Easiest European countries to get permanent residency
With the world shrinking every day, and the incessant advancements made in the fields of technology and transportation facilities, there seems to be a closing in the gaps of the diverse lands spread across the blue water. There has been a rise in the opportunities in multitude fields, ranging from academics, jobs to research and inventions.
The concept of permanent residency relies heavily on a lot of personal and political reasons, which may vary from each geographical region to another. The heavy population interested in migrating from one space to space, usually looks for a settled and established system of procedure to facilitate their relocation easier and faster. Europe has efficiently established itself, as an organized place for working and growing. With its rich history, making it a culturally aesthetic place, it has an option to serve everyone’s needs, according to their different time investments and financial needs.
One of the most important factors about settling down in Europe is the heavy economical stability it demands for survival. One could easily make a heavy donation, of about 250,000 euros to the arts institution in Portugal, to gain permanent residency and citizenship in the country, or a simpler financial stability could also be proved by a steady income of about 1200 euros per month, by an individual. One is also expected to invest up to six months of physical investment into the country, every year. This option is feasible, if you look forward to growing in your career and developing it further. Investing into the arts, would demand a physical investment of about a week, per year, which seems easier and convenient, if you do not wish to pursue anything here.
The financial investment, as a form of citizenship is seen to be a more fruitful venture, especially if you wish to explore other countries for a better understanding of what you actually expect from your experiences, and understand your future goals, for productive endeavours. The minimal physical investment, as a form of necessary criteria to retain citizenship is a great way to ensure that one has something to cushion, if a bad fall strikes them. Some of these easy to fulfil citizenship criteria are referred to as, Golden Visa programs, which also allow an individual to make financial investments in the country, such as starting their own business. Post qualification, one can easily invest in real estate, to name the most convenient option.
One can easily make the cut for Portugal’s Golden Visa program by donating generously to the scientific or art culture, or by simply making a purchase in the real estate. This being the easiest option, is also the most preferred, and demands high monetary involvement for its successful completion. Be it an ancient property demanding 350,000 euros or simply a newer property of 500,000 eurs, there is a price range for all to suit their needs and benefits.
One of the key requirements for maintaining your Golden Visa residency calls for spending at least a week in the first year, followed by spending two weeks in the second year till the applicant qualifies for the residency program of Portugal. The program was recently modified by the authorities, to reduce the criterion for naturalization from six years of holding ground to five, thus making it an easier and convenient facility for all.
However, a fun yet daunting task appears in the form of the Portuguese history test, which of a criterion for passing if you are applying for citizenship. An interesting offer to lure people from across the globe is its Non Habitual Resident tax program, which can mean absolutely negligible or no payment of tax.
One of the cheapest residency programs, with minimal financial investments needed, the permanent residency program offered by Greece, is one of the cheapest as compared to other European residency programs. The county supports flexible values of real estates, in order to allow everyone to be able to afford the living expenditures, required for sustenance. Another important reason that could be credited to the country’s low real estate prices could be attributed to its recovery from the prolonged, national debt crisis, which could refer to the 250,000 financial investment being a rather profitable deal here, making one eligible to access some of the most mesmerising properties, around the country. Also, Greece provides an interesting option to combine property acquirements to reach the specified mark of 250,000 euro threshold.
One of the most notable features of using financial investment in real estate to reach the 250,000 euro threshold in Greece is that the country does not ask for any physical investment. One can easily acquire a physical property, and then travel all around the Schengen zone, without ever being stressed about spending time in Greek. However, this must not be mistaken, for there is a crucial need for a one time visit which, required in settling the real estate paper work and approval. Acquiring a Greek passport, is another ball game, since it requires the basic proficiency in the Greek language with physical investment for verification and approval. If you are planning to bring up your children in Greece, it is essential to note that Greece mandates military service for men under the age of 45.
The investment program of Malta allows one to invest in real estate of about 350,000 euros, or donate upto 650,000 to the social fund among other financial investment plans issued by the authoritative body. If you are planning to apply wit your spouse, an additional investment of about 25,000 euros is needed, with a physical investment of about six months in the nation. If an individual is applying for citizenship, then staying in the country for at least a year is a mandatory criterion for application. These various programs of economical involvement are called fast track programs. One can also be added into the list of the qualified members, if a real estate worth 320,000 euros has been purchased, along with an additional donation of 30,000 euros to the government of Malta. The donation is an investment that cannot be reimbursed, unlike the real estate and government bonds, which will be yielding beneficiary results. One of the major attractions of settling down in Malta involves the deflated tax rate of 15% applicable on foreign sourced income, with English being one of the official languages in the country.
One of the most important factors about settling down in Cyprus, is that one must make a purchase of about 300,000 euros on a real estate property, which must be approved by the government as a new development in the country. While most countries encourage the qualified residential investors to make their investment in the name of the applicant, Cyprus allows the real estate planning to be more flexible. The real estate could be considered as an entity to be held under the primary applicant as the main owner, with the spouse (if, there) to be the beneficiary holder of the estate. A crucial physical investment of about one year is necessary for applying for citizenship. The approved applicant must be present in the country at least once in 24 months. Post the successful maintenance of this cycle for seven years, the process of naturalization can be executed.
One is expected to devote the whole of 12 months for citizenship in the nation. However, a small catch appears in the form of the rule, post naturalization, which demands the approved applicants to spend the whole 365 days, in Cyprus, with an intention to hold residency and spend time, especially after citizenship.
Once deemed to be the perfect place to qualify for European residency, a modification in the pre-existing laws has witnessed a monetary investment of about 160,000 Euros in the real estate of the nation, along with a 5% fee of the purchased estate, on the application price. The more flexible laws of holding your ground in the country include a minimum visit of once a year to keep up your residency status. However, if one wishes to acquire a second passport, the physical investment in the country should be more, including a complete 12 month presence in the country to be able to apply for the second round.
There is a certain complexity which needs to be understood in terms of gaining a complete citizenship. The first five years of permanent residency are in fact, temporary, and more of a probation permanent residency. Post the successful completion of these first years, can a resident apply for complete citizenship. Thus, this is actually a decade long process, which needs to be understood and analysed completely.
There is a certain need to get a grip over the Latvian language in order to gain citizenship. The country, does not believe in approving dual citizenship, thus, settling down here should be a well-thought of process, especially since it asks you let go of your original passport and nationality.
Montenegro, functions without a Golden Visa program, and offers permanent residency to anyone who invests financially in the country, with no specified minimum economical purchase to qualify. However, the analytical deduction commences from, 50,000 euros, making this the easiest and most convenient country, to gain permanent residency in.
One con to the country’s program is there should be an annual renewal of the permit, thus making the process look like a long trip of the government office. Since, Montenegro hasn’t yet been included into the EU or the Schengen Zone, gaining residency in here, isn’t synonymous to an open chance to explore Europe, as it can be in other cases. The country does not support dual citizenship either.
One of the most expensive places under the Golden Visa program, Spain requires a real estate purchase of at least 500,000 euros. It also demands for a renewal of the residency permit every two years, whereas in other places, the renewal time period is every five years.
Spain’s program comes with no physical investment into the country though; it taxes non-tax residents on the specified and owned rental income of real estate, as it is throughout the country. Whether one lives in the purchased property or not, the rental rate remains the same, irrespective of that.