Buying a home abroad remains a popular investment vehicle. The prospect of obtaining a residence permit and recreation in your beloved country without additional costs are the main reasons for the purchase.
Among the most popular ones are Germany, Slovakia, Czech Republic, Poland, Bulgaria, Spain, Cyprus, Morocco, Italy, France, Croatia, Turkey, and until recently Egypt.
The vast majority of applications fall on Spain and Bulgaria. The reason is quite simple – these are EU member with affordable real estate prices and magnificent sea coasts.
Also, a large majority purchase overseas property to obtain a residence allowance. Turkey, Latvia, Spain, Bulgaria, Cyprus, the Dominican Republic, Panama and others are among the countries that give habitation permits to belonging owners.
To obtain a European residence allowance just one real estate acquiring is not enough. In Spain, a bill is now being considered that will allow foreigners who have purchased housing more than 160 thousand euros to receive a habitation allowance. But the law has not yet been passed. Also in Spain, you can get a residence permit without the right to work in the presence of income from 1 thousand 500 euros per month per person. The habitation allowance does not allow you to officially get a job, but it does not prohibit you to open your company and do business. On the other hand, in Bulgaria there is a greatly simplified scheme to obtain a residence permit for pensioners. To do this, you need to buy real estate and collect a small package of documents.
Also, purchasing a home abroad is the method of investing. At the same time, purchases are made both in the primary and secondary markets. For example, in Germany, you can acquire very cheap apartments in student areas and rent them out to them. But the minus of Germany is in the absence of visa benefits concerning property owners.
Risks are minimal
According to people who are “in the subject line”, there are practically no risks when purchasing a home abroad. Investing in square meters of other countries is safer in most cases than anywhere.
If the belonging is bought in the primary market, the investor is insured against all sorts of risks. In my opinion, the biggest risk is to acquire the wrong belonging that you previously represented in your dreams. To avoid this, you need to very carefully consider the wishes of the property, go to this place, and see the atmosphere prevailing there. And after that it is necessary to engage in the selection of the desired belonging. And there are no other risks. You can safely purchase real estate even at the construction stage.
The most difficult issue when purchasing a home abroad is to obtain permission from the National Bank.
In order to buy overseas property, a special NBU license is needed. This is done in order to check for honestly earned money square meters are bought. Also, if a mortgage in a foreign bank is taken for acquiring, another NBU license is needed.