As concerns in the UK mount over the possibility of Romanian and Bulgarian migrants flooding the country when labour restrictions are lifted next January, other nations are busy making it easier for foreigners to cross their borders.
Of course, there are various motives at work, but it makes for interesting times, especially if you’re an expat abroad. In the current economic climate, governments in Europe are keen to attract money to their shores from all corners of the globe. It just happens that the people currently spending most are from outside the EU, in particular Russia, the Middle East and China.
Paying on the door
Just look at London, where a recent report showed that overseas buyers accounted for 52 percent of all £2m-plus prime residential properties sold between March 2012 and March 2013. The surge in sales to foreign buyers was led by wealthy citizens from Russia, China, the US, the United Arab Emirates, India and the eurozone collectively.
Since non-EU citizens typically can’t freely move to an EU country, they can now effectively buy their way into some countries. Portugal’s new Golden Visa, or Golden Residence Permit, passed by the government there at the end of last year, is one example. In brief, a golden visa may be granted to non-EU citizens who invest in Portugal for a minimum of five years in one of the following ways: transferring capital that is equal to – or greater than – €1m; an investment that leads to the creation of at least 10 jobs; acquiring a property for €500,000 or more.
Residence permits that come with a golden visa are valid initially for a year but may be renewed for periods of two years after that, provided that the initial conditions are maintained. To obtain a renewal, applicants must prove that they have stayed in Portugal for at least seven days in the first year and 14 days in each subsequent two-year period.
More recently, as of January 1 2013, anyone from a non-EU country who buys a property in Spain for more than €160,000 could obtain a residency permit to stay in the country – although this does not include a work permit.
Extending entry
Meanwhile, Turkey has also been taking great steps to open its doors to foreigners. Outside the uncertainty of the eurozone, strategically located between East and West and enjoying economic stability, Turkey is intensifying its campaign to attract more foreign homeowners and residents. Most recently, it announced plans to grant a one-year resident permit to all foreigners who purchase property there, an increase on the previous three-month permit.
While British people historically have had little difficulty obtaining residence permits in Turkey, Middle Eastern and other non-European nations have not always found it easy – this new legislation will be especially attractive to them.
Meanwhile, travel to and from Turkey for second homeowners and holidaymakers got easier this month with the introduction of a system that allows foreigners to obtain a tourist visa online before travelling, thereby avoiding lengthy queues at airports. The new e-visa replaces the ‘sticker’ and ‘stamp-type’ versions formerly issued at border controls.
Last year Turkey eased restrictions on the sale of land and real estate to foreign citizens and firms, by abolishing its reciprocity law, and the country is beginning to feel the benefits of this change.
One thing is for sure: as the world gets smaller, it gets more interesting. Living in suburban Britain in 2013 you could feasibly have foreign neighbours, while if you live in mainland Europe, there’s an increasing chance that them next door could be from an exotic, far-flung corner of the world too!
Words by Richard Way, Editor, The Overseas Guides Company, 0207 898 0549.
