15 countries that offer citizenship or residence permits by investments in real estate

Some European and Caribbean countries officially offer residency or citizenship in exchange for real estate investments. Such pathways shorten the time required for completing formal procedures and ease the requirements for applicants.

Under the investment programs or special legislation rules, applicants usually don’t have to know the local language or live in the country. Family members can join the main applicant without raising the necessary investment amount.

To choose the best-suited investment program, the investor should consider the required property cost, the investment return period, and the number of countries that can be visited without a visa.

Portugal, Spain, and Greece are popular countries allowing investors to buy a property and become residents of the EU.

As European residents, investors become eligible to travel within the Schengen Area without visas. They can also live permanently in the country that issued the residence permit and, in some cases, apply for citizenship by naturalisation earlier than required by rules for ordinary naturalisation.

Obtaining a residence permit in Greece or Spain requires at least €250,000 of investments and takes 4 or more months. For getting a residence permit in Portugal, no minimum investment in real estate is specified.

Turkey offers a path to citizenship, which requires purchasing real estate in the country valued at least $400,000. The citizenship is obtained in 8+ months.

Turkish citizens enter 126 countries without visas. Living in the country of citizenship is unlimited.

Malta citizenship by naturalisation for exceptional services by direct investment can be obtained in 1 or 3 years after receiving a residence permit card. The minimum property price for purchase in Malta is €700,000.

After becoming a Maltese citizen, an investor can travel visa-free to 169 countries, including the Schengen Area states, the UK, and the USA.

Five Caribbean states, which include Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia, are among the best countries to invest in real estate. Visa-free destinations and the required investment amount differ by country. The investment threshold for a Caribbean passport starts at $200,000.

Malta citizenship is obtained by naturalisation for exceptional services by direct investment. As the first step, an applicant gets a residence permit. After 1 or 3 years, depending on the investment amount, they apply for citizenship.

To qualify, the applicant must comply with the following three conditions:

1. Buy residential real estate for €700,000 or rent housing for at least €16,000 per annum. The ownership or renting period is 5 years after receiving the naturalisation certificate.

2. Contribute €600,000 to the Malta National Development and Social Fund if applying for citizenship after 3 years, or €750,000 if obtaining a passport after 1 year.

3. Donate €10,000 to a cultural, sports or other non-governmental organisation.

The applicant can choose a residential property in a resort in any part of Malta. Renting is more popular: after five years, the housing can be changed to another one without price limits.

Citizenship can be obtained for the whole main applicant’s family: a spouse or a registered partner, children under 29, and parents and grandparents over 55.

The number of family members in the application affects additional expenses, such as fees for Eligibility Assessment for all applicants over 12, residency cards, and health insurance.

The Malta Permanent Residence Programme grants residency rights to foreign investors seeking an alternative residence in Europe.

Under the terms of the Malta Permanent Residence Programme, the investor rents or buys residential property in Malta and follows two other mandatory conditions.

The qualification requirements include:

1. Purchasing real estate in Malta for €375,000+ or renting accommodation for €14,000+ per year for 5 years.

2. Paying a contribution fee of €30,000+ if purchasing a property or €60,000+ if renting. The amount depends on the number of family members.

3. Paying an administrative fee of €50,000+, depending on the number of family members.

4. Making a charitable donation of €2,000 to one of the Maltese non-governmental organisations.

Applicants also confirm having assets of at least €500,000 with €150,000 being in the form of liquid financial assets or at least €650,000 with €75,000 of them being financial assets.

The Malta PR Program is the only one in the EU that does not impose age restrictions on most family members. The investor’s spouse, children under 29, parents, and grandparents are eligible to participate in the program. Marriages which are not officially registered are also allowed.

Financially independent foreigners obtain a D7 Visa to Portugal if they buy or rent real estate in the country. There are no requirements for property cost and location, but the area must be enough to accommodate the main applicant and their family.

Another condition for obtaining a D7 Visa includes demonstrating a passive income of at least €870 per month earned outside Portugal. If applying with the family, the foreigner must add 50% for a spouse or parent and 30% for a child.

The initial residence permit card is issued for two years. After that, the investor can extend it for another three years, and then apply for permanent residency or citizenship.

