There are viable options for global citizens looking to own a second home in Europe. If you’re bent on securing this second home as a vacation-based property, look no further than residence-by-investment programmes managed by Henley & Partners.
It is not uncommon for the ultra-wealthy to own multiple properties across the world. According to the Attitudes Survey in Knight Frank’s Wealth Report, 25 per cent of Asian UHNWIs (defined as those with net assets of USD 30 million or more) plan to buy a home outside their country of residence by 2020, higher than the global average of 22 per cent.
Some of the popular options for alternative residence are definitely the European cities. Many of them boast of residence-by-investment programmes which also offer compelling real estate options. It’s always sunny in Portugal! This sunny destination is one such country, offering not just old-world charm and rich culture, but also good weather year-round, in addition to beautiful beaches, international quality healthcare and excellent schools. The Portugal Golden Residence Permit Program (GRP) is one of Europe’s most popular residence programmes, managed by Henley & Partners, gives successful applicants the right to live, work and study in Portugal as well as visa-free travel in the European Schengen area.
The investment options include, amongst others:
a) Capital transfer of EUR 1 million into a Portuguese bank account or approved investment fund; or
b) Real estate purchase with a minimum value of EUR 350,000; or
c) Creation of a minimum of 10 new jobs in Portugal.
If choosing the real estate option, a project worth considering is Lisbon Green Valley, the ideal home for those seeking a quality of life in a totally natural setting. The development is only 15 minutes away from the city centre, Cascais’ beaches, the historic town of Sintra and Lisbon Airport. With one of Portugal’s most prominent golf courses, the development also offers a bilingual school, and various lifestyle and leisure amenities for the whole family, Belas Clube de Campo is one of the most prestigious residential addresses in Lisbon.
Set in the Forest Park of Serra da Carregueira, Lisbon Green Valley offers various typologies, be it apartments, townhouses or plots for villas. Combining sophisticated, modern architecture and state-of-the-art sustainable features, the development comes with the guarantee of quality from the André Jordan Group, the world-renowned developers of Quinta do Lago and Vilamoura XXI, in the Algarve.
Got to go to Greece
As a member state of the EU, Greece offers its residents and citizens high levels of safety and security, excellent education opportunities, robust health care options, and a dependable rule of law. Cost of living is also approximately 30 per cent less than other European countries.
What is the Greece Golden Visa Program?
The Greece Golden Visa Program, also managed by Henley & Partners, provides not just fast-tracked residency in the country, but successful applicants are also able to benefit from visa-free access to Europe’s Schengen Area within two months of applying, with relatively straightforward requirements:
a) Real estate purchase with a minimum value of EUR 250,000; and
b) Proof of health insurance coverage that is valid in Greece
With the tourism boom, acquiring real estate in Greece is one of the most profitable types of investments. There are several up and coming prime location in Athens that are especially interesting for investors who either want to reside themselves or to profit from holidaymakers who would pay a premium for quality accommodation in the city centre.
In the heart of Athens, Athens Panorama consists of stylish modern residential units that offer a spectacular view of Acropolis as well as two floors of exclusive retail space. The development is within walking distance of Athens Park and is a popular area for students and young professionals, who can easily access the nearby universities and the Athens commercial centre. Athens Panorama provides numerous leisure and recreational options for even the most discerning of homeowners. If seaside living is more your thing, then you should definitely consider the up-and-coming urban neighbourhood of Stavros Niarchos, on the Athenian Riviera. A stone’s throw from the luxurious marinas, five-star hotels, world-class health care facilities as well as the Historical City Centre of Athens, Riviera Residence offers premium quality of living coupled with superb accessibility and connectivity across Athens, and of course a magnificent glimpse of the Aegean Sea.
Love the island of Cyprus
Located at the crossroads of Europe, Asia and Africa, the beautiful island of Cyprus is considered an attractive place for both business and residence. It has an investor-friendly tax regime, high quality but a relatively low cost of living is coupled with top medical and educational facilities and low crime rate. Cyprus’ second-largest city, Limassol, is also known as a commercial, shipping and business hub and has fast become one of the most important centres for tourism and trade in the eastern Mediterranean, attracting significant investment for the international business community. In line with the Cypriot government’s intention to increase foreign investment and to help its economic development, newly simplified regulations enable residence permits to be issued to applicants from non-European countries within two months, provided that the following requirements are met:
- a) Real estate purchase with a minimum value of EUR 300,000; and
- b) Secure an annual income* of a minimum of EUR 30,000 derived from abroad; and
- c) Deposit a minimum capital of EUR 30,000 from abroad into a Cyprus bank account.
* income may include salaries from employment outside of Cyprus, rents, pensions, and dividends from shares
Real Estate Pickings
Nestled in the Akrotiri Peninsula, west of Limassol, Citrine Estates is an exclusive property development that offers luxury living amidst nature. Developed by CNS Group, a prominent corporate group in Cyprus, Citrine Estates is positioned within close reach of the My Mall shopping centre, one of the country’s largest retail hubs, as well as the Limassol Marina and Paphos airport. The estate also has exclusive access to Cyprus’s highly anticipated City of Dreams Mediterranean casino-resort, expected to be the largest of its kind in Europe. Slated for opening in 2021, the EUR 600 million projects will be the first and only casino in Cyprus and is set to make Citrine Estates a premium investment opportunity; its close proximity means that owners can expect short- and long-term rental opportunities that will immediately generate attractive revenue. Real estate investment is a key component of diversified investment, and despite market fluctuations, often proves to be a reliable option. But it is best to do due diligence and seek professional advice. As the global leader in residence and citizenship planning, Henley & Partners is well-placed to assist investors in taking this incredibly significant step. You can also read about the firm’s access to citizenship planning in Moldova here.
If you’d like to know more about the various residence-by-investment programme options available, please complete the form below: