Need More Time To Enjoy Your Property In Turkey Sir? Perhaps A 1 Year Residency Permit Will Help

ColordarcyMake yourself at home, grab yourself a sun lounger, lie back and enjoy the sunshine – Just make sure you invest in some property.

This is the message a growing number of Southern European countries including Turkey, Cyprus, Greece, Portugal and, potentially, Spain are  (or soon will be) putting out to investors willing to invest in property in those countries.

One of the main difficulties for investors in overseas property in Europe can be the limit to the amount of time investors can spend in those countries if they don’t happen to be citizens of EU countries.

In Turkey previously, the limit was three months on a tourist visa.

Spain, on the other hand, is a well-trodden path for British expats as is Cyprus, Greece, Portugal and Turkey, however for Russian and Chinese investors, obtaining permits to all these countries was a hurdle – until now.

The charm offensive, or what I like to call the residence permit wars have started.

As the Russians and Chinese now make up a sizable proportion of foreign investors in European property, it makes sense for those countries to make life easier for them.

According to statistics the Russians were the largest group of visitors to Europe in 2011 with 24.6 million. Europe also welcomed 4.7 million tourists from China, a small number when you consider the country has a population of more than a billion.

When those Chinese tourists return home to tell  their friends what they have seen there could well be several million more added to the total in the coming years.

Investors from the Middle East are also known to be admirers of property In European holiday resorts. One investor from Qatar liked Greece so much, he bought six Greek Islands for just £7 million this year. Small change for an Emir.

The Russian’s meanwhile love the Spanish Costas and now make up 9% of investors in Costa del Sol property.

Of course it isn’t all a bed of roses for investors beyond Europe’s borders. There are certain restrictions even if our small band of European countries are going out of their way to welcome them.

Investors in property in Turkey can qualify for one year residency in the country, which is generous when compared to Cyprus who only offer residence for those purchasing properties of €300,000 and above. There is also one more condition – they will need to deposit €30,000 in a local Cypriot bank account.

In most European countries this wouldn’t be a problem – but Cyprus? Come on…

Greece meanwhile offers a generous 5-year residency for those with property worth €250,000, while Portugal is looking at the wealthier end with their residency offer depending on a €500,000 minimum investment.

Spain could potentially offer the best deal of them all, however for now the Spanish are still considering  the best course of action.

Whoever wins the charm offensive, There are signs that openness is working. Foreign investment in Turkish property has shown a marked increase since the lifting of restrictions on foreign ownership a year ago. Since then, foreign investors purchased 11,000 properties in Turkey.

Are you tempted by all these new offers? Please leave your comments below:

Kind Regards

Brett Tudor
Property Expert

Join The Conversation - Be The First To Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Categories: Property Invest

Like What You Read? Stay In Touch

Follow Colordarcy on Twitter or Facebook