Europe’s Ideal Residency Programs for Financially Independent Expats

Europe offers a variety of residency programs aimed at financially independent individuals who want to live in the EU. These programs allow expats to enjoy the benefits of residing in Europe without needing to engage in local employment or business activities. Whether you are looking for affordable options or more comprehensive investment routes, there are several options to consider.

Albert Ioffe, Legal and Compliance Officer at Immigrant Invest, provides an overview of the best European residency programs for financially independent expats.

European Residency Programs for Financially Independent People and Investors

Residence permit for financially independent people typically requires individuals to prove they have sufficient income to support themselves without working in the host country. These programs are designed for those who can sustain themselves by investments, savings, pensions, or other passive income streams. The key benefit is the ability to live in a European country without the need to get a job or start a business.

Some of the most popular programs are the D7 visa in Portugal, the Austrian visa, and Switzerland’s residency options for financially independent people. These programs allow expats to establish residence in desirable countries, while also enjoying a high quality of life.

Cheapest Residency by Investment in Europe

If you are looking for a cost-effective way to gain European residency, several countries offer affordable options that still provide access to the benefits of living in the EU.

Portugal D7 Visa. The Portugal D7 Visa is one of the most affordable residency programs available. Designed for retirees and financially independent individuals, it allows applicants to live in Portugal as long as they can prove they have sufficient income from passive sources like pensions, investments, or savings of €870 per month.

The minimum income required is lower than many other European programs, making it a popular choice for expats looking to move to Europe without a large upfront investment.

Austria. Austria offers a residency program for financially independent individuals. While not an investment program, this option is aimed at individuals who can demonstrate financial independence. They may apply for an Austria residence permit without searching for a job or proving other significant reasons to relocate to the country.

The main requirements for applicants are a stable income, purchased or rented housing in Austria and basic proficiency in German.

Austria has a high cost of living, but the program is still considered affordable compared to other European residency options.

Switzerland. Switzerland’s residency programs for financially independent individuals are another attractive option. Though the cost of living in Switzerland is high, the country offers a stable political environment, excellent healthcare, and beautiful landscapes.

Applicants must demonstrate financial self-sufficiency, either through passive income, savings, or investments, and the program is particularly appealing to those who appreciate a high standard of living.

European Golden Visa Programs

Golden Visa programs offer residency in exchange for investments, such as purchasing real estate, making financial contributions, or creating jobs. These programs are designed to attract foreign capital and talent, providing investors with the opportunity to live, work, and travel freely within the European Union.

Here are some of the most popular residency by investment countries in Europe.

Portugal Golden Visa. Portugal’s Golden Visa program is one of the most well-known and accessible in Europe. It offers residency in exchange for investments in culture, business, or funds. The minimum investment requirement starts at €250,000 for culture investment. The program also allows for a path to citizenship after five years of residence.

Cyprus Golden Visa. Cyprus offers a residency-by-investment program that allows individuals to gain permanent residency through an investment of at least €300,000 in real estate. The program is relatively quick, with applicants gaining residency within a few months.

Greece Golden Visa. The Greek Golden Visa program offers residency in exchange for an investment in real estate. The minimum investment is €250,000, one of the lowest in Europe.

Greece is an appealing destination for those seeking an affordable Golden Visa with easy access to the rest of the European Union. The Greek Golden Visa is also one of the fastest programs to process, making it an attractive option for those looking for quick access to Europe.

Italy Golden Visa. Italy’s Golden Visa program allows investors to gain residency by making a significant investment, which can include starting a business and government bonds purchase.

The investment minimum starts at €500,000 for investing in a startup or business. The program offers the benefit of residency in Italy and access to the entire Schengen Area.

How to Apply for Residency by Investment in Europe

Applying for residency by investment in Europe typically involves several steps, including proof of financial independence, background checks, and making the required investment. While the specific requirements vary depending on the country, the general process remains similar.

1. Choose a program. First, you’ll need to decide which residency program best suits your needs. Consider factors like the minimum investment required, the country’s living conditions, and the long-term benefits of the program, such as citizenship or visa-free travel.
2. Prepare documentation. Most programs require you to provide proof of financial resources, a clean criminal record, and proof of health insurance. You will also need to show that you can support yourself without working in the country.
3. Make the investment. After choosing the program, you will need to make the required investment, whether it’s purchasing real estate, contributing to a national fund, or investing in a business.
4. Submit application. After gathering all the necessary documentation and making the investment, submit your application. Some programs may require an in-person interview or additional documentation.
5. Approval and residency. Once your application is approved, you will receive your residency permit. Depending on the program, this could be temporary or permanent. In many cases, you will be required to spend a minimum amount of time in the country each year.

Conclusion

Europe offers several excellent programs leading to residency by investment in Europe for financially independent expats, ranging from affordable options like the Portugal D7 visa to more expensive but comprehensive Golden Visa programs in countries like Portugal and Greece.

Each program has its own benefits and requirements, and the best choice will depend on your financial situation and long-term goals.

About The Author

Phillip Olivas

See author's posts