A residence permit allows the holder to relocate to the issuing country. This document is valid temporarily for 1 to 5 years. Upon expiration, a resident renews their permit if they plan to stay in the country.
Grounds for obtaining a residence permit. Foreigners usually must have valid reasons for relocation and getting residence permits. For example, if they have found a job, entered a university in the country, or want to move in with their spouse.
Applicants for residence permits must meet strict requirements. For example, pass a language proficiency exam or spend at least 183 days a year in the country to be able to renew a residence permit. Besides, the residence permit won’t be renewed if a foreigner ceases to have reasons for residing in the country, like after losing their job, dropping out of a university or getting divorced.
An investment residence permit is easier to get and renew. Investors don’t have to pass language exams or look for a job or another ground for relocation. In addition, they aren’t obliged to spend all their time in the country of second residency.
Holders of residence permits can move to the country and enrol their children in local schools and universities. In some cases, investors can work and do business in the country of residence.
If the state is a part of the Schengen Area, its residents can spend 90 days out of 180 within the region. The time spent in the country of residence doesn’t count; the terms apply to travelling across the Schengen states.
Portugal, Greece, Spain, Andorra, and the UAE offer to get their residence permits by investment. The investment amount depends on the country; the minimum is $204,000. Obtaining a residence permit card takes several months.
Residence permits for financially independent persons allow relocation to another country without investments or grounds like employment or studies. But there are some limitations. As a rule, a financially independent person must receive all income from foreign sources and spend at least 183 days a year in the country of residence.
Austria, Switzerland, and some other European countries offer a residence permit for financially independent persons without the right to work in the country.
The conditions for obtaining such a residence permit differ depending on the country. For example, the applicant must prove their proficiency in German on the A1 level, rent housing and earn enough to live in the country to qualify for a residence permit in Austria. Switzerland sets the requirement to conclude a tax agreement with a canton and yearly pay a lump-sum tax of at least ₣450,000.
Portugal has a D7 visa for financially independent foreigners. One needs to prove they have purchased or rented housing in the country and income from abroad exceeding the Portuguese minimum wage. A foreigner can work in Portugal after obtaining a residence permit.
We advise getting a residence permit for financially independent persons only if you want to relocate to the chosen country and don’t plan to travel a lot or spend most of the year in other states.