Individual cost calculation for the Portugal Passive Income D7 Visa

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Digital nomads purchasing or renting real estate in Portugal are also entitled to residency in the country. The minimum purchasing or rental cost is not specified. Qualifying applicants include freelancers, remote employees of foreign companies, self-employed, and individual entrepreneurs.

Candidates for a Portugal Digital Nomad Visa must confirm a monthly income of at least €3,480. Apart from that, they must provide a bank statement with at least €10,440 in their account to demonstrate having enough money to live in Portugal.

When applying with the family, a digital nomad must add 30% per spouse or parent and 25% per child.

The Portugal Digital Nomad Visa is available for extended families: the main applicant can include their spouse, children up to 30, and parents.

The residence permit is granted for 2 years. If the digital nomad stays in Portugal for over 183 days a year, they will be able to renew their permit for another 3 years. After that, they can apply for permanent residency or citizenship in Portugal.

Greece’s residency by investment program is currently one of the most affordable residency programs in the EU. A residency card is initially issued for 5 years without requiring the applicant to live in Greece. The permit can be extended for an unlimited number of times.

After 7 years of living in the country, the resident can apply for citizenship.

After August 31st, 2024, the threshold for new properties increased to €400,000 and €800,000, depending on the region.

Investors are allowed to purchase only a single property for the specified value, and the area must be at least 120 square metres.

The threshold of €250,000 is only for properties for renovation and conversion to residential ones.

Under the program, investors can choose one of the following real estate investment options:

• buy residential or commercial real estate;

• rent a hotel or tourist residence for 10 years;

• timeshare property for 10 years;

• inherit or receive a property as a gift.

To maintain and extend a residence permit, investors must keep ownership of the purchased real estate. The property can be sold when the investor decides to give up residency or if they obtain citizenship in Greece after 7 years.

Greece residency is extended to the entire family of the investor, including a spouse or a partner, investor’s children under 24, spouse’s children under 21, and parents of the investor or their spouse.

The number of participating family members doesn’t affect the property price but increases overall expenses.

The St Kitts and Nevis CBI program is the oldest in the world: the first passports by investment were issued in 1984. This indicates the reliability of the program and the continuous interest of applicants.

Real estate investment options are the following:

1. $325,000+ — purchasing a share in a government-approved real estate project.

2. $325,000+ — buying a condominium unit designated as an Approved Private Home.

3. $600,000+ — acquiring a single-family private dwelling designated as an Approved Private Home.

The property can be rented out and then sold after 7 years.

A St Kitts passport application can include the investor’s spouse, children under 25, and parents over 55.

The applicant pays Due Diligence and application fees. Expenses depend on the family composition. For example, a single investor spends $10,000 on Due Diligence and $25,000 on the application fee. A family of four will pay at least $17,500 for Due Diligence and at least $70,000 for the application fee.

Turkey’s citizenship by investment program offers advantageous terms. A passport can be obtained without living in the country and learning the language. All procedures take about 8 months to complete.

The Turkish passport allows the holder visa-free travel to Asian countries, such as Japan, Singapore, and Thailand. As a result of Turkey’s cooperation with the United States, a Turkish citizen can obtain an E‑2 investor visa for 5 years.

There is a well-developed real estate market in Turkey. Most foreign investors invest in Istanbul, the economic centre of the Middle East, with attractive conditions for business and life.

To get citizenship by investment, applicants often buy one- or two-bedroom apartments in the city centre. Apartments and villas in resorts in Antalya, Bodrum, Belek, and other coastal cities are also popular alternatives.

Examples of properties in Turkey

Turkey, Izmir

$1,000,000+

Two-floor villa with a swimming pool near the sea

140 m²

3

3

Turkey, Istanbul

$280,000 — $2,020,000

Furnished apartments in a prestigious area of Istanbul

55 m² — 200 m²

1—3

1—3

Turkey, Istanbul

$124,000 — $510,000

Apartments and commercial premises in a premium residential complex

40 m² — 162 m²

2—3

1—2

The main applicant’s spouse and children under 18 can be included in the application.

The government fee that increases expenses depending on the number of family members is $574 per applicant.

The Antigua and Barbuda citizenship by investment program is similar to other Caribbean programs. However, there is one main difference: the applicant must come to the country to spend at least five days within the first five years of citizenship.

