There are several European countries that offer citizenship or residency programs to foreign individuals who purchase property in their respective countries. These programs are commonly known as “citizenship by investment” or “residency by investment” programs. Here are some European countries that have such programs:
- Cyprus: Cyprus offers a Citizenship by Investment Program through which foreign investors can obtain Cypriot citizenship by purchasing property. The program aims to attract foreign investment and stimulate the economy.
- Malta: Malta offers a Citizenship by Investment Program called the Malta Individual Investor Program. By investing in real estate and making a financial contribution to the country, foreign individuals can acquire Maltese citizenship.
- Portugal: Portugal has a Golden Visa Program that grants residency to foreign investors who purchase property or make other qualifying investments. After a certain period of time, these investors can become eligible for Portuguese citizenship.
- Greece: Greece offers a Golden Visa Program similar to Portugal’s program. Foreign investors who purchase property in Greece can obtain residency permits, which can eventually lead to Greek citizenship.
- Latvia: Latvia has a Citizenship by Investment Program called the Latvian Investor Visa. Foreign individuals who purchase real estate or make other qualifying investments can apply for Latvian residency and, after a certain period, become eligible for citizenship.
- Spain: Spain has a Golden Visa Program that grants residency to non-EU investors who purchase property above a certain value. This program aims to attract foreign investment and stimulate the real estate market.
The reasons behind these programs vary from country to country. Some of the common reasons include attracting foreign direct investment, stimulating economic growth, boosting the real estate market, attracting skilled professionals, and increasing tourism and consumption.
It’s important to note that each country has its own specific requirements, investment thresholds, and application processes. It’s advisable to consult with immigration lawyers or authorized agents to get accurate and up-to-date information about these programs.