Assistant Professor Kristin Surak at LSE says: “… despite the Covid-19 travel restrictions, the majority of OECD countries were not only allowing citizens but also those holding resident status to enter. In other words: An RBI-investment (Residence by Investment) in places like Portugal or Greece opened a closed border.”
Portugal and Greece Golden Visa support this through the numbers of investors who obtained residency by investment. Portugal provided 9,389 foreign investors residency between 2012 and 2020. The Portuguese Immigration and Borders Service (SEF) has provided these data.
Greece Golden Visa also provided a total of 8,011 investors residency between 2013 and January 2021. This is what Enterprise Greece states.
The above are two of the easiest ways to become an EU resident and even an EU citizen. If you wonder how you can be a part of them, keep reading the next sections below.
You can become an EU resident within only a few months
The average time period to become a Portuguese resident is between 6-8 months. This means that you first make a qualified investment in the country, then apply for your Golden Visa. Upon completing the documentation process, you wait for a few months to become a resident. Note that it is a temporary residency at first.
Similarly, the average time period to become a Greek resident is between around 2-3 months. You can renew your residency card every five years indefinitely.
EU citizenship is not a distant dream through Golden Visas
Successful residency leads to citizenship in the end. Portugal requires you to stay in the country for at least seven days on average per year. At the end of five years, you can apply for both permanent residency and citizenship. So, you can benefit from the same rights as a normal EU citizen does. These include the right to work, live and study in any EU country.
It is important to note that your dependent family members can benefit from all the rights you benefit as well.
As for the Greece Golden Visa, citizenship is not a clear cut path. The reason is that it is relatively a recent program and it requires seven years to apply for citizenship. So, there is no data yet about the number of investors who obtained citizenship. Still, it offers other attractive benefits which should not be sniffed at.
The lowest investment requirement for EU residency: Greece Golden Visa
The minimum investment amount to buy a Greece property is €250,000. It is the lowest threshold to be an EU resident among other Golden Visa programs.
Furthermore, Greece does not require you to stay in the country any day of the year upon completing your application. So, you can be an EU resident without even having to stay in Greece.
You can be exempt from income taxes
Portugal is quite well-known for its Non-Habitual resident (NHR) program for foreign taxpayers. The program allows foreign taxpayers in Portugal to be exempt from taxation on most of their foreign income. Furthermore, it lasts for a duration of ten years. Foreign retirees can also avail themselves of this benefit. Their foreign pension is taxed at a rate of only 10% for ten years.
Recently, Greece has introduced a similar taxation program regarding foreign pensioners. They can be subject to only 7% taxation on all of their foreign income for ten years if they shift their tax residency to Greece. The country also declared that they will accept applications from certain reputable countries. If you are not from one of these countries, don’t worry. When you obtain residency through Greece Golden Visa, it can be easier to benefit from this right.
Portugal offers a high-quality healthcare system and a lifestyle’
Roger B. Adams from the Wall Street Journal says: “What do I get for private coverage? The ability to make an appointment, wait less than half an hour for a consultation, see a specialist if I wish and … get some important part of me repaired quickly. All health and dental-care services and medication are far less expensive here than in the U.S.” Sure enough, a developed healthcare system is what we need most these days. If you wish to move to Portugal through your Golden Visa, Portugal will serve you well.
Not only is Portugal attractive with its healthcare system but it also serves well enough regarding safety issues. It ranks the 3rd peaceful country in the world, among 163 countries, according to the 2020 Global Peace Index. Many factors contribute to this rank, for sure. Political stability, absence of terrorism impact, and violent crime are only a few of them.
Article Submitted By Community Writer
