Fastest, cheapest route to permananant residency in EU???

[cuteguy]

Hey guys

I'm located in an asian country and wish to settle in the EU or USA/Canada or australia.

I'm currently pursuing a professional chartered accountancy qualification and can speak English and German fluently apart from my native language (hindi)

Investor visas are an easy way but they are way to high than what I can spend. I looked into latvian temporary residence through buying property worth 72,000 euros but their govt website says that you have to live in latvia for 6 months a year and I can not do that.

Bulgaria has an option 172,000 euros but that's too expensive as well and from what i been reading, they are no longer an EU state.

Anything I would want to know? specially about australia and EU.

[mulderpf]

Where did you see that Bulgaria is no longer an EU state?

[cuteguy]

Oops my bad.. i wanted to say they aren't a schengen state.

[kenfrapin]

Wow so much research into finding how to get out of you country and move to the EU or US or Canada or Australia.
Can you tell us why this desperation to move out and come here. Do you know the ground truth of lifestyles in these places? And if you can invest 72k Euros of your money in Latvia (jeez!!) why throw all that money to come here?
Slightly baffled reading your thread and the desperate measures you are ready to take. There is life, great life outside of these countries as well

KP

[cuteguy]

Wow so much research into finding how to get out of you country and move to the EU or US or Canada or Australia.
Can you tell us why this desperation to move out and come here. Do you know the ground truth of lifestyles in these places? And if you can invest 72k Euros of your money in Latvia (jeez!!) why throw all that money to come here?
Slightly baffled reading your thread and the desperate measures you are ready to take. There is life, great life outside of these countries as well

KP

Well, let's just say I'm fed up of lawlessness and corruption.

[kenfrapin]

Fair enough but my presumption is that its best to use your skills to go anywhere else rather than shortest way - what you need to remember is you can go anywhere for a short while but in order to remain in that country, you need to make a living. Plus Im sure you plan to settle down, think of your life 10 years down the line etc...

For all this, the shortest option such as investing X amount as an entrepreneur or buying land/property will not be a solution to you inherent problem. Unless you are really rich and have business acumen, its best to get an insight of how you can use your 'skills' to not only go outside but also sustain yourself and build a happy future for you and perhaps your family

KP

[cuteguy]

Fair enough but my presumption is that its best to use your skills to go anywhere else rather than shortest way - what you need to remember is you can go anywhere for a short while but in order to remain in that country, you need to make a living. Plus Im sure you plan to settle down, think of your life 10 years down the line etc...

For all this, the shortest option such as investing X amount as an entrepreneur or buying land/property will not be a solution to you inherent problem. Unless you are really rich and have business acumen, its best to get an insight of how you can use your 'skills' to not only go outside but also sustain yourself and build a happy future for you and perhaps your family

KP

Thanks for the advice. I am a single male, 20 years old. I think BCOM from australia would be best as I can apply for Permanent residency immediately after completing bachelors. What do you guys think?

[mastermind]

wish to settle in the EU or USA/Canada or australia.
...
but their govt website says that you have to live in latvia for 6 months a year and I can not do that.

Isn't there a contradiction?

[investco]

As our firm is engaged in assisting individuals in obtaining a Latvian Residence Permit, I thought I might answer some questions regarding the Latvian Residence Permit, most of which may be found here:

http://www.investco.lv/eu-residence-per ... questions/

First of all, regarding how quickly we may be able to help you to obtain the Latvian Resident Permit, we can ensure you will be able to receive this within 10-business days of the application, unless you are a citizen of one of the following jurisdictions:

http://www.investco.lv/additional-security-checks/

These jurisdictions require applicants undergo additional security checks which may take up to 90 days.

It is also work noting that work permission is also included with your resident permit, so, you have the ability to work locally.

Regarding residency requirements, Latvia does not have any residency requirements for maintaining the resident permit, however, if you wish to apply for permanent residency status or even citizenship after 5 years, you must demonstrate that you have been resident in Latvia with the exception of 10 months within the 5 year period.

