Obtaining Easy and Affordable Second Residencies in the EU
Whether you’re looking for a vacation home or considering a move abroad, a second residency in the European Union can offer a range of benefits, from visa-free travel to access to the region’s world-class healthcare and education systems. Fortunately, obtaining a second residency in the EU is often easier and more affordable than many people realize.
Here are some key factors to consider when exploring your options for obtaining a second residency in the EU.
1. Choosing an EU country with a favorable residency program
Several EU countries offer residency programs that are particularly attractive to foreign individuals and families seeking to establish a second home in Europe. Some popular options include:
● Malta: This small island nation offers a highly attractive residency program that allows individuals to obtain a permanent residence permit quickly and easily. To be eligible, you must pass a “fit and proper” test and invest at least Euro 250,000 in government-approved securities. Malta’s residency program offers numerous benefits, including access to Maltese healthcare and education systems, visa-free travel throughout much of the EU, and the option to apply for Maltese citizenship after five years of residency.
● Portugal: Portugal’s Golden Visa program allows individuals and families to obtain residency permits by investing in Portuguese real estate. To be eligible, you must invest at least Euro 500,000 in property and comply with certain other requirements, such as passing a criminal background check. Portugal’s residency program offers wide-ranging benefits, including visa-free travel throughout the Schengen Area and the option to apply for Portuguese citizenship after six years of residency.
● Spain: Spain offers a range of residency programs, including the popular non-lucrative visa program, which allows individuals with sufficient financial resources to live in Spain for up to a year. To be eligible, you must have an annual income of at least Euro 25,560 and be able to support yourself financially during your stay in Spain. Spain’s residency programs offer many benefits, including access to high-quality healthcare and education systems, a low cost of living, and a relaxed and welcoming lifestyle.
2. Meeting the eligibility requirements
Each EU country’s residency program has its own eligibility criteria, so it’s important to carefully review the requirements for the country you’re interested in before applying. Some common criteria include:
● Sufficient income or savings to support yourself and/or your family during your stay in the country
● Clean criminal record
● Good health and medical insurance coverage
● Investment or purchase of property as required by the program
3. Working with an experienced immigration lawyer
Navigating the complex process of obtaining a second residency in the EU can be challenging, particularly if you’re unfamiliar with the local language, laws, and customs. Hiring an experienced immigration lawyer can assist you in understanding the requirements of the various programs and help you to streamline the application process.
Q: Can I obtain a second residency in the EU if I don’t want to invest in real estate?
A: Yes, several EU countries offer residency programs that do not require an investment in property, such as Malta’s Individual Investor Program or Spain’s non-lucrative visa program.
Q: Will obtaining a second residency in the EU affect my tax status in my home country?
A: You should consult with a tax professional in your home country to understand its tax laws and how your second residency may affect your tax status.
Q: Can I apply for citizenship in an EU country if I obtain a second residency through its residency program?
A: The eligibility criteria for citizenship varies by country, but many EU countries offer a pathway to citizenship for foreign residents who meet certain requirements, such as a specified length of residency and/or a demonstration of language skills and cultural assimilation.
Q: How long does it take to obtain a second residency in the EU?
A: The processing time varies by program and country, but generally ranges from a few months to a year. Working with an immigration lawyer can assist you in ensuring your application is complete and expedite the processing time.