Top 10 countries where Russians buy housing for a residence permit in 2023
The leading country in which Russians in 2023 most often considered buying real estate to obtain a residence permit (residence permit) or citizenship, notes
According to experts, over the year (from May 2022 to April 2023), the number of applications for the purchase of real estate in Turkey to obtain a residence permit or a passport from Russians and residents of the CIS countries has doubled (+ 102%). Now a residence permit in Turkey can be obtained for the purchase of real estate worth from $50,000 (in sparsely populated areas) and from $75,000 (in metropolitan areas).
In second place among the countries where Russians choose real estate for residence permits and passports is Cyprus. According to Tranio, this country accounted for 17% of applications in 2023. Over the year, the demand for the purchase of real estate in Cyprus for these purposes increased by 139%, and the average budget amounted to €355,000. Spain closes the top three with a share of demand of 13%. Interest in buying real estate in this country for a residence permit and a passport increased by 74% over the year, and the average budget amounted to €500,000.
The most popular destinations in Europe are Cyprus, where you can apply for permanent residence for investments in new buildings from €300 thousand, and Spain, where “golden visas” are provided for the purchase of real estate from €500 thousand. Both programs are still available for investors from Russia and other CIS countriesthe study says.
The top five countries for buying real estate under a residence permit and citizenship also included Greece and the United Arab Emirates. They accounted for 9.2% and 8.9% of applications, respectively. The Greek program «golden visa» when buying real estate in the amount of € 250,000 is now not available to Russians, but citizens of other CIS countries can use it, experts say. In addition, from August 1, 2023, the Greek authorities intend to raise the threshold for issuing “golden visas” to €500,000, in connection with which this spring there has been an influx of requests from investors who want to have time to close the deal under the old conditions. Tranio estimates that the number of applications doubled during the year.
The real estate market in the UAE has become the most sought-after among investors from Russia, and the Emirati «golden visas» are also gaining popularity — over the year, the number of applications for them has grown by 109%. In Dubai, property owners can obtain a residence permit upon purchase of $205,000 or more; in Abu Dhabi, “golden visas” are available upon purchase of $545,000 or more.
The top 10 countries also included France (5.1%), Portugal (4.8%), Germany (4%), Montenegro (3.7%) and Thailand (1.8%). The remaining 12.8% came from other countries. In Portugal, the program of «golden visas» is closed for everyone, applications from Russians were no longer accepted at the end of February 2022.
The company’s clients planning investments in order to obtain a residence permit in 2023 are also considering properties in France and Germany. Despite the fact that both of these countries do not issue «golden visas» for the purchase of real estate, in France it becomes easier for homeowners to obtain a residence permit for FIP (financially independent person, that is, for persons with income from abroad), and in Germany it is possible to obtain Residence permit for entrepreneurs in the ownership and management of rental property (commercial and residential), experts explained.
According to them, the demand for the purchase of real estate in Thailand has grown the most over the years (+280% per year). To obtain an investment residence permit in Thailand, it is required to purchase real estate worth at least 10 million baht ($290,000). The number of investors in Montenegrin housing, on the contrary, is declining after the abolition of the “golden passport” program: over the year, the number of applications decreased by 62%. However, foreign property owners, including Russians, still have the opportunity to obtain a residence permit for permanent residence in Montenegro, Tranio noted.
Mikhail Bulanov, Executive Director and Partner of Tranio:
The Russians were previously in demand for the «golden visas» of Portugal, however, over the past year, their issuance to Russian citizens has not actually been carried out, and this program will soon be closed. Accordingly, clients switch to exploring alternatives: in the EU, Cyprus and Spain remain loyal to Russian investors.
Of the new trends, it is worth noting the growing interest of Russians in obtaining a second passport in other CIS countries, which is more often issued not for investment purposes, but for capital restructuring. In the future, with CIS citizenship, you can participate, for example, in the Greek Golden Visa program.
Russian applications for Caribbean travel passports are no longer accepted. This spring there was a peak of applications from Russian clients for the «golden passport» of Grenada — just before the closure of the program. For all those who managed to submit documents on time, the issuance of passports is now being carried out as usual.
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