The Citizenship Program of St. Christopher (St. Kitts) was established in 1984 and is one of the longest established economic citizenship programs in existence. The program requires applicants to make an economic contribution to the country. In exchange, they and their families are granted full citizenship.
St. Kitts & Nevis is an independent English speaking country of two islands, offering a well-established political and legal system since the country is a member of British Commonwealth. Benefits include no personal income tax, a stable currency, a well-established financial infrastructure, corporate incentives, and an investor-friendly government.
Benefits of St. Kitts and Nevis citizenship
When you acquire citizenship under the St. Kitts and Nevis citizenship program, you and your family enjoy full citizenship for life, which can be passed on to future generations by descent.
A St. Kitts and Nevis passport allows visa-free or visa-on-arrival travel to 156 destinations including Hong Kong, Russia, Singapore, the UK, and Europe’s Schengen Area.
Citizenship-by-descent is available to future generations.
Applicants are able to include a spouse, children under 31, parents, grandparents aged 55 and over, and unmarried dependent siblings under 31 with no children, as well as to add dependents after they have been granted citizenship.
St. Kitts and Nevis is a member of the Commonwealth, which entitles citizens to certain privileges in the UK and other Commonwealth countries.
St. Kitts and Nevis is an attractive location for owning a second home, with good air links to Europe and North America.
Dual citizenship is allowed by the nation.
There is no minimum stay required.
St. Kitts and Nevis citizenship-by-investment requirements
To qualify for citizenship, the applicant must select one of three options (excluding processing fees):
A) An investment of at least US$ 400,000 in one of the approved Saint Kitts real-estate developments in addition to paying government fees, other fees and taxes, OR
B) An investment of at least US$ 200,000 USD in a government approved real estate project (property to be held for 7 years), OR
C) A non-refundable contribution (donation) of only US$ 150,000 (for a single applicant) under the Sustainable Growth Fund program.
There are no language tests, no medical tests, and new citizens do not need to reside in the country. The processing time for St. Kitts & Nevis can be as short as 90 days, but depending on the option chosen might require up to ten months.
Procedures and time frame
The St. Kitts and Nevis Citizenship-by-Investment Unit (CIU) is responsible for the processing of all applications. There is also an accelerated application process available with a 45- to 60-day processing time frame. The CIU examines the application thoroughly and may request that the applicant attend an interview, although this is rarely necessary. The CIU undertakes strict due diligence checks and will decline an application if the applicant makes a false statement or omits any relevant information. The applicant must personally complete the prescribed government forms, which are only available from an authorized service provider.
The documentary requirements of the program are reasonable and the procedures straightforward. Most applicants will normally visit the islands before deciding on the purchase of real estate, but it is not a prerequisite for the application process, which usually takes between three to four months from submission of the application to the CIU for approval. Under the real estate option, the time frame may vary depending on the development, so it is important to choose a real estate project that complements the citizenship application efficiently.
Upon approval-in-principle of the application, the funds for the real estate, SGF contribution, government fees, and other fees will be released to the various parties. Thereafter, the prime minister will sign the certificate of registration, which confers citizenship status. Once the certificate of registration is issued, the applicant is entitled to apply for a passport
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Buying a property in Malta can be daunting for expats. You don’t know the rules, how it’s done, what’s acceptable and what to expect. This guide will help you to understand the process and how to protect yourself when buying a property in Malta.
Why buy property in Malta
• Safe and secure country
• Excellent living standards
• Open door to the European Union
• Low taxation rates
• Warm Mediterranean climate
• Top-performing real estate market with consistent capital growth
• Vast selection of properties
• Get the Maltese passport after buying property in a year
Where to purchase property in Malta?
Malta consists of three inhabited islands (Malta, Gozo, and Comino). Where to buy Republic of Malta real estate depends largely on your lifestyle preferences, and whether you prefer city life or more peace and quiet.
In general, you have two options for buying Malta real estate for sale: buy a property by itself or under the Malta Citizenship by Investment Program. To qualify for the Citizenship by Investment program, you must make a Malta real estate investment worth at least €350,000.
