Residency Through Buying Property: What To Expect

The underlying principle is simple: a state grants a temporary residence permit to overseas buyers who commit a minimum sum in housing. The qualifying amount is set very differently from country to country, and bijela real estate for sale governments change it regularly.



A crucial distinction stands between a residence permit and a passport. The permit gives you the right to live there, generally on a renewable basis, but a passport generally takes a long period of residence. An agent's promise of a passport in exchange apartments for sale in malaga a property deal is a warning sign.



Past the headline threshold, such permits come with extra obligations. Common ones cover a clean criminal record, private health insurance, documented income and a minimum number of days in the country each year. Ignoring a single condition can cost you the permit even if the property is still yours.



Tax status forms a separate question entirely. Having residency does not necessarily make you liable for local income tax, and living there for most of the year usually will. A number of states rely on a threshold based on days spent locally, and the consequences extend to foreign income.



The practical advice is simple: buy something you would be happy to own, and let the permit be the second reason. Such schemes are suspended sometimes at short notice, and an apartment bought only for paperwork proves a poor asset once the rules change.