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The Allure of Overseas Property Renovation
The dream of buying and renovating an overseas property, like an old Italian farmhouse or a charming French chateau, is immensely appealing. However, the reality involves more than just currency exchange and a long flight. Navigating foreign laws, managing renovations remotely, and dealing with older properties’ quirks are all part of the process. We’re here to help you understand what to expect.
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In this article, we explore the five easiest countries in Europe where you can obtain permanent residency without the need for investment. For a more comprehensive analysis, refer to the 15 Easiest Countries to get Permanent Residency in Europe Without Investment.

5. Norway
– Labor Market Mobility: 85
– Family Reunion: 58
– Permanent Residence Certainty: 71
– Average Score: 71.3

To qualify for permanent residency in Norway, EU/EEA citizens and their family members can apply after living in Norway for at least five years. Non-European citizens need to maintain valid residence permits in Norway for at least three years. Additionally, applicants between the ages of 16 and 64 must pass exams in the Norwegian language and social studies.

4. Estonia
– Labor Market Mobility: 69
– Family Reunion: 76
– Permanent Residence Certainty: 77
– Average Score: 74

Non-EU/EEA/Swiss nationals planning to stay in Estonia for more than a year can initially apply for a temporary residence permit, which takes about two to three months to process. This permit is valid for up to five years and can be renewed. To gain permanent residency, applicants need to meet several criteria, including living in Estonia for five years with a temporary permit, having valid Estonian health insurance, demonstrating knowledge of Estonian culture and language at a B1 level, maintaining legal income, and having their address registered in Estonia’s population register.

3. Sweden
– Labor Market Mobility: 91
– Family Reunion: 71
– Permanent Residence Certainty: 90
– Average Score: 84

Applicants with a residence permit in Sweden can apply for a permanent residence permit after living in the country for at least four years. They must also demonstrate financial stability and an orderly lifestyle.

2. Portugal
– Labor Market Mobility: 94
– Family Reunion: 87
– Permanent Residence Certainty: 71
– Average Score: 84

Non-European immigrants need to obtain a temporary residence permit in Portugal and live there continuously for five years to be eligible for permanent residency. This permit allows them to live and work indefinitely in Portugal, provided they have a residence, financial stability, and basic knowledge of Portuguese. After five years, they can apply for permanent residency and potentially pursue Portuguese citizenship.

1. Finland
– Labor Market Mobility: 91
– Family Reunion: 67
– Permanent Residence Certainty: 96
– Average Score: 84.6

To be eligible for permanent residency in Finland, applicants must have lived continuously in the country for four years with an uninterrupted residence permit, known as an “A permit.” This requires maintaining a continuous residence permit throughout the four years, ensuring the permit is renewed before expiration. Additionally, applicants must have lived in Finland for at least two years within this period.

Currently, Romanian companies with a turnover of less than 1,000,000 EUR can opt for the micro-enterprise income tax system instead of the corporate income tax (CIT). Under this system, companies pay a 3% tax on their taxable income instead of the 16% CIT on their accounting profit, adjusted for non-taxable revenues and non-allowable expenses. If a company has at least one full-time employee, the tax rate is reduced to 1%. Companies using this system are termed micro-enterprises.

Effective January 1, 2023, changes to the micro-enterprise income taxation system will take effect. To qualify as a micro-enterprise income taxpayer, a company must meet the following criteria:

– Achieve income not exceeding the RON equivalent of 500,000 EUR (the government is still debating whether this threshold applies based on 2022 income or as a reference for 2023).
– Employ at least one full-time employee or have a management contract/mandate with at least the minimum gross salary, with an exception for newly established companies which have a 30-day grace period from their registration date.
– Ensure that associates/shareholders holding more than 25% of the value/number of participation titles or voting rights do not hold similar stakes in more than three Romanian legal entities qualifying for the micro-enterprise tax system.
– Not be in dissolution or liquidation, as recorded with the Trade Registry or courts.
– Generate more than 80% of total revenues from sources other than consulting and/or management.