Best cities to buy property in Malta
Some of the best cities to buy property in Malta include Sliema, St. Julian’s, and Gzira. These cities are renowned for the range of restaurants, nightlife, shopping places on offer, as well as stunning seaside lookout points.
Valletta and Mdina are also good cities to buy homes in, as they boast beautiful architecture, a rich culture, and offer a more fast-paced lifestyle.
If you’re into laidback country style life, then either Zebbug, Rabat, or Gozo are good options. Here you can escape from the city noise and relax in a traditional village atmosphere.
Requirements for buying property
Non-residents can easily buy property in Malta, provided they obtain an AIP permit. A fee of €233 is charged per permit, (subject to change at the government’s discretion), with the permit usually being issued within 35 days.
An AIP permit is not needed to buy properties in Special Designated Areas and, in the case of EU citizens who:
Have been resident in Malta continuously for five years
Want to buy property to live in
Want to purchase property for investment purposes
Furthermore, foreign nationals and EU citizens can only buy one property in Malta, usually for owner-occupancy purposes, but can purchase more properties in the ‘Special Designated Areas’.
Malta property for rent
Malta property for rent is possible under certain conditions. Property owned by foreigners can be rented out only if the property is valued over €233,000, has a swimming pool, and is registered with the Hotel and Catering Establishments Board. Foreign-owned properties can only be rented out for short-term lease agreements.
Buy property in Special Designated Areas
There are various Malta luxury real estate for sale. These luxury developments come complete with porters and a reception area, pools, and parking facilities that have been built in prime locations over the Maltese islands. These Malta luxury real estate for sale fall under the ‘Special Designated Areas’ and as such, you aren’t subjected to any restrictions, nor do you need an AIP permit. A key advantage of buying a property in this area is that it gives you the same rights as a Maltese national, no matter if you’re an EU citizen or not.
The current special designated areas are:
Portomaso Development, St. Julians, Malta
Tigné Point, Tigné, Malta
Tas-Sellum Residence, Mellieha, Malta
Madliena Village Complex, Malta
Fort Cambridge Zone, Tignè, Malta
Ta’ Monita Residence, Marsascala, Malta
Pendergardens, St. Julians, Malta
St Angelo Mansions, Vittoriosa
Vista Point, Marsalforn, Gozo
Fort Chambray, Ghajnsielem, Gozo
Kempinski Residences, San Lawrenz, Gozo
Tax on buying property in Malta
Normally, buyers must pay some kind of tax on buying property in Malta. Purchasers usually pay a 5% stamp duty during the property transfer. 1% is paid on the promise of sale agreement, while the remaining 4% is paid during the final deed of the transfer. Note that for Maltese and EU citizens who were resident in Malta for a continuous 5 years, they are entitled to a reduction in the rate of stamp duty from 5% to 3.5% on the first €150,000 of the property acquisition fee.
Buy property via Malta Citizenship by Investment
If you’re a foreign national and thinking of relocating to Malta, then there are a number of visa programs available to you. Malta’s Individual Investor Programme, also known as the Malta Citizenship by Investment Program, rewards investors with passports in exchange for making a qualifying investment in the nation.
The investor must invest in government bonds, the Maltese National Development and Social Fund, and real estate, totaling the value of or above €1,100,000. From that amount, you must contribute a minimum of €350,000 in a Malta real estate investment, and must maintain the Maltese property for at least 5 years.
Malta passport benefits
There are many advantages to having a Malta passport, including financial and personal stability, global mobility, immediate access to the EU, and the right to work, live and study anywhere in the continent.
The tax system is particularly advantageous to foreigners with residential status, as such individuals are not taxed on foreign-sourced capital gains and foreign-sourced income.
Malta real estate transaction costs
5% stamp duty (currently 2% for Gozo until end of 2019)
1% to 3% notarial fee
€600 searches and registration fees
€233 AIP permit fee (where applicable)
Process of buying property
• The first thing you should do is to hire a notary and possibly a lawyer who practices property law. Then you can start looking for a property in Malta that meets your unique needs.
• The next step is to negotiate the contract details with the seller until you obtain a written contract called a Konvenju or a ‘promise of sale’.
