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March 30, 2025
March 30, 2025

A Comprehensive Guide to Buying Property in Greece: Taxes and Associated Fees

Author By Prashant Ajmera Categories Europe, Greece Golden Visa, Greece Real Estate, Investor Visa, Residency & Citizenship by Investment, Second Passport

A Comprehensive Guide to Buying Property in Greece: Taxes and Associated Fees

Purchasing property in Greece is an exciting venture, whether for investment, relocation, or leisure. However, it’s essential to understand the various expenses involved beyond the purchase price. This guide breaks down the taxes, fees, and costs you’ll encounter when buying a house in Greece, ensuring you are well-prepared to navigate the process.

Taxes on Property Purchase in Greece

The starting point for calculating most expenses is the commercial value of the property, which is determined by the local tax authority based on factors like location, size, and condition. This value is used to calculate various taxes and fees, including:

Property Tax

Property tax is progressive, ranging from 0% to 1% of the property’s market value.

Property Transfer Tax

A property transfer tax of 3.09% is charged on the higher of the market or objective value of the property.

Municipal Taxes

Local governments charge taxes to cover services like waste management, road maintenance, and street lighting. These taxes typically range from 0.025% to 0.035% of the property’s commercial value.

VAT (Value-Added Tax)

A VAT of 24% applies to some professional services involved in property transactions, such as those provided by lawyers, notaries, and estate agents.

Additional Fees for Property Purchase:

In addition to taxes, various professional services and administrative costs contribute to the overall expense of buying a property in Greece.

Registration Fees

Charged by the local land registry, these fees typically range from 0.2% to 0.5% of the property’s commercial value.

Bank Fees

If financing through a Greek bank, expect additional costs for loan application, appraisal, processing, and disbursement. These vary by bank and loan amount.

Building Permit Fees

For those planning to construct a property, permits cost 1% to 3% of the total construction expense.

Lawyer’s Fees

Hiring a lawyer is crucial for navigating Greek property law and ensuring a smooth transaction. Fees are typically 1% to 2% of the property’s commercial value, plus VAT.

Notary Fees:

Notarization is mandatory for transferring property ownership. Notary fees are around 1% to 2% of the property’s commercial value.

Power of Attorney

If you cannot attend the notary appointment in person, granting power of attorney to a representative costs approximately 1% to 2% of the property value.

Estate Agent’s Fees

Real estate agents typically charge a minimum of 2% of the property’s purchase price, plus VAT.

Summary of Costs:

Here’s a breakdown of typical expenses when purchasing property in Greece:

Expense Cost Notes
Lawyer’s Fee 1.5% of property value + 24% VAT For legal assistance during the purchase process
Notary’s Fee 1.5% of property value + 24% VAT For notarizing the purchase agreement
Transfer Tax 3.09% of property value Paid to transfer the property title
Estate Agent’s Fee Min 2% of purchase price + 24% VAT For the agent’s services
Registration Fees 0.6% of property value For registering the property in the Land Registry
Municipal Taxes Varies by location Annual fee paid to the local municipality
Property Tax 0% to 1% of market value Annual tax based on the commercial value
VAT 24% Applied to certain fees and services

Get Expert Guidance

Purchasing property in Greece involves various expenses and legal formalities. A knowledgeable property lawyer and an experienced estate agent can help you navigate the complexities, ensuring a smooth and secure transaction.

If you’re considering buying real estate in Greece or have questions about the process, don’t hesitate to contact us for expert advice and assistance.

Investing in Greek real estate is a rewarding endeavor, and understanding these costs ensures a well-informed and seamless purchasing experience.

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#GreeceRealEstate #GoldenVisa #AjmeraLawGroup #ImmigrationLawyer #GreekLifestyle #PropertyInvestment #Greece

The author of this article is Mr. Prashant Ajmera, an Indian immigration lawyer and Canadian citizen. He is the founder of Ajmera Law Group and the author of two books, “Millionaires On The Book” and “How to Plan for Your Child’s Foreign Education.” Over the past 30 years, he has assisted and advised over 30,000 students and families on planning their foreign education and settlement. He regularly speaks at various forums on this subject.

