Permanent residence in the EU
How and where to get permanent residence in 2024

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Permanent residence in the EU

Permanent residence (PR) is the right to permanent and indefinite residence in another country.

Unlike permanent residence, a temporary residence permit is a status that grants the right to temporarily stay in another country, usually for a period of one to two years, and which can be extended to permanent residence.

In simple words, a residence permit is the first stage of immigration and moving abroad, and permanent residence is the second stage, and then comes the right to apply for citizenship.

What does permanent residence give in EU countries?

Permanent residence status in the countries of the European Union provides a foreigner with a number of significant advantages. Having received permanent residence, you become a full-fledged resident of the country and receive almost the same rights as a citizen of the European Union, with the exception of the right to vote and be elected to government bodies.

✔️ The right of permanent residence in the selected country

✔️ Free entry and movement within the countries of the European Union

✔️ Freedom of employment in the EU

✔️ Benefit from the state medical system and other social benefits

✔️ Loyalty of banks to their residents, as there is a financial history in the EU

✔️ Benefits for entrepreneurs and businesses

✔️ Education of children in any educational institution in the EU

✔️ Possibility to apply for family reunification

✔️ After a certain number of years – apply for a passport and EU citizenship

How to obtain permanent residence in the EU?

To obtain permanent residence in the countries of the European Union, the path usually begins with a temporary residence permit (RP). The standard procedure involves several years of residence in the country with a residence permit before you can apply for permanent residence.

For example, permanent residence in Spain, Italy, Portugal, Austria can be obtained after 5 years of residence in the country using a standard residence permit (RP).

A standard residence permit, as an example, is obtaining a residence permit for financially independent foreigners; business immigration; programs for entrepreneurs (Startup visas) and digital nomads; Golden Visas and residence permits for investors.

✅ And now the most important thing – there are official government programs that allow you to immediately obtain permanent residence for the whole family – and these programs are in Cyprus, Malta and Greece!

This may be a faster and more direct path to residency for those seeking expedited options.

Let’s look at each of the programs that provide quick access to permanent residence in the EU.

 

Permanent residence in Cyprus in 2024

Immigration Permit For Investor, which is called the “Cyprus Golden Visa,” allows non-EU citizens to immediately obtain permanent residence in Cyprus through investments of 300 thousand euros in residential or commercial real estate, in Cypriot companies or funds.

Cyprus provides unlimited permanent residence, not a temporary residence permit.

The Cyprus Investment Program has become one of the most popular among applicants for residency status and took 9th place in the world ranking of investment programs for 2023 (Henley Residence Program Index 2023), beating countries such as the UAE, the USA and Monaco.

✔ Unlimited permanent residence in the EU. A resident card is issued immediately for 10 years and then reissued.

✔ Possibility to live in the Republic of Cyprus on a permanent basis or come at any time on vacation

✔ It is possible to submit documents for a resident card in Cyprus by a lawyer, without the presence of the applicant

✔ Permanent residence in the EU for the whole family. A residence permit is granted to the spouse and children.

✔ Real estate can be rented out and receive a constant income

✔ Opportunity to obtain EU citizenship and passport in 5-7 years

✔ Possibility to obtain Non-Dom tax status and minimize your taxes

Also, permanent residence in Cyprus is very comfortable, because Cyprus is:

Cyprus Tax Advantages

In addition to 2 benefits (profitable investment + permanent residence in an EU country), Cyprus gives its residents the right to legally optimize taxation.

🔸 Corporate tax is only 12.5%, which makes Cyprus attractive for doing business and investing.

🔸 0% on dividends, so you can receive your profits without additional obligations.

🔸 No inheritance or gift taxes

🔸 No annual property taxes

🔸 Personal income tax rates are low and range from 0% to 35%. And the first 19,500 euros of income are tax-free.

 

If you are considering obtaining permanent residence in Cyprus, please contact our office in Cyprus (Larnaca)!

OBTAIN  PROFESSIONAL ADVICE OF AN IMMIGRATION LAWYER
OBTAIN PROFESSIONAL ADVICE OF AN IMMIGRATION LAWYER


     

     

    Permanent residence in Greece

     

    The Greek Golden Visa program provides the opportunity to obtain permanent residence in the Schengen for 5 years for the whole family.

    To do this, you need to buy real estate in Greece in the amount of 250 thousand euros or invest in Greek companies, government bonds or bank deposits from 400 thousand euros.

