From Turkey to Panama: where Russians can get a residence permit for real estate

Turkey, the United Arab Emirates and Cyprus are among the countries popular with Russians that now provide a residence permit when buying real estate.Where else Russians can get a residence permit today and on what conditions - read in our material

The list of countries where Russians can buy housing has become significantly smaller against the backdrop of sanctions. Accordingly, the opportunity to obtain a residence permit through investment in real estate has also narrowed. For example, recently popular European countries such as Greece, Malta, and Portugal became unavailable. Despite the work of some countries with Russians in theory, in practice there are difficulties with opening bank accounts in these jurisdictions and transferring funds outside of RUSSIA.

Nevertheless, there are countries in which Russians today can buy real estate and get a residence permit. Together with experts, we talk about countries with existing programs for obtaining a residence permit for Russians for the purchase of real estate.

The experts in this article Polina Kuleshova, HEAD of the Press Service of Henley & Partners Switzerland AG (an international consulting company specializing in the development of state programs for granting citizenship and residence permits through investments) Marina Shalaeva, Regional DIRECTOR for Overseas Real Estate and Private Investments Knight Frank Russia Philip Berezin, Editor-in-Chief of Prian.ru, a service to search for real estate abroad

A residence permit is a document that gives foreign citizens and stateless persons the right to reside in a certain country for a long time. In some countries, it gives the right to work and at the same time is an identity document. Sometimes, after obtaining a residence permit, after a certain period of time, a foreigner can obtain citizenship. A residence permit can be obtained, including by investing in real estate.

Turkey

Conditions . A residence permit (ikamet) is issued upon purchase of any type of real estate. This is the so-called "tourist residence permit" - possession of it does not lead to citizenship in the future, Philip Berezin explained.

Minimum amount . from $75 thousand if it is located in one of the 30 major cities of Turkey; from $50 thousand, if it is located in one of the small settlements indicated in the program. “Owners of properties of lower value can still apply for a regular tourist residence permit, which is issued for two years and allows you to enjoy all social benefits,” explained Marina Shalaeva, Regional Director for Overseas Real Estate and Private Investments at Knight Frank Russia. “However, if earlier, by investing any amount, it was possible to apply for a residence permit through the purchase of real estate in Turkey, now they are closely looking at the volume of investments,” she added.

The term for obtaining a residence permit. About 6 months

Benefits . A residence permit for investment in real estate is usually issued for a period of two years. It gives the foreigner almost all civil rights. For example, a residence permit holder can open an account with a local bank, take out a mortgage, and enroll a child in school. However, a foreigner cannot vote and does not have the right to work - this requires a separate permit.

A residence permit (ikamet) in Turkey is issued upon purchase of any type of real estate worth between $50,000 and $75,000. (Photo: Nick NA/shutterstock.com)

Cyprus

Terms. One of the most popular programs for obtaining a residence permit through real estate investment is Cyprus Permanent Residence Permit - Category F (fast track). This is how you can purchase residential or commercial real estate from Cypriot developers. Secondary market objects are suitable for participation in the program only in exceptional cases.

Minimum amount . €300 thousand + VAT (19 or 5%).

Deadline for obtaining permanent residence . 6 months.

Advantages. Investors immediately apply for a permanent residence permit, which does not require renewal. The status allows you to live in Cyprus without the right to work, but you can own shares and receive dividends from the business. Also, foreigners can (but are not required to) change their tax residency and take advantage of the local preferential regime, explained Polina Kuleshova.

Permanent residence itself can be issued for both children and parents, the main applicant must also show income - € 30 thousand per year, plus € 5 thousand for the spouse and each child and € 8 thousand for each parent, added the editor-in-chief of Prian.ru Philip Berezin. “The main problem of obtaining Cypriot permanent residence now is the transfer of money to Cyprus. There are crypto payments, payments from banks of friendly countries,” he said.

To obtain a residence permit in Cyprus, you need to buy a property worth at least €300,000 (Photo: MarinaDa/shutterstock.com)

UAE

Conditions . There is no residence permit program as such in the UAE, but its analogue is valid - a long-term resident visa. You can get it, including by buying real estate in the country. A foreigner can choose any property in any emirate - an apartment or a residential building.

Minimum amount : when buying real estate worth $205,000 or more, a resident visa is issued for 3 years. If the amount of investment in real estate exceeds $540 thousand, then the status of a resident is given for 10 years.

