Residency Programs that Anyone Can Get with Ease
Going out of one’s home and adapting to a new culture and society is always a dream of many. Sometimes people want to live tax-free, or maybe they just need to live in a different society and start a new life. In any case, getting to know the best countries to get residency is a must.
A second residency helps in a number of ways oneself. For example, it can achieve a tax reduction, it can gain you an opportunity to invest in a new and profitable market, and in addition, it can also improve your passport portfolio in a considerable manner. Therefore, for a digital nomad, a second residency is very beneficial.
Many medical students apply for Residency programs in their desired specialty.
Places With Digital Nomad Visa
Getting a second Residency is not an easy task. If you are planning to get a second Residency in a country like Australia or Canada, it will be very hard for you as you may have to have a job in the country or you might need to invest in the country in huge amounts. Even after that, getting a citizenship permit is not 100% guaranteed. And also, your paperwork might consume months of your precious time. If you are not extremely lucky, you might be able to get a full citizenship permit within a year or so.
But here we are, Nomads Accounting! We have brought you the most fruitful countries to obtain a second Residency permit more easily than that. If you are looking forward to indulging in a newer culture or experiencing the true nature of a digital nomad, read on! 15 Residency Programs!
Why do we say these second residencies are easier to get?
in this 15 Residency Programs! It is essential to get to know the reasons that we name these countries as the easiest and the most fruitful countries to obtain a second Residency. Then the list will follow.
May we implore you not to make the mistake that many people do. Easy does not mean it’s simple as eating breakfast! It might be a bit more complicated compared to that. In fact, trust me, it’s a lot more complicated than eating breakfast! But compared to getting a second Residency from a country like Canada or Australia, these countries are way easier. You will not be bombarded with paperwork but there will be a little bit of paperwork and form-filling involved and the investments will follow.
and in this 15 Residency Programs! With the pressure of all these things, you will have to put in a lot of effort to successfully be a proud citizen of another country to be sure.
In addition, you will also have to consider your requirements. These easy options may not get you what you want. It is of no use if you get a second Residency in a country where you do not want to live. In the end, that is what matters. So before proceeding to get a second Residency, you have to first evaluate your requirements and then focus on the easy options to achieve those specific requirements. If you have any doubt about this matter, please feel free to contact us anytime.
Even after getting the second Residency, you should always be actively maintaining it. It is very common for people to obtain a second Residency to obtain a certain trait or a benefit of a certain country and then they completely abandon the residency and get on with their usual lives. Unfortunately, this is not how second residencies work. You have to understand that and work accordingly.
What we are trying to say here is, that the easier option might not be the best. The best option is more relative to your requirements and likings. Identify all of them, check if the second Residency offers those requirements, and then search for the easiest option out of them.
Many out there do not comprehend the word ‘easy’ correctly. For some, it could mean shorter procedures like filling out a form, paying a fee, and getting the Residency. Well, you will probably not get a residency like that (Probable though). And for some, it might mean cheap and inexpensive procedures. If you do not have a full-fledged business, most probably, you will not be willing to invest a six-figure amount in a country. In that case, you will need to go to a country with a minimum investment from potential residents like Guatemala, or Ecuador.
Low maintenance is another way people define easy. If you are a digital nomad, then you might be too busy to check if the citizenships are going well and up to date. So, finding a low-maintenance Residency program might be important for you.
Either way, the bottom line is that people have a different view of “easy”
As we kept saying, evaluate your requirements and capabilities before applying for a residency permit.
Look at this list of easy second residencies, only after you clearly understand your need to have a second residency. Check whether this list contains countries where your needs will be potentially fulfilled. If not let us know in the comments section down below.
This list will shed some light on your research about getting a residency, but this is not a very thorough all-in-one article that will guide you through the process and tell you the best practices to follow when getting a second residency. This will only help you to get a basic understanding of the process and the easiness of getting a permit. If you need help with the process and potentially other financial advice, contact us and we will assist you in every way we can.
The curriculum of residency programs includes both clinical and didactic components.
Paraguay
You can get an instant residence with a straightforward deposit of $5,200 in Paraguay. And not to worry, this country provides the same benefits as that of other Latin American countries such as reduced cost of living and territorial tax systems.
But there is one unique feature in Paraguay. That, this country will only allow you to become a citizen only after 3 years of residency. But then again, it is not guaranteed to get your citizenship after 3 years of staying. You will be eligible, but not definitely awarded citizenship. You have to apply to get the permit and then you have to fill in the documents. They are doable but finding a lawyer is quite hard.
Therefore, though Paraguay is a great place to get a second residency in, my opinion is it is not worth the trouble.
But if you love the country and all that it has to offer, you can try getting a second residency in Paraguay!