If you are not interested in permanent residency and citizenship, the 5-year permit is renewable without ANY requirement to be resident in Latvia or even within the Schengen Area.

Also, it is possible to apply for work permission in some other countries of
the Schengen Area with the Latvian Resident Permit, for example, Switzerland:

http://www.eda.admin.ch/eda/en/home/rep ... isltu.html

It is also possible (usually after 18 months in Latvia) to apply to other countries of the EU for living and work permission, effectively exchanging your Latvian Residence Permit and work permission for that of another country. These applications are handled on a case-by-case basis and according to the immigration laws of the individual country.

Regarding cost, we can help obtain this permit for you for one-time payment of €40,000 (which includes investment, taxes, state duties, annual renewals, establishment of a latvian bank account with Visa card, etc.).

The process is quite simple and fully above board. But you should plan that you will need to arrange to go to the nearest Latvian embassy as part of the process (you will submit your application there) and travel to Riga, Latvia to the immigration office to actually collect your resident permit.

[mastermind]

IMHO, the Latvian scheme is a joke. Did their legislators do their homework at all before promoting it? In EU there are at least Malta (also a Schengen member) and Cyprus (non-Schengen so far) which offer better conditions, without requirements to spend ("invest") money (usually it is enough to show that you can afford to live there). Probably there are more, these two a just those I know of.

Malta gives permanent (while Latvia - only five year temporary) residence permit if you can show evidence of annual income of Euro 23500+ or capital of Euro 352K+.

Cyprus gives yearly (renewable every year) residence permits without right to work locally to those who can afford to live there (no specific requirement set, according to people I know who use this scheme the minimum is from 10K+ to 50K+ in your bank account for yearly permit) and have a place to stay (i.e. requirement to demonstrate a rental agreement or property title if you are a property owner etc.). Permanent residence ("immigration permit") is also available for those who can demonstrate that they have (not spend/invest) several hundred thousand Euros.

In both cases you are not required to actually spend/invest this money, just provide a bank statement demonstrating that you have them. (well, there are some spend requirements in Malta but incomparable to Latvia's ones quoted above)

I wonder who can be attracted by such a scheme? Maybe those who'd like to have a 5-year schengen visa? Not worth it. Perhaps crooked politicians or dictators who do not care how much to spend? (easy come, easy go)

BTW, generally Latvia's regulations appear to be the most unfriendly to migrants in Europe. Nationality acquisition requirements are also one of the worst: http://www.integrationindex.eu/integrat ... /2436.html

[investco]

Both Cyprus and Malta offer very attractive residence programs, though they may appeal to different segments.

One of the major drawbacks of the Cyprus Residence Permit is that Cyprus is not currently a part of the Schengen Area. While they are a candidate to join, they must more adequately resolve some issues related to territorial dispute prior to acceptance. When this may happen is unknown, so, holding this permit does not give the permit holder any greater freedom of movement within Europe and requires they obtain a separate Schengen visa.

The Malta Resident Permit, however, does provide this freedom of movement as Malta is part of the Schengen Area.

The Malta Resident Permit does require that the holder pay a minimum of €4,192 per year in tax in order to maintain the permit.

The previous poster is correct in that when applying for the permit and upon annual renewal (even though it is a Permanent Resident Permit it must be renewed each year), the applicant/holder must demonstrate an annual income of not less than €23,000 received from outside Malta or a bank statement showing not less than €349,000.

Once receiving the Malta Resident Permit, the holder is obligated to take up residence in Malta within 1 year.

This may be in the form of the purchase of property with a value of no less than €69,000 or an annual rental agreement with at least €4,150 per year in rental payments.

So, in reality, after income/capital verification the actual MINIMUM cost of obtaining and maintaining a Malta Resident Permit for a period of 5 years will cost:

€16,600 (€4,150 x 4) - Rental payments
€20,960 (€4,192 x 5) - Minimum annual tax
---------------------------------------------------
€37,560 - Total 5 - Years

This does not include any application processing fees, state duties, etc.

