How Can Americans Travel And Work In Europe?
One of the most popular and straightforward methods for obtaining the right to live, work and study in the EU is Portugal’s Golden Visa scheme. Also known as the residence permit for investment activity (ARI), this visa offers residency rights to people who invest 280,000 euros in real estate. This is one in all very cheap investment thresholds in Europe,. Within five to six years on this visa, you can become a Portuguese citizen, with the right to travel to 188 countries, and in the meantime, with your Golden Visa, you can travel across the Schengen area without the need for any other visa. This is a brilliant opportunity for non-EU citizens with the financial means who want to travel and work in Europe. The other benefits, as well as requirements for applying for this visa, will be addressed below.
Residency and Citizenship In The EU
The Golden Visa scheme allows you to reside legally in Portugal, which gives the holder the right to live, study and work in Portugal, and across the EU, without a work permit. You can become a permanent resident or citizen after only five years on this visa, and you can then gain all of the benefits of being an EU citizen, including the political right to vote. Portugal is a very attractive destination for potential international investors who want to live and travel abroad. It is a safe and affordable country, with a high quality of life and great health and education systems. Moreover, the climate is warm, the coastlines are beautiful and the food is delicious.
Invest In Real Estate
The Portugal Golden Visa is an ideal opportunity for high net worth individuals who wish to become residents of Portugal easily by investing in specific real estate projects. Investors with the Portugal Golden Visa are only required to stay in Portugal a minimum of seven days per year, meaning they have a lot of opportunities to travel, visit a second home, return to see family in the US, and generally not feel tied down to their investment or trapped by their visa. This makes it a very flexible and freeing experience. The initial investment period lasts for at least five years or until the time the investor can get the Permanent Residence card. As the main applicant, you are responsible for maintaining your investment of at least 280,000 while you and your dependents hold the Golden Visa residency status. Then, after five years, once you become permanent residents or citizens, you can choose to liquidate the investment.
Requirements For The Golden Visa Program
You will need a valid passport, or another government-issued travel document and proof that the qualifying investment was made by the main applicant individually. Moreover, you require a declaration from a Portuguese financial institution confirming the transfer of funds, a criminal record check from your current country of residence, proof of healthcare coverage, a declaration that you will comply with the visa investment requirements, and all documents translated into Portuguese.
Your 280,000 euro investment has to be made from a Portuguese bank account, and you will require a NIF number, which is a tax identification number in Portugal. Opening a bank account and obtaining your NIF number are relatively straightforward tasks. You are not required to have any management experience, or language or education credentials to sign up for the Portugal Golden Visa scheme.
Benefits of The Golden Visa Program
Clearly one of the major benefits of the Portugal Golden Visa scheme is the residency and eventual citizenship status it provides. This comes with the right to live, do business, and study in Portugal. Americans who wish to work and travel abroad can access most of continental Europe with this visa, and travel freely within the Schengen zone without additional visas.
On top of the work and travel opportunities, Portugal doesn’t charge tax on worldwide income for people who are not yet residents. So, if you are spending less than 183 days a year in Portugal on your Golden Visa, you won’t pay taxes on your worldwide income, that is income generated in other countries. While you are in Portugal, you will also have the opportunity to expand your horizons by learning a new language, taking up surfing, exploring Europe, and trying the local cuisine, such as the delicious pastel de nata custard tarts so loved by the Portuguese.
Moving Your Possessions To Europe
International moves are generally handled by ocean freight shipping, as this is a cost-efficient transit method. Try to cut down on your possessions before moving, as this will save you on transit costs, and effort. Think of your move as a new slate and only bring the essentials and most loved items you own with you. This is a good opportunity to donate clothes to charity shops and clean out your garage! If you are planning on shipping your car overseas, remember not to fill it with gas before the journey as this makes it heavier, thus increasing the cost of transport and risks of damage. It can take a week or two for your car to be shipped, so consider this when making your moving plans.
Invest In Your EU Citizenship
Americans with the economic means who are looking to live, work, and travel overseas should strongly consider the Portugal Golden Visa scheme. With an investment of 280,000 euros, that after five years of maintenance can be liquidated, you can begin your European adventure and reside legally in the EU. Portugal is an ideal location to live, invest, and work, as the cost of living is reasonable, the climate is sublime, and the country boasts incredible cuisine, beautiful beaches, and good public services, like health care. The Portugal Golden Visa scheme allows non-EU citizens to apply for permanent residency or EU citizenship after five years on the visa. Being an EU citizen provides many rights and benefits, including the right to vote and access to high-quality education. In addition, EU citizens can travel freely across 188 countries visa-free and work in any other EU country without a work permit. As you are only required to stay in Portugal for seven days of the year, the travel opportunities are endless.
Invest in real estate and in your European future with the Golden Visa scheme. Good luck in your new chapter of life!