Last week we reviewed the various European Residency Programmes and how they marry up against some of the most important points to consider when selecting the most appropriate European Residency option for you. Today’s article takes that further, comparing the cost and ease of obtaining and maintaining the various residency programmes.
Cost
Cost is one of the key factors for most however it should be balanced against the value delivered, the economic position and Real estate markets that you are investing in. Very few people make a decision on cost alone however it is always a major factor.
Most of the European Residency Programmes such the Golden Visas from Spain and Portugal require an investment of €500,000 in real estate. The Greek Citizenship programme requires the least investment at €250,000 however that should be balanced against its poor economic position and that it is a temporary visa only without the option of permanency. It is therefore infrequently recommended.
Cyprus on the other hand is the second least expensive option requiring an investment of €300,000. It is a permanent lifetime permit and has a thriving economy and real estate market.
Speed and Time
The various residency options all advertise fast application approval times of between 3 and 16 weeks however reality has historically been a little different? Portugal for example experienced a significant backlog with investors waiting 2 years or more for approval and up to 3 months just to get an initial appointment. The Portuguese government has made efforts to improve this however it has been reported that there is still a sizable backlog.
The Spanish Golden Visa application is the fastest taking just 3-4 weeks, The Greece Golden Visa 4 weeks, the Cyprus Permanent Residency taking 8 weeks with the Malta Residency takes up to 16 weeks
How easy is the process?
When comparing the various options it is important that the initial application process along with any renewal requirements is taken into consideration. Most of the options including Spain, Portugal and Greece Golden Visas are only temporary visas. Applicants have to renew them after the first year and then every 2-5 years to maintain the visa residency rights, resulting in further time, cost and anxiety.
The Cyprus Permanent Residency Programme on the other hand is by far the easiest and stress free, providing a lifetime permanent residency permit from day one without any future renewal requirements or issues.
Over the last few articles we have looked out how the major European Residency Programmes match up against the key points of consideration when selecting the best choice for you. Whilst all the programmes have their merits there is one outstanding programme that excels against ALL the major points for consideration. I will be providing further details in my next article, 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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