Ajmera Law Group: Mo: +91 9974253030 | info@ajmeralaw.com | www.ajmeralaw.com

March 21, 2025
March 21, 2025

Navigating the EB-5 Visa Program Amidst Recent U.S. Immigration Policies

Author By Prashant Ajmera Categories EB-5 US Investor Visa, EB5 Regional Center Investment Visa, EB5 Standalon Investment visa, Regional Centers, Residency & Citizenship by Investment

Navigating the EB-5 Visa Program Amidst Recent U.S. Immigration Policies

📜 In recent weeks, the U.S. immigration landscape has experienced significant shifts due to new executive orders issued by President Donald Trump. These directives have introduced changes affecting various immigration programs, leading to uncertainty among prospective immigrants. However, it’s important to note that the EB-5 Immigrant Investor Program continues to remain a viable pathway for those seeking U.S. residency through investment.

Recent Immigration Directives

On January 20, 2025, President Trump signed several executive orders aimed at restructuring U.S. immigration policies. These orders focus on enhancing border security, revising asylum procedures, and implementing stricter vetting processes for visa applicants. The administration’s intent is to prioritize national security and ensure that immigration programs align with these objectives.

The EB-5 Program: Stability Amidst Change

Despite the evolving immigration policies, the EB-5 Immigrant Investor Program has not been targeted by these recent executive actions. This program allows foreign investors to obtain U.S. permanent residency by investing $800,000 in a U.S. business that creates at least 10 full-time jobs for American workers. The program’s focus on economic development and job creation aligns with the administration’s goals of strengthening the U.S. economy.

Why the EB-5 Program Remains Unaffected

The EB-5 program’s emphasis on substantial investment and job creation distinguishes it from other immigration pathways. By contributing to economic growth, EB-5 investors play a crucial role in supporting U.S. communities, making the program less susceptible to restrictive immigration policies. This stability offers reassurance to potential investors considering the EB-5 visa as a route to U.S. residency. The present EB5 program is passed by US congress and hence it is not affected by recent talk by President Trump about US Golden Card with Investment of 5 Million dollars. 

Moving Forward with Confidence

For individuals and families contemplating the EB-5 program, it’s essential to stay informed about current immigration policies and seek guidance from experienced immigration professionals. While the broader immigration landscape may be shifting, the EB-5 program continues to provide a reliable pathway to U.S. permanent residency through investment and job creation.

Conclusion

In light of recent immigration directives, the EB-5 Immigrant Investor Program stands as a steadfast option for those aiming to achieve U.S. residency. Its focus on economic contribution and alignment with national interests ensures its continuity amidst policy changes. Prospective investors are encouraged to pursue this opportunity with confidence, knowing that the EB-5 program remains a viable and stable pathway to the American dream.

For more information and legal advse:

📞 Contact Indian Immigration Lawyer Prashant Ajmera of Ajmera Law Group:
 📱 Mobile: +91 99742 53030 | 📧 Email: info@ajmeralaw.com | 🌐 Website: www.ajmeralaw.com

📢 Legal Disclaimer: Immigration and visa matters are legal issues. Only an Indian lawyer can provide the appropriate legal advice in India.

March 11, 2025
March 11, 2025

CYPRUS BUSINESS IMMIGRATION PROGRAM – LEADING TO CITIZENSHIP

Author By Prashant Ajmera Categories Business Visa, Citizenship, Cyprus Citizenship, Cyprus Residency Visa, Europe, Europe Golden Visa, Residency & Citizenship by Investment

CYPRUS BUSINESS IMMIGRATION PROGRAM – LEADING TO CYPRUS CITIZENSHIP IN 3-4 YEARS

Relocating to a European Union (EU) country while leveraging your business and investment acumen is a dream for many entrepreneurs and executives. The Cyprus Business Immigration Program offers a seamless pathway to achieving this goal by granting residency and work permits to eligible applicants, ultimately leading to Cypriot citizenship within 3-4 years.

What is the Cyprus Business Immigration Program?

The Cyprus Business Immigration Program is specifically designed to attract businesspeople and their families who are genuinely committed to relocating and contributing to the Cypriot economy. This program caters to individuals seeking to:

  • Establish or expand their business in Cyprus
  • Obtain a European Union passport
  • Enjoy the benefits of living and working in an EU country

This program is ideal for business owners, senior executives, middle management professionals, and investors.

