Buying a house in another country is always a big step for immigrants. It means you are going to live there for years, or even the rest of your life. However, there are several hurdles you will have to jump through before you move in. This happens when you are not so familiar with the procedures and laws of a particular European country.
However, there is good news for immigrants because there are a few ways you can buy real estate as an immigrant. In some European countries, it’s easier than in others. Here are a few ways to buy a house as an immigrant in Europe.
Apply for Citizenship
One of the easiest ways to buy a house as an immigrant is to apply for citizenship. Once you have citizenship, there are no restrictions on buying property. You can apply for a mortgage through the same channels as anyone else.
The process of applying for citizenship in each country varies. Generally, it involves learning the language and passing an exam. This proves that you know your host country’s history, culture, and government.
If you have already been living in Europe for five years and have good language skills, and do not have any criminal record, then applying for citizenship will be a piece of cake for you.
After receiving citizenship, you will enjoy the same rights as European citizens. You buy any property of your choice without any trouble. But how do you get a second passport?
Citizenship by investment is a process that allows investors to gain citizenship of a European country by making a substantial financial contribution to its economy. There are several countries offering Europe citizenship by investment with varying requirements for eligibility. Usually, investors need at least five years’ legal residency before applying for citizenship from the respective countries.
EU citizenship by investment allows you to move freely, get access to education and secure a future for you and your family.
Get A Job
If you don’t want to apply for citizenship, look into getting a job in the country where you want to live. If you get a permanent contract with benefits, that can help your chances of buying property without having citizenship.
You’ll need to prove your ability to pay for a home before lenders work with you, and the easiest way to do this is by showing them your employment history. If you’ve worked in the country for at least two years, getting a mortgage should be easier than if you just arrived. If you haven’t worked in the country that long, look into any special-purpose mortgages or lenders that cater to immigrants.
There are plenty of opportunities out there, but they don’t come easy! It would help if you stood out from all other applicants for that dream position abroad. Here are some tips on how to get hired abroad:
- Make a plan- You must know that searching for a job abroad is not easy, so you have to be prepared for the worst.
- Learn the language- If you are looking for a stable and good paid job, you should learn one of the common languages correctly.
- Prepare your documents- To apply for jobs abroad, you will have to have all kinds of papers ready and in order: passport, visa, work permit, etc.
Use an Agency
If you’re not eligible for dual citizenship In Europe and you want to speed up the process, use an agency specializing in finding real estate for immigrants. These agencies operate in most major European cities and often have deals with banks and employers who are happy to work with immigrants without waiting for their
These agencies will do all of the legwork for you since they already have the experience. They have the know-how to navigate these issues for their clients.
It’s challenging to get a mortgage if you’re not a native citizen of the country. But by using a good agency, you will be able to navigate through all the paperwork. Ensure that the agency has experience with immigrants because it will make things much easier for you.
Build Your Credit Score
If you don’t have a credit history in the country where you plan to buy, start building one as soon as possible. Some banks are willing to work with immigrants who are new to their country and don’t have credit files yet, but they may charge higher interest rates and fees.
As an immigrant, you don’t have any credit history if you never took out loans in your home country. This is because European banks can’t verify your history as quickly as they can for citizens of that country.
Your credit file is one of the most important factors lenders look at when granting you a loan. The higher your credit score, the better deal you will get on interest rates and loan terms. If you have never had credit before or have little to no history in the country where you live, it will be harder for lenders to approve your loan application. But, it does not mean that it is impossible.
Secure Your Future
As an immigrant, you may need to jump through several hoops and face special restrictions, but it’s possible to get the keys to your own home. The European real estate market is more open to foreign buyers and more accessible. Immigrant rights are strengthened in Europe to encourage further immigration and foreign investment.
Through the Residency Citizenship Program, you get the cheapest citizenship to buy a house as an immigrant. Contact us for the fastest citizenship by investment services at affordable rates. What are you waiting for? Get a free quote today!