Posted on: 20-01-2021 in Expats
If you are a UK citizen that would like to travel or live in the European Union, you should consider becoming a resident or citizen of an EU country. One way to do this is to obtain citizenship or residency through one of the investment programmes offered by some EU countries. In this article, you will learn everything you need to know about three of the top EU residency by investment programmes.
On December 24th, the UK and the EU reached an agreement which resolves some of the post-Brexit relationship issues. One of these was how UK citizens would be able to travel and live in the EU. The two negotiating teams agreed that UK citizens would be restricted to staying less than 90 days in a 180-day period in the Schengen region. British citizens looking to move and work in an EU country will need to apply in accordance with that country’s existing immigration rules.
However, citizenship and residency by investment programmes offered by various EU countries can solve the problem for UK citizens who would like to live and work in the Old Continent. Below you can read a brief description for the Spanish, Portuguese and Greek programmes.
One of the best available residency by investment programmes in the EU is the Portuguese one. Portugal has offered the golden visa programme since 2012 with over 20,000 people enjoying its benefits and generating over $5.2 billion in investments. The residence permit programme in Portugal gives individuals the opportunity to work and study in the country as well as travelling without the need for a visa in the Schengen area.
Here are the ways you can obtain the Portuguese residency permit:
Invest in property valued at €500,000 or more.
Invest in property valued at €350,000 or more for properties built before 1990, or located in urban regeneration areas designated for refurbishing.
Purchase of property fitting any of the above requirements with a 20% reduction on the minimum amount of investment, if purchased in a low-density population area (€400,000 or €280,000).
Create a minimum of 10 new job places.
Create five permanent jobs and invest €350,000 into a Portuguese business.
Capital transfer of at least €350,000 in research activities or capital transfer of at least €250,000 in support of artistic production.
Capital transfer of at least €350,000 for the acquisition of units of investment funds or venture capital funds for the capitalisation of companies whose maturity at the time of the investment is at least 5 years, and at least 60% of the value of investments will be realised in commercial companies based in Portugal.
€350,000 constitution of a commercial society with the head office in Portugal and creation of five permanent working jobs.
€1,000,000 capital transfer to a Portuguese bank.
Portuguese authorities can issue the residence permit in three months after you have submitted the necessary application documents.
The Spanish residency by investment programme attracts the attention of investors from all around the world. If your application is successful, Spanish authorities grant you a two-year initial residence card, which can be renewed every five years.
Below you will find more information on ways to obtain the residency permit:
Invest in property valued €500,000 or more
Invest €1,000,000 or more in Spanish company shares
Invest €2,000,000 or more in Spanish state bonds
Capital transfer of €1,000,000 or more into a Spanish bank account
If you have lived for more than ten years in the country, you can apply to become a Spanish citizen.
The Greek golden visa programme is one of the most affordable residency-by-investment programmes in the European Union. In just 60 days, successful applicants get the right to travel visa-free within the EU’s Schengen area. The programme launched in 2013 and attracted many non-EU nationals as residence permits can be renewed every five years. What’s more, there is no requirement to reside in the country.
Here are the ways you can obtain the Greek residency permit:
Invest in real estate valued €250,000 or more
Invest €400,000 or more in Greek company shares
Invest €400,000 or more in Greek state bonds
Capital transfer of €400,000 or more into a Greek bank account
If you have lived in the country for more than ten years, you can apply to become a Greek citizen.
If you are a non-EU national, getting a second passport from an EU country is the smart move for you. It gives you choices in how you travel, run your business and live your life without worrying about the usual visa limitations. Get in contact with one of our advisers to learn more.