    The Greek Golden Visa is one of the most popular programs and was ranked in the TOP 3 of the Global Index of Best Residency Programs in 2023.

    The main benefits of this program include:

    ✔  Minimum investment and validity period: from 250,000 euros in real estate and you receive permanent residence in Schengen immediately for 5 years with the right to extend also for 5 years.

    Family opportunities: your children and parents or parents of your spouse can also obtain permanent residence permit with you.

    ✔   Path to citizenship: possibility of granting citizenship after 7 years.

    Simple process: confirmation of the source of funds is required only when transferring funds under a purchase and sale agreement, but not for obtaining permanent residence.

    Remote Application: You can apply for Greece Golden Visa remotely, you only need to visit Greece once to submit your fingerprints.

    No residence requirements in Greece: there are no minimum residence requirements for investors.

    Tax advantages for investors in Greece

    If you decide to become a Greek tax resident, you will be required to pay taxes in the country on income earned anywhere in the world.

    At the same time, Greece has introduced three alternative tax regimes for its new tax residents.

    These alternative regimes apply to investors, pensioners and employees/freelancers.

    Investors are subject to an annual flat tax of €100,000 on total income from foreign sources (maximum period: 15 years).

    If you do not want to use the regime, you can pay taxes as usual. Income tax in Greece depends on the source of income (employment, rental) and is calculated accordingly. Income tax rates are progressive from 9 to 44%.

     

     

    Permanent residence in Malta

    Malta provides the opportunity to obtain Schengen permanent residence also for 5 years with the right of extension.

    The Malta Permanent Resident Program provides two options for obtaining permanent residence:

    The benefits of the Malta Permanent Residence Program include

    ✔  Permanent residence status in Malta is granted for life, but the card must be renewed every 5 years.

    ✔  There is no obligation to permanently reside in the country.

    ✔ Four generations have the right to obtain permanent residence in Malta: the applicant, spouse, children, parents, grandparents.

    Tax benefits

    Income received outside the territory of Malta and not transferred to its territory is not subject to tax. This provision provides investors and residents with additional benefits.

    Malta also has a tax refund system that allows you to optimize corporate taxation and reduce taxes. Thus, it is possible to reduce the overall corporate tax rate from 35% to 10% and even to 5%.

    In addition, Malta does not withhold tax on dividends paid to shareholders.

    Our team consists of experienced lawyers and immigration specialists who provide assistance and support to citizens wishing to obtain resident status in the EU! We also provide related services, including support in business, tax, investment and real estate purchases.

     

    OBTAIN  PROFESSIONAL ADVICE OF AN IMMIGRATION LAWYER
    OBTAIN PROFESSIONAL ADVICE OF AN IMMIGRATION LAWYER


      FAQ
      What is permanent residence (permanent residence) in another country?

      Permanent residence provides the right to indefinite residence in another country with the right to subsequently obtain citizenship.

      What advantages does permanent residence status provide in EU countries?

      Having permanent residence status, you become a full-fledged resident of the country and receive the same rights as a citizen of the European Union, with the exception of the right to vote and be elected to government bodies.

      In which EU countries can you quickly obtain permanent residence?

      Official programs that provide permanent residence are available in Cyprus, Malta and Greece.

      Article author

      Anastasia Taran Head of Corporate Services
      Ukraine
      In 2013, she graduated in law from the National University «Odessa Law Academy» with honors and received a Master of Law degree. Anastasia Taran has experience in international and contract law, as well as corporate and tax law in Europe. Within the framework of Feod Group, she specializes i...
      In 2013, she graduated in law from the National University «Odessa Law Academy» with honors and received a Master of Law degree. Anastasia Taran has experience in international and contract law, as well as corporate and tax law in Europe. Within the framework of Feod Group, she specializes in immigration and corporate law of European countries, particularly:
      • family and corporate immigration solutions.
      • establishing a business in Europe.
      • personal and corporate taxation in Europe.
      • opening accounts in European banks.
      • obtaining a tax resident status.
      read more
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      Why clients choose Feod Group

      Since 1992, Feod Group has been providing a wide range of legal, business and immigration services in Europe, the USA and other countries of the world.

      The company has accredited western lawyers, experts in various fields of law and jurisdictions of the world.

      Having offices in Europe and the USA, Feod Group provides rapid paperwork and maximum customer comfort.

      We provide our clients with related services, such as relocation and adaptation abroad, organizing family relocation abroad, enrollment of children in schools and many other services.

       

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