Residence to the layman might only be associated with the right to reside in a particular place or the right to residence; in the modern-day world, it plays a much more significant role. It addition to determining your taxation status, having permission for alternate residency could be of immense help in times of conflicts in your home country.
Residency as a key privilege
Residency in the present day has many nuances associated with it including the duration, the ability to work and of course the taxation status. It is to be noted here that residency in many cases can be the first step to obtaining citizenship or Permanent Resident status. Many countries have it as a primary requirement to be a resident in the country for a specific duration and being a resident would enable you to be eligible for citizenship claim overtime.
A second residence is a non-derogable requirement for a number of persons who come from politically or economically unstable regions and they would need to migrate to a second country in the event that conditions in their own home country deteriorate.
How do the residency programs work?
The residency programs are normally of two types:
- Residency linked to an economic contribution to the future country of residence
- Residence linked to study or work in the country
The first group requires payment of a defined amount of investment in the country as per the laws governing the residency program. In most cases, the investment has to be made in government bonds, government schemes or in real estate projects of the country. A prominent example of such a program is the EB-5 program of the USA which paves the path for a US green card.
The second group of programs relates normally to work linked residence visa schemes which allow the individual to work in a particular country and ultimately receive permanent residence after completion of a definite period of time. The individual is generally required to contribute to the social security schemes and ensure that he complies with all applicable legislation of the country.
Empire Global will assist you to obtain a second residency
The process and paperwork associated with your residency application are critical for the success of your application. We at Empire Global have a team of experts who are ready to guide you through the entire process of obtaining alternative residency permission. Our highly experienced team enables us to provide you with options for a residency permit in four continents. A residence permit in a second country can also be your alternative in case your country does not permit dual citizenship and hence you are not able to obtain a second citizenship. Contact us immediately for detailed information on any of the schemes.
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