Obtaining a second residency is an attractive option for many people for multiple reasons. Probably the most popular reason to get a second residency is the ability to travel and live in different countries without the hassle of getting visas and establishing residency everywhere they go.
Second residency, however, is a process that is not a walk in the park. Before you apply for residency in another country, it is advisable to understand what it entails and the benefits that come with it.
Choosing another country to call home is easy if you do it through the proper channels. Several residency programmes are available for foreign nationals, so choose the right one!
Here are ten things to consider when you apply for a second residency:
1. Quality of Life
2. The Country’s Reputation
When you apply for a second residency, you want to ensure that the country you are applying to is reputable and has excellent financial stability, political system, and legal framework. Understanding the country’s residency programme will give you an idea of your residency journey. Before taking the first step in your application, ensure that the residency programme has a good reputation and a solid foundation for creating a better society.
3. Travel Privileges
Most second residency programmes offer travel privileges and allow easy access to other countries. While this might be a great perk for those looking for international work opportunities and the chance to travel worldwide, you should consider whether the programme will allow you enough time to do so. Some may have limited travel permits or inconvenient visa policies, so find out what options are available before committing yourself.
When you apply for a second residency, some programmes may require you to spend a certain number of days in the country yearly to maintain your status. If you are planning on using your second residency as a way to live and work remotely, this could be a problem. Check the physical presence requirement of the second residency programme before applying to see if it is feasible for you.
5. Investment Requirement
Some second residency programmes may require you to invest significantly in the country before being granted residency. This could be in the form of property purchases, business investments, or government bonds. If you cannot make the required investment, your application for a second residency may be denied. The price tag for obtaining a second residence varies, so before you apply, you may ask yourself these questions: “Can I afford this?” and “What’s in it for my future?”
6. Processing Time
If efficiency is at the top of your list, you will want to choose a swift residency programme. Some residency programmes take a short time to process applications, while others may take as long as eighteen months. Even though you are legally in the residency country during this period, no residency is granted until your application is approved and the permit is delivered. Make sure you secure a residency position that will not take more of your precious time.
7. The Country’s Connectivity
There are a few questions you must find the answer to:
- How easy can a foreign national open a bank account there?
- How easy is renting your home when you’re not living there?
Some countries require you to open a bank account and deposit cash before applying for residency. Yet, banks there make the process extremely difficult. These might seem like things to settle later, but it’s worth reading up on things that might cause complications in the long run.
8. Citizenship For The Near Future
Citizenship is the final stage of the second residency. Most countries offer citizenship after living in a country for a minimum of five years. However, the requirements may vary from country to country. When you become a citizen, you will have all the rights and privileges that come with it, including the right to vote and run for office. If you plan to obtain a second residency for citizenship purposes, ensure you are well informed about the naturalisation process and requirements.
9. Your Compatibility with the Country
It is essential to consider if you will be compatible with the country you plan to make your second home. Research the local culture and customs to see if the country is a good fit for you. Consider the climate, food, religion, and languages spoken in the country. You want to make sure you will be comfortable in your new home before making a move. Draw out the pros and cons, and see how they stack up.
10. Legally Qualified Immigration Experts
Access to legally qualified immigration experts can be beneficial when it comes to navigating the complex processes of obtaining a second residency. These experts can provide invaluable guidance and assistance and help you avoid making costly mistakes. Working with immigration experts who understand the ins and outs of your chosen residency programme can make all the difference.
The Malta Permanent Residency Programme (MPRP)
Now that you are aware of the things you should consider about second residency, there must be a country that comes to mind.
That country might be Malta. Malta offers the Malta Permanent Residency Programme (MPRP), a residency programme that stands out among all the available residency programmes globally. Malta welcomes non-EU/EEA/Swiss nationals dreaming of island life.
Is Malta the one for you? Download our guide and learn everything about the MPRP.
How Can Endevio Help?
Applying for a second residency can be both exciting and nerve-wracking. After all, you are going to reside in a whole new country! A residency programme can be incredibly complex, and we want to make you aware of all the possibilities.
Our immigration experts in Endevio are residency specialists and lawyers who have been legally qualified in various jurisdictions across Europe. We offer residency advice to foreign nationals who need guidance in their second residency.
Let us work closely and identify your desired residency programme of choice. Our team is here to help you find a well-fitting residency programme that enhances your lifestyle and caters for all your needs. Get in touch today!