Time to obtain a residence permit : on average, several weeks

Advantages : In both cases (when buying $205,000 and $540,000) of real estate, the visa can be extended, so in fact such a visa is called an indefinite one. A residence visa allows you to legally live in the country, it is received by all family members of a property buyer. The status itself allows you to open a bank account and take out a loan, enroll your children in a school or university, and receive tax resident status in the future. At the same time, the status of a resident does not provide an opportunity to use local medicine and receive education for free. “The holder of such a visa cannot spend more than 6 consecutive months outside the emirate, he must become a tax resident of the UAE. Real estate should be registered in full ownership - freehold," added Philip Berezin.

There is no residence permit program as such in the UAE, but its analogue is valid - a long-term resident visa. You can get it, including by buying real estate in the country. (Photo: Cara-Foto/shutterstock.com)

Georgia

Conditions . To obtain a residence permit in Georgia, you can purchase any real estate in Georgia, with the exception of agricultural land. A foreigner can use a loan.

Minimum amount . $100 thousand

The term for obtaining a residence permit . 1 month.

Benefits . Holders of a residence permit can live in Georgia all year round, apply for visas to other countries without returning to their homeland, conduct business in the country or work for hire. In ten years it will be possible to apply for citizenship, said Polina Kuleshova.

To obtain a residence permit in Georgia, you can purchase any real estate in Georgia, with the exception of agricultural land. The minimum amount is $100,000 (Photo: Iryna Kalamurza/shutterstock.com)

Serbia

Conditions . Residence permit in Serbia can be obtained through the purchase of real estate. In this case, it can be both commercial and residential real estate.

Minimum amount . No (for real estate).

The term for obtaining a residence permit. 45 days.

Benefits . All family members receive a residence permit. This status makes it possible to live in Serbia for a year, then the residence permit can be extended for the same period. After five years, on the basis of this, permanent residence can be obtained. A residence permit also allows you to open a bank account, conduct business in the country. It has an attractive tax system, duty-free trade and customs agreements with EU countries, Russia, Turkey, etc.

A residence permit in Serbia can be obtained through the purchase of any property of any value. (Photo: Nenad Nedomacki/shutterstock.com)

Mauritius

Conditions . As part of the program, you can buy real estate in government-approved projects. As a rule, luxury resorts participate in the program.

Minimum amount . $375 thousand

Deadline for obtaining permanent residence . 2–6 months.

Benefits . Foreigners receive a permanent residence permit in a safe country with a tropical climate. Children under the age of 24 and parents can be included in the application.

As part of the residence permit program in Mauritius, you can buy real estate in government-approved projects. As a rule, luxury resorts participate in the program. The minimum investment in real estate is $375,000 (Photo: leoks/shutterstock.com)

Panama

Terms. To obtain a residence permit in Panama, a foreigner can buy any property.

Minimum amount . $300 thousand - for real estate buyers. The minimum amount is expected to be raised to $500,000 in October 2022.

The term for obtaining a residence permit. 1–2 months.

Advantages. A quick way to get a residence permit in a stable country with a warm climate and low taxes. “Immigration status - in five years it will be possible to apply for citizenship, which opens up visa-free entry to 140 countries of the world, including the Schengen area,” explained Polina Kuleshova.

The status of a residence permit in Panama through real estate investment makes it possible to obtain citizenship in 5 years. (Photo: Gualberto Becerra/shutterstock.com)

Costa Rica

Conditions . A foreigner who wants to obtain the right to reside in Costa Rica as an investor can invest in various sectors of the economy, including real estate.

Minimum amount . $150 thousand - for real estate buyers. The price has been reduced (previously $200,000) to attract investors and help Costa Rica deal with the effects of covid-19.

The term for obtaining a residence permit . 9 months.

Benefits . The prospect of moving to a stable country in Central America for a relatively small and returnable investment. Seven years later, it will be possible to obtain a second citizenship, and with it the right to travel without visas to 149 destinations, including the Schengen area.

Read also

How and in what countries can Russians buy housing under restrictions Russians may be banned from buying property in the EU. What it threatens Russians choose Turkey: how to buy a house now and how much it costs

Stay up to date with important news - follow the RBC Real Estate TELEGRAM channel