Residents in training receive feedback and evaluations throughout their residency programs.
The Bahamas
Pay $1,000 to live on a beautiful island in the Caribbean, tax-free for a year. Pretty profitable, right?
Yes. As the Bahamas is one of the tax-free countries in the world, considering the Bahamas is a must if you are planning on getting a second Residency. The dramatic part here is that getting a second residency here is fairly easy than in many countries.
Fill out a form and issue a $1,000 check to the Bahamas’ government and you are free to live in the country. It’s that simple and I was not mistaken. It was just $1,000.
But there is one thing that you have to keep in mind. This permit is not permanent. It will be only valid for a year or two. So, if you want to have a permanent residency, you will have to invest a lot more than $1,000. The amount we are talking about here should be equal to or more than $250,000.
Therefore, getting a second residency in The Bahamas is fairly straightforward if you have the investment capability to make a $250,000 investment.
Residency programs typically last three to five years.
Ecuador
If the prices in the Caribbean and Eastern Europe don’t suit your fancy, then you may wanna consider trying Ecuador.
What you have to do is simply invest $27,000 in the real estate business or at a local bank if you are planning to get residency in Ecuador. If you are not interested in investing in either of the above investment options, you can invest $30,000 in any of the industries in Ecuador.
Another option to get residency in Ecuador is retiring in Ecuador. For this, you just have to bring $800 for a month. If you can make up that amount for a month, you can apply for a pensioner residence permit.
You will be eligible for citizenship if you keep up your residence permit for 3 years.
Getting a residence in Ecuador is not as cheap as compared in other Latin American nations. However, it’s still less compared to other residences by investment programs.
Cambodia
Cambodia is one of the places in the world where getting a residency is easy and quite cheap as well. Becoming a resident of Cambodia only takes two steps.
The two steps are,
1. Getting a business visa in Cambodia for $35
2. Paying $300 for a “person” to “fix” the passport for a 12-month residence permit.
You can easily renew this permit every year also.
However, Cambodia may not really be the most favourable choice for some people. You can get a temporary residence sure, but you will not be granted citizenship. Also, it’s still a developing country which can put some people off.
But it’s not all bad though. The second residency in Cambodia will prove beneficial to any Digital Nomad since it will open a great frontier market.
The selection process for residency programs is highly competitive.
Latvia
Investors have been looking at Latvia ever since Portugal’s golden visa has become inadequate.
Getting a five-year residence permit is pretty straightforward in Latvia. You have to invest €500,000 in the real estate industry. Also, a simple payment of €25,000 with some forms to fill will get you a 5-year residency permit.
It is not essential to invest in real estate. You can choose a Latvian business or a Latvian bank to invest that amount also.
If you’re looking to obtain the Latvian Golden Visa then bear in mind that it’s an easy process. However, it is not cheap.
You will need to remain in the country just keep your residence permit. But it’s not that bad, you only need to spend a day per year to maintain the residence permit.
Since Latvia is a part of the EU and the Schengen unified customs, you will have rights of EU residence. Also, you can get access to Schengen countries without a visa. All that if you are a resident of Latvia.
After 10 years, you can apply for Latvian Citizenship. But for that, you will have to stay in the country for at least 6 months a year in the total 5 years before your citizenship program.
A Latvian Golden Visa Program is a great option for those who can afford it. It will allow you an easy second residency and open a way for citizenship in the EU.
Nicaragua
Nicaragua is the perfect place for aspiring digital nomads. Getting residency in Nicaragua is super easy. It’s barely an inconvenience with the bureaucrats there to help with the paperwork, and get the documents in order. You just need to prove that you are earning 750$ or more per month.
Nicaragua is also quite cheap. You can live a life of luxury on $2,000 per month and still invest in real estate properties or the tourism centre. Furthermore, Nicaragua is one of the places that use a territorial tax system which can help with the global tax approach.
To maintain your residence permit, you will have to stay in the country for at least 6 months a year. Unless you are a frequent traveller. This shouldn’t be a problem, but it can be a hindrance if you travel a lot. Other than that, it is the best place to start your business.
Cayman Islands
As before with the Bahamas, the Cayman Islands has an easy way of getting residency, but it is quite expensive.
There are two main requisites for a nomad to get residency in The Cayman Islands. Firstly, you have to have a monthly income of at least $145,000. Secondly, you have to invest in the real estate industry a minimum of $600,000.
Other islands in the region aren’t that expensive, but the investment costs will still reach $300,000. And that’s just for a temporary residence permit
Paperwork for residency, and maintaining a residency is easy in the Cayman Islands. But you will need a lot of money in order to get all that in the first place. You can’t make the scene without the green.