Besides, an applicant takes an oath of allegiance. It can be done in Antigua and Barbuda, at a country’s representative office abroad, or by videoconferencing.

The minimum investment in real estate is $300,000 for five years.

Government-approved touristic projects are available for purchasing and investing in.

The main applicant’s family can also get Antigua and Barbuda passports: their spouse, children under 30, parents and grandparents over 55, and unmarried siblings.

A single applicant pays a processing fee of $10,000. A family up to 4 members would pay $20,000. For any additional family member, extra $10,000 is paid. Other fees and expenses are calculated depending on the number and age of applicants.

Dominica’s citizenship by investment program is one of the most affordable in the Caribbean. To obtain a passport, an investor makes a non-refundable contribution or purchases real estate. In both cases, the threshold is $200,000.

The applicant can buy a share in a tourist real estate project approved by the Dominica government. Approved properties usually are hotels or resort complexes.

The investor can sell the property after 3 years of ownership. In this case, the buyer cannot take part in the CBI program. If selling the property to a future candidate for a Dominica passport, the real estate must be owned for at least 5 years.

There is no requirement to live in the country or visit it. All the procedures are remote and are completed in 6+ months.

Dominica passports can also be obtained by close relatives of the main applicant: a spouse, children under 30, unmarried daughters under 25, and parents and grandparents over 65.

In addition to the main investment, the applicant pays Due Diligence and administrative fees. The total expenses depend on the selected investment option and the number of applicants. For example, a family of four will spend about $271,000 for a non-refundable contribution and $321,000 for buying real estate.

Grenada citizenship offers visa-free travels to China and is the only one in the Caribbean that entitles the holder to get an E‑2 business visa to the United States.

The minimum investment in real estate is $270,000. As with other Caribbean programs, a project must be government-approved.

For the minimum amount to apply, the investment must be made by two people, with the sum of joint investments totalling at least $440,000. In other cases, the threshold increases to $350,000.

An investor can buy a share in hotels, resorts, and villas. The property can be sold, and the investment returned after 5 years of ownership.

A spouse, parents, grandparents, and siblings can be included in the application together with the main applicant. Children under 30 can be included if they depend financially on the investor. Their participation is subject to additional expenses.

Saint Lucia’s citizenship program requires investing at least $300,000 in government-approved real estate projects. An additional state fee of $30,000 is paid, too.

The program allows investments in hotels, luxury villas, and other government-approved tourism projects.

The real estate bought under the CBI program can be sold after 5 years.

The main applicant’s spouse, children under 30, parents over 55, and siblings under 18 can qualify for St Lucia citizenship.

Depending on the number of family members in the application, additional costs such as Due Diligence and processing fees, can increase. For example, Due Diligence costs $8,000 for the main applicant and $5,000 for each family member over 16.

Turkey’s citizenship by investment program offers advantageous terms. A passport can be obtained without living in the country and learning the language. All procedures take about 8 months to complete.

The Turkish passport allows the holder visa-free travel to Asian countries, such as Japan, Singapore, and Thailand. As a result of Turkey’s cooperation with the United States, a Turkish citizen can obtain an E‑2 investor visa for 5 years.

There is a well-developed real estate market in Turkey. Most foreign investors invest in Istanbul, the economic centre of the Middle East, with attractive conditions for business and life.

To get citizenship by investment, applicants often buy one- or two-bedroom apartments in the city centre. Apartments and villas in resorts in Antalya, Bodrum, Belek, and other coastal cities are also popular alternatives.

The main applicant’s spouse and children under 18 can be included in the application.

The government fee that increases expenses depending on the number of family members is $574 per applicant.

Permanent residency in Cyprus may be obtained by investing €300,000 in residential or commercial immovable property. The required period for getting a permit is from 9 months.

The PR status is granted for life, allowing its holders to live in Cyprus and apply for citizenship after five years of residency. It’s a more convenient residence permit type than a temporary residence permit when investors must update their cards every 2—3 years.

Spouses, children under 18, and unmarried and financially dependent children under 25 can participate in the same application process.

Although applicants are not required to live in Cyprus permanently, they must visit the island every two years to maintain their status.

Investments are non-refundable: the investor can sell the property only when they obtain citizenship or are ready to give up their permanent residency.

