6 Easy “Back Pocket” Residence Permits in Europe
November 5, 2024
It’s common knowledge that the United States, Canada, and other similar Western countries have lost their charm. In fact, many people don’t even want to do business there anymore.
It has become well-known now that Asia is the place to be. However, regardless of this global change in perspective, many people still seek an EU residence permit.
We would go as far as to say that if given the option, even those who advocate moving away from the West would want an EU residence permit. Whether you believe that the European Union will collapse or not, European countries are still quite attractive to a lot of people.
They represent centuries of history, culture and, in the modern world, represent opportunities and the ability to do almost anything you choose to do.
Most European countries still care about their citizens’ freedoms and ability to do as they please.
Also, in a very volatile global climate, European countries offer the stability, security, and freedom of movement you need to feel safe. So, it is no surprise that people want an EU permanent residence permit to take advantage of these things.
Why Should You Get an EU Long-Term Residence Permit?
If you’re a fan of Europe, the ideal dream would be to apply for European citizenship through the various programs available. As you know, several European countries like Spain offer citizenship by descent programs.
With these programs you can become a European citizen if you prove that your grandparents, and even great-grandparents, were citizens of that EU country.
But not everyone has ancestry that can be proven.
Alternatively, the next course of action would be to apply for an EU residency.
It’s not an EU passport, but it’s a start, especially if you want to travel around the EU as you please.
There are plenty of benefits for you if you decide to legally reside in one EU country, such as:
1. Visa-free Access to Europe
The most obvious benefit of getting a European residence permit is that you can travel without restrictions throughout the entire EU region.
That opens up 27 markets where you can live, work and invest in with no restrictions. All while using one permit.
From a business perspective, this is an ideal situation to be in because you don’t have to worry about the paperwork and employment contracts.
2. Same Rights as European Citizens
As a rule, if you have an EU residence permit, in the eyes of the European Union, you are the same as any other European citizen.
This translates to better opportunities, improved healthcare access, greater freedom, and numerous other advantages for third-country nationals.
The only difference between an EU resident and a citizen is that you cannot run for office. Apart from that, there are no additional taxes for EU residents, and you have the protection of the Union to get you out of tricky situations.
3. Ability to Work
An EU work permit can be very difficult to obtain, but as a resident, you should have no problems finding work anywhere in Europe. You can even invest in any European country and set up your business.
4. Long-Term Goals
An EU residence permit allows you to work towards European citizenship. So, if you want to settle in Europe later in the future, then the permit will come in handy.
As you can see, the EU residence permit is a great option for you if you’re interested in European citizenship but are happy with where you’re living right now.
Most of the people we work with at Nomad Capitalist are interested in EU residency programs because of their flexibility.
The EU Permanent Residence Permit: Golden Visa Program
The best way to get an EU residence permit is by getting an EU golden visa .
A golden visa allows you to quickly obtain a European residence , making it easier for you to look at investment and offshore banking possibilities in Europe. This is the perfect opportunity for nomads looking to purchase real estate in Europe and work towards citizenship.
The European residency by investment program is referred to as a ‘Golden Visa’ because you’re being handed a golden opportunity to live in some of the most developed countries in the world with the highest standard of living.
If you’re from another Western country, you get to experience the charm and history of Europe in a place where you can easily settle in and potentially get a strong second passport .
Who Should Opt for A Golden Visa?
The golden visa provides you with a second residence in Europe. It is particularly useful for:
1. US citizens
We’ve talked about how an increasing number of people choose to renounce their American citizenship. If this sounds like you and you’re looking for a second residence that you can use to work towards a better passport, the golden visa is perfect for you.
The ultimate goal of these people is to gain a Tier A passport that can replace their American one, making traveling even easier for them. Additionally, Europe is a pretty stable place to live in, so it is a good place to settle long term.
2. Emerging-world citizens
Citizens from emerging markets and non EU citizens may want a better valid passport to create better opportunities for themselves and their families. Emerging-world citizens often have to go through a long, complicated visa process for most Tier A countries.
They have an even harder time obtaining work visas for countries like the United Kingdom and the United States. By obtaining a golden visa, you will be able to access Europe without worrying about the additional paperwork.
You can easily find a job in any EU country, and if you’re looking for better education opportunities for your children, Europe is definitely the place to be.
3. Investors and entrepreneurs
Lastly, the golden visa program is perfect for investors, business owners, and entrepreneurs. If you want to be able to live and work in the EU for more than 90 days, you should opt for this program.
Golden visa countries have special tax incentives and financial support systems for business owners who choose to bring their business there. The golden visa program can even lead to tax reductions if planned properly. You need to be efficient.
Benefits of the Golden Visa Program in an EU Country
We recommend the golden visa program over another residence by investment programs due to the following reasons:
1. Fast and straightforward
What makes the golden visa program unique from others is that it is very fast and straightforward. Typically, there are no additional interviews or application requirements beyond demonstrating basic knowledge of the country’s legal and social systems.
