Looking to buy a residential property in Cyprus, Greece, Portugal, or Spain to get Golden Visa / Residence Permit in Europe?
Here is a checklist:
Narrow down on the country which suits you best, based on your needs and objectives – location / language / tax structure / path to citizenship / annual stay requirements / inclusion of family members / minimum investment threshold / property buying taxes and costs / immigration costs, etc. For example, Golden Visa for Portugal requires an average annual stay of 7 days.
Check for qualifying properties – new build / any build / refurbishment incentives / rural incentives / residential only / commercial allowance / locations allowance, etc. For example, Spain Golden Visa allows multiple property purchase aggregating to at least 500 thousand Euros.
Who do you want to work with – immigration advisor / developer / third party service provider / listing website, etc.?
What is your budget and how do you know if the sale price offered is at par with the market value in the local markets?
Completed projects carry less construction risk than incomplete projects and are likely to be a little more expensive per sq. m. Are you willing to take construction risk? What if there is a delay and what are the covenants?
Developer’s track record and third-party valuation by a leading, registered valuer are key metrics to consider.
Do you want to get your own lawyer or let the Developer’s lawyer do it for you? Remember, your lawyer represents you, but it costs some money. Most Golden Visa regimes do not make it mandatory to have a lawyer represent you, but you might have language constraints. For example, applications for Golden Visa for Portugal are in Portuguese whereas for Greece Golden Visa is in Greek.
The so-called Golden Visa is a term that was initially coined by Greece for its investment-based residence permits and has now become synonymous with investment immigration. Essentially, these countries offer long term residence permits in exchange of a certain amount of investment in property or other qualifying assets. Each country has their own dos and don’ts, but the concept largely remains the same.
Here is how it works:
A consumer buys a piece of property or invests in another form of qualifying investment.
The relevant government issues a residence permit (the so-called Golden Visa) for the investor and his / her family.
Sounds simple – right? But it is not.
There are several steps to owning properties in Europe, with additional steps for non-EU citizens. Usually, this process involves 8-14 internal steps and can take 3-4 months to conclude, In the recent times however, the time being taken is doubled in most cases due to Covid-19 restrictions on government office workers.
Here’s how novyy can help!
novyy is a listing platform that lists hundreds of properties from the majority of property developers in the region. While it is still early days, we are adding offers every day. By using novyy to find the right place for you, you can directly work with developers or work with novyy fulfilment options to help you shortlist your dream home at no extra cost. You get the best deal in either case. This is the same for domestic home buyers and for Golden Visa investors alike.
Being on novyy saves you from the hassles of hundreds of brochures and emails going back and forth. Simply search based on size or budget and continue to view the listings. Click on the “Save” button / “Heart” icon as you continue to browse the lists. Then see your favourites on your dashboard and start making notes. On each property detail page, you will find an “Add Note” button where you can write down your thoughts. You can also remove those you do not like by clicking on the “Remove” button / “Cross” icon and that property will not appear when you search the next time. Finally, there are host of options of sharing the listing with your friends and family, via email, Facebook, WhatsApp or simply downloading a copy on your desktop.
When you are ready to start talking to your novyy Help or the developer, simply “Submit Enquiry” and we will be in touch with you.
We are making home buying transparent and easier for consumers like you and we hope to reach tens of thousands of consumers around the world to simplify their journey.
What’s more - you could save thousands of EUROs with us.
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