Key Features of the Program

  • Temporary residency permits for applicants and their families
  • Permission to live and work in Cyprus
  • Renewable residency permits every two years (provided the business remains active)
  • Eligibility to apply for Cypriot citizenship after 3-4 years

Step-by-Step Process

The program is straightforward and involves the following steps:

  1. Establish a Cyprus Company

Applicants must set up a Cyprus-based company that will serve as the foundation for their residency application.

  1. Register the Company as a Foreign Interest Entity

Key requirements for registration include:

  • Foreign Shareholding: The company must have at least 51% foreign ownership.
  • Investment: A minimum of €200,000 must be allocated to the company. This amount is not required to be paid immediately. By registering the company with a share capital of €200,000, applicants have 1-1.5 years to fulfill this obligation.
  • Office Space: The company must maintain offices in Cyprus. Office space can be rented through local firms, including our own.
  1. Apply for Residency and Work Permits

Residency and work permits can be granted to shareholders and key personnel. Key requirements include:

  • Employees must earn a minimum salary of €2,500 per month.
  • Employer’s liability insurance and other supporting documents are necessary.
  1. Apply for Residency Permits for Family Members

Residency permits can also be extended to immediate family members, including spouses and children. Notably, the spouse of the applicant is allowed to work in Cyprus.

  1. Maintain Active Residency

Residency permits are renewable indefinitely as long as the company remains operational.

  1. Apply for Cypriot Citizenship

After residing in Cyprus for 3-4 years under the program, applicants become eligible to apply for Cypriot nationality, granting them all the privileges of EU citizenship.

Why Choose Cyprus?

Cyprus offers a wealth of advantages for individuals and families relocating under this program:

  • Strategic Location: Positioned at the crossroads of Europe, Asia, and Africa, Cyprus provides excellent access to global markets.
  • Favorable Tax System: Cyprus has one of the lowest corporate tax rates in the EU and offers numerous tax incentives.
  • High Quality of Life: Renowned for its safe environment, excellent healthcare, and vibrant culture, Cyprus is an ideal destination for families.
  • EU Benefits: As an EU citizen, you gain the right to live, work, and study anywhere in the European Union.

Ready to Begin Your Journey?

If you’re an active businessperson considering relocation, the Cyprus Business Immigration Program provides an exceptional opportunity to unlock European residency and citizenship. From establishing your company to navigating the application process, our experienced team of immigration lawyers in Cyprus is here to guide you every step of the way.

Contact Indian Immigration Lawyer Prashant Ajmera today to start your journey toward European residency and citizenship! Mo: +91 9974253030 | Email: info@ajmeralaw.com | www.ajmeralaw.com

January 12, 2024
January 12, 2024

USA EB5 investment and Regional Centers Ownerships

Author By ajmeralawim Categories Business Visa, EB-5 US Investor Visa, Regional Centers, Residency & Citizenship by Investment, USA

**Navigating the New USA EB-5 Landscape: Understanding Regional Center Ownership Models**

The recent changes to the EB-5 program have brought about significant protections for investors, but caution is still advised. Understanding the ownership models of Regional Centers (RC) is crucial, as it plays a pivotal role in the success and compliance of EB-5 projects.

**1. Developer-Owned RCs:**

– Leading developers or business owners establish their RCs to raise funds for their projects. This model provides direct control but demands a deep understanding of the EB-5 process and compliance requirements.

**2. Financial Intermediaries:**

– Finance companies, commercial mortgage brokers, or broker-dealers may seek RC approval to raise funds for small to medium-sized businesses or developers. They can either establish their RC or rent an existing one.

**3. EB-5 Marketing Companies:**

– Marketing companies secure approval for multiple RCs and lease or license them to developers seeking funding. They also offer fund-raising services for smaller entities. However, this model, especially under the new regulations, presents unique challenges.

Under the revised EB-5 rules, USCIS has taken over the approval process for RCs, eliminating the involvement of state governments. The shift aims to bolster the integrity of the program. The three ownership models, particularly the third, now face heightened compliance requirements from both USCIS and the Securities and Exchange Commission (SEC).

While the first two models may navigate these changes more easily, the third model—leasing or licensing RCs—poses significant risks. Compliance requirements under the new rules demand a meticulous understanding of the EB-5 process, making it challenging for companies solely relying on RC licenses to meet these standards.