Companies meeting these conditions will be subject to a single tax rate of 1% on their taxable income. The 3% tax rate will no longer apply.

Therefore, even if a company’s income did not exceed 500,000 EUR or 1,000,000 EUR (if the higher threshold remains for 2022), it must employ at least one full-time employee by the end of 2022 to avoid reverting to the 16% CIT in 2023. Additionally, if more than 20% of the company’s activities involve consulting or management, it will be ineligible for the micro-enterprise system in 2023, regardless of income or employee count.

Migration has always driven civilizations towards a better future. Over the past 15 years, immigration by investment programs have surged globally, offering residency or citizenship in exchange for local investments aimed at boosting economies. These programs serve as effective financial planning and wealth management tools and are now accessible to a broader range of investors. Factors such as a growing number of wealthy individuals, investments in education and family planning, climate change concerns, political instability, and health security issues contribute to this trend.

Increasing Demand for EU Countries
EU countries are highly sought after for immigration due to their quality of life, education, and healthcare systems. The Maastricht Treaty of 1992 established the freedom of movement and residence within the EU, allowing EU citizens to live and work across member states. The Schengen Area, comprising 27 countries, enables free movement for over 400 million people, facilitating daily cross-border activities for work, study, and family visits.

Residency vs. Citizenship by Investment
There is a key distinction between “residency” and “citizenship” programs. Most EU options offer residency, which can eventually lead to citizenship. Currently, Malta is the only EU country with an active Citizenship by Investment (CBI) program, though its future is uncertain due to legal challenges from the European Commission. Malta’s CBI program requires significant investments in property, government contributions, and donations to local NGOs.

Cyprus and Bulgaria previously had CBI programs, which were discontinued under pressure from European institutions. The European Parliament and Commission have expressed concerns about CBI programs, emphasizing that citizenship should be granted with regard to EU law. There is a proposal to phase out CBI schemes by 2025, aligning with the view that EU values should not be commodified.

Some investors are considering passports from non-EU countries with aspirations of future EU membership, such as Turkey and North Macedonia, though these countries face significant hurdles before joining the EU.

Choosing EU Residency Programs
Given the challenges of CBI programs, investors are advised to explore EU residency options, which still offer a variety of choices to meet diverse needs. These programs can be subject to rapid changes, so professional guidance is crucial.

Recent changes include the termination of Ireland’s Immigrant Investor Program, significant increases in Greece’s Golden Visa investment requirements, Portugal’s shift away from real estate investment, and the UK’s closure of its Tier 1 visa route in favor of job-creating programs.

Selecting the Best EU Immigration Path
Choosing the right immigration path depends on individual circumstances, including goals, family structure, professional background, and desired residency timeline. Here are some examples:

– A Filipino family seeking EU citizenship for educational purposes might benefit from Spain’s Golden Visa, allowing for a fast track to citizenship after two years of residency.
– A US couple looking to enjoy part-time European living might consider Malta’s permanent residency program or the Golden Visa programs of Spain, Greece, or Italy, all of which have flexible residency requirements and access to the Schengen Area.
– A Chinese family seeking alternative residency without immediate relocation might find Malta’s permanent residency program suitable, though Golden Visa options should also be considered.
– A Vietnamese businessperson and family aiming for long-term residence and eventual citizenship might prefer France’s investment program, which requires a business investment and offers a path to citizenship after five years.