• Pay the deposit fee and the first fifth of the stamp duty, which is like a tax on buying property in Malta, (1% of the agreed purchase price.)
• Your notary should conduct all searches to ensure the property has a legal title.
• Apply for a bank loan if needed
• Once all conditions are met, a final agreement is drafted and agreed upon by both parties
• The price is paid and the buyer can get the keys.
• The seller pays taxes she owes from selling property.
Why not speak to one of our real estate specialists about purchasing property in Malta?
We are a boutique investment firm with years of experience delivering bespoke residence and citizenship-by-investment solutions for international families. At Prime Land Ventures, we can simplify access to property investments, provide local insights, help with legal assistance, tax planning, and more—all while ensuring efficient, personalized, and confidential service
Antigua & Barbuda is an independent Commonwealth state in the Eastern Caribbean. Following its independence from Britain in 1981, Antigua’s key industry is tourism and related service industries. The next largest employers are the financial services industry and the government.
With some 365 beaches of clean clear turquoise waters, the lush tropical island of Antigua is an inviting paradise and considered to be one of the most beautiful places in the world. As a result, tourism is the key driver of GDP and generates around 60% of the island’s income, with key target markets being the US, Canada and Europe.
Benefits of Antigua and Barbuda Citizenship
An Antigua and Barbuda passport provides visa-free or visa-on-arrival access to 151 destinations including Hong Kong, Singapore, the UK, and Europe's Schengen Area
Applicants are able to include a spouse, children under 31, parents and grandparents aged 55 and over, and unmarried siblings of the main applicant and/or their spouse of any age, as well as to add dependents after they have been granted citizenship.
Antigua and Barbuda is a member of the Commonwealth, entitling citizens to certain privileges in the UK and other member states
The nation is an attractive place to live or to own a second home in, with excellent air links to North America and Europe
Antigua and Barbuda Citizenship-by-Investment Program Options
Investors must choose one of the following three investment options (excluding processing fees):
A) An investment of at least US$ 400,000 in an approved Antigua real estate project to be held for a minimum of five years, OR
B) An investment of at least US$ 1,500,000 directly into an eligible business, OR
C) A non-refundable contribution (donation) in the amount of at least US$ 100,000 to the country's National Development Fund.
The principal applicant may include a spouse, dependent children and parents on the same application. Processing time in Antigua & Barbuda can be as fast as five to six months
Procedures and time frame
The government authority responsible for administering the program, the Citizenship-by-Investment Unit (CIU), is responsible for the processing of all applications. The CIU examines the application thoroughly and, if deemed necessary, may request the applicant to attend an interview.
The CIU undertakes strict due diligence checks and will decline an application if the applicant makes a false statement or omits any relevant information in the application. The documentary requirements of the Antigua and Barbuda Citizenship-by-Investment Program are reasonable, and the procedures are straightforward. Once the application is approved, passports can be collected in Antigua and Barbuda. It is estimated that the process will take between three and four months from the submission of the application to issuance of the passport, assuming there are no areas of concern with the application.
There is a requirement to reside in Antigua and Barbuda for a minimum of five days during the first five years of obtaining citizenship. However, the CIU has temporarily suspended this requirement due to the various travel restrictions resulting from the COVID-19 pandemic. This suspension will expire on 31 August 2021. Under the real estate option, the time frame may vary depending on the project. Therefore, it is important to select a real estate project that can provide the necessary paperwork required from the developer for the citizenship application.
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The E-2 is a nonimmigrant visa that allows investors from treaty countries to work in the United States through their investment in a U.S. enterprise. The enterprise must be bona fide and the investment must be substantial, meaning that the enterprise must be able to support you and your family within five years and your investment must be a significant percentage of the value of the enterprise. Also, you must be entering the U.S. with the sole purpose of developing the enterprise, so your E-2 investment shouldn’t be considered a side project.
There is no official minimum or maximum investment amount, though the rule of thumb is that petitions for investments of less than $250,000.00 have a much harder time getting approved. Speak with your immigration attorney to see if your proposed investment is substantial enough and if your enterprise is bona fide.