Our law office has encountered cases highlighting the unprofessional practices within this model. Educated and sophisticated investors find themselves at a loss, uncertain about their investments due to inadequate guidance from lawyers, developers, and RCs.

Industry experts share our concern, emphasizing that maintaining an RC solely for licensing may not be economically viable unless managing large or multiple projects within one RC. Recent USCIS data supports this observation, with a minimal number of RC renewals and a sparse project count.

In essence, the evolving EB-5 landscape urges investors, developers, and regional centers to exercise due diligence. Understanding the intricacies of the new regulations is vital for successful and compliant participation in the EB-5 program.

*Disclaimer: This information is not legal advice, and individuals are encouraged to seek professional counsel for their specific circumstances.*

To explore your settlement options in the USA, schedule a consultation with Indian immigration lawyer Prashant Ajmera, the founder of Ajmera Law Group. Contact us at +919974253030 or email us at info@ajmeralaw.com. Discover the pathways to your American dream with expert legal guidance.

August 8, 2023
August 8, 2023

Is it possible to make an EB-5 investment of US$ 500,000 and loan US$ 300,000 to secure my US Green card?

Author By ajmeralawim Categories EB-5 US Investor Visa, Investor Visa, Regional Centers, Residency & Citizenship by Investment, US Immigration attorney, US Immigration Lawyer, USA, USA Student Visa

Is it possible to make an EB-5 investment of US$ 500,000 and take
loan of US$ 300,000 to secure my US Green card?

As of March 15, 2022, the EB-5 immigrant investor program now requires a higher investment amount of US$ 800,000, which represents a 60% increase from the previous US$ 500,000. This significant rise in investment may pose challenges for many potential investors who might find it difficult to come up with such liquidity to participate in the program and invest in the USA.

However, there is a favorable development for EB-5 investors from a US court decision in November 2018. This decision allows investors to borrow money without having to provide personal collateral or pledge personal assets as security for the loan.

This can be done in two ways:

(I) Investors can seek loans from regulated financial institutions, either in the USA or anywhere in the world, that are willing to lend money with or without requiring collateral. These institutions could be banks or other licensed entities under the local regulatory authority.

(II) Alternatively, investors can receive loans from friends or relatives, which can be used for their EB-5 investment. However, it is important to note that the USCIS may request source of funds documentation from the friend or relative providing the loan.

The EB-5 immigrant investor category has three main requirements:

(i) an investment of capital,

(ii) engagement in a new commercial enterprise, and

(ii) job creation.

Several regional centers offer loans of up to US$ 300,000 without the need for collateral or security.

However, investors should exercise caution and consider the following points:

(i) Repayment terms of the loan,
(ii) Interest rates charged to the investors,
(iii) Duration of the loan,
(iv) The licensing status of the company providing the loan.

According to the USCIS regulations, gifted or borrowed funds are permissible for petitions filed on or after May 14, 2022, as long as they were given or loaned in good faith and not to circumvent limitations on permissible sources of capital, including proceeds from illegal activities.

Investors relying on such funds must demonstrate the lawful source of the funds by providing evidence for the donor or lender (if not a bank).

It is essential for investors to carefully review the loan or mortgage documents, the lender, and their source of funds, especially if the lender is not a bank.

Being thorough and compliant with USCIS regulations regarding the source of funds will help ensure a successful EB-5 investment process.

It is crucial for investors to be aware of past instances where regional centers offered similar investment structures, such as requiring a smaller investment amount with the rest in the form of a promissory note.

Around 1995, there was a case where investors followed such a structure, with a US$ 150,000 investment and US$ 350,000 in promissory notes. However, this approach was deemed unacceptable by the USCIS, resulting in the rejection of all EB-5 applications associated with it. Read more 

Additionally, as a consequence of this improper practice, two officers of the Regional Centres involved in the scheme were charged and sentenced. Furthermore, the EB-5 program itself was temporarily suspended due to these issues.

This historical example highlights the importance of adhering to the regulations and guidelines set forth by the USCIS when participating in the EB-5 program.

Investors should exercise caution and ensure that their investments and funding sources comply with the program’s requirements to avoid legal issues and /or denial of the EB5 petition.