When applying for a visa, one critical aspect is ensuring you meet the minimum financial requirements. This confirms your ability to cover your travel expenses and supports the assurance that you can sustain yourself abroad. Below is a summary of the minimum bank balance required in various countries around the world:

European Union:

• Austria: Decisions on financial requirements are made on a case-by-case basis, with a general recommendation of approximately 100 euros per day.
• Belgium: For a Schengen visa, you need at least 45 euros per day if staying with friends or family, and 95 euros per day if staying in a hotel.
• Croatia: Approximately 70 euros per day, or 30 euros per day with a tourist reservation.
• Czech Republic: For short-term visas, 2,980 Czech crowns (approximately 127.40 euros); for stays over 30 days, 44,700 Czech crowns (approximately 1,910.95 euros).
• Denmark: Around DKK 500 or 67.17 euros per day if staying in a hotel.
• Estonia: 130.80 euros per day.
• Finland: At least 30 euros per day.
• France: 32.50 euros with proof of accommodation; 120 euros per day without a hotel reservation.
• Germany: 45 euros per day.
• Greece: 50 euros per day; up to 300 euros for stays up to five days, with a 50% reduction for minors.
• Hungary: HUF 10,000 or 26.95 euros per day.
• Iceland: 8,000 Icelandic krona or 53.36 euros per day, reduced by 50% with sponsorship.
• Italy: 269.60 euros for trips up to five days; average of 36.67 euros per day for longer stays.
• Spain: 900 euros per person, regardless of stay duration.
• Latvia: 14 euros per day.
• Liechtenstein: 100 Swiss francs or 102.48 euros per day for tourists; 30 Swiss francs or 30.72 euros per day for students.
• Lithuania: 40 euros per day.
• Luxembourg: 67 euros per day.
• Malta: 48 euros per day.
• Netherlands: 55 euros per person per day.
• Norway: NOK 500 or 43.33 euros per day.
• Poland: PLN 300 or 66.38 euros for stays up to four days; PLN 75 or 16.59 euros per day for longer stays.
• Portugal: 40 euros per day.
• Slovakia: 56 euros per person per day.
• Slovenia: 70 euros per day; 35 euros for minors.
• Sweden: SEK 450 or 40.12 euros per day.
• Switzerland: CHF 100 or 102.48 euros per day; 30 Swiss francs or 30.72 euros per day for students.

United States:

• B1/B2 Visa: $6,000 – $10,000 suggested for a family of four, including airfare.
• Tourist Visa: $6,000 – $10,000.
• Student Visa: Minimum $10,000.

Canada:

• Student Visa: Approximately CAD 25,000.

Philippines:

• Approximately $1,000.

United Kingdom:

• Amount varies based on individual circumstances; typically, a balance exceeding £3,000 is recommended for a £2,000 trip.

How to Demonstrate Financial Capability:

To prove financial capability, applicants typically provide:

• Bank statements
• Proof of income (e.g., employer letter, pay stubs)
• Tax returns
• Property ownership documents
• Sponsorship letters
• Credit card statements
• Investment reports
• Pension certificates
• Confirmation of accommodations
• Paid travel tickets

Understanding these requirements ensures preparedness and enhances your visa application’s likelihood of success. For specific requirements and updates, consult the respective embassy or consulate

In our constantly evolving world, financial stability is increasingly tied to government tax policies. Today, we’ll explore five countries offering minimal or no income taxes for individuals and businesses, presenting excellent opportunities to save money through favourable fiscal policies in 2024.

