Hi Everyone,

Here is a story of another online purchase of foreign properties by a Russian investor, it's from the Russian internet and translated for you into English.

D., a Russian from Belorussia, loves his home country, but he is scared a bit about the future of it and thus wants to have a second passport - just in case that things turn to the worse in his country.

After considering his own circumstances and options available, he decided to get the right of residency in Portugal by purchasing 2 apartments there at the stage of construction.

A smaller one from a small developer as an investment property for renting it out in the future, and another bigger one from a big developer for his own family living (if ever needed... actually to maintain their residency in Portugal they have to be present in the country for a short time each year while keeping their jobs in Belorussia - if the situation there is good and developing to better, not worse...).

Why 2 properties and from different developers? This way D. tries to minimize his risks which might be present as he understands. He spent time on carefully choosing a realtor and a lawyer in Portugal to handle his transactions.

He doesn't pay the realtor who gets his commission from the developers, but he pays the lawyer's fees. The functions of these two professionals are different and the buyer needs both (in this case the power of attorney was made to the lawyer, not to the realtor as in the case we described in the previous newsletter) .

Agreements with the developers were made in 2020 with the dates of completion in 2022 which are reasonable as D. thinks. There are financial sanctions in both contracts if the completion dates are missed by the developers.

So far so good, D. resumes. Even if the pandemic is not over at the time when the construction of apartments is finished and international traveling is not resumed, his power of attorney will obtain all the documentation for his newly-built properties.

Also as an investor in real estate with the main goal to obtain "the Golden Visa" he hopes that the finished properties will be exactly how the realtor showed them in terms of the plans, area, rental income, etc., but actually he is more interested in the right of residency with these real estate purchases than in anything else (thus the lawyer's role in this case).

To your best business success,

Sincerely,