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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May new home sales gain 2.2% from April
Sales of new single-family houses in May 2015 were at a seasonally adjusted annual rate of 546,000, which is up 2.2% from April, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. — From Housing Wire
3 ways to tame student loan debt and afford a mortgage
It’s no secret that student loans can make buying a home a challenge. But what exactly is the problem, and how can buyers overcome it? The problem is that student loans can be included in the buyer’s debt-to-income ratio, or DTI. — From Bankrate
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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:
United States:
Canada:
Philippines:
United Kingdom:
How to Demonstrate Financial Capability:
To prove financial capability, applicants typically provide:
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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