So, in effect, the costs for the Malta vs. Latvia are quite close if comparing for the 5 year period. One key difference is that Malta does not allow work permission or the ability to derive income from Malta (it is really intended for retirees), while the Latvian permit does allow work permission and the ability to apply for work permission in other countries (such as Switzerland) while still holding only the Latvian permit.

Regarding the statement that Latvia's program is only attractive to "crooked politicians", there have been many such cases in which a former politician was denied the Latvian Resident Permit due to his attitudes and activities, for example the former Mayor of Moscow Yuri Luzhkov.

http://www.ft.com/cms/s/0/a22bf704-2f1b ... z1CwE65lii

Admittedly, Latvia has had some issues in the past concerning ability to obtain citizenship, most of which related to the legacy of Soviet occupation and migrants during this period, and have been or are being resolved as part of a requirement to become consistent with the rest of the European Union.

If you are interested in explore more details of the Matla Permanent Resident Permit, here are a couple of links to what I understand to be quite reputable firms assisting with this service:

http://anchor.com.mt/?corporate-service ... ment-malta

http://anchor.com.mt/?corporate-service ... ment-malta

[mastermind]

Correct me if I'm wrong, but it looks like Latvia requires 5 years residency after obtaining permanent residence which makes it essentially 10+ years of residency requirement for citizenship. That's while some EU countries require just 3 years of residency, and in Belgium there is even a right to obtain citizenship after 7 years. (+ there is a right to apply via a discretionary procedure after 3 years)

So I fail to see what issues exactly "have been resolved" in Latvia.

Also as mentioned on MIPEX website ( http://www.integrationindex.eu/integrat ... /2436.html ) Latvian citizenship obtained via naturalization is most insecure (meaning it's revocation is most probable in comparison to others) among all nations evaluated by them (these are all EU countries and more).

For those who are interested in the subject, here is another website comparing European countries' citizenship acquisition policies: http://eudo-citizenship.eu/country-profiles

As to the Maltese program being only for retirees I do not agree. They are not prohibiting economic activities in other countries (this is explicitly stated if I'm not mistaken). The same also applies for Cyprus. (they actually encourage applicants to demonstrate foreign sources of income)
So these schemes are also good for international freelancers/contractors/web based businessmen etc.
In any case the value of being able to work domestically in one of the most depressed economies in Europe is rather questionable (especially to those who can afford to spare €40K for a visa).

[investco]

The Latvian immigration and citizenship laws have been considerably modified as of July 2010.

After an individual has been a Permanent Resident of Latvia for at least 2 year, they may apply for citizenship upon successfully completing Latvian language and history examinations and demonstrating residency requirements.

So, it is actually possible to obtain citizenship within 7 years.

One key difference is that individuals holding the Latvian Resident Permit are actually encouraged to do business in Latvia and are given incentive to do so.

For example, Latvia recently reformed their tax code and business establishment procedures in September 2010. It is now possible to establish a new business within one day without any share capital, with only €35 in incorporation fees.

Also, on January 1 2011, a new microenterprise classification went into effect.

A company may be classified as a microenterprise if turnover in a calendar year does not exceed €100,000 and it has less than 5 employees.

The micro-enterprise tax is imposed only the micro-enterprise's turnover, at a rate of 9 % - there are no employment taxes or additional taxes unless:

A) If the number of employees exceeds 5, the 9% tax rate is increased by 2 percent points for each additional employee employed;

B) If the annual turnover of a micro-enterprise exceeds €100,000, the 20% rate is imposed on the surplus turnover;

Anyway, I am not suggesting that the Latvian system is perfect, I am just highlighting some advantages and clarifying some points.

I think each residency program has some advantages over another, depending on the individual's current situation and goals.

I can speak only from my own personal experience as an American living in Europe for almost 10 years. I have been resident of various countries, but chose to obtain the Latvian Resident Permit as it was better suited to my goals, compared to others, even though it meant that I had to essentially restart the clock toward permanent residency.

