Portugal or Cyprus: Which Country Offers the Best Residency for You?
Improved living conditions and access to visa-free travel are among the benefits offered by the programs. Migrants have the opportunity to make their own choice and move to another country. Although this decision is made after much deliberation, it is worth speeding up the process. The tips of migration experts can help you achieve this goal.
To evaluate the benefits and obtain Portugal Golden Visa, you can compare the offer with others. Consideration of options begins after identifying a country with suitable living conditions and opportunities. Nowadays, this is not a problem, as governments are developing more and more convenient residence permit programs.
Residency Options in Portugal
The search for ways to migrate in a short time leads to a popular program. Under the terms of the offer, investor will receive a residence permit in Portugal in exchange for investments. The capital is used to create jobs and purchase assets.
The offer for foreigners has been revised, so now you can buy property in areas with a low population density. Thus, buying a property in Lisbon or Porto will not result in a residence permit. As for digital nomads, there is an option for them to stay in the village of Ponta do Sol.
Benefits and Advantages for Residents
It is worth paying attention to Portugal Golden Visa because of the offered privileges. Residents who have received permission from the government enjoy favorable conditions, including:
- special exemption from taxes on profits earned abroad;
- a flat tax rate of 20 per cent;
- the possibility of movement without preliminary execution of documents and permits within 90 days for 6 months.
A pleasant climate, high standard of living and well-developed infrastructure are also of great importance. Foreigners who decide to change their country of residence will do so with particular comfort.
Application Process
Accredited agents help to arrange participation in the program. As there is no need to visit Portugal to submit documents, specialists carry out legal procedures without the applicant's participation. You can apply for and receive Portugal residence by investment if you meet the following requirements:
- collection of documents, including proof of legal origin of capital and absence of diseases;
- selecting an investment option from the list;
- making a capital contribution or purchasing real estate.
The application process takes up to 6 months. Preliminary approval means that the foreigner must fulfil the undertaken obligations. The migrant contributes capital and then receives the right to stay in Portugal.
Residency Options in Cyprus
It is nice to plan for the future while living on the Mediterranean coast, so foreigners take part in the island's program. Here you can get Cyprus permanent residence and start working. Investors have access to favorable conditions of stay, as well as a comfortable taxation system.
Benefits and Advantages for Residents
Residents of countries outside the European Union will be able to appreciate the proposed privileges. First, it is the opportunity to travel with a minimum package of documents. This is an advantage of Cyprus permanent residence. It is not available to migrants in Portugal.
Foreigners are encouraged to take part in the offer by a simplified taxation system. Residents start enjoying benefits immediately after they obtain a permit. Thus, migrants do not pay taxes on capital gains, dividends or interest.
Buying real estate on the island allows you not only to participate in the program. The cost of the application is £300,000. In addition, the return on investment is less than 5 years.
Application Process
You need to start applying for the permit after preparing the documents. The list includes proof of legal earnings with a minimum income of 30 thousand pounds per year, the results of a medical examination, and the absence of open criminal cases.
The processing time is less than six months. Applicants receive the results by post. An authorized representative can also get information about the application. According to expert Zlata Erlach (company Immigrant Invest), the ability to specify the best way to apply favorably distinguishes the Cyprus PR offer
Conclusion
It is not easy to choose a program, as the number of options is growing and the conditions for obtaining a permit differ. However, you can enjoy the privileges of permanent residence as soon as your decision is approved. Wealthy foreigners residing outside the Schengen area or Europe will be able to appreciate the benefits of the program.
Experts will help you get more information about the options and compare several of them. Immigration with the aim of obtaining EU residency benefits is already widely known, and expats continue to take advantage of the proposed benefits. In addition, after 5 years of permanent residence, wealthy investors can apply for second citizenship.
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