In my last few articles we reviewed the key points you should consider when choosing a European Residency Visa Programme. In this article we look at how the various European residency programmes marry up against them.
All of the residency options provide significant benefits however the real value to you will very much depend upon your specific priorities. So let’s review some of the most important points of consideration.
Which offerings really provide Permanent Residency?
If you are investing hundreds of thousands of Euros you really want to ensure that you are getting value for such a large investment and that the residency is Permanent. Many of the residency programmes such as the Golden Visas from Portugal and Spain are only valid for a temporary period. Your residency rights have to be renewed every 2-5 years which is disappointing considering that you invested €500,000 or more.
Only three programmes have provided ‘Permanent Residency’. The Hungarian Investor Residency Bond Program which is now suspended. The permanent visa from Malta which has to be renewed every 5 years; so not really that permanent. However the Cyprus Permanent Residency Programme provides a lifetime residency for the whole family from day one without having to renew at any time in the future.
What happens to the children’s residency status when the reach adulthood
Most programmes include the children in the one single residency investment which is very good news, however it is very easy to overlook the longer term implications when your children are so young. Most programmes only provide temporary residency status, with the dependants typically losing their residency status when they reach the adulthood.
The one exception being the Cyprus Permanent Residency Programmes as the dependants received a lifetime residency permit when they were children, which remains valid into adulthood.
Location and Lifestyle
There is a requirement to visit your country of residency on a regular basis to maintain your residency status. The frequency of those visits will depend upon the programme and therefore it may be wise to select a location that is closest to you to save on both time and costs.
Many investors are looking for a better quality of life and a relaxed, stress-free Mediterranean lifestyle. The further South the country the more relaxed the lifestyle tends to be.
The various programmes all meet these requirements to a certain level; however the one that stands out is once again Cyprus. You only have to visit for one day every two years. Cyprus's strategic location at the crossroads of three continents: Europe the Middle East and Africa has been a major factor in attracting investors to the programme. It is just a short flight from many Middle Eastern and an African countries, as well as being the closest to Asia making it a very attractive and flexible solution.
It is also the most southerly of the European options offering a relaxed, stress-free Mediterranean lifestyle with a low crime rate.
Tax Regime
Many successful people suffer from considerable taxation penalties from their current government and the appeal of living in a country with an attractive and low tax regime is considerable.
The different tax regimes vary considerably; however which country’s regime is the most attractive? Yes you have probably guessed: Cyprus’s advantageous tax rates coupled with an extensive list of double tax treaties places it high on the list of preferred jurisdictions for international tax planners. Cyprus is not associated as an “offshore” vehicle. It is simply the lowest-tax Jurisdiction in Europe that is not offshore.
This article covered some of the major points of consideration for selecting your European Residency Country and as you will have noticed there is only one European Residency programme that excels against them ALL.
In my next article we will be looking at some more key points of considerations such as cost and the ease of obtaining and maintaining the residency, so stay tuned.
In the meantime if you would like any further information or assistance with European Residency Visas then feel free to contact me on +447771716434 or derek@europeancitizenships.com
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