Affected by the European debt crisis, many European countries such as Portugal, Greece, Spain, and Cyprus have successively launched property purchase immigration policies. These policies feature low investment thresholds, simple procedures, and relatively fast approval times. Coupled with world-class international education systems, beautiful and pleasant environments, and a perfect alignment with the Chinese philosophy of real estate investment and wealth management, they have quickly sparked a craze in the Chinese immigration market. What are the current immigration policies and advantages of the mainstream European property investment immigration countries? They will be introduced one by one below.
Portugal: The "N" Reasons to be Passionate About Portugal
Immigration Policy: On October 8, 2012, the Portuguese Ministry of Internal Affairs promulgated a new immigration law, allowing citizens of third-party countries to immigrate to Portugal through real estate investment. The policy stipulates that applicants who purchase real estate in Portugal worth 500,000 euros (which can be sold freely after 5 years) can apply for citizenship after holding a valid residence permit for 6 years. In 2013, Portugal reduced the residency requirement from 30 days per year to 7 days, becoming the country with the lowest residency requirements among all EU member states.
Current Immigration Status: Since March of this year, Portugal has implemented a policy of obtaining residence permits through property purchase. Portugal's property purchase immigration has become a dark horse in the investment immigration market, achieving remarkable results. According to Portuguese statistics, as of early November, 248 Chinese citizens had purchased property in Portugal and obtained Portuguese Golden Residence status, accounting for nearly 80% of the total number of visas issued.
Immigration Benefits: Immigrating to Portugal is not just about obtaining citizenship in one country, but also enjoying various benefits of EU countries, including: access to free medical care and public pensions, and children enjoying 12 years of free compulsory education and free admission to public schools; applicants, as well as their spouses, children, and parents, can freely settle, do business, work, or study in any other Schengen Agreement country. "Compared with other European countries, the Portuguese Golden Residence Program is very cost-effective and is a true property purchase immigration program."
Greece: Building a Beautiful "Second Home" Overseas
Immigration Policy: In April of this year, Greece launched a property purchase immigration policy. According to the "Greek Investment Immigration Promotion Law" and its implementing rules, non-EU citizens who purchase one or more properties in Greece with a value of no less than 250,000 euros, or lease properties in Greece for an amount of no less than 250,000 euros for a lease term of no less than ten years (property types being hotels or holiday homes), can apply for a 5-year Greek residence permit.
Current Immigration Status: Greece has eliminated the time requirements for immigration supervision, and the threshold is low. Recently, the international rating agency Fitch pointed out that because Greece is gradually reducing long-term macroeconomic imbalances and has not experienced further delays in reform plans required by international creditors, its economic self-regulation and recovery capabilities have improved, thus maintaining a stable outlook for Greece's rating. This will greatly enhance the confidence of investors to invest in real estate in Greece.
Immigration Benefits: As long as investors obtain Greek residency, their children have the right to enjoy free education in Greece. In addition, Greece has a long cultural history and is the birthplace of European culture. Therefore, studying in such an environment not only allows one to acquire knowledge but also to be nurtured by European civilization.
Spain: The First Major European Power to Open an "Immigration Policy"
Immigration Policy: In September of this year, Spain announced the passage of the "Support for Entrepreneurs and Their Internationalization" act. By spending at least 500,000 euros on property in Spain, the buyer and their spouse and children can obtain a two-year temporary residence permit in Spain. This type of residence permit application has no minimum residency requirement in Spain; it only requires one entry within the validity period, and there is no limit on the applicant's stay, which means that "immigration supervision" has been almost eliminated. After the two-year period expires, if all conditions are still met, investors can apply for a two-year extension.
Current Immigration Status: Spain's property purchase immigration policy attracted great attention from Chinese investors as soon as it was launched. Many highly interested investors purchased property locally shortly after visiting Spain, which shows the Chinese people's love for Spain.
Immigration Benefits: Investors can live in Spain and travel freely between Schengen countries with their residence permits, start businesses, purchase public or private medical insurance, and enjoy local compulsory education and public higher education resources.
Cyprus: Enjoy Permanent Residency in the EU in One Step
Immigration Policy: In 2012, the Cypriot Ministry of Internal Affairs passed a new bill: for foreign applicants who purchase properties worth more than 300,000 euros, as long as the down payment is over 200,000 euros and a 30,000 euro living security deposit is paid (held for 3 years), the Ministry of Internal Affairs promises to process the applicant's immigration application within 2 months.
Immigration Policy: In 2012, the Cypriot Ministry of Internal Affairs passed a new bill: for foreign applicants who purchase properties worth more than 300,000 euros, as long as the down payment is over 200,000 euros and a 30,000 euro living security deposit is paid (held for 3 years), the Ministry of Internal Affairs promises to process the applicant's immigration application within 2 months.
Current Immigration Status: Currently, more than 600 families have successfully purchased property in Cyprus, most of whom have chosen to buy local sea-view villas.
Immigration Benefits: Immigrating to Cyprus, one can apply for citizenship after living there for 5 years within an 8-year period. After obtaining a passport, one can travel freely to 84 countries and regions. In addition to enjoying the convenience of world travel, investors can also enjoy all treatments in the immigrant country except for political rights, such as medical care, social welfare benefits, relief funds, free education, and pensions.
As Dr. Winner Xing, President of Visas Consulting Group, said, there is no best investment immigration, only the most suitable one. The immigration policies, national advantages, welfare benefits, and natural environments of various European countries have their own characteristics. Investors should choose the most suitable project and country based on their own and their family's economic situation, immigration goals, etc., with the help of professional immigration agencies.