Transparency and compliance with USCIS guidelines are crucial to ensure the success of the EB-5 investment and secure the USA Green Card with the family.

The author of this article/blog is Prashant Ajmera, an Indian immigration lawyer and the founder of Ajmera Law Group. He has been a Canadian citizen for the past 30 years and is also the author of two books: “Millionaire of the Move” and “How to Plan for Your Child’s Foreign Education: Myth vs. Reality”.  He has been assisting and advising Indian businessmen to establish businesses in Canada since 1993.  Consult us

Investing in EB-5
July 25, 2022
July 25, 2022

Investing in EB-5 as Equity, Debt, Fund or Mutual Fund – Which is the Best Option?

Author By ajmeralawim Categories EB-5 US Investor Visa, Investor Visa, Regional Centers, Residency & Citizenship by Investment, Second Passport, US Immigration attorney, US Immigration Lawyer, US start up visa program

Understanding Investing in EB-5  and different financial structures?

The pathway to USA Green Card by investment, also popularly known as the EB-5 investment visa program, is considered the easiest and safest way to obtain a Green Card. The law behind the EB-5 investor program is very simple but the creative financial structures set up by investors and related professionals make investing in EB-5 look like a very complex process.

The simple EB-5 law

  1. An EB-5 investor may make an investment of US$ 800,000 in a new commercial enterprise / new business which will create 10 new jobs provided the business is located in a rural area or high unemployment area or the project is an infrastructure project. In all other cases, the investment amount shall be US$ 1,050,000.
  2. The investment should be a business risk.
  3. The investment amount should come from a legitimate source, including earned money or a loan, or a gift.

This simple EB-5 regulation has been converted into complex financial structures, making the investment process seem very complicated for investors.

Here are the direct and indirect EB-5 investment scenarios:

Direct Investment

An investor can start on his own or partner with someone in the USA for a new business located anywhere in the USA, make an investment of US$ 1,050,000 and create 10 jobs. The investor will then qualify for a visa under the EB5 program. If this business is located in a rural area or high unemployment area, the investment amount will be US$ 800,000.

Investors who are capable of operating and managing a business may opt for this type of direct investment.

Indirect investment

In this case, several geographical areas in the USA may be combined and approval from USCIS is obtained to declare the area as a Regional Centre.

It is under this type of indirect investment, various financial structures are offered to investors for making an investment.

Here are some simple examples:

EB-5 Equity investments

A developer in the USA approaches USCIS to receive permission to declare a certain geographical area of the USA as a regional center. The developer then starts his project in this area and uses the EB-5 program to raise funds. The project will also be financed by a bank loan and the developer’s equity in the regional center as well.

In this type of project, the developer invites investors to make an investment as equity or as preferred equity partners.

Very few developers in the USA use this model. In such cases, there is one project and one developer.

EB-5 Debt model 

A company raising funds for a business or project in the USA may approach USCIS to receive permission to declare a certain geographical area of the USA as a regional center.

Once the area is declared a regional center, the company may approach developers or businesses to set up a project there.

Rather than making a direct investment in the project company, in this case, a second company is created in which EB-5 investors make an investment as equity partners. This company then gives a loan to the project company to carry forward the project. Hence this is known as the Debt model.

This is the most popular model for EB-5 investment.

It is interesting to note that US companies assisting to raise funds for US developers or businesses also undertake marketing for EB-5 projects outside of the USA to attract EB-5 investors.

In this case, too there is one project and one developer but there is also an intermediary company, such as a fundraising company and/or EB-5 marketing company.

EB-5 Fund / Mutual Fund model

A company raising funds for a business or project in the USA may approach USCIS to receive permission to declare a certain geographical area of the USA as a regional center or the company may rent a regional center from another company who has already received approval from USCIS for a regional center.

Once the area is declared a regional center, the company may approach several developers or businesses to set up a project there.

The EB-5 fund may be created for just one project or business or several projects or businesses in a regional center.

Using EB-5 funds for several projects reduces the risk by diversifying the portfolio as in the case of regular mutual funds in financial markets.

This model is used by very few companies in the USA.

To protect EB-5 investors, the US government has introduced the new EB-5 Reform and Integrity Act. Thanks to this new regulation, we may see a major shift in the EB-5 marketplace. Many companies marketing EB-5 projects or raising funds or renting regional centers may face financial viability issues due to a long list of compliance requirements.