However, all of these requirements come second to the fact that you must be from a country that holds a treaty of trade and commerce with the U.S.
E-2 Visa Treaty Countries
To qualify for the E-2 visa, you must be a national of a treaty country. This means that if you are a legal permanent resident, you cannot apply. However, you do not need to be currently living in the treaty country. For example, if you are a French national living in Israel, you can petition for the E-2 visa even though Israel is not an E-2 visa treaty country.
So, without further ado, here is a comprehensive list of the E-2 visa treaty countries in alphabet:
Bosnia and Herzegovina
Denmark (excluding Greenland)
Grenada (You can invest $150000.00 to become a citizen)
Montenegro (You can invest $350000.00 to become a citizen)
Singapore Slovak Republic
Trinidad & Tobago
Turkey (You can invest $250000.00 to become a citizen)
Also, if you are bringing an employee over through the E-2 visa, that employee does not have to be from the same treaty country as you. You will need to file a separate petition on their behalf (also for any family members you bring) but generally, employees and family are granted the same period of stay as the principle E-2 investor, which is two years initially.
Once those two years are up, if you would like to remain in the U.S., you will need to file a new petition to extend your stay for an additional two years. Your employees and family members must do the same if they would like to stay as well. Make sure that you keep track of your period of stay so that you do not overstay your status while you wait for an approval for the extension.
International business executives, investors, and important persons who are active worldwide consider an alternative citizenship and passport a powerful tool for international tax planning and a safety net should the living conditions at home become unbearable. The applicant and their family receive full citizenship and passports.
Our associated attorneys are licensed to practice immigration law in the USA and can answer all of your immigration related questions. Get in touch for a free consultation
The EB-5 visa for Immigrant Investors is a United States visa created by the Immigration Act of 1990. This visa provides a method of obtaining the "Green Card" for foreign nationals who invest money in the United States.
To obtain the visa, individuals must invest a minimum of $1,800,000 (or $900,000 if in a "Targeted Employment Area" - an area of high unemployment), creating or preserving at least 10 jobs for U.S. workers excluding the investor and their immediate family. Investments can be made directly into a new or existing job-generating commercial enterprise, or into a "Regional Center" - a 3rd party-managed investment vehicle, which assumes the responsibility of creating the requisite jobs. Regional Centers may charge an administration fee for managing the investor's investment.
If the foreign investor's application is approved, the investor and their dependents will be granted conditional permanent residence valid for two years. After two years the investor may apply for permanent residency (the "Green Card"). After five years of residency (conditional plus permanent) the investor may apply for U.S. citizenship.
International business executives, investors, and important persons who are active worldwide consider an alternative citizenship and passport a powerful tool for international tax planning and a safety net should the living conditions at home become unbearable. The applicant and their family receive full citizenship and passports.
Our associated attorneys are licensed to practice immigration law in the USA and can answer all of your immigration related questions. Contact us for more details
Madrid is the capital of Spain and the third expensive city if we speak about buying a property. The real estate market in the Community of Madrid stood out in 2017 for a slight increase in the price of housing (more than 5%) as well as for solid advances in new project launches that will surpass 37% to exceed 28,000 new homes.
This new construction can be seen in neighborhoods such as El Cañaveral, Valdebebas, Sanchinarro, Puerta de Hierro, or Los Altos de Aluche.
Salamanca, Chamartín, Hortaleza
Neighbourhoods with cheaper homes
Ciudad Lineal, Vicálvaro, Barajas
Price per m² = €2,827
Real Estate Market in Madrid
Some studies suggest that 85 square meter apartments have the best reception among homebuyers in Madrid. The bulk of real estate transactions in this autonomous region usually consist of apartments with two to four bedrooms, a kitchen, a living room, and one or two bathrooms. The buildings, depending on the area, generally have six or seven floors, with more expensive homes on the higher floors. Chalets or private houses occupy a secondary position within the real estate market and tend to be located in outlying zones or towns.
As noted before, the price of housing this year has increased more than 5% in the Community of Madrid. On average, a house of 85 square meters will exceed €200,000, considering that in the second trimester of 2017 the average housing price was set at €2,378 per square meter.
