Will I ultimately be granted citizenship? is the one question that will unavoidably come up when you begin looking into European Golden Visas or Permanent Residency Programs.
The ability to live and work in another EU nation, learn there, and start a business there, just like any other EU citizen, is one of the potential rights granted by the EU. You can also transfer your status to future generations, buy real estate, cast your ballot, and visit some nations without a visa. Possessing citizenship enables you to get a visa.
In this article, we’ll outline concrete methods to acquire these rights, which accrue over time.
The “Illusion of a Golden Visa Program” is what? Why is it crucial to comprehend this idea?
Most of the time, you think—or are led to think—that by buying some property and travelling there for a few weeks each year, your citizenship application will be automatically approved. Several or no more inquiries were made!
Unfortunately, the majority of Golden Visa Programs are short-term and must be renewed every five years. The majority of programs require kids to reapply once they’re old enough and autonomous. The people who stand to gain from this “misunderstanding” are most often the ones who write vague pieces to the contrary.
Being physically present in a developed nation for at least ten years is typically required to become naturalized. Citizenship is not assured even then. The same advocates would also like you to think that you can bypass the Long-Term Residency and Permanent Residency phases and proceed directly to citizenship. A free upgrade to EU membership is improbable, though.
A person can file for permanent residency and then be naturalized, or become a citizen, after a certain period of time in many European countries. While the circumstances differ from nation to nation, they typically have a number of solid connections, including:
- Being a decent and fit individual
- Being able to support your family and yourself
- Being physically, continuously, and lawfully present in the nation for a long time.
Although it can differ in Europe, the minimum is five years.
It is unlikely that someone who has not physically lived in the nation for a number of years will be qualified to apply for citizenship, let alone permanent residency.
Let’s presume that a person has earned the right to apply and that they have met the necessary requirements. The problem is this: The state is not required to accept an application just because one has the right to submit it.
How is EU Citizenship obtained through a Golden Visa Program? Here Is the Actual Price
Rich people can obtain EU citizenship through the use of golden visas by investing in real estate or companies in EU member states for the money they invested.
All of the privileges of EU citizenship, including the freedom to move around and travel, access to healthcare and education, and the ability to reside and work in any member state, are available to those who possess a Golden Visa. Golden Visas Program do have a price, though.
Malta encourages clear-path citizenship by investment through its initiative called Malta Citizenship by Naturalisation for Exceptional Services by Direct Investment (Malta Citizenship by Naturalisation for Exceptional Services by Direct Investment). Investors can choose between two different opportunities provided by the initiative:
After having a residency status in Malta for one year, a person may petition for citizenship by making a contribution of 750,000 euros (a non-refundable expenditure) to the National Development and Social Fund, which was established by the Government of Malta.
Apply for Maltese citizenship after three years with a smaller non-refundable expenditure of €600,000.
In the application, the primary candidate must set aside €50,000 for each family member. Additionally, you must lease a home for a minimum of €16,000 per year and give €10,000 to any Malta-registered non-governmental organization.
As an alternative, you may spend a minimum of €700,000 on a home in Malta and keep it for a minimum of five years after receiving your certificate of naturalization.
Depending on the make-up of the household, administrative and due diligence fees will be charged. No matter the applicant’s decision, the lifetime rewards will not change.
What happens if you don’t have enough money for the golden visa program?
There is already a legal provision in place to let citizens of third countries profit from citizenship in the same ways as other European citizens without having to pay a million euros.
The Long-Term Residents Directive, also known as EU Council Directive 2003/109/E, contains the solution. The remaining 25 members of the European Union, with the exception of three, have all signed this regulation. The price? Nearly naught.
You have the opportunity to obtain Long-Term Residency status once you have been a resident for four years and two months over five years and have met other necessary requirements. Furthermore, the nation has a duty to handle it.
The advantages of this legislation are substantial because it bestows privileges usually reserved for citizens. These include the freedom to work for others or for oneself, schooling, and access to social services in all 25 member states of the European Union. One is more likely to acquire citizenship and a national passport if one remains in that country for even longer.
Golden visa Programs are more and more common because they provide routes to European citizenship. Golden Visas additionally offer a variety of advantages. Golden Visas do, however, have a price, including expensive investment requirements and stringent eligibility requirements. Golden Visas are still a good choice for people who want to reside and work in Europe.
Golden Visa applications and approvals are not without difficulty. For this reason, it’s crucial to search for immigration specialists who can help you realize your dream of becoming a citizen of Europe.