Monday, September 14, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
I recently observed an online discussion string among people so fed up with American politics that they were planning on moving out of the country. Many were British ex-pats making plans to return to Old Blighty (the UK). But some were Born-in-the-USA citizens looking for a place to live with fewer hurricanes and less governmental turbulence.
If you’re an American thinking about permanent residency elsewhere, keep in mind you can’t just go without a visa from your intended new home country granting you permanent residence status and a passport. Getting a visa can be a time-consuming project which may not always turn out as intended. So what’s a soon-to-be expatriate to do?
If you pick the right country, you could just buy one.
Called “immigrant investor programs,” or Golden Visas, these programs are designed to attract foreign capital and business people by providing permanent residence and citizenship status in return. Just plunk down the required cash and meet a few requirements and you’re in.
How much gold for a Golden Visa.?
Golden visas require investments of anywhere from $100,000 in Dominica, up to £2 million in the U.K. and €10 million in Austria and other European Union countries. The most common method for obtaining a golden visa is through the purchase of real estate with a minimum value defined by the welcoming nation. For example,Turkey grants residency, citizenship and a second passport to applicants investing either in real estate or a bank deposit. The real estate route is particularly attractive for investors. This requires a property purchase of a minimum of $250,000 + fees, making Turkey one of the lowest-cost citizenship-by-investment programs on the market. The other option is for applicants to deposit $500,000 USD into any active bank in Turkey (including foreign banks so long as these are active in Turkey) on condition they don’t withdraw that money for a period of 3 years. Upon investing and submitting citizenship applications, a Turkish passport is granted usually within 6 months.
According to Corpocrat Magazine in 2016, the countries with the top-ranked immigrant investor programs in the world were Malta, Cyprus, Portugal, Austria, the United Kingdom, the United States, Canada, Antigua and Barbuda, Saint Kitts and Nevis, Spain, Latvia, Monaco, Bulgaria, Ukraine, Grenada, Abkhazia, Saint Lucia, Australia, Hong Kong, Singapore, UAE and Dominica.
If you are interested in acquiring a Golden Visa via an Immigrant Investment Program, consult the immigration offices of the country or countries you are planning to move to. If you already have permanent residence in another country and need help finding a property or investment to buy overseas, CONTACT US.