All of this means that now is a good time to invest in the real estate market in Madrid, since the housing market is expected to continue to increase to around 15% in 2017, which will make relatively easy for buyers to find a home in the capital of Spain.
sBest areas to live in Madrid
The Community of Madrid is made up of a central city, divided into several districts, and a number of outlying towns that, according to their zone, are better or worse communicated with the central capital city.
Choosing where to live is a question whose answer depends to a large extent on the family, social, and working life of the buyer, as well as their economic status. In the central zone, the best areas to live are, for example, Salamanca, Chamartín, Hortaleza, Retiro, or Moncloa. The price of housing in these neighborhoods is quite high and it can be difficult to find homes available for purchase. More economical neighborhoods include Ciudad Lineal, Vicálvaro, or Barajas. Some less recommended neighborhoods would be Tetuán, Vallecas, or Usera.
Madrid’s outlying areas are divided into a number of different zones, each divided, in turn, into smaller areas. The northern zone is divided into Tres Cantos, Alcobendas, and San Sebastián de los Reyes, among others. The northwest zone is divided into Pozuelo, Las Rozas, Collado Villalba, and Galapagar, among others. The area around the Henares Corridor is divided into Coslada, Torrejón de Ardoz, and Alcalá de Henares, among others. The southern zone is divided into Leganés, Getafe, Alcorcón, and Fuenlabrada, among others. The zone around the Cuenta del Tajo-Tajuña is divided into Rivas Vaciamadrid, San Martín de la Vega, and Aranjuez, among others. The Alberche-Guadarrama zone is divided into Navalcarnero, Brunete, and San Martín de Valdeiglesias, among others. As is habitual, the northern areas enjoy a higher economic level and higher housing prices. The remaining areas tend to be more affordable, especially those further away from the city center.
For more details or to discuss your Spanish property needs please get in touch by completing the Contact form
Permanent residency allows the applicant to live in Monaco as long as desired. After ten years in permanent residency status it is possible to apply for Citizenship.
To receive the permanent residency card ("Carte de Sejour") all applicants have to show proof of accommodation. Proof of accommodation may entail acquiring local real estate OR being the director of a company that holds corporate real estate in Monaco OR providing a letter and proof of property ownership/rental from a close relative with whom the applicant plans to live in Monaco.
In addition, all applicants must demonstrate financial self-sufficiency to live in Monaco. Financial self-sufficiency may be demonstrated by depositing at least EUR 500,000.00 into a local bank account in the applicant's name OR showing the applicant is employed by a Monaco company OR forming a new company in Monaco that creates at least ten new jobs OR providing a letter of support from a close relative with whom the applicant plans to live in Monaco.
Monaco imposes no restrictions on foreigners opening bank accounts or owning real estate in the principality. Application processing can take between two to five months.
With its warm and stable climate and convenient geographical position Monaco is considered an attractive place for residence. With over 300 days of sunshine a year Monaco qualifies as one of the sunniest European locations. France borders the country on three sides while the other side borders the Mediterranean Sea. Monaco's most populous Quartier is Monte Carlo.
Monaco is also known as a playground for the rich and famous due to its tax laws. In 2014, it was noted that about 30% of the population are millionaires. The state has no income tax and low business taxes.
Monaco's mild climate, scenery, and gambling facilities have contributed to the principality's status as a tourist destination and recreation center for the rich. In more recent years, Monaco has become a major banking center and has sought to diversify its economy into services and small, high-value-added, non-polluting industries.
Monaco is also the host of the annual street circuit motor race "Monaco Grand Prix".
Advantages of Monaco Residency
Living in Monaco
Permanent Residency grants EU Nationals and Non-EU Nationals the right to permanently reside in Monaco. Once granted, the Monaco Residency Card ("Carte de Sejour") covers the whole family: eligible dependents include the spouse or partner in a long and durable relationship, children, and parents under certain conditions.
The Monaco citizenship offers visa-free travel to more than 160 countries in the world, including the USA, Canada, select countries in the Middle East, Africa, and Asia, as well as most countries in North, Central and South America.
