Permanent residency is a kind of status that grants the owner of the Permanent Residency Card (PR card) to legally dwell in the host country without being a citizen of the host country. Permanent residence are allowed to live and work (also go to school) furthermore access to the health care in the chosen host country. But people with PR card usually are not entitled to vote on elections.
To be able to apply for permanent residency status in any chosen country, applicants have to meet with some requirements, such as having legal and official work experience in the country, having studied in the country and speaking the official language of the country. Fortunately there are other ways to get permanent residency. Since 1986 opportunities has been given by many countries who offer citizenship by investment. The number of these countries are increasing month by months. Permanent residence status can lead to citizenship by naturalisation. The resident has to live in the country for a certain number of years.
WHAT IS RESIDENCY BY INVESTMENT?
To make it simply: residency by investment is basically a process when someone obtains a permanent residency card in a desired country by investing in the economy (e.g. real estate industry). Permanent resident status can be granted in a shorter period of time compared to traditional applications.
WHY WOULD PEOPLE INVEST IN PERMANENT RESIDENCY ?
There are plenty of reasons why to invest in permanent residency and also in a second passport. First of all personal safety might be the most important to all of us. And secondly, which belongs to personal safety is the global mobility. Never know when we need to escape from a country because of war, crisis or other reasons. High net worth investors are appreciating the fact that permanent residency is able to open up a world of possibilities for them.
1.) Security and Privacy
In a stable democracy, where life is peaceful and calm permanent residency is a kind of insurance that is priceless when it comes to having our family and also ourself in peace.
2.) Global Mobility
Many passport are restricted in visa-free travel, urging citizens to apply for visas whenever they need to travel to a targeted country. People from these countries need to have second passport to have increased global mobility. For instance, the passport of Turkey or China allows visa-free entry into 39 or 58 countries. However the Maltese and Portuguese permanent residency allows borderless travel throughout the Schengen zone, which consist of 26 European states. These passports give the possibility to travel freely in total around 170 countries. This is a significant difference when it comes to global mobility and also lets you save plenty of time with no force to fill out visa applications. It is priceless to business men all over the world.
3.) Business and Investment
Being a participant in residency by investment program can open up many new business opportunities in the host country. After receiving residency status, participants can do business not just in the real estate industry. And also it gives the chance to travel and/or move abroad more freely.
4.) Tax Management and Profit Margin
Permanent residency might offer advantages of tax optimisation. For instance, Ajman Free Zone in UAE (United Arab Emirates) offers zero (0%) personal income and corporate tax or in Bulgaria company owners / employers pay one of the lowest income tax rate in Europe. These opportunities allow business people, investors to optimise their wealth more efficiently and effectively.
5.) Family – most important value in life
It is really important in life to have your children and relatives in safety. Most of the residency by investment programs are available for the investor’s family as well. By this, applicants of these programs can provide a better life for their children and spouse, with access to world-class health care and education. In summary: This gives opportunities for an improved lifestyle.
6.) Education – the future of our family
“Education is the solid foundation of a successful life as a global citizen.” Being a permanent residence can give access to the best schools in the world. And it allows you to be qualified for the domestic rather than international tuition fees.
WHAT KIND OF BENEFITS CAN COUNTRIES GET FROM RESIDENCY BY INVESTMENT PROGRAMS?
Many countries want to attract foreign investors by offering competitive packages for residency by investment program. With these much-needed foreign direct investments countries are able to grow their economy and cultural projects. That’s why the number of countries has been increasing which offer residency by investment program.
For instance, in Portugal applicants might invest in research and art restoration projects and so on.
WHAT ARE THE REQUIREMENTS FOR GAINING PERMANENT RESIDENCY?
Each and every country has its own set of requirements and applicants must meet them to have a successful process with the “residency by investment program”. For instance, there are programs which require certain number of trips to the host country, but others do not. It depends on the ranking score of the country, if the country is offering highly-qualified services then the process will be more strict.
However, there are common requirements that are the same or similar to all such programs. For example:
1.) To have a clean criminal record.
2.) To prove the legal source of the investment funds.
3.) To invest in one of the government-approved options, such as real estate, government bonds or a national economic fund.
4.) Applicants must meet all requirements in order to be approved by the host government.