Residency by investment is the process of obtaining a permanent residency in another country by investing in the economy of that country through bonds, real estate, job creation, or in some cases a monetary donation to a government fund. With a range of countries across the world offering citizenship-by-investment programs, why are entrepreneurs and investors alike choosing to invest in European residency?
1. Mobility in the global marketplace
Business and trade today aren’t limited by geographical and economic boundaries. Cryptocurrencies have removed the issues faced by businesses dealing in multiple currencies and fluctuating exchange rates, while consistently improving transportation links have opened up the global economy with transfers and shipping of goods being able to happen overnight.
2. Safety and stability
For many people who choose to invest in a second passport or obtaining a residency permit, safety and stability are key driving factors behind their decision. Having the reassurance that, should they need to, they are able to relocate their family to another country easily should geopolitical tensions either restrict travel or have an impact on their business ventures provides security for both themselves and future generations.
3. Freedom to move around the Schengen countries without the need for visas
One of the most frustrating aspects of travel is the paperwork, and for those who regularly need to travel throughout Europe applying for multiple visas can be time-consuming and in the worst-case scenario, the visa process can delay business trips. By legally obtaining a residency permit for a European country through a residency-by-investment program, you are automatically entitled to visa-free travel in Schengen countries. After holding a residency permit for a given period, you are then eligible to apply for a passport.
4. Right to live, work and study in Europe
With a residency permit, you and your family have the right to live, work and study in Europe. With European healthcare and education widely recognised as some of the best in the world, this is an attractive benefit for many investors. It is worth noting however that unlike citizens, individuals who only hold residency are not entitled to vote or take a place in official office.
5. You and your family enjoy European residency without the need to relocate
Although your residency entitles you to move, there isn’t a requirement for you to do so meaning you can have the best of both worlds.
So how much does it cost to invest in European residency?
This depends on which program you choose, but the cost of residency by investment in Europe starts from €250,000.
Savory & Partners offer a number of different residency programs which include:
- Portugal requires a minimum €350,000 investment in real estate. Portugal is one of the EU countries that offer a ‘Golden Visa’. The program grants you EU residency in 90 days and citizenship of Portugal after 5 years. In addition, you are only required to be in the country for 7 days a year, one of the lowest of all the EU countries offering residency by investment.
- Greece requires a minimum €250,000 investment in real estate. Greek residency can be achieved in as little as 2 months with no need to reside in Greece. As with Spain, Greece is a very popular tourist destination so there is a high demand for rental properties. You are eligible for citizenship after seven years of residence.
- Malta offers a mixed investment option of investing in real estate, government bonds and a non-refundable donation (min. €150,000 including all the investments). It takes 4-6 months to receive Maltese residency. However, with one of the world’s strictest due diligence processes and vetting of all applicants, Malta ensures only highly respectable applicants are admitted.
- Cyprus requires a minimum €300,000 investment in real estate. Approval of residency with a Golden Visa can be received within 2 months from the date of filing. Located at the crossroads of Africa, Europe, Asia, and the Middle East, Cyprus offers businesses a strategic position from which to operate and successful applicants are able to register a company in Cyprus and be shareholders in their Cypriot companies.
- Spain requires a minimum €500,000 investment in real estate. As with Portugal and Cyprus, Spain offers residency through a Golden Visa program with it only taking 2 -3 months to be granted Spanish Residency. Spain is one of the most popular tourist destinations worldwide, therefore, there is high demand for rental properties with property prices now at their lowest making your investment profitable in the long run.
Apart from the residency programs, it is also possible to apply through immigrant investor programs for both the UK (starting from GBP 1,000,000), the USA (starting from USD 500,000 investment in a business) and Ireland (starting from EUR 1,000,000).
Savory & Partners offer global residency, citizenship and immigration investor programs to families from across the world. For more information, contact our team of experts at +971 4 430 1717 or visit our website: www.savoryandpartners.com
Read the original Bloomberg Business Publication Here