Fast Track Application Processing
Fast track application procedure - all applications are reviewed by the Monaco government within approximately two to five months from the date of filing.
Favorable Tax Structure
Monaco levies no income tax, no wealth tax, no local tax, no property tax, and no capital gains tax on individuals. Corporate tax and inheritance tax are minimal in comparison to other countries.
The absence of a personal income tax in the principality has attracted a considerable number of wealthy residents from European countries who derive the majority of their income from activity outside Monaco.
Unlike other citizenship by investment programs, Monaco does not require any donations, i.e. non-refundable contributions to the government.
High Standard of Living
Monaco presents a very high standard of living due to its access to reputable private schools, trustworthy private medical facilities, and having among the lowest crime rates within Europe.
Application Timeline & Payments
Step 1 - Contact Us. Please use our contact form to receive a detailed cost estimate for you and your family. There is no fee for this initial consultation.
Step 2 - Document Preparation. During this step all supporting documents are collected, such as birth certificates, marriage and divorce certificates, as well as police clearance that must be submitted with the application. Further, the proof of accommodation and financial self-sufficiency are prepared. (Our team can advise you on unique/specific real estate searches or present investment options.) All application forms are completed. This step takes approximately two to three weeks.
Step 3 - Introductory Meeting. At this step the legal team will together with the applicant review the entire application package and file the basic application forms. In this step the applicant will also be prepared for the official meeting in Monaco to follow in Step 4.
Step 4 - Official Interview in Monaco. Approximately three to five weeks after submitting the application the applicant is invited to an official interview in Monaco. In this interview the applicant will be asked about their education, work experience, children (if any), their parents, and other family members. At this meeting all supporting documents, collected at Step 1, are handed to the Monaco government.
Step 5 - Compliance Checks and Approval. At this stage the Monaco authorities will conduct all due diligence checks. This step takes approximately six to eight weeks to complete. After the conclusion of this step and upon approval of all documents the applicant receives his/her residency card ("Carte de Sejour").
Step 6 - Citizenship Application. Following ten (10) years of permanent residency, the applicant may file for Monaco citizenship if so desired.
Turkish real estate presents foreign buyers with a paradox. The domestic market is slumping, as overinvestment plus a poorer performing economy hurt both prices and transactions, yet it's a favourite market with foreign investors.
To be sure you buy a bargain with high return potential, look at areas that have a history of tourist development over the years, and you'll see much better, smaller scale developments as well as a good resale market. For instance, Bodrum is an area that's long been popular with both Turkish and foreign holidaymakers. That neatly hedges your bet, as you're not reliant on any single nationality.
Such places like Burj al-Babas should be avoided, but you need to have your homework done – search for multiple properties and compare them, research infrastructure of the place, read reviews and of course check prices.
Where to buy property in Turkey?
Traditional holiday area is Hisaronu, popular with the British, where you could get a three bedroom apartment around €50,000, or a villa with a pool around €100,000. Hisaronu is a sought after area; prices are a bit cheaper in Fethiye, which has a strong expatriate community. Nearby Dalaman airport makes both areas easy to access.
Buyers looking for a classy area at the top of the market should consider Kalkan, with its delightful old quarter as well as both mountains and beaches close by. Again it's well served by airports, with Antalya as well as Dalaman easily accessible. Here, one bed apartments sell around €40-65,000 while villas go for €500,000 plus.
All these areas have a well established rental market. Yields can run around 4-5%, with a 12-18 week season.
Pure investors might consider property in Istanbul - a 15 million population powerhouse with a young, well educated population. It’s the top destination point of all foreign buyers in Turkey, there are big expatriate communities from all over the world. But good research is crucial to find the right suburbs and developments. For instance, Bomonti and Bacsehir, once upcoming areas, may now have seen the best returns for investors, and you'll need to be smart to spot the next hot neighbourhood. You'll also find yields in sought after areas like Besiktas are low at just 2%. A holiday house probably makes better sense.
