Obtaining European permanent residency is a legal status that permits an individual to live without any limitations in a specific European country. While this status provides similar freedoms to citizenship, there are differences that we will explore. To live in the country initially, one must obtain a visa or residence permit that has restrictions and requires periodic extensions. Unlike a permanent residency permit, a visa or residence permit is not granted indefinitely.
We want to say that a good decision will be to receive residence by investment programs.
Let’s talk about the pros and cons of a residence permit in Europe. Also, we’ll consider other details connected with this topic.
One of the primary benefits of residence in Eu by investment programs is the freedom to live, study, work, and conduct business. Along with this, there are other advantages of residency, such as:
- visa-free travel within the Schengen zone (excluding the UK which demands a separate visa); access to healthcare in European centers and hospitals;
- the opportunity for tax residency in Europe, which can potentially offer tax optimization benefits;
- possibility to receive a full or partial refund of investment;
- visa-free travel to Schengen states (excluding the UK).
- access to high-quality education in any EU country.
- flexibility in the financial sector;
- access to social benefits and public funds.
- eligibility to apply for a second citizenship, subject to passing language and cultural knowledge tests.
- opportunity for family members to apply to join you in the country.
There are some benefits of residence by investment. Now, we suggest you consider each disadvantage you should know about.
In the previous part of the article, we’ve looked at the benefits of a residence permit. But now, we want to consider some disadvantages of it. It is crucial to be aware of the expiration date of the permit and the process for extending it before it becomes invalid. Some countries may have more strict requirements and a limited number of extensions, while others may have more lenient policies. Furthermore, according to Immigrant Invest specialist Zlata Erlach, people who hold a permit in one European country should not assume that they can freely live and work in another country without fulfilling the specific visa requirements.
Let’s talk about the popular European places you can opt for:
- Germany: Germany is known for its strong economy and job opportunities. It also offers free education for its residents, including international students.
- Spain: Spain is a popular destination for tourists and expats alike. It has a warm climate, beautiful beaches, and a relaxed lifestyle. Its Golden Visa program grants residency to those who invest in Spanish property.
- Portugal: Portugal has a low cost of living, high-quality healthcare, and a beautiful coastline. Its Golden Visa program is one of the most popular in Europe, offering residency to those who invest in property, business, or create jobs.
- Italy: Italy is known for its rich history, culture, and cuisine. Its residence permit program is attractive for retirees, as it grants a visa for non-EU citizens who receive a regular pension or have sufficient funds to support themselves.
- France: France is a popular destination for tourists and expats due to its world-renowned culture and cuisine. Its long-term residence permit program grants residency to those who have lived in France for five years and can prove their integration into French society.
These are just a few of the popular European countries for obtaining a residence permit. Each country has its own requirements and benefits, so it is important to do thorough research before deciding where to apply.
If you’re planning to obtain a European residence permit, there are some important things to keep in mind to increase your chances of success. Here are some tips to help you navigate the process:
- Choose the right country: Each European country has its own set of requirements and procedures for obtaining a residence permit. Research and choose the country that best fits your needs and qualifications.
- Know the requirements: Once you’ve chosen a country, familiarize yourself with its requirements for obtaining a residence permit. This includes the type of permit you need, the documents you’ll need to provide, and any fees or taxes you’ll need to pay.
- Gather all necessary documents: Make sure to gather all the required documents before applying for a residence permit. These may include a passport, proof of income or employment, medical insurance, and a clean criminal record.
- Get legal assistance: If you’re not familiar with the local language or legal system, it’s a good idea to seek the assistance of a lawyer or immigration specialist who can guide you through the process and ensure that your application is complete and accurate.
In addition to the above tips, it’s important to be aware of any language requirements that may be necessary for obtaining a residence permit in a particular country. Some countries may require that applicants demonstrate proficiency in the national language, while others may offer permits without this requirement.
In conclusion, permanent residence in Europe provides people with numerous benefits and opportunities. The process of obtaining permanent residence varies depending on the country and may involve fulfilling certain requirements and providing documentation. However, with careful planning and preparation, it is possible to get success.