5 Options for Expats Residency Status Living and Working Abroad
What are the Residency Rights and Wrongs?
5 Options for Expats Residency Status Living and Working Abroad
ProACT Sam Orgill reviews the Residency Status of Expats in view of EU Brexit.
Following the Step 1 agreement between the UK and EU due to be ratified by the 27 Remaining EU States on 15/12/17 this Newsletter considers ‘What Does Residency Mean for Expats?
There are three types of residency to consider. This article looks at where and how you can live abroad. In our following articles we will look at where you work and then residency rules around where you are from.
Where you Live Abroad
You can live anywhere subject to that countries laws of residency. Looking at the situation in general;
Travel Visa
The international standard allows anyone to travel and visit any country for 3 months without additional documentation. You may still need to complete an entry visa application (on the plane) but in essence with a return ticket you can take up to a 3 month holiday.
Residency Visa
If you intend to stay longer then the local laws will require further action. This could mean a short term visa for 6 months, one year or more. Such a visa will further limit what you can do while living abroad – work, not work, live with family members.
EU Freedoms of People, Capital, Goods and Services
Within the EU all nationals have a right to live or work in any other EU country. This still requires a registration, but is granted subject to certain conditions including income and medical cover,
Permanent Residency
All EU countries including the UK, Cyprus and Spain offer a Permanent Residency status after 5 years for EU and Non EU citizens. This allows an indefinite stay to live or work but without confirming the right of domicile, so you are still subject to immigration limitations.
Citizenship
Naturalisation is the next step. This is where you could acquire citizenship and passports and a right to live and work exists indefinitely. If you have citizenship of an EU country you retain the right to live and work in any of the other 27 EU countries and the UK, up until Brexit.
There is a wide range of requirements for each country. In the UK Expats can acquire citizenship after a minimum of 3 years, in Cyprus after 7 years and Spain 10 years. Some countries allow dual citizenship, meaning you can keep your home passport.
Citizenship By Investment
Countries like Cyprus offer accelerated citizenship and passport options by investment within say 6 months. By investing enough capital in property and business receiving the EU passport is accelerated.
Globalization
Globalization has increased the movement of peoples around the world for economic, study, business and lifestyle. International rules allow residency access too many countries including EU countries.
Following EU Brexit for Expats British people in the EU, and EU Expats in the UK, will have to review their arrangements for living and working abroad migration.
5 Options for Expats Residency Status Living and Working Abroad
1. If you have lived or worked abroad in a country for a qualifying period consider obtaining permanent residency. This will look like an EU yellow slip residency permit and allow you to remain living and working abroad.
2. Consider if you have time resident abroad consider applying for naturalisation in your EU country of residence. This will not only give you rights to remain in your EU country of residence, but also freely move to live or work abroad in any other of the remaining 27 EU countries.
3. EU passport by investment is a fast track way to gain residency status, if you don’t have the time served living and working abroad. Cyprus offers EU passport by investment after 6 months.
4. If you are considering relocating abroad you can still move to any EU country before Brexit in March 2019, including the UK, and then have the right to stay and acquire residency rights from the options above.
5. Even if none of the above apply, there are still rules that allow you to relocate to live and work abroad. This may include income or capital, or job requirements, and vary country by country. EU Brexit for Expats, won’t stop living and working abroad, but it will require different income, capital and work requirements.
Free Review
ProACT Sam offers a free review of your circustrance to identify your options for living and working abroad. Contact Us www.proactpartnership.com/contact-us
Now we want to hear from you. What are your EU Brexit Immigration and Visa and Residency Questions?
Comment on our Blog or Contact-Us
You could Contact Us for a Free Review Online or in our Cyprus Office.
www.proactpartnership.com/contact-us
Sam Orgill
ProACT Partnership - Tax Saving Expat Experts
www.proactpartnership.com info@proactpartnership.com
TEL: +357 26 819 424
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Expats with Pensions Overseas, Property Rental Income, and Business Working Cross border are open to more scrutiny by their banks who report your data to the taxman.
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EU Passport by Investment Property
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