And you’re never wrong buying some holiday home at the sea, Turkish vacation spots stretch from Aegean to Mediterranean coast and have something to offer to everyone – from Belek (well known for its golf fields) and Antalya to Marmaris, Bodrum and Kusadasi.
Turkey is not famous for its ski resorts, but there are some that attract more and more visitors each year, among others you can choose Saklikent, Uludag and Palandoken.
Advantages of buying home in Turkey
The Turkish government has taken action to make foreign investment more attractive. For instance, the cost of the Golden Visa program has been cut from $1m to $250,000 (Turkish lira depends on dollar). That, together with the easing of some restrictions and reduction in purchasing costs, has helped boost foreign buyer numbers and bring in new sources of buyers; Iranians are very prominent buyers now, as are African, Gulf and Asian purchasers. Total foreign buying rose 80% in 2017 - despite a stagnant domestic market.
So, why buy in Turkey?
Attractively priced property is a very good reason. Global Property Guide put Turkish city centre property roughly on a par with Spain and Portugal - but that was before the devaluation of the lira. At around €4,500 that's way below destinations such as the UK or France.
The cost of living in Turkey is also cheap. Comparing prices, Turkey is on average 50% cheaper - but 60% cheaper when it comes to dining out!
Add to this the soft lira, and you could get a huge bargain. it's fair to say that the weak currency reflects investors' perception of high political risk, and inflation remains stubbornly high - though if your income is in a strong currency, this won't bother you.
But while the economic stats might put off a banker or a pure investor, if you're looking for a modestly priced holiday property, or looking to stretch your budget that bit further, Turkey is a market you really should look at. And if your nationality means the Turkish golden visa would improve your lifestyle options, a Turkish property could deliver a second passport as well as sun, sea, and an attractively low cost of living.
For more details about Turkish property or the Golden Visa, please contact firstname.lastname@example.org or complete the Contact form and one of our property consultants will get in touch
Just a few years ago Greece was a country in deep crisis. Government finances were wrecked, and the economy was contracting. Now, it's over the worst, and the economy has been growing again since 2017 - which should be good news for the property market.
After the crisis, Greece saw 7 years of falling house prices; prices in 2017 were 43% lower than when the crisis hit in 2008. New development practically stopped, and even now is only running at about half the level experienced during the boom years 2004-7.
A quick look into property market in Greece
Prices appear to be increasing fast. House prices rose 8.8% in the second quarter of 2019, according to the Bank of Greece, accelerating from 5.2% in the previous quarter. That's been driven by Athens and Thessaloniki, the two major cities, which have seen a massive increase in interest; as well as seeing prices rise, Athens has seen a big upswing in property transactions, 30% higher in 2018 than the year before - 2019 figures aren't out yet.
Developers are back, in both the commercial and residential sectors. 2018 saw a 10% rise in the number of new building permits issued, after 7 years in freefall, and money is heading back into the sector. New five-star hotels have opened on Crete - one of Greece's more resilient local markets - as well as on Corfu, and other areas are now seeing more investment, too.
Demand for holiday properties has been stimulated by growth in the tourist market - tourist numbers hit an all time high of 3.9m in July 2019. That's helping the islands, but is also increasing demand in Athens, where AirBNB has taken off dramatically in the past few years.
Achievable yields for investors
Finance remains tricky for individual borrowers, particularly those from outside the Eurozone. A mortgage is difficult to secure without both an impeccable credit record and a hefty deposit, and Greece remains vulnerable to interest rate movements, as most mortgages are only fixed rate for the first year. Currently, borrowers are paying between 2% and 3%.
Rental yields in Athens and on Crete have been squeezed. Larger (eg three bedroom) apartments in Athens might attract a 4% yield; smaller flats do better, and in the suburbs, flats can secure 4.5%. Houses, on the other hand, have very thin yields right now. In Crete, apartments might rent for a 3% yield.
Investors looking for good yields should consider the smaller islands instead; Mykonos produced an 8% yield in 2018, with Santorini and Paros both around 6.5%. On Rhodes and in Porto Heli, yields over 5% are still available, easily beating returns in other Mediterranean destinations such as Marbella, the French Riviera, or the Balearic islands.
