in the EU with visa-free travel to over 170 countries without having to secure residency first. The only other catch? You do need to invest for a minimum of five years.
St Kitts and Nevis has also proved popular amongst foreign property investors. With a wealth of hotels and villas to invest in, prices average just £295,627 and investors can opt for the Government approved real estate route to simplify the process, with freehold, whole ownership and fractional ownership options available.
A single investor must invest $400,000 (£310,000) for five years or split the investment with another applicant with a minimum investment of $200,000 and ownership term set for seven years.
Alternatively, Dominica also offers hotel resorts and villas with the options of freehold, whole ownership, or fractional ownership. Ownership must be maintained for three years at which point the property can be sold and capital released without it impacting the granted citizenship.
Kaminskiy added, “For those that wish to gain additional citizenship while expanding their real estate portfolio, there is currently an abundance of options available to suit a varying degree of investment levels and time frames.
Both Cypriot and Caribbean investments are proving very popular. We’ve seen a 50% year on year uplift for citizenship investment in Cyprus as a whole, primarily driven by high-net-worth individuals from the UK who have an eye on the future and life after Brexit.
At the same time, demand for Caribbean citizenships has soared 300% annually with this demand mainly coming from the U.S as many look to escape what is currently a very turbulent landscape on many fronts.”
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