Residency by investment is a legal application that allows individuals to obtain residency in a foreign country by making a significant financial investment. Depending on the country, this investment can take various forms, such as purchasing property, starting a business, or contributing to a government fund.
What are the advantages of having a residency permit?
There are many advantages of having a residency permit, which will differ from country to country. Permits allow spouses and children of investors to be part of the residency program. It provides legal authorisation to live in a European country, giving residents access to healthcare and education, and enables greater freedom when travelling to neighbouring countries. EU residents can open bank accounts at international banks, and investors can purchase property. Some EU countries even offer investors special tax benefits. Of course, rules differ for each country, so it is wise to seek professional guidance to see what applies to you.
Requirements
Although each country has different rules, applicants must generally not have a criminal record. They must provide proof of legal and regular income outside the country they wish to apply to, and they will need to own or rent housing in the country. In Greece, for example, 3,900 applications for the purchase of residential property were made between January and May 2023.
There are also rules about the number of days residents have to spend in the country. These conditions do not apply to investment residency. In Greece and Spain, there is no minimum residence requirement for investors. If you are interested in Greece citizenship by investment, it is advisable to seek professional advice and know the rules surrounding Greece citizenship by investment.
Which European countries offer residency by investment?
Several European countries, such as Greece, Andorra, Malta, Spain, Portugal and Cyprus, have introduced these programs to attract foreign investments, each with differing investment levels and benefits. Applicants need to consider what they want to gain from taking part in the schemes in terms of moving to Europe, tax benefits, access to education, and medical facilities.