You will get your EU residence permit in a couple of months, and unlike citizenship by investment programs, you don’t have to worry about strict due diligence and eligibility criteria.
2. No residence needed
Other residency programs often impose significant annual residency requirements. However, with a Golden Visa, you enjoy locational independence, maintaining your EU residence permit regardless of your primary residence.
3. Family residency
The best part of the golden visa is that you can bring your family members with you as well. While traditional residency programs often impose additional requirements for family inclusion, this program simply requires the inclusion of your spouse and children in the documentation.
6 Easy EU Long-Term Residence Permits
The golden visa program consists of many European countries, but not all of them. But this doesn’t mean that you will not be able to obtain an EU residence permit from other European countries.
So, in addition to the golden visa countries, we have also accumulated a list of the easiest permanent residency in Europe so you can see which one works for you.
1. Portugal
Maintaining a Portuguese residence permit is remarkably easy, requiring just one week of annual residency.
In terms of the investment amount, the Portugal golden visa requires a minimum investment of at least €250,000.
There are several ways you can do this, including investing in a venture capital fund, making a cultural investment, or investing in scientific research or in the arts.
You could also hire ten people for your business, or incorporate a company with €500,000.
The process is remarkably simple, and your EU residence permit even serves as a visa alternative for countries like Serbia.
2. Greece
For an investment of €250,000, you can obtain a Greece Golden Visa . It is one of the cheapest Golden Visa programs in the market and offers more lucrative real estate investment opportunities.
There are no restrictions on the type and kind of property you need to buy, meaning you can choose how to diversify your real estate investment.
While obtaining Greek citizenship requires further steps, maintaining your residency permit requires only one day per year in Greece.
3. Latvia
Update 2022: Russians and Belarusians are now excluded from the Latvia Golden Visa program. Latvia will not issue first-time temporary residence permits to these nationals until June 30th of 2023.
While Latvia requires the same investment of €250,000 as Greece, it does have more limitations when it comes to investment.
However, it is in the Schengen Area, and as an up-and-coming EU country, it has many business opportunities available.
This golden visa program will not lead to citizenship, and your residence permit has to be renewed every five years. But if you want to move to a more Northern European country, Latvia is the place to be.
4. Cyprus
Cyprus Golden Visa requires an investment of €300,000 in real estate along with proof of at least €30,000 in annual foreign income, and a deposit of an additional €30,000 in a Cypriot financial institution which you must hold for three years.
It will not lead to citizenship, but if you’re looking for ways to invest in Cyprus and eventually settle there, this is a good way to go.
5. Ukraine
Aside from the country’s current status, it still has one of the best ‘non’ golden visa programs to consider when the country’s political climate stabilises. Ukraine’s residency by investment program is for $100,000 for real estate or business investment.
You just have to show that you’ve made this investment in Ukraine, and they will give you a residence permit. To maintain the permit, you need to spend a day in Ukraine each year.
6. Gibraltar
If you have GBP£2,000,000 in wealth and can either purchase property in Gibraltar or rent an acceptable property, you will get a Gibraltar residence permit. Gibraltar is not part of the golden visa countries, but being in the south of Spain, it has a unique position of giving you access to all of Western Europe.
It also has a lump sum tax system which could potentially lead you to paying no taxes at all, making it a great backup for your backup as well.
European Long-Term Residence Permits: FAQs
Each European country has its own regulations for who is eligible for permanent or temporary residency. If you don’t have a European spouse or family member, your best option is to investigate residency by investment programs, also known as Golden visas.
EU long-term residence allows non-EU nationals to live in an EU country for a fixed period, usually around five years. You get similar rights as EU citizens but with some restrictions. Permanent residence is granted for a longer period and offers a path to indefinite renewal or even citizenship. It also offers more stability and fewer restrictions, allowing free movement and work across EU countries.
We rate Portugal, Greece, Latvia, Cyprus, Ukraine and Gibraltar among the easiest European residencies to obtain.
Residency refers to someone’s legal status to remain in a country for an extended period. A tax residency determines whether they are liable to pay tax in that country or not.
A second residency gives you the opportunity to remain in another country for an extended period. This opens the door to securing a better tax residency and maybe even a second citizenship by naturalisation.
Yes, although they may still be liable for federal tax in the US even if they permanently move to another country.
Each country differs with its visa rules. However, the main requirements for an EU long-term residence permit generally include living legally in an EU country for at least five years, demonstrating stable financial means, having health insurance and proving integration through language or knowledge of the country.
Other EU Long-Term Residence Permit Alternatives
The EU residence permit is a much sought-after commodity, leading to an even bigger prize: the EU passport.
However, not everyone can meet the EU residency requirements. This largely depends on other factors as well.
Many European countries offer citizenship by marriage too. You can even gain citizenship by proving that you are in a serious, committed relationship with an EU citizen of more than two years.
So, if you want to learn more about European and other second residencies, feel free to get in touch. Obtaining a European residence permit is quite straightforward, so don’t hesitate to reach out.
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