Depending on your personal aptitude, investors may decide to invest in EB-5 to receive a USA green card.

Legal disclaimer:

This blog is written in a very simplified manner for the purpose of making investors understand the various models related to EB-5 investment. Investors are advised to consult a qualified US immigration lawyer before making any decision regarding an EB-5 investment.

For Indian investors – Investing in an EB-5 visa from India is a legal matter and as per Indian law, only Indian lawyers having expertise in the EB-5 program must be consulted. 

June 25, 2021
June 25, 2021

EB-5 US Green Card by Investment Updates June 2021 | Investment Reduced to US$ 500,000

Author By ajmeralawim Categories EB-5 US Investor Visa, Green Card, Headlines, Residency & Citizenship by Investment

EB-5 Updates 20th August 2021 at 12.00 PM (IST) 

Ajmera Law Group has several direct investment options for the EB-5 program of the USA with a reduced investment of US$ 500,000.  Act fast as the rule may change at any time. 

  1. Mexican Franchise – Start in any state in the USA which meets the definition of TEA area
  2. Co-working space and daycare center based in LA, USA
  3. Burger and Hotdog restaurent in Huston, Taxas.   Please contact us for more information

EB-5 Update 10th July 2021 at 12.00 PM (IST)

EB-5 with investment on regional center is not available but direct EB-5 with investment under US$ 500,000 active and an investor can make an investment in the USA and apply for USA green card under direct EB-5.

EB-5 Updates: 25th June, 2021 at 8.00 AM (IST)

EB-5 program reauthorization just fails to pass in US Senate

A bill to establish EB-5 rules on a permanent basis has failed in the US senate and therefore the current change in EB-5 rules will expire on 30th June, 2021.

Now the US government and senate are on vacation to celebrate the 4th July holiday.

As the current EB-5 change (where the investment amount has been once again reduced to 500K) is on a temporary basis, the US Senate MAY grant an extension in July 2021 when senators are back from vacation.

This could be a great opportunity for investors to file for EB-5 with a reduced amount of investment. Serious investors must be ready with documents and investment amounts to file the EB-5 petition with a US$ 500,000 investment amount.

IT IS ALSO POSSIBLE TO MAKE THE REQUIRED INVESTMENT IN TWO PARTS.

The investor can also borrow money to invest in EB-5.

EB-5 Update: Dated 22 June, 2021:

EB-5 Investment for US$ 500,000

Read complete the US court judgment here 

June 18, 2021
June 18, 2021

Bulgaria – Changing the global investment advisory and residency by investment paradigm

Author By ajmeralawim Categories Headlines, Residency & Citizenship by Investment

Investors traditionally invest in global financial markets primarily for – diversification of their portfolio, better returns on investment and tax planning. On the other hand, the investment made to obtain residency and/or citizenship of another country is primarily in sectors such as business/enterprise, real estate and government funds/bonds.

The most recent changes introduced in the Bulgarian Residency and Citizenship Program have changed the global investment advisory and residency by investment paradigm by offering almost all types of known financial products, real estate and enterprise as an investment vehicle for non-EU citizens who wish to obtain European residency and eventual citizenship.

The new investment routes leading to permanent residence (and eventually citizenship) of Bulgaria are as follows.

Investment asset class New investment amount in Euro
1 Equity and Stocks traded in Bulgaria ~EUR 1,024,000
2 UCITs (EU regulated fund vehicles) including exchange-traded funds (ETFs) with a focus on Bulgaria ~EUR 512,000
3 Investing in any way in Alternative investment funds (AIFs) (including private equity, venture and hedge funds), a part of whose focus is on Bulgaria ~EUR 512,000
4 Participation in a Bulgarian company carrying on a Certified Priority Investment Project (CPIP) – this is similar to EB-5 Regional Centers of USA ~EUR 1,024,000
5 Participation in a Bulgarian company employing 10 Bulgarian persons or more ~ EUR 257,000
6 Participation in a Bulgarian private company, invested in any sector or geography ~ EUR 3,075,000
7 Investment in a Certified Investment Project (CIP) (this is different from CPIP above) The exact amount and conditions are project-dependent.