[mastermind]

The Latvian immigration and citizenship laws have been considerably modified as of July 2010.

After an individual has been a Permanent Resident of Latvia for at least 2 year, they may apply for citizenship upon successfully completing Latvian language and history examinations and demonstrating residency requirements.

So, it is actually possible to obtain citizenship within 7 years.

This is indeed a good development.
Do they still require to give up your original citizenship before naturalization?

A company may be classified as a microenterprise if turnover in a calendar year does not exceed €100,000 and it has less than 5 employees.

The micro-enterprise tax is imposed only the micro-enterprise's turnover, at a rate of 9 %

Looks good but in what way is this useful for those who chose this residency scheme which requires that you pay at least €28,500 in taxes per year to maintain residency?

Update: According to the gov. website it looks like they still do not allow dual citizenship and the residency requirement is 5 years as permanent resident. (so still 10+ years) http://www.pmlp.gov.lv/en/Citizenship/N ... acija.html
Where did you get the information about new (shorter) residency requirements? Could you provide a link?

[rg1]

Let me tell you something.

The infrastructure and economy of Eastern block EU countries and Malta/Cyprus are not good.

For holiday they are ok but living there permanently, I think you better stay in India.

Malta & Cyprus are small islands and you'll soon bored with living there

Other countries, you'd have severe language issues.

Don't be that desperate to settle anywhere in EU. Eastern block EU coutries are as corrupt as India.

[gainvidya]

Shock to know someone trying to move to diminishing EU leaving emerging India whehere as a lot of Indian settled in EU are going or planning to go back to India.

I am sure there are lot of opportunist waiting for such desperate people to "help" them settle in EU, especially dead EU countries like Malta and East Europe.

[Traveler33]

Have you looked into Canada? I've only visited but it's quite similar to Us, immigration requirements are clear, and there have been books written about the process which you can buy from companies like Amazon. I know it's possible for skilled immigrants to obtain residency (much easier than US)

Australia (and NZ) are also easier than US. Australia also has nicer climate if you hate the cold of Canada.

[mastermind]

Are you still interested in the subject? Looks like Sweden has pretty liberal policy towards self-employed people. See: http://www.migrationsverket.se/info/177_en.html
And most of people in Sweden speak English.
The disadvantages are high taxation and not so nice climate.

[SickofEU]

I am an indian and have lived in europe for 5 years now...in france actually and have spent several months travelling and visiting several countries. There are lots of problems in europe now firstly the locals have no money, they are poor and over stressed everywhere and very resentful / jealous of foreigners especially foreigners with money. If you are an indian i would never suggest a move to latvia....that country is more dangerous, corrupt and much more politically unstable than even india...in fact india has a better future than all of europe right now. Europeans are lazy people with a bad welfare state system that has basically failed now...and they are borrowing more and more to keep paying locals enough to keep them quiet. The day these governments cannot afford to pay their lazy people enough to give them a basic house and food, thats the day these people will have another social revolution. Europe has never been stable ...look at the past 1000 years of european history...always at war with each other, always looting other countries, always having internal conflicts, dictatorships, communists, revolutions....etc...so where is the stability ?? Only the past 60 years since world war two there was some stability in europe but even that is going now...eu government and economic policies are no worse than india now....there is quite a bit of lawlessness in europe too esepecially in the eastern eu countries but also in the western eu countries...and believe me the levels of beloved in europe is shocking...visitng as a tourist is different from living in these countries. Worst of all though due to lack of opportunities for the locals, people in europe are extremely depressed and sad....they are not at all friendly and very threatened by the foreigners moving to their countries....if this isnt bad enough please research the taxation laws in these countries. Most peopple arent even aware that the majority of eu countires tax u on your worldwide income AND ASSETS....they have wealth, inheritance, estate taxes on worldwide assets once you make the mistake of becoming resident in any of these countries. In my opinion if u want to escape india then go to thailand, sngapore, hong kong ...even the US is a mess right now....asia is clearly on the way up and europe is down!