What gives you a residence permit in 2024 or why you should have a second citizenship

In today's increasingly globalized and mobile world, the opportunity to hold a residence permit (LPR) or second citizenship opens up new horizons. In 2024, a second citizenship not only enhances your personal and professional flexibility, but also offers a wide range of economic, political and social benefits. It's not just a legal technicality; it's a strategic decision that can significantly impact your life and your family's future.

In this article, we will look at why it is worth considering a residence permit or second citizenship in 2024. We will discuss both the legal aspects as well as the personal benefits including security, freedom of movement, economic opportunities and more. Obtaining a residence permit or second citizenship opens the door to a world where borders are becoming less and less important and opportunities are almost limitless.

Travel to other countries without visas

One of the most notable benefits of a second citizenship or a residence permit is the ability to travel to many countries without the need for a visa. This not only greatly simplifies the travel planning process, but also opens up new opportunities for spontaneous or necessary trips. Owning a passport from a country with a good visa rating can greatly enhance your mobility and make it easier to access global opportunities.

Opening bank accounts

A second citizenship or residence permit can make it easier to open bank accounts in other countries, which is especially important for entrepreneurs and international investors. Having a local status makes it easier to interact with financial institutions and provides access to more favorable credit terms and investment opportunities that may not be available to foreign nationals.

Obtaining advanced medical care

Possession of a residence permit or second passport can provide access to high quality medical care in countries with advanced health care systems. This is especially valuable in cases where specialized medical care or treatment is needed that may not be available or of sufficient quality in the country of primary citizenship.

Doing business abroad

A second citizenship or residence permit makes it easier to establish and manage a business in other countries. It opens up access to new markets, makes it easier to partner and collaborate with local businesses, and can offer tax advantages that reduce the overall cost of doing business. Holding a residence permit or second citizenship can also protect your business interests in politically unstable environments by providing an additional layer of legal protection.

Tax regime

Each country has different tax rules and different tax rates. Some countries offer incentives for legal entities, exempting them from paying certain taxes. The most common exemptions relate to the absence of taxes on dividends and capital gains. Some jurisdictions even provide a complete exemption from income tax, making them attractive to international businesses.

Schools

Residents of the country have the right to educate their children in local schools under the same conditions as citizens. A residence permit also simplifies the process of education abroad, eliminating the need for a student visa. This gives graduates an advantage when seeking employment in the country of study, improving their career prospects.

Job opportunities

A residence permit or second citizenship greatly simplifies the process of finding employment in another country, giving access to the labor market on par with locals. This eliminates the need for work visas and allows you to take full advantage of the professional opportunities available in the host country.

How to obtain a residence permit

The process of obtaining a residence permit varies from country to country, but generally involves several key steps.

Preparing the necessary documents

The first step is to gather all the necessary documents. As a rule, this includes a foreign passport, documents confirming financial solvency, certificates of criminal record, medical insurance, as well as documents confirming the purpose of stay (for example, an employment contract or an invitation from an educational institution).

Verification of the possibility of obtaining a residence permit

The next step is to check whether you meet the conditions for obtaining a residence permit. This may include a financial assessment, criminal record check and other factors that affect the right to reside in the country.

Compliance

It is important to meet all eligibility requirements: no criminal record, proof of a stable and sufficient income to live in the country. These requirements help ensure that the candidate is able to integrate into society and support themselves financially.

Waiting for approval and obtaining a residence permit

After submitting all documents and successfully passing all checks, it remains to wait for the decision of the migration service. If the application is approved, the procedure for obtaining the residence permit itself follows, which may include additional formalities and registration in the country.

In which countries it is possible to obtain a residence permit and its cost

Russia

From the snowy landscapes of Siberia to the sun-kissed beaches of the Black Sea, Russia presents a wealth of opportunities for living and exploring. The capital, Moscow, and the cultural hub of St. Petersburg stand out as vibrant centers of business, culture, and education. Acquiring a residence permit in Russia begins at $ 160,000. This fee encompasses all essential government charges, legal assistance, and any potential additional expenses related to document processing.

Hungary

Hungary is a country located in the center of Europe, known for its thermal waters and rich history. The country has a temperate climate with warm summers and cool but relatively mild winters. Hungary offers a fast process for obtaining a residence permit, which can take up to two months. Costs start at $250,000, making this country an affordable option for those looking for opportunities in central Europe.

Switzerland

Switzerland is a country with a high standard of living and spectacular alpine scenery. It has a temperate climate with cold winters and mild summers, ideal for skiing enthusiasts. The process of obtaining a residence permit in Switzerland can take from six months and costs from €160,000, giving access to one of the most stable and secure economies in the world.

Spain

Spain attracts with its warm climate and rich culture. Its Mediterranean climate makes it an ideal place to live all year round with mild winters and warm summers. Obtaining a residence permit in Spain takes three to four months and costs start at just $10,000, making it one of the most affordable options in Europe.

Portugal

Portugal, located in southwestern Europe, is famous for its beautiful beaches and friendly people. The climate is mild, with warm summers and moderate winters. Portugal offers residence permits for investments starting from 250,000 euros, giving investors and their families the opportunity to enjoy a high quality of life and excellent conditions for vacation and work.

Greece

Greece is a country with a rich history and magnificent landscapes located in the southern part of Europe. The country is known for its mild Mediterranean climate, offering warm and sunny summer months and mild winters. Greece offers residence permits for investments starting from 250,000 euros, giving you the opportunity to live in one of the most picturesque and hospitable countries in Europe.

Italy

Italy attracts with its variety of cultures, historical sites and exquisite cuisine. The climate in Italy ranges from temperate in the north to Mediterranean in the south, offering residents mild winters and warm summers. A residence permit in Italy can be obtained with an investment of €250,000 or more, opening the door to this amazing culture and lifestyle.

France

France is a country with a high quality of life and a variety of natural landscapes, from the Atlantic coasts to the Alps. The French climate is also varied, from temperate in the north to Mediterranean in the south. A residence permit in France can be obtained for investments starting from 300,000 euros. This will provide the opportunity to enjoy the rich culture, high level of education and healthcare that makes France one of the most desirable places to live in Europe.