Obtaining residency in Serbia by purchasing real estate is one of the most attractive and accessible options among European countries. What makes this scheme stand out? Serbia does not have minimum property value requirements, which opens the door to a wider range of investors. The country also offers a straightforward path to citizenship. Let’s look at the steps you have to take to acquire residency through real estate purchase and the key benefits of this option. We’ll also briefly cover alternative ways of obtaining residency in Serbia.
Requirements for obtaining residency in Serbia through real estate purchase
Simply buying property of any value is not enough to secure residency in Serbia. There are specific conditions you have to meet:
- Financial stability: You have to demonstrate sufficient funds to live in Serbia. This could be savings or a regular income that supports your lifestyle in the country.
- Health insurance: You’ll have to get insurance for the duration of your stay in Serbia.
- Type of property: Residency can only be obtained through the purchase of residential property. Commercial properties (offices, warehouses) don’t qualify for this purpose.
- Property size: The property has to meet minimum space requirements based on the number of residents. For instance, a single person needs a minimum of 36 square meters, while a family of four has to have at least 85 square meters.
- Actual residency: The property owner has to live in Serbia for the best part of the year moving their center of interests to the country. Immigration authorities will occasionally check whether the applicant is genuinely residing there.
- Property value: While there are no thresholds for property prices, the purchase should reflect the average market value in the area to avoid scrutiny from authorities.
Step-by-step process of obtaining residency in Serbia through real estate purchase
The process of securing residency in Serbia can be broken down into several steps:
- Choosing the property: First, you have to find a suitable home. You can do this either by visiting the country in person or remotely through agencies and specialized websites.
- Opening a bank account: To complete the transaction and pay for the property, a foreigner has to open an account at a Serbian bank.
- Buying the property: The deal is processed through a notary who verifies ownership rights and other legal aspects. You will also have to pay a property transfer tax, which is 2.5% of the property’s value.
- Registering ownership: After the purchase is finalized, the new owner’s details are entered into the state land registry.
- Preparing documents for residency: After buying the property, you’ll have to collect documents to apply for residency. These include your passport, photographs, health insurance, proof of property ownership, and evidence of financial stability.
- Submitting the residency application: The application is filed with the police or the Department for Foreigners. Once the application is processed (normally within a month), the foreigner receives a Serbian resident card.
Benefits of residency through real estate purchase in Serbia
Serbia offers numerous advantages to those looking to obtain residency by purchasing property:
- No minimum property value requirement: Unlike many European countries, Serbia doesn’t impose a minimum investment threshold, which makes this scheme more accessible.
- Affordable property prices: Real estate in Serbia is cheaper than in most Western European countries. Thus, living in a European country can come at a lesser cost in comparison to many other countries on the continent.
- Path to citizenship: After three years of continuous residency with a temporary permit, you can apply for permanent residency and eventually Serbian citizenship.
- Future EU membership: Serbia is actively preparing to join the European Union, which opens up great prospects for Serbian residents.
- Work and business opportunities: Residency allows you to work and run a business in Serbia, which makes life easier for those who plan to engage in entrepreneurial activities.
- Travel benefits: Having residency in Serbia makes it much easier to obtain Schengen visas. The country is a convenient base for traveling around Europe.
Alternative ways of obtaining residency in Serbia
Residency in Serbia can also be obtained on legal grounds other than real estate purchase, such as employment, business activities, education, family reunification, or investments. Let’s take a closer look at these categories to understand the requirements for applying for residency in Serbia.
Employment
One of the most common ways to obtain residency in Serbia is through employment. Foreigners who have signed a work contract with a Serbian company can apply for residency based on their job. You’ll have to have an employment agreement with a Serbian employer that can be a local or a foreign company registered in Serbia.
Business activities
Foreigners who wish to start or buy a business in Serbia can also obtain residency based on entrepreneurial activities. This requires registering a company in Serbia or becoming the owner of one. The company could be a sole proprietorship or a limited liability company.
Education
Students enrolled in accredited Serbian educational institutions can apply for residency based on their studies. You have to be accepted into a Serbian educational institution (university, college, or school). This requires submitting proof of admission, such as an invitation or enrollment letter.
Family reunification
Residency in Serbia can also be granted based on family connections with Serbian citizens or foreigners holding residency permits. Spouses: Foreigners married to Serbian citizens can obtain residency through family ties. The marriage has to be officially registered and the foreigner has to provide documents that prove the legality of the marriage. Parents or children: Residency can be granted to the parents of a Serbian citizen, as well as to minor children of a foreigner already holding a residency permit in Serbia.
Investment
Foreigners investing in the Serbian economy can qualify for residency by investment. This option is similar to obtaining residency through real estate purchase but the investment can be directed to other areas too. The minimum investment requirement is about 50,000 euros. The funds can be invested in businesses, startups, or other state-supported projects.
Residency in Serbia for pensioners
Foreign retirees can also obtain residency in Serbia if they have a stable income and can support themselves in the country. You’ll have to provide documents confirming that you receive a steady income, such as a pension statement.
Conclusion
Serbia offers several paths to obtaining residency and you can make use of any of them depending on your goals. Perhaps the most attractive option is purchasing real estate in the country. After all, buying property in Serbia is not only a way to obtain residency but also a sound investment. The country offers favorable conditions for foreign buyers as well as the prospect of obtaining citizenship and benefiting from European integration. However, it’s also worth considering other possibilities: employment, education, business activities, or investments can also make you a legal resident of the Republic of Serbia. It’s important to realize that every applicant has to meet certain requirements and provide the necessary documents. Proper preparation and understanding of the conditions are key to successfully obtaining residency in Serbia.