 

For option numbers 1-4, the process for citizenship can be fast-tracked by doubling the investment amount. For option number 5, the citizenship process can be fast-tracked by employing 20 people in a company in Bulgaria.

Furthermore, residency by investing in real estate options is also available. The investment amount is EUR 307,000. This is more suitable for investors who wish to move to Bulgaria and live in Europe on a long-term basis.

By investing in real estate in Bulgaria, permanent residency of Bulgaria can be obtained in 5 years’ time and citizenship in 10 years’ time

June 18, 2021
June 18, 2021

Portugal Golden Visa – European Residency by Investment

Author By ajmeralawim Categories Headlines, Residency & Citizenship by Investment

New changes to the Portugal Golden Visa Program to be implemented as of 1st January 2022.

After 10 years of grand success, the Portuguese government is set to change the investment amount for its Golden Visa Program.

This change is being implemented to attract more investment in the fields of science & technology, business and real estate in the remote and less populated areas of Portugal.

Change in conditions for real estate investment in Portugal:

For Portugal’s golden visa there is no change in the investment amount for real estate investment in Portugal. The previous current investment amounts of € 350,000 (for properties more than 30 years old or located in areas of urban renovation) and €500,000 (acquisition of real estate property of any type) will remain unchanged after 1st January 2022, but investors will not be allowed to make investments in Lisbon, Porto, and the costal and resort regions of Portugal.

After 1st January, 2022, investors can make real estate investments only in Azores, Madeira and inland regions of the country. This may result in lower rental income, and also less liquidity for investors, especially when they decide to sell the real estate.

Apart from the above two real estate investment options, there are six other investment options available to investors under the old rules. The investment amount will be increasing for some options as of 1st January, 2022.

Six different types of investments in business and financial products for Portugal Golden Visa:  

  1. Transferring capital (bank deposit) will increase from € 1 million to €1.5 million for Portugal Golden Visa;
  2. Investment in VC and other funds will increase from € 350,000 to €500,000 for Portugal Golden Visa;
  3. Investment in scientific research will increase from € 350,000 to €500,000 for Portugal Golden Visa;
  4. Investment in a new and existing business with the creation of 5 jobs will increase from € 350,000 to €500,000 for Portugal Golden Visa;
  5. Investment in funds for preservation and restoration of heritage and cultural buildings will remain at €250,000;
  6. Investment in a business that will create 10 jobs will remain at 10 jobs. There is no minimum investment amount required for this option.

The investor has time until December 2021 to avail of the advantages offered by the old rules and makes an investment. However looking to the complexity of the rules, source of funds requirements and the systematic process to be followed, the time taken to process applications will be somewhat prolonged. Hence it is advisable to start the process for this visa as soon as possible.

During these COVID times, investment in funds has become a more popular option for Portugal Golden Visa than investing in real estate for obtaining the Portuguese Golden visa.

“The rules were implemented in 2017 but it was not until 2019 that the first funds became available to make an investment in compliance with immigration rules and obtain Portugal’s Golden visa,” says Prashant Ajmera, Founder and Immigration lawyer at Ajmera Law Group.

The investment funds are a safer option as these funds are regulated by the Portuguese Securities Market Commission, also known by its initials as “CMVM”. These funds are diversified into real estate located in Lisbon and Porto area.

“The investment is very safe and secure. It also beneficial to the investors as they do not have to concern themselves with the rental and maintenance of the purchased real estate” added Mr. Ajmera.

June 17, 2021
June 17, 2021

UAE’s Golden Visa : Golden Opportunity

Author By ajmeralawim Categories Dubai Golden Visa, Headlines, Investor Visa, Residency & Citizenship by Investment, Residency & Citizenship by Investment and Indian market

The Golden Visa Program of UAE is the latest program to join the Residency by Investment bandwagon. Launched in May 2021, it is welcome news for many wealthy expatriates living in the UAE and outside of it. These expatriates, with plans to secure permanent residency in the United Arab Emirates, have been eagerly waiting for such a program to be introduced by the UAE government.

This program will offer a lot of flexibility, freedom, and security to investors, especially those living in the UAE, who previously had to adhere to very stringent do’s and don’ts when it came to doing business in the UAE.

