Apart from having a second home, investors purchasing property in a foreign country can enjoy another significant advantage: permanent residency or even citizenship without onerous residency requirements.
Buying a home or investing in the property market in certain countries can help individuals enjoy easy access to banking, health, and educational facilities at par with any other citizen or permanent resident of that nation. If not outright citizenship, then property investments can certainly ease the process of obtaining citizenship without waiting for a long time and completing complex procedures and formalities. Owning a property in a foreign country can also serve as reliable proof of the individual’s financial stability. The following countries offer permanent residency to real estate investors.
Colombia
Individuals can obtain temporary residence in Colombia with a validity of one year by purchasing property of value not less than $89,000. This visa is renewable on an annual basis. The individual can become a permanent residence after five years. Or, one can become a permanent resident immediately by purchasing property of value not less than $165,300.
Investors become eligible for permanent residence only if the municipal value of the property exceeds the minimum investment limit. Further, applicants must provide proof of transfer of the purchase price into Colombia from a foreign account.
Ecuador
Ecuador is a preferred retirement destination that offers permanent residence against investment of a mere $25,000, which is the lowest in the world. Like Colombia, the municipal value of the property must exceed the minimum investment threshold. Since the US dollar is the official currency, investors can avoid exchange rate risks when purchasing property in Ecuador.
While obtaining permanent residency is easy, maintaining the status involves a residency requirement. The individual cannot reside outside the country for more than 90 days in a year for the first two years. To continue as a permanent resident, one must reside in Ecuador for not less than 275 days in a year for the first two years.
Panama
In 2012, Panama offered accelerated permanent residency to citizens of 22 countries that were designated as friendly nations, which has now risen to 50. To qualify, one must prove the existence of an economic relationship with Panama, which can be easily done through purchase of residential or commercial real estate. All transactions can be done in US dollars in the country.
Malaysia
A popular destination for those seeking a second residency in Asia, Malaysia offers an automatic residence visa for all foreigners who purchase property in the country. 2014 rules require minimum investment of at least 1 million ringgits, around $260,000 to $270,000.
Other conditions include:
• The applicant must be aged 50 years or higher.
• Deposit RM 500,000 in a savings account in Malaysia.
• Show proof of income of not less than RM 100,000 per year, around $27,000.
Residency covers spouse, unmarried children aged less than 21 years, and parents aged above 60 years.
Malta
Becoming a permanent resident of Malta entitles the individual to visa-free travel throughout the EU. A former British colony with English as its official language, living in Malta will involve very little cultural or social adjustments.
As per 2013 rules, residence in the southern islands costs EUR 220,000 or around $250,000. For residing in the developed northern areas, one must invest at least EUR 275,000 or $315,000 in real estate.
This is an attractive option considering that the Golden visas offered by Portugal and Spain cost more with comparatively fewer benefits and advantages.
Buying a property in a foreign country can be a difficult and complicated exercise. These five countries offer the twin benefits of hassle-free property purchase and permanent residence with easy or no requirement of compulsorily residing in the country.
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Source: Huffington Post