The Hungary Golden Visa program allows foreign investors to obtain 10-year Hungarian residence permits.

Available investment options include purchasing units of real estate funds for €250,000+, buying residential property for €500,000+, or making a charitable donation of €1,000,000.

The property purchase option is available from January 1st, 2025. All properties bought before this date will not qualify for the Hungary Golden Visa.

Residency obtained under the Hungary Golden Visa program can be extended to the investor’s spouse, minor children, and parents financially dependent on the investor or the investor’s spouse.

The investment is returnable: applicants are allowed to sell real estate after 5 years of ownership.

The residence permit can be extended for an additional 10 years. The extension is possible only on the same grounds on which the initial residence permit was issued. If the investor sold real estate, or its value decreased to below €500,000, a new qualifying investment must be made.

Spain’s residence by investment program provides the opportunity to work and run a business in the country and travel freely within the Schengen Area.

However, to obtain Spanish citizenship, the resident must live in the country permanently and, depending on their original country of citizenship, renounce their first passport.

The minimum investment amount in residential or commercial real estate is €500,000. There is no requirement to invest the entire amount in one property. The investor can purchase one or several properties for a total value of €500,000.

The investment is non-refundable: if the applicant sells the property, the status will be revoked.

The whole family can obtain residence permits along with the main applicant, including a spouse, dependent children, and dependent parents.

The first Spain residence permit card is valid for 3 years. After its expiration, the investor can extend the status for another 5 years.

For a 2-year UAE residence permit, investors may purchase real estate for AED 750,000, which is around $204,000. To obtain a UAE Golden Visa for 10 years, candidates must buy real estate valued at AED 2 million, or nearly $545,000.

Long-term leases in Dubai can yield a return of about 5—8% annually. This number applies to high-end communities like Palm Jumeirah, Dubai Marina, and Business Bay. Apartments in districts such as Discovery Gardens and International City can generate a profit of up to 9%.

Examples of properties in UAE

UAE, Dubai

$2,002,000 — $5,600,000

Apartments and mansions in a new project from the luxury hotel chain The Ritz-Carlton

140 m² — 357 m²

1—3

1—3

UAE, Dubai

$330,000 — $2,255,000

Shared and full ownership of apartments in a premium hotel complex

1—2

1—2

UAE, Dubai

$2,341,000 — $3,785,000

Three-level townhouse with a swimming pool in a luxury residential project

497 m² — 804 m²

4—5

5—6

Spouses can purchase property in joint ownership, provided that the object’s value is at least AED 1 million, or $272,000. A certified and translated marriage certificate is required.

UAE Golden Visa can be renewed an unlimited number of times. Spouses, children, and housekeepers may join applicants in obtaining. There are also no requirements to live in the UAE all the time to keep the residency.

The Andorra residence permit by investment is available to foreigners who invest at least €600,000 in the country’s economy. Applicants can purchase any property within this limit, but at least €47,500 of the sum must be deposited.

Foreigners holding a residence permit obtained by investment cannot work or start a business in Andorra. All their income must come from abroad.

Andorra residents can travel visa-free to France and Spain. They can also obtain visas to the Schengen Area, the USA, and Canada through a fast-track procedure.

The Andorra residence permit can be obtained by the investor’s spouse and children up to 25. To extend the status, they need to spend at least 90 days per year in Andorra and pass a Catalan language exam.

1. European and Caribbean countries offer residency or citizenship in exchange for real estate investments. Citizenship and residency by investment programs shorten the time required for completing formal procedures and ease the requirements for applicants.

2. Examples of countries offering an opportunity to obtain citizenship or residency by real estate investment include Spain, Greece, Malta, Hungary, Antigua and Barbuda, Grenada, Dominica, St Lucia, St Kitts and Nevis, Portugal, Turkey, UAE, Andorra, and Cyprus.

3. In most cases, the property investment is refundable with the opportunity to sell the object in 3—5 years.

4. The types of investment property vary from country to country and may include residential and commercial objects, hotel shares, and projects under construction. Some countries allow investors to purchase only government-approved properties.

5. Living in a country with residency or citizenship obtained by investment is usually not obligatory. The property can be rented out with the help of local managing companies. To maintain the status, the investor might be required to regularly come to the country for a certain period.