Though Australia’s property market might be more accessible than it was last year, many still find themselves priced out.
Whether first home hunters or investors looking to add a second set of keys, buyers are starting to take their business across the border.
Over a dozen countries around the world currently offer ‘Golden Visa’ schemes that allow foreigners to purchase property and obtain visas that lead to citizenship, and Australians are cashing in.
Ready to swap bacon and eggs for bacalhau? Pies for pasteis de nata? Sausages for spanakopita? Okay you get the gist. From Portugal to Greece to Dubai and even Saint Kitts, here are the best property + passport combo deals on the menu.
Considered among the most generous of all Golden Visa Programs, Portugal grants foreigners who invest a minimum of €500,000 (AUD$745,330) in real estate a visa exemption for visiting Portugal and therefore the EU. Through the program, investors and their families can obtain a Portuguese passport after five years without having to actually relocate to Portugal. In total, you only need to spend a minimum of 7 days in the country during the first year, and 14 in each subsequent year until you can apply for either permanent residency or citizenship after 5 years.
Neighbouring Spain offers a similar deal, with their Investor Visa program granting residence visas to foreigners “making a significant capital investment” through one of the four options; one of which requires a purchase of real estate worth at least €500,000. Word on the street is you don’t even have to spend more than a few holidays there to pick up a thick local accent—just ask Hilaria Baldwin.
If dried salted cod or prawn paella isn’t quite your taste, perhaps the home of halloumi would be a better investment. In Cyprus, non-EU citizens can qualify for an ‘Investor Immigrant Visa’ by dropping at least €300,000 (approx $464,000 AUD) on a house, apartment, or an investment in non-residential real estate like offices and shops.
Across the pond in Greece, there’s good news and bad news. The good news is the historically rich, feta flush coastal country does have a golden visa program, but the bad news is the investment price doubled this month. Aiming to make the Greek real estate market more affordable for locals, the qualifying minimum amount for property acquisition under the Greek Golden Visa increased at the start of 2023 from €250,000 to €500,000.
Alas, the price hike only affects North, South and Central Athens, Mykonos, Santorini and the Municipality of Thessaloniki, leaving a trove of other island options for less. Your investment grants access to Greek healthcare and education, visa free travel, no requirement to live in Greece (meaning you can rent out the property), and the ability to apply for Greek citizenship after 7 years.
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If you’re looking for visa free travel within the EU (we see you, dual UK/AU passport holders post-Brexit), Saint Kitts and Nevis is a dual-island nation situated between the Atlantic Ocean and Caribbean Sea offering just that. The damage? A minimum real estate investment of approx. $284,000 AUD.
Closer to home, Vanuatu, a chain of 80 islands lying to the north-east of Australia, added the option to buy real estate to their Golden Visa Scheme in 2021. To qualify for this option, you must purchase property with a minimum price tag of around $280,000 AUD. Though there’s no rule you have to ever set foot in it, with a flight time of 3 hours and 30 minutes, it’s closer than visiting quokkas in Perth.
Not all golden visas are a bargain, though. In Jersey, a Channel island approximately 14 miles off the coast of France, eligibility for a “High Value Residency” begins with earning a yearly income of at least £725,000 ($1.25M). From there, investors need to drop at least £1.75 million ($3.03M) on real estate before enjoying the perks of the more exclusive Jersey shore. Malta makes it similarly spenny to procure passport perks, starting with a non-refundable admin fee of €40,000 ($61,800 AUD) for the application alone before you’re even invited to a house inspection.
Over in the United Arab Emirates, Dubai’s golden visa program provides residence status to qualified foreign investors and entrepreneurs who meet one of five guidelines listed on the official UAE government website—one of which is the purchasing of property worth at least AED 2 million (approximately $773,200 AUD).
If you’re wondering if we offer to return the favour to international investors, the answer is yes, but at a substantially higher price. For an investment of $5 million or more, applicants of any age can obtain residency here. Whether that’s one of the reasons Australians are priced out of the market and looking to buy overseas in the first place is a discussion for another day.
