Home Travel Fancy moving to a new house in the sun? As Spain’s golden visas bite the dust, our property expert reveals the best places to move abroad and the pitfalls buyers should avoid

Fancy moving to a new house in the sun? As Spain’s golden visas bite the dust, our property expert reveals the best places to move abroad and the pitfalls buyers should avoid

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For the price of an average house in the UK, you can buy this property in Crete.

The sun may be setting on Spain’s golden visa program, but that doesn’t mean all is lost for Brits who want residency or citizenship somewhere abroad. Although Spain’s was the most popular, there are still more than 100 similar programs around the world.

These allow individuals and their families to obtain residency or citizenship of a country by purchasing property there or investing in its economy.

Brits are seeing its appeal and are applying in record numbers.

So why would you want one and what are the best options available? Research wealth and personal finances.

For the price of an average house in the UK, you can buy this property in Crete.

...and this one in Antigua for £290,000 - the price of a typical UK property, according to the Office for National Statistics

…and this one in Antigua for £290,000 – the price of a typical UK property, according to the Office for National Statistics

This house in Portugal would also be below the typical price

This house in Portugal would also be below the typical price

...and so would this luxury home in Dubai

…and so would this luxury home in Dubai

Why might you want one?

The greatest attraction is the freedom they offer to their owners. Once you have a golden visa, you can travel to that country as many times as you want and spend as much time as you want there. That means you will no longer have to apply for visas or be subject to restrictions on the number of days you can stay there.

Some offer residency, meaning you can spend as much time there as you want. But the most generous ones offer you a path to citizenship, which comes with a passport. Armand Arton, of global citizenship firm Arton Capital, says citizens of countries like China and Russia have always seen the appeal of having a second residence or citizenship if they want or need to leave or move assets.

“However, an increasing number of British and American citizens are seeing the value, as well as wanting the lifestyle options, that access to another country offers,” he says.

An increasing number of Britons are also using golden visas to reduce their tax bills by becoming residents in countries that have lower rates than those applied in the UK.

Plans to remove “non-domiciled” or non-dominated status in the UK have intensified this trend.

British favorite

For years, the Spanish golden visa has been by far the most popular among Brits.

It allows holders to come and go as they wish without being subject to post-Brexit rules which state that non-EU nationals cannot spend more than a total of 90 days in the EU within a 180-day visa-free period. .

The golden visa allows unlimited residence for an investor (as well as their spouse and dependent children), as long as they spend at least 500,000 euros on Spanish properties. The purchase cannot be made with a mortgage. The visa can also be obtained with an initial investment of at least 2 million euros in bonds issued by the Spanish government or 1 million euros in shares of Spanish companies or funds, or deposited in a Spanish bank account.

The golden visa allows its holders to remain tax residents elsewhere and therefore also be exempt from Spain’s wealth taxes, which apply to the assets of Spanish tax residents worldwide. The scheme will close in April and there are long waiting lists to apply. However, Patricia Casaburi, CEO of Global Citizen Solutions, says: “If you find a turnkey property to buy, it is still possible to get it before the deadline.” Once you have a Spanish golden visa, you will need to apply for its renewal every five years. It is not yet clear whether renewals will be allowed once the scheme has closed to new applicants.

popular portugal

The Portuguese golden visa scheme is the second most popular option as it gives you the option to apply for citizenship in addition to residency. Once you have citizenship, you receive a passport and can therefore travel freely throughout the European Union.

Troy Hanley, managing director of residency and citizenship at investment experts Henley & Partners UK, says: ‘The Portuguese scheme offers a direct route to citizenship without having to live there.

‘It is the only one in the EU that offers that; all others require you to live in the country for at least seven years to be eligible for a passport. You could even stay in the UK and visit Portugal once every two years.’ The main route to obtain the golden visa is to spend at least 500,000 euros in qualified investments. You can make money with these, although there is no guarantee. You will need to do your due diligence.

Patricia Casaburi adds that a person can apply for their spouse and dependents to receive a golden visa in the same application, and only need to meet the investment criteria once. “You can add your parents and your in-laws as long as they are over 66 years old. If they are younger you will have to prove that they are dependents,” he says. “And there is no age limit for dependent children, as long as they are unmarried and still in education and therefore financially dependent on you.”

Buy on a budget

Greece has one of the lowest eligibility barriers within the EU. Investors can obtain a five-year residence permit by investing €250,000 in existing real estate. It allows you to live in Greece and travel around the EU without a visa.

Outside the EU

Antigua is proving increasingly popular with Brits, says Paul Williams, chief executive of consultancy La Vida Golden Visas. Golden visa holders obtain citizenship by investing US$300,000 in real estate or making a donation of US$230,000 to the government.

“Some people find the tax benefits attractive as Antigua does not tax foreign income,” he says. “Plus, you get citizenship and residency and can move freely on other islands like St. Kitts and St. Lucia.” The UAE also has a golden visa scheme, which grants residency to those who invest in eligible properties worth at least AED 2 million (£446,000).

Make a request

Each scheme has different application rules and processes. You may want to find a specialized advisor to help you through the process.

Please note that the closure of the Spanish system demonstrates that golden visa programs can be modified, withdrawn or created at any time.

Paul Williams adds: ‘So far we have not seen existing visa holders have their visas withdrawn when programs close. “However, it remains to be seen what happens to renewal applications in Spain once the golden visa closes to new applicants.”

He adds that, unlike residency, once citizenship is granted it cannot be taken away.

  • Do you have a golden visa? Email rachel.rickard@mailonsunday.es

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