Navigating Residency Options in Europe: Beyond the Golden Visa Hype

Recently, a reader from Live And Invest Overseas reached out to me, seeking advice on whether investing in property in Greece for the golden visa program was a viable option for obtaining residency. She was motivated by the desire for extended stays in the Schengen Area, beyond the 90-day limit imposed by her U.S. passport. However, she was perplexed by information suggesting that even with a Greek golden visa, she could only spend 90 days within any 180-day period in other Schengen countries.

Her valid question was, “What’s the point of the golden visa then?”

To clarify, a Greek golden visa technically allows for more time in the Schengen Area by enabling full-time residence in Greece. By departing Greece for each 90-day stint in another Schengen country and returning, one could reset the clock on the 180 days.

However, her concern was that Greece’s golden visas offer wasn’t as comprehensive as initially thought. Like many, she believed that a 250,000-euro investment would grant unrestricted access to the entire Schengen Area.

This inquiry raises crucial points

Misconceptions surround golden visas programs, with many misunderstanding the benefits they offer.
Golden visas suit a specific group with particular overseas objectives; they are not universally applicable.
Numerous alternatives exist for gaining residency in Europe, each more straightforward and potentially more suitable based on individual circumstances and goals.

A golden visa is not the sole route to property investment in Europe, especially for those seeking a home for lifestyle or investment purposes.

With over 35 years of experience advising on living, retiring, and conducting business overseas, I recommend exploring alternatives to golden visas for the average person looking to live or invest in Europe.

For those aspiring to retire in Europe, a “self-sufficiency” residency visas is advisable. Many popular European retirement destinations, including Greece, Spain, and Portugal, offer such visas. These require proving the ability to financially support oneself long-term, usually resulting in temporary residency.

For the reader inquiring about Greece, the Financially Independent Persons Visas, requiring a monthly income of 2,000 euros, could be a more fitting option.

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Other European countries offer similar options, such as Portugal’s Passive Income (D7) Visas and Spain’s Non-Lucrative Residence Visa, each with specific income requirements.

While these visas have additional requirements like proof of accommodation and private health insurance, the financial thresholds are generally lower than those for golden visas.

For those not yet retired but still earning income, employment contracts with local companies are challenging to obtain. However, digital nomad visas provide a feasible alternative, offered by various European countries.

Golden visa have specific advantages in select cases

For citizens of countries without visas-free access to the Schengen Area, a golden visa eliminates the need for frequent visa applications.

Golden visa can help avoid tax residency in Europe, as they often have minimal or zero physical presence requirements, unlike other residency visas.

However, for the average person seeking to live in Europe, selecting a country based on personal enjoyment, applying for residency through a suitable option, and addressing local tax matters with an advisor is a simpler and more practical approach than navigating the complexities of golden visa programs.