Want a Second Passport? Try Buying a House – The New York Times





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When Natalia Yavorska and her husband first considered buying a holiday retreat somewhere warmer than their Ukrainian homeland, they were drawn to the Canary Islands.
A vacation to the Spanish archipelago in 2012 left them eyeing land on the southwest coast of the island of Tenerife, and while the initial attractions were the golf courses and ocean views, the deal was sealed by a special extra that came with their purchase.
“The fact that we could get a Spanish residence visa from buying real estate was very important, and that made it an easy decision,” said Ms. Yavorska, a 60-year-old former banker from a town near Kiev.
That “golden visa” carried the right to eventually apply for a Spanish, and therefore European Union, passport, the kind of bonus that is luring a growing number of investors to high-end real estate.
Once seen as a slightly shady practice, the business of dangling visas and citizenship in front of wealthy investors has become a more common, and in some cases hugely successful, marketing strategy.
Ms. Yavorska and her husband, Alexander Yavorski, who own a pharmaceutical import business in Ukraine, were worried about political stability at home and saw the right to live in the European Union as “a type of insurance.”
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