Financially Independent Resident Permit

Financially Independent Resident Permit

One of the main options that we offer in R&C for getting resident permit in some of the main EU countries is known as residency for financially independent persons.

This option is suitable for those who are not going to work in the destination European country, meaning that you have enough sources of income or significant savings outside the country. You will have to prove it, so you need a certificate of income or a statement from your bank account.

In order to get resident permit for financially independent person, you need to pay attention to the following conditions:

  • You can apply, if you do not have a criminal record; you did not violate the EU visa regime or enter a sham marriage.
  • You need to rent or buy an apartment
  • have a medical insurance
  • show that you have money on your account (it depends on the number of family members but usually about 45,000 euros for a family of three persons)
  • This type of residence permit does not provide you with the access to the labour market, so you cannot work for somebody and have employment relations, but you can establish your own business and control it without actually working in it.
  • At some countries like Austria, this type of residence is quotable (for instance, in Austria, 260 t0 350 quotas in total and 80 quotas for Vienna). These quotas are allocated on the first working day in January.

Usually at the first, you will get this residence card for 1 year, after that you can renew it for another one or two year, and at the next step you will get a card for 2 to 3 years.

After five years you can apply for a permanent residence status with access to the labour market.

If your financial possibilities are not limited, there is a chance to obtain citizenship through investment.

How to extend the permit

  • After 1 year

The resident permit for financially independent individuals is issued for a 12 month period, and then it can be extended afterwards for another one or two year(s).

R&C can provide its assistance for this case free for its clients.

  • After 2 to 3 years

If you have lived in the applied EU country within 24 to 36 months without any interruption, then you can extend your residence permit for two to three years at once.

  • After 5 years

After five years of continuous residence in the nominated EU country, you can apply for permanent residency. Normally, you will need a language knowledge of that country as another requirement for getting permanent residence permit.

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