The Golden Visa Program essentially grants people who fall into the following categories long-term residency (5 to 10 years): Investors, Entrepreneurs, Individuals with exceptional talents such as researchers, Medical Professionals, and those in the scientific and knowledge fields, and exceptional students.

The greatest advantage would most likely be security; by issuing the Golden Visa, the UAE government has demonstrated its commitment to offering expatriates, investors, and virtually anyone wishing to make the UAE their home with an additional reason to feel comfortable about their future.

Eligibility for a 10-year visa:

The following categories are entitled to apply for a 10-year residence visa in the UAE.

1. Investors in public investments of at least AED 10 million

The investment may take many forms such as:

  • A deposit of at least AED 10 million in an investment fund inside the country
  • Establishing a company in the UAE with a capital of not less than AED 10 million
  • Partnering in an existing or a new company with a share value of not less than AED10 million
  • Having a total investment of not less than AED 10 million in all areas mentioned, on condition that the investment in sectors other than real estate is not less than 60 percent of the total investment.
Conditions:

Granting a visa is subject to the following conditions:

  • The amount invested must not be loaned.
  • The investment should be retained for at least three years.
  • There should be financial solvency up to AED 10 million.

Visa can be extended to include business partners, on the condition that each partner contributes AED 10 million.

The long-term visa can include the spouse and children, as well as one executive director and one advisor.

Investors from abroad may apply for a multiple-entry permit for a six-month period.

2. Persons with specialized talents

This includes specialized talents and researchers in the fields of science and knowledge such as doctors, specialists, scientists, inventors, as well as creative individuals in the field of culture and art. The visa advantage extends to the spouse and children. All categories are required to have a valid employment contract in a specialized field of priority in the UAE.

Conditions:

Granting a visa is subject to the following conditions:

  • Scientists must be accredited by Emirates Scientists Council or holders of the Mohammed Bin Rashid Medal for Scientific Excellence.
  • Creative individuals in culture and art must be accredited by the Ministry of Culture and Youth.
  • Inventors must obtain a patent of value, which adds to the UAE’s economy. Patents must be approved by Ministry of Economy.
  • Exceptional talents must be documented by patents or scientific research published in a world-class journal.
  • Executives must be owners of a leading and internationally recognized company or holders of high academic achievement and position.
  • Doctors and specialists must meet at least two of the following conditions:
  • A Ph. D. degree from one of the top 500 universities in the world (refer to the Federal Authority for Identity and Citizenship website for information)
  • An award or certificates of appreciation in the field of the applicant’s work
  • Contribution to major scientific research in the respective field of work
  • Published articles or scientific books in distinguished publications in the respective field of work
  • Membership in an organization related to the field
  • A Ph.D. degree, in addition to 10-year professional experience in his/her field
  • Specialization in areas of priority to the UAE

Eligibility for a 5-year visa

The following categories are entitled to apply for a 5-year residence visa in the UAE

1. Investors in a property in the UAE

Conditions:

Granting a visa is subject to the following conditions:

  • The investor must invest in a property of a gross value of not less than AED 5 million.
  • The amount invested in real estate must not be on a loan basis.
  • The property must be retained for at least three years.

2. Entrepreneurs

This category includes those having an existing project with a minimum capital of AED 500,000, or those who have the approval of an accredited business incubator in the country.

The entrepreneur is allowed a multi-entry visa for six months, renewable for another six months. The long-term visa includes the spouse and children, a partner, and three executives.

3. Outstanding Students

This includes:

  • Outstanding students with a minimum grade of 95 percent in public and private secondary schools
  • University students within and outside the country having a distinction GPA of at least 3.75 upon graduation.

The long-term visa includes families of outstanding students.

Program benefits

  • Foreign nationals can live, work, conduct business, and study in the UAE without the need for a national sponsor under the Golden Visa Program
  • Foreign entrepreneurs and investors are also permitted to own 100% of their businesses in the UAE
  • These visas will be issued for a time period of 5 or 10 years and will be renewed automatically
  • Investors can enjoy a very high quality of life in UAE
  • Due to its strategic location in the Middle East, UAE is extremely well connected to all major cities and business hubs in Asia, Europe and North America, making it very easy for investors to travel and conduct or expand their business

This article is contributed by Ms. Dishita Sheth, Intern at Ajmera Law Group

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