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surge of Americans has shown interest in moving abroad since the presidential election, but claiming citizenship or permanent residency can be challenging without ancestry or a job relocation. Steve Corbin, an attorney at Harvey Law Group, notes that his firm has seen a flurry of inquiries.
One way to gain entry is through real estate investment. Many countries offer residency in exchange for a minimum purchase price. Thomas Scott, group head of real estate at Henley & Partners, says more countries than people realize offer real estate-linked investment migration opportunities. This approach can also generate profits while securing residency or citizenship abroad.
The "golden visa" program is a popular way for countries to attract foreign investment and grant residency. It's often cheaper than buying property in the US, with prime coastal and city properties available at lower prices. However, it's essential to do due diligence when buying real estate overseas, as every country has its own rules and regulations.
Using an expert to guide you through your options is recommended, especially given the varying requirements for golden visa applications. For instance, you can't buy a property below the minimum price and then pour thousands into renovations or improvements. Real estate investment trusts (REITs) are also not eligible.
Some countries have ended their real estate golden visas due to concerns that they drive up prices and make homeownership unaffordable for locals. If you find a country that works for you, it's essential to act quickly, as these programs can come and go quickly.
Here are the top 10 surprising places to snag your real estate-linked golden visa:
1. Panama: Real estate investment minimum $300,000
Panama is rapidly becoming a hot destination for expats, with a high ranking in personal finance, expat essentials, and working abroad. It also has miles of pristine beaches and a large English-speaking expat population.
2. Malta: Real estate investment minimum $628,200 (excluding real estate fees)
Malta features historic properties, luxury apartments, and waterfront developments, particularly in popular areas like Gozo, Valletta, Sliema, and St. Julian's. The market has been buoyed by strong interest from both local and international buyers.
3. Cyprus: Real estate investment minimum $314,100
Cyprus is considered an ideal destination for permanent residence for non-EU nationals, with its stunning beaches, Mediterranean climate, and Greek and Turkish influences.
4. Northern Cyprus: No real estate investment minimum
Northern Cyprus offers the good life on the Mediterranean for a fraction of the typical cost. Any size of investment in a residential or commercial property makes you eligible for a golden visa.
5. Montenegro: No real estate investment minimum
Like Northern Cyprus, buying property of any value in Montenegro can get you on the track to residency. However, foreigners can't buy certain types of land, and properties aren't exactly cheap.
6. St. Kitts and Nevis: Real estate investment minimum $300,000
St. Kitts and Nevis is a dual-island Caribbean destination offering pristine beaches and tropical landscapes. Its culture is diverse, with African, British, Carib, and French influences.
7. Mauritius: Real estate investment minimum $375,000
Mauritius is known for its pleasant tropical climate, multiculturalism, and spectacular coral reefs and volcanic terrain. It boasts Asian, British, Chinese, Indian, and French influences and ancestry.
8. Anguilla: Real estate investment minimum $750,000
A British territory located in the Caribbean, Anguilla comprises a larger main island and several smaller ones. The minimum is hefty, but it will qualify up to four family members.
9. Cambodia: Real estate investment minimum $100,000
The My Second Home program in Cambodia allows foreigners to gain permanent residency after living there for 10 years. You can also put the money into various real estate projects around the country.
10. Costa Rica: Real estate investment minimum $150,000
Costa Rica has emerged as a hot spot for eco-conscious investors and has one of the lowest minimum investments. The Costa Rica Residence by Investment Program allows international investors to access the country's business-friendly landscape and vibrant cities.
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