Top choices might be Spain, France, Australia and New Zealand but they are not the easiest places to set up in. Now, multi-family office Huriya Private list the most viable destinations for Brits to consider…
Freedom of movement may have ended now that Brexit has been officially implemented, but many Britons are still yearning to move abroad and experience life outside the UK. If you’re still working from home and wondering if you can relocate far beyond UK shores without too many restrictions, Huriya Private’s list of alternative destinations are a starting point to begin looking further afield from the typical choices like Spain, France, Australia and New Zealand.
Similar to the UK, Turkey is not part of Europe, but its new Citizenship by Investment program has garnered a lot of attention. Buy a property anywhere in Turkey over USD$250k in value, and not only are you entitled to live in Turkey, but you will be Turkish. That’s correct, in as little as three months, you can choose to have a Turkish passport, and all the local benefits that go along with it, from healthcare to education.
From a financial perspective, Turkey is up the charts, now that the weakened Turkish lira means you get four times more local money in exchange for sterling than five years ago. “This makes both property and the cost of living exceptionally affordable,” says John Hanafin, CEO and Founder of Huriya Private. The fact that freehold property has only become available to foreign buyers a few years ago, still allows massive opportunities for double digit capital growth in Istanbul apartments, as an example.
Additionally, Turkey is a great option for those seeking a good lifestyle in the sun on a UK pension. Being outside the EU has other advantages. Residency procedures are simpler than for most countries, yet you’re only a four-hour flight from the UK, with plenty of budget airlines in summer. Turkey is three times the size of the UK and varies considerably from the western, ‘turquoise coast’ on the Mediterranean, which looks and feels very like Greece or Italy.
The biggest benefit of this Mediterranean country – besides the sunshine ( which is roughly twice as much as the UK per year) is that “Greece has low tax schemes for retirees and a golden visa scheme for property investors,” says Hanafin. Invest over Eur250k into Greek real estate, and you are entitled to apply for the Greek Golden Visa (EU permanent residence). This EU residence card allows the holder to travel visa free all throughout the Schengen area.
It can be the epitome of relaxed island life, where the best things in life are free and the people are kind and friendly.
Whilst the property prices in Athens have already jumped, there are still some wonderful options. The most popular islands for Britons are the furthest apart – Corfu on the Italian side, Crete down south almost closer to Africa than Europe, and Rhodes, sitting off the coast of Turkey. The mainland also offers many options such as the Peloponnese if you want to have access to better and consistent health care services which can be on the haphazard side on the islands.
EU’s best kept tax secret, and a superb and highly successful Golden Visa Program, the now more favoured alternative to Spain, Portugal has come up in the stakes due to its flexible tax regime (the habitual residence scheme allows new residents a 10 year tax holiday on worldwide earnings) and their now famous golden visa program offers EU residency cards (and passports after 5 years) for those buying a property over Eur280k.
“Keep in mind that there are capital guaranteed projects in Portugal at only Eur280k of investment. EU residence cards for your family after 8 months, and the options for Portuguese passports after 5 years, without the requirement for physical residence in Portugal. What’s not to like?,” notes Hanafin.
With big changes coming to the program on January 1st 2022, investors are rushing to get in whilst the window is still open.
When there’s no tax, no crime as well as no litter, Dubai is an evident and illustrious option. “It has zero taxation and a can-do business environment, which has led to some of the world’s highest earners relocating to the futuristic city. It’s also the ideal connection between East and West,” says Hanafin. Dubai was named by one major survey as the best place to be an expat in the world and has always had a longstanding connection with the UK. The UAE’s handling of the Covid pandemic was superb with 95% of the country already vaccinated. Dubai has been fully open for business since last summer, and this is now clearly reflected in the economy with property prices jumping.
With the country celebrating its 50th birthday this year, and hosting the EXPO 2020, it seems things will not slow down any time soon for this expat favourite.
A hop and a skip from London brings you to “the last English speaking country in Europe”, a somewhat ironic comment in the promotional material of the government approved agents for the Irish “Immigrant Investor Programme (IIP)”.
Looking for best education for the next generation? Ireland is still leading the way in many research areas, as their modern day scholars innovate and discover new solutions to the world’s problems. All of Ireland’s Universities are ranked in the top 5% globally with the Irish education system ranked in the Top 10 internationally.
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The IIP is open to non-EEA nationals who commit to an approved investment in Ireland. The Immigrant Investor Programme requires a minimum investment of €1m, from the applicants own resources and not financed through a loan or other such facility, which must be committed for a minimum of three years. Other advantages? No requirement to learn English.,Residency requirement only 1 day per year. Full Stamp 4 visa provided for five years and renewed every five years, even after the investment period is closed and the investors money is returned.