In Western countries, many feel that their taxes are often mismanaged by politicians, leading to inefficiency and waste. At Nomad Tax, we understand your concerns and know you’re looking for ways to enhance your quality of life, grow your wealth, and secure your financial future.
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Europe, renowned for its rich history, diverse cultures, and thriving economies, has consistently drawn individuals in search of new opportunities. For those with European lineage, the pathway to becoming a citizen of a European Economic Area (EEA) country might be closer than anticipated. Seventeen nations within the EEA extend citizenship to descendants of their nationals, sometimes reaching as far as great-grandchildren or even more distant relatives.
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Asia remains largely nationalistic, with cultural background heavily influencing citizenship eligibility. However, some countries are starting to open up. While there are several residency opportunities, not all lead to citizenship. To explore citizenship options in Asia, check out our article on “How to Get Second Citizenship in Asia” for specific details, benefits, and drawbacks. Also, consider reading about the “Most Livable Cities in Southeast Asia.” This article also includes options in the Middle East and South Pacific for second citizenship. Easiest Passport Through Naturalization: Taiwan Taiwan is a rare Asian country that offers citizenship to foreigners. After five years of consecutive legal residency, you can obtain Taiwanese citizenship. If you’re a resident of Hong Kong or Macau, you can get it in just 18 months. Requirements include living in Taiwan for at least half the year, becoming a tax resident, having no criminal record, passing a Mandarin Chinese and Taiwanese law exam, and proving financial self-sufficiency. Taiwan allows dual citizenship but requires cultural assimilation. Benefits include visa-free access to 145+ countries, the world’s best healthcare system, safety, affordability, and a strong economy. For more information, see our “Ultimate Guide to Taiwanese Citizenship.” Easiest Passport for Citizenship by Descent: New Zealand New Zealand offers a streamlined process for citizenship by descent. If one of your parents was a New Zealand citizen by birth, you might be eligible. The application process is straightforward and can be expedited. New Zealand’s passport ranks as the seventh strongest globally, granting access to 182 countries. The country is known for its friendly environment, excellent weather, cuisine, healthcare, and public education. New Zealand also boasts economic freedom, though it has significant taxes. For details, check our “Ultimate Guide to New Zealand Citizenship.” Easiest Passport for Economic Citizenship: Vanuatu Vanuatu is a remote tax haven offering the only citizenship by investment (CBI) program in the Pacific. A non-refundable donation to the government fund is required, starting at $130,000 for a single applicant. The process is fast, taking only eight weeks. Vanuatu’s passport provides visa-free access to 125+ countries and offers benefits such as no income tax, excellent offshore banking, and a welcoming environment for international business. For more details, see our “Ultimate Guide for CBI in Vanuatu.” Easiest Passport Through Familial Ties: Israel Israel’s Law of Return allows Jews and their descendants to gain citizenship quickly. This extends to spouses, children, and grandchildren of Jews. Citizenship is usually granted within 90 days of arrival. However, a full passport is issued after a year. Israel’s passport restricts travel to certain countries and has a high tax burden, but it is a strong travel document. For more details, see our article on “How to Get Citizenship under Israel’s Law of Return.” Latin America Latin American countries generally have open borders and straightforward citizenship processes. They offer low-cost programs but can involve significant bureaucracy. Easiest Passport Through Naturalization: Ecuador Ecuador offers a simple path to citizenship after three years of residency. Options include investing $40,000 in a bank, company, or real estate. After two years with a temporary permit, you can apply for permanent residency, followed by citizenship. Ecuador’s passport allows visa-free travel to Russia, China, South Africa, and Israel. For more information, see our article on Ecuadorian residency and citizenship. Easiest Passport for Citizenship by Descent: Mexico Mexico offers quick citizenship by descent, even if you have Latin American heritage but no direct Mexican ancestry. You can get permanent residency by proving blood ties and apply for citizenship after two years. Mexico’s passport ranks as the 26th most powerful globally. For more details, see our article on Mexican residency and citizenship. Easiest Passport for Economic Citizenship: Colombia Colombia provides a residence-by-investment program. You can invest $170,000 in real estate or a company to obtain permanent residency and apply for citizenship after five years. Alternatively, a $26,000 investment in a business can lead to citizenship. Colombia’s passport allows dual citizenship and offers travel benefits. For more details, see our article on Colombian residency and citizenship. Easiest Passport Through Familial Ties: Brazil Brazil offers fast-track citizenship for those with immediate family ties to Brazilian citizens, achievable within one year. Options include citizenship by marriage, birth, or adoption. Brazil’s passport is valuable, providing excellent travel options. For more details, see our article on Brazilian citizenship by family ties.

Active Home-Building Industry Will Lead to More Demand for Warehouse Space Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online To Buy or Not to Buy: That Is the Developer’s Question
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