If you want to get permanent residency in EU, you’ll know that it comes with heaps of benefits – visa-free entry into the EU nations is just one of them. But how to get this residency, and which are the best and easiest countries to do so? We find out. By Anushka Goel
What is EU Residency?
European Union permanent residency allows people to enjoy benefits of the country they have the citizenship of, as well as those offered by the EU as a whole, which does not include Denmark, Ireland and the United Kingdom. This includes documentation-free travel across the Schengen area, the permission to be able to move to any other EU nation to settle there, and a lot more.
How to get permanent residency in the EU?
There are several ways you can obtain permanent residency across the countries that are part of the Union. These include being involved in various degrees of skilled work, studying there, start-up founders and more. Also, those who invest in these nations are eligible to be awarded golden visas (read more about them here), which is another great way of obtaining this residency. A detailed guide to some of the best and easiest countries to obtain EU residency is given below:
These countries are the best to obtain permanent residency in the EU
Greece
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The tourist-friendly destination offers golden visas to those who make investments in the country. These can be in various forms:
- Buying a property worth EUR 250,000 (INR 2,04,22,479) minimum.
- Invest EUR 400,000 (INR 3,26,84,800) at least, in a company with a registered office in Greece or with a real estate company that will exclusively invest in Greece.
- Buying bonds worth EUR 400,000 (INR 3,26,84,800) at least of the Greek government, and residual maturity of a minimum of three years when these bonds are purchased.
- A term deposit of a minimum of EUR 400,000 (INR 3,26,84,800) to a domestic credit institution, for at least a year, along with a standing order for renewal.
Cyprus
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To get a permanent residency in this stunning country, these are the rules you must follow:
- Make a property purchase of about EUR 300,000 (INR 2,45,23,894), ensuring that it is approved by the government as a new development in the country. A physical investment of about a year is necessary when applying for citizenship, and the applicant must visit the country at least once every 24 months (two years). If this cycle continues for seven years, the naturalisation process can be taken up.
Austria
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Austria has various categories of people that are eligible for a permanent EU residency. These include:
- Very highly qualified workers
- Skilled workers in jobs that belong to the shortage occupations category.
- Other key workers, including self-employed key workers
- Graduates from Austrian colleges and universities.
- Founders of start-up ventures.
Italy
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The stunning country is a dream to live in, but to avail residency here, you need to do one of the following:
- Invest EUR 2,000,000 (INR 16,33,38,000) in Italian government bonds.
- Invest EUR 500,000 (INR 4,08,40,197) in Italian shares.
- Spend EUR 1,000,000 (INR 8,16,83,000) in projects of public interest in the country, which can include any among education, culture, ecology, immigration management, research and development, art, heritage and more.
Spain
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Spain also requires aspirants of the Golden Visa to purchase real estate worth at least EUR 500,000 (INR 4,08,40,197), along with the renewal of the permit every two years.
Portugal
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The stunning nation offers residency opportunities in the EU via capital investments as well as through the purchase of a property:
- Aspirants can purchase property for EUR 500,000 (INR 4,08,40,197) or EUR 400,000 (INR3,26,84,800) in low population density areas, or they can purchase older, refurbished properties for EUR 350,000 (INR 2,85,90,450) or EUR 280,000 (INR 2,28,71,663) in low population density areas
- Investing EUR 5,000,000 (INR 40,85,15,000) in capital transfer to a Portugese bank account, or approves statements of about EUR 500,000 (INR 4,08,40,197) for research activities and more.
Hero and Featured Image: Courtesy of Dimitris Kiriakakis/Unsplash
Related: Check Out The Best Credit Cards For Travel Before You Plan Your Next Trip
Written By
Anushka Goel
Anushka has previously worked with publications such as the Times of India and Being Indian. A graduate from Xavier Institute of Communications, she specialises in entertainment, food and travel. She also likes to write about sustainability and beauty. When not working, you can catch her reading a book, tending to her plants, cooking or playing an instrument.
