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Golden Visas for European Residency and Citizenship through real-estate investment – An Introduction

There are currently a number of attractive European residency and citizenship programmes that are based on real estate investment. For example, it is possible for non-EU citizens to invest in real estate and gain residency for them and their family in a European country. This may also lead to citizenship for example from as little as six months or after a longer period of residency say five years. Residency in an EU country may also provide freedom to travel visa free throughout the EU Schengen zone for you and your family.

There are many benefits to be gained from permanent residence in an EU or European country. This could be merely an improved quality of life in retirement or an advantageous taxation regime for pension income or other earnings.

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€1 House in Italy Procurement Service!

 

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Property Selection

We use cookies to offer you the best customer service and personalized solution to your request. with an expert we figure out how the programs for selling houses in Europe for €1 are arranged and how much such a purchase will cost in the end

Photo: frantic00/shutterstock

“Sale of old mansions in Sicily for €1” – many may think that this is some kind of prank or joke. In fact, buying a house in Italy for the price of a cup of cappuccino is quite realistic.

There are special programs in Europe where you can buy houses for €1. However, to become a full-fledged owner of such real estate, you need to put it in order. Most of these houses are sold in a deplorable state, and the villages themselves are empty.

Together with Anastasia Faley, a leading foreign real estate analyst at Prian. ru, we'll figure out how the programs for selling houses in Europe for €1 work and what's the catch.

adv.rbc.ru

How the sale of houses for €1 works

Today you can buy a house at a symbolic price in many countries. Such actions are periodically arranged in Greece, France, Great Britain, Spain, Croatia, Austria and Norway. But the undisputed leader is Italy. For example, houses for euros can be bought in Bivona, Bisacce, Mussomeli, Molise and Abruzzo.

“Every year, several local communities, usually from the southern regions of the country, announce the “house for €1” campaign. Now they have gone even further - they offer not only houses for the price of a cup of coffee, but also an allowance for those who agree to live there - € 8-10 thousand per year, ”said Anastasia Faley.

In Bisaccia (commune in Italy in the Campania region) you can become the owner of a house for €1 (Photo: CNN Travel)

The authorities are taking such measures to revive life in the commune and attract a young population - most of the settlements with houses for €1 are empty. As a rule, the property itself is in a state of disrepair and requires restoration - this is what future owners will have to do.

Local officials collect a pool of such properties (many of them owned by private owners who cannot or do not want to manage them), advertise the offer and accept applications from potential buyers. You can usually find out all the information and apply on the website of the local municipality. News about such sales is often posted not only by local media, but also by Russian ones.

To participate in the program, you need to write an application to the municipality with a letter of motivation with a story about yourself and why you want to buy such a house. Next, the administration considers applicants. If approved, the process of buying real estate, traditional for the country, is launched.

Program requirements: repairs, deposit and jobs

Euro houses are usually sold subject to certain requirements. A prerequisite for almost all programs is the restoration of a property within a certain period (from one to three years). Absolutely all houses for €1 are in need of major repairs.

These houses are usually sold subject to certain requirements. A prerequisite for almost all programs is the restoration of a property within a certain period of time (Photo: CNN Travel)

Further, depending on the country and region, the requirements may vary. For example, it is often necessary to leave a security deposit in a bank account (usually several thousand euros), which will be returned to the buyer only after the repair. Or you need to invest a certain amount in the restoration - also in the region of several thousand euros.

Some programs have an obligation to move to the region, live and operate there for a period of time. Sometimes houses for €1 are sold at auction, in which case the cost can increase many times over.

It is not uncommon for buyers of houses at a symbolic price to be obligated not only to renovate the house, but also to create jobs that will be assigned to the local population. So the administration stimulates the local economy.

At the same time, there are no special restrictions on applicants for houses for €1 — they can be citizens of any country, including Russians. At the same time, it is important for foreign applicants to remember that a real estate transaction in itself does not give the right to settle in another country on a permanent basis. More compelling reasons are needed to obtain a residence permit. For example, official employment or starting your own business.

The nuances of buying a house for €1

The only plus from participating in such programs is moral satisfaction. Proud to own a unique piece of real estate that you have helped revive a picturesque village somewhere in the south of Italy. But no financial benefits can be obtained from such a purchase, the expert warns. The cost of restoring the object will be comparable or even exceed the amount needed to buy similar housing on the secondary market.

The main pitfall - these objects are illiquid. It will be extremely difficult to sell a house in a remote village even after repair.

As a rule, houses for €1 are illiquid — it will be extremely difficult to sell such a house even after renovation in a remote village (Photo: CNN Travel)

“If this were not the case, the municipalities would sell them instead of giving them away for next to nothing. The reason is global - urbanization. Villages are dying out not only in Russia, but also in Italy, Spain, Portugal and other countries. Perhaps the coronavirus pandemic will give impetus to the reverse processes - people will again want to live in the provinces, in nature. But in any case, the fracture will not happen quickly,” says Anastasia Faley.

In addition, if the terms of the contract are violated (for example, the owner does not have time to restore the house on time), then there may be fines or even termination of the transaction. For example, buyers of houses in Mussomeli (Sicily) are required to complete the restoration within a year, otherwise they will lose a security deposit of €5 thousand. tens of thousands of euros. It all depends on the condition of the house, what encumbrances are imposed on it and what repairs will have to be carried out.

According to experts, the registration of property alone will take about €3-7 thousand - a notary's fee (without which transactions are impossible in many countries), various administrative fees, translations of contracts and documents, an agent's commission (you can usually do without it, but difficult for a foreigner), flights abroad and back.

Purchase and maintenance taxes are often charged on the cadastral value, which is hardly €1. All this must be taken into account before the transaction.

Next - restoration. Most of these facilities require major repairs (strengthening the foundation, roof, replacement of all communications), just cosmetic repairs are not enough. In addition, there may be aggravating circumstances in the form of the historical significance of the building, and therefore restrictions on redevelopment and the use of materials.

Most of the houses listed for sale for €1 are in need of renovation and high costs (Photo: CNN Travel)

According to the most optimistic estimates, it should be budgeted from €500 per 1 sq. m. This means that a 100-meter house somewhere in a remote village in Italy will eventually cost at least €50,000. Sometimes a square can cost €2–3,000, depending on the materials, technologies, and complexity of the work. It is also worth considering the cost of furniture and appliances - and this is another € 10-20 thousand.

Later, when the house is renovated, it will still require annual expenses - taxes and utility prices in Europe are much higher than in Russia.

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