Latvia and Greece are the most profitable EU countries for obtaining a residence permit when buying real estate

In which European country is it easiest to obtain a residence permit in case of buying a property?

Spain is popular, calm, and reliable, but this pleasure is worth € 500 thousand. Cyprus, besides being expensive, is not included in the Schengen area yet ... So where to go?

Irina Alazova, the owner and CEO of the Mercury Group.

The pandemic and closed borders have exposed and highlighted the increased interest in European residence permits on the part of Russian-speaking citizens of the former CIS countries. These are Russians, Belarusians, and Ukrainians - they all want to obtain a residence permit in one of the EU countries in order to travel outside their home country, regardless of the epidemiological situation.

In the pre-coronavirus time, this task was solved by ordinary visas - now they are not issued, and in the future, the rules will be tightened. Therefore, only holders of residence permit cards can go abroad. So we will explain the request for them, and the easiest way to implement it is to buy a property.

In the pre-coronavirus time, this task was solved by ordinary visas - now they are not issued, and in the future, the rules will be tightened. Therefore, only holders of residence permit cards can go abroad. So we will explain the request for them, and the easiest way to implement it is to buy a property.

From the point of view of the benefits and ease of acquiring a residence permit card, among all European countries, Latvia and Greece stand out most clearly.

To obtain a residence permit, you need to buy one object worth at least € 250,000. It can be any residential or commercial property in any region of the country. The only restriction for non-residents is on the purchase of agricultural land.

The cadastral value must be at least € 80 thousand. If it is lower, certified appraisers are involved in the process, who must assure that the price of the object is not lower than the same € 250 thousand.

Approximate additional costs

2% of the transaction amount - a tax on re-registration of property rights.

≈ € 200 - registration of an application to the Land Register at a notary.

€ 22 - clerical fee.

€ 1.5 thousand for an investor and € 500 for each family member - legal support (optional). You can also apply for a residence permit yourself in Russia or Latvia or use the services of any other legal company. Free consultation with a lawyer is possible.

0.2–0.3% of the transaction amount - the transaction account with the bank (optional).

After receiving the land register in his own name, the investor can apply for a residence permit. The following costs arise here.

A document confirming the provision of a living wage for a year (certificate of the state of the bank account). For an investor - € 15.5 thousand, for a spouse - € 5.2 thousand, for children - € 1.6 thousand (for each). You can dispose of money at your own discretion after submitting documents for a residence permit.

5% of the purchase amount - tax to the budget.

Fee when submitting documents for consideration to the Office of Citizenship and Migration Affairs. Its size depends on the consideration period (5 working days - € 450, 10 working days - € 300, 30 calendar days - € 150).

The property itself can be purchased remotely - by power of attorney (the more common option) or with an electronic signature, if available. In the first case, the document is drawn up in the buyer's country of residence. By power of attorney to a company representative or any other person located in Latvia, the transaction can be carried out without the direct participation of the investor.

Banks carefully check the origin of funds, and all monetary transactions are carried out only by bank transfer. And since, most likely, the buyer does not have an account in a Latvian bank, the money is transferred either to the seller or to the account of the transaction.

You will have to come to Latvia only to obtain a residence permit card. After release, it must be picked up within three months, but now they are not tied to this deadline - due to closed borders. That is, a foreigner can purchase housing remotely, and come for a card after the resumption of flights.

In addition to the investor himself, all members of his family can apply for a residence permit - spouse, minor children, as well as children whose parents' dependency is confirmed (for example, by a certificate from the university).

Limitations include the absence of convictions and connections with political structures. In practice, such people are sometimes issued a residence permit, but questions arise, and the terms are delayed (in any case, no more than three months).

If a person does not plan to receive permanent residence after five years of holding a residence permit, then there is no obligation to stay in Latvia. You only need to come once a year to renew the card. The rest of the time, you can freely move around European countries with it. It is important to own the property for this entire period.

You can buy a good investment object in Riga or Jurmala. In the capital, it will be a decent one-bedroom apartment in a new project in the heart of the city. If we consider sleeping areas or a distant center, then we can count on a three- or even four-room apartment. You can also buy a private house in one of the private villages within a radius of 20-100 km from Riga.

In Jurmala, objects are slightly more expensive. For this price, you can take two or three rooms in a good house. The main role in pricing is played by the location and proximity of the sea and the infrastructure of the resort city. As a rule, repairs in apartments in this price range are not required - come and live.

The Greek Golden Visa is also considered one of the most competitive and easiest programs in Europe. In exchange for an investment in real estate worth € 250,000, you can get a five-year residence permit.

As in the previous example, you can buy both residential and commercial real estate in any part of the country. The essential difference is that several objects can be purchased for this amount at once.

Approximate additional costs

3.09% of the value of the property - tax on the transfer of ownership.

0.5% (+ € 150) - registration in the real estate registry.

€ 2,000 for the main applicant, € 150 for an accompanying adult, € 16 for each child - consulate and municipality fees.

€ 3-4 thousand for an investor and € 1.0-1.5 thousand for each family member - legal support for obtaining a residence permit.

€ 130-600 per year - insurance.

1.5% of the price of the object + 24% VAT of the amount of the fee - attorney's fee for supporting the purchase and sale transaction.

1.5% of the price of the object + 24% VAT of the amount of the fee - notary's fee.

2% of the object price + 24% VAT of the commission amount - agency commission.

The buyer of real estate, as well as his children under 21 years of age, the investor's spouse, and the parents of the investor who are on his support, can apply for a residence permit card.

The card is issued within one to two months and is renewed every five years. There is no obligation to stay in Greece with a residence permit, but it is important to own real estate for the entire period.

With a Greek residence permit card, you can travel and live in any European country.

Real estate prices are roughly the same as in Latvia and depend on the region. For € 250,000 you can find a house or a small villa, as well as a nice spacious apartment in a new project. Or several small apartments or studios in simpler complexes.

By the way, an investor does not need to buy real estate but only buy a timeshare (editor's note: the right of one of the owners of a multi-owner property to use the property in the allotted periods of time) - most importantly, for an amount of at least € 250 thousand.

In terms of costs, the buying process, and the ease of obtaining a residence permit, the programs of Greece and Latvia are very similar. It is impossible to say which country is better - everyone must decide for himself what he likes best.

In my opinion, Latvia is a little closer to our man. Firstly, it is a trilingual country: Latvian, English, and Russian are used. In Greece, you can also find Russian-speaking people, but definitely not in government agencies - there you will not always even communicate in English.

If we talk about the climate, then in Greece it is, of course, hotter, and it has its fans, especially when the sun goes along with the sea. But many can live in Greece only in spring and autumn, and in summer, when it is too hot there, they go to Latvia - for the mild climate and atmosphere of the prestigious Jurmala resort.

And finally, the main advantage of Latvia is its proximity to old Europe, to a level of civilization that cannot be found outside the walls of Greek hotels. Latvia is about operas, theaters, gourmet restaurants, international schools, and much more.

Greece has its own advantages: the ability to buy several properties for the amount specified in the law, as well as an increased number of family members who receive a residence permit card together with the main investor.

Whichever country you choose, we help you select the most profitable properties there, because often buyers reassign their overseas property to us for management and in our interests so that the acquired property remains in demand and profitable.