European Union residency comes with a lot of benefits. Not only that a foreign citizen residing in an EU country enjoys the benefits that the country he/she lives in offers, but the same also enjoy the benefits offered by the EU as a bloc.
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A resident of any of the EU countries, amongst others, is eligible to travel freely throughout the borderless Schengen Area, most often without even having to present documentation when passing from one country to another.
Residency in any of the EU countries usually leads to the EU citizenship of that same country. Once one gains citizenship, he/she can then move to any other EU country and settle there.
Below, we have compiled a list of the EU countries in which it is the easiest to gain residency, in all of which it is also possible to become a resident by investing a certain amount of money through residence by investment schemes, which are often known as golden visas.
Austria
There are several ways to settle as a legal resident in Austria. The country issues residence permits for purposes of family reunification, for pupils, students and researchers, qualified workers, as well as jobseekers.
These types of permits are then categorized in other sub-categories. For example, when applying to move to Austria as a qualified worker, you may fit in one of the following:
- Very Highly Qualified Workers
- Skilled Workers in Shortage Occupations
- Other Key Workers
- Students who have graduated from the Austrian Universities and Colleges
- Self-employed Key Workers
- Start-up Founders
One of the main requirements to gain residency in Austria is to prove you make enough money. If you will be living alone, you need to show proof you earn €1,030.49 monthly, whereas if you live with a partner/spouse, this amount for the both of you increases to €1,625.71. An additional amount of €159.00 is required for each child.
Yet, the easiest way to become an Austrian resident is through investment. All persons who have A1 level German language skills, full-cover health insurance, and have a minimum of €40,000 in liquid funds on a bank account, which amount depends on the size of the applicant’s family are eligible to become Austrian residents through this route.
The applicant also needs to show proof of residential real estate, which can be owned by them or leased.
The processing period varies from one month to three. The residence permit is issued for one year and should be renewed every year. When the new resident intends to renew his/her residence permit in Austria, the same must make sure that the conditions listed above are still met.
The downside of this program is that the annual quota for those eligible to benefit is around 300.
Cyprus
The easiest way to become a permanent resident of Cyprus is also through investment in the country. Buying a new immovable property with a total market value of at least €300,000 plus VAT is enough for a person to meet the first criteria to become a legal resident in Cyprus through the so-called Golden Visa.
Those who do not want to purchase a property can either invest €300,000 in a physical company registered and operating in the territory of Cyprus, which employs at least five people or invest units of the same amount in the Cyprus Investment Funds Association’s collective investments.
The applicant also needs to have an annual income of at least €30,000, which may come from salaries, rents, pensions, etc.
Foreigners can also become residents of Cyprus in other ways, including by applying for a residence permit for employment, studying or family reunification.
Greece
This tourist-famous destination, Greece, is also well known for its Golden Visa program, which grants qualifying foreigners with residency in the country within 60 days of application.
There are several types of investments foreigners can make, in order to qualify for this program, amongst which are also:
- Buying a property worth €250,000 at least
- A minimum investment of €400,000 to a company that has its registered office or establishment in Greece
- A minimum investment of €400,000 to a real estate investment company that will invest exclusively in Greece
- Buying bonds of the Greek government with a minimal acquisition value of €400,000 and residual maturity of a minimum of three years at the date of buying
- Term deposit of a minimum value of €400,000 to a domestic credit institution, for at least a year, with a standing order for renewal
There are many other ways to gain residence in Greece, including here employment in different fields, students, researchers, vocational training, volunteer work, family reunification, etc.
>> Greece Suspends Golden Visa Program for Russian Citizens
Italy
Another tourist-famous destination, where foreign residents can gain citizenship after ten years of legally remaining in the country.
The easiest way to become a resident in Italy is by investing a certain amount of money in this country. A foreigner can invest a minimum of €2 million in Italian government bonds, a minimum of €500,000 in Italian shares, or a minimum of €1 million in projects of public interest in Italy, such as culture, education, ecology, immigration management, research and development, arts, and heritage.
Other ways to gain residence in Italy are work, studying, and family reunification, but also for seasonal work between six and nine months.
Portugal
Living in Portugal doesn’t only mean living in a beautiful country with warm weather and blue waters but also living in a country with a low crime rate and a relatively affordable cost of living.
Foreigners can gain residency in Portugal through two types of investments – capital transfer or purchase of a property. Some of the capital transfer investments are as below:
- At least €5 million capital transfer into a Portuguese bank account or approved investments
- €500,000 for research activities of public or private entities that are part of the national scientific and technological system – €400,000 in a low population density area
- €250,000 to support artistic production or in the recovery or maintenance of national cultural heritage – €200,000 in a low population density area
Regarding the purchase of a property, the minimal amounts to be invested are as follows:
- €500,000 minimum real estate purchase – €400,000 in a low population density area
- €350,000 minimum in a property purchase for the refurbishment of residential properties older than 30 years or in an area of urban regeneration, including the renovation costs – €280,000 in a low population density area
Other ways to benefit from Portugal’s residency-by-investment program are by bringing a business to the country that will create a minimum of ten new jobs (eight in a low population density area) or by investing €500,000 for the incorporation or increase of the share capital of a company registered in Portugal, creating or maintaining a minimum of five permanent jobs for a period of three years.
>> Portugal’s Parliament Refuses to End Golden Visa Programs
Spain
Spain is one of the most sought-after investment destinations, as the country lures foreigners with its beautiful beaches, hot weather, and rich history.
Residency in Spain can be gained by purchasing a property worth at least €500,000, creating a business that is recognized as a ‘general interest’ for Spain, bank deposits with a minimum value of €1 million in Spanish financial institutions, or a government bonds investment with a minimum value of €2 million.
Anotehr way to settle in this country is through the non-lucrative residence visa, which is granted to those who have an income of at least €25,560 annually, plus €6,390 per each additional family member. Other residence permits are also available, like those for employment, family reunification, studying, etc.
Spain also offers the opportunity to its residents to become Spanish nationals through naturalization after ten years of legal residence in the country. Nationals of some specific countries – the Philippines, Andorra, Spanish-American countries, Equatorial Guinea, Portugal, as well as individuals of Jewish Sephardic origin – may be eligible for citizenship after two years of legal residency.
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