Citizenship in the EU entitles you to the benefits that come with the freedom to migrate, reside, and work in any of the 28 EU member nations. A passport from any of the member nations allows you to freely cross any border in over two dozen countries, as well as visa-free travel and access to some of the greatest national health care systems in the world. It is for these reasons that European citizenship has become cherished and sought-after and one of the ways to obtain it is through the real estate for sale in Europe.
Citizenship by descent
Citizenship by descent is the simplest and least expensive option for people who qualify to become European citizens. To be eligible, you must have parents, grandparents, or, in certain circumstances, great-grandparents who are/were born in the country you are applying for citizenship. The number of generations you may trace back to qualify varies depending on the regulations of the individual country’s rules on citizenship by descent. Citizenship by descent generally costs less than $1,000 and can be completed in less than a year. Germany, Greece, Hungary, Italy, Ireland, Lithuania, the United Kingdom, and Poland all have citizenship by descent.
Citizenship by naturalisation
Citizenship by naturalisation is a more diverse choice, with timelines and expenses to consider. Acquiring citizenship by naturalisation requires time and work. Each European country has its own standards and procedures for becoming a naturalized citizen, but they have one thing in common: to become a naturalised citizen, you must first become a permanent resident.
To become a naturalised citizen, you have the following options:
Employment
Almost every European country allows you to apply for residency if you can find a full-time job, begin paying taxes, and meet other basic requirements. You will be able to apply for citizenship after a specified amount of time (typically 5-10 years). You must be recruited by a local firm who will sponsor you.
Marriage
Marrying an EU citizen expedites the process of obtaining residence and, eventually, citizenship. The procedure is similar to that of those gaining citizenship by naturalisation. However, in some European nations, the timetable can be substantially shorter.
Business
In several European nations, those who start a business are eligible for residence permits. There are generally rigorous standards to what is considered a “genuine” firm, and the applicant must physically dwell in the nation during the procedure. Belgium, Estonia, Lithuania, Slovakia, Hungary, and Latvia are among the European nations that provide residency to company owners. Starting a business is an excellent method to enter the EU; nevertheless, there are substantial hurdles that make entrance more difficult, including money and time requirements.
Investment
Investments can vary from a gift to a development fund to the purchase of real estate for sale in a government-approved region. These programs are frequently referred to as “Golden Visas.” This option has fewer criteria and differs in each country. The basic criteria for qualifying for Europe’s golden visa programs is that you live as a resident in the nation. You will have to go through the naturalisation procedure like everyone else, but it is a definite and quick method to achieve residency. Portugal and Spain provide the two most popular programs in Europe. Both will cost approximately EUR 500,000. In certain circumstances, you do not have to physically dwell in the country. Portugal, for example, has one of the fastest-growing citizenship programs due to the lack of residency restrictions.
20 of the 28 members of the European Union are granting residence permits, which may lead to passports, to foreigners prepared to engage in non-property business operations, in the belief that these investments will help their economy. Passports and residence permits have grown into a huge business, generating an estimated $20 billion in investment each year.
Invest in Real Estate for sale in Spain
You can apply for permanent residency in Spain after five years of residence. Citizenship is granted after ten years of full-time residency. Although the Golden Visa can be extended without the investor and their family having to stay in Spain, the road to permanent residency and citizenship requires the investor and their family to remain in Spain. The Spanish Golden Visa program is popular among candidates who wish to live full-time in Spain or just maintain a second residency in Europe but do not have a path to citizenship.
For people who qualify for European citizenship by ancestry, the process may be fairly simple and uncomplicated. Everyone else seeking European citizenship through other means, on the other hand, should be aware that it is not a simple procedure. In most cases, it requires time, money, and effort. Because of these commitments, it is critical to assess your circumstances and requirements before opting for a second citizenship.