The Greek government has recently taken several actions to kickstart the property market. Value added tax of 24% on new buildings has been suspended for three years, and tax breaks of up to 40% for renovation costs have been announced.
There is one slight concern about the Greek real estate market at the moment. It's foreign investors who are driving the market forwards - if they get cold feet the market could weaken. In the first 6 months of 2019, the Bank of Greece says foreigners invested EUR 736m in real estate, almost double the figure a year before - and more than 5 times the 2016 figure.
More than two thirds of this investment comes from other EU countries. But since 2013, the Golden Visa scheme has aroused interest from around the world, with China, Russia, Egypt and Turkey the major sources of demand. (With a EUR 250,000 investment enough to secure residence, Greece has the lowest cost golden visa scheme in the EU.)
None the less, there's probably not too much need to worry if you're buying a property on one of the islands or in the Peloponnese. The most heated market, and the one where golden visa money has made the biggest impact, is central Athens. That particular market could well be overheated - though it's still very far below the prices of capitals like London, Paris, or Berlin - but for the moment, the rest of Greece looks as if it can continue its progress for a good few years to come, and the economic fundamentals underpin that analysis.
Call +41 44 586 73 10 or email email@example.com to discuss your Greek property needs or free advice regarding Golden Visa investments.
If you are thinking of buying property in Barcelona, apartments with two bedrooms are easily rented, making them the best option. Barcelona has ten districts to choose from, with renovated modern apartments being highly sought after in the Eixample, Ciutat Vella, Gràcia, and Barceloneta districts. The Eixample neighborhood, for example, is considered one of the most fashionable neighborhoods in Barcelona, as it offers many restaurants, bars, shops, and supermarkets - all within a short distance. Ciutat Vella is the oldest neighborhood of the four mentioned and is also the most visited by tourists. The Gràcia district is considered one of the most bohemian areas of the city, full of students, young families, and retirees. Barceloneta has an extensive beach and the best seafood restaurants. It is only a 10- to 15-minute walk from La Rambla and is a holiday zone where many foreigners have their second home
Average property price:
€ 2,128.3 per square meter
Pedralbes, Sarria-Sant Gervasi, Sant Cugat del Vallès
Popular neighborhoods among students:
Eixample (through social life, restaurants)
Les Corts, Barceloneta (with sea view), La Rambla, Gràcia
Sant Antoni, Gracia Nova, Guinardó, Cornellà
For high-end international investors wishing to establish themselves in the city or wishing to simply invest, Barcelona is very attractive. These foreigners find buying properties easy, with several real estate agencies which speak almost any language helping to obtain the necessary documentation. International investors should be clear that in Spain all taxes and expenses associated with the purchase of a property must be paid. If the property is new, the value-added tax (VAT) is applied. If the property is second-hand, capital gains, agency fees, and notary fees must be included. International investors can apply for mortgages at some Spanish banks, such as CaixaBank, Banco Santander, and Banco Sabadell.
As the economy recovers, studies show that in the coming years Barcelona will continue to be a popular investment point with a constant return on capital. If you purchase a property with a value of €500000.00 or more, you also have the added benefit of qualifying for a Spanish Golden Visa.
Spanish Golden Visa
The Spain Golden Visa Program encourages investors outside the EU to invest in real estate, job creation and public debts. Under the program, investors and their families are eligible to obtain temporary residency in a matter of months through minimum property investments of €500,000.
The Spain Golden Visa Program is a true gateway to Europe, expanding your visa-free travel mobility within the Schengen Zone. This program allows the investor to consider residency acquisition as their first step towards permanent residency and citizenship acquisition if required. Further residency requirements will need to be met; after 5 years permanent residency can be obtained, and citizenship after 10 years living in the country. It is not necessary to live in Spain in order to retain and renew the residency visa permit. However, the route to permanent residency and citizenship requires the investor and their family to reside in Spain. The Spanish Golden Visa is an investment only route and does not require any contribution or donation to a fund.
Call +41 44 586 73 10 or email firstname.lastname@example.org to book a viewing or free advice regarding Golden Visa investments.