Armenia
If you are looking for a growing market in Eastern Europe, Armenia is the choice for you. It is the gold standard for digital Nomads
You can still get a temporary residence which can eventually put you on the right track for obtaining a permanent residence even though you may not have Armenian ancestry. Getting a temporary residence is made easy by investing in real estate, or other Armenian businesses.
While still in work in progress, Armenia has dealt with cheap citizenship programs however there hasn’t been word from it.
Note that you’ll still need to pay a reasonable amount of cash in order to succeed. It is less compared to other options relating to the investment. Thus, Armenia is more attainable for some people.
Cyprus
If your goal is to get residency someplace where you can also get citizenship in less than a year then Cyprus is your destination.
Cyprus has been regarded as the best place to get citizenship through investment programs.
However, there is a bit of a catch.
Cyprus is expensive. To apply for citizenship through investment in Cyprus, you will need to invest €2 million in real estate, in a local company, government bonds, or a local bank, and above all else maintain your own residence in the country which can cost up to €500,000.
Therefore, getting a residency is easy and simple in Cyprus, but it’s quite expensive.
Malaysia
Getting a residency in Malaysia is quite efficient and easy. The Malaysian MM2H Visa Program will allow any foreigner a residence permit for 10-years if they meet certain income and health requirements, while also making a deposit in a Malaysian Bank.
In order to apply you need to visit the country, fill out a certain application form, wait for approval, return to Malaysia, pay the fees, deposit the money, and get your visa. It’s simple.
The catch is if you’re under 50 years of age, then you will need to have at least $122,000 in your bank account during the application, and you will need a monthly income of $2,500.
These requirements are easier to meet if you are older than 50 otherwise you will need to either prove you have at least $85,000 in assets with high liquidity, or you have an income of $2,500 per month.
Once the requirements have been met you can secure your permit by making a deposit in the bank.
Keep in mind that if you’re under 50 years of age you will have to deposit $75,000. However, if you’re 50 or above you only have to make $37,000
Acquiring an MM2H needs quite a bit of money. Anyway, it’s cheaper compared to other Golden Visa Programs in the EU. Also, it comes with exclusive benefits as well such as importing your car duty-free.
Residency programs provide valuable hands-on training for medical professionals.
Georgia
Getting a residence permit in Georgia is the best option for a digital nomad.
Normally, any foreigner can get a yearlong tourist visa, but if you are considering getting a residency permanent then invest roundabout $35,000 in real estate or start up your own business and hire local workers.
You can also get a passport after 6 years. It’s just that easy getting a residence in Georgia.
Between the free market, and further opportunities for investment, Georgia is the best option for building up your life as a digital nomad.
Guatemala
Guatemala is the perfect option for anyone who has a low income and wants to get a second residency faster.
Furthermore, Guatemala is one of the Latin American countries that offer territorial taxation. It can bode well with your global tax approach.
The only catch, however, is that in order to maintain your residence in Guatemala and keep your citizenship, you will need to spend most of your time in the country or your residency will be cancelled.
Montenegro
If you wish to get a second residence by investing in cheap real estate properties, then Montenegro is the place for you.
Getting a residence in Montenegro is pretty simple. You need to buy any property and apply for residency for one year. The Montenegro Government is quite friendly to investors from abroad so renewing your permit is easy and simple as well.
There is no minimum investment for buying property, however, for a reasonable rate, you can get an apartment near the sea for about $30,000.
The catch is however if you try for residency through real estate investment you cannot apply for citizenship.
To get a passport, you will need to apply for citizenship through investment programs. However, getting Montenegro citizenship is quite more expensive than you think with the minimum investment being €350,000 so it really isn’t worth the passport.
Vanuatu
In the past getting a residence permit in Vanuatu was a hassle, but thanks to the new government reforms getting residence and citizenship through investment programs have become efficient.
You can obtain a one-year renewable residence permit for $89,000 investment in real estate or agriculture. You can get a residence permit for up to 15 years for larger investments.
Getting citizenship is even easier. For a $200,000 fee, you can get your citizenship in just 2 months. If you don’t have the cash you can also pay with Bitcoin.
Vanuatu may not have the cheapest citizenship by investment program, but it is the most efficient. It gets better when you realize that you have access to 120 countries visa-free with your passport.
Panama
Panama is among the best places to get a second residency due to the low costs of living and the offshore banking sector.
The Friendly Visa program of Panama offers instant residence permits to people from most western countries if you deposit $5,000 in a Panamanian bank or establish a Panamanian company.
You can apply for citizenship for 5 years when you’re eligible, but you will have to spend the majority of your time in Panama if you want a Panamanian passport. Otherwise, you can stay a day or two to maintain your residence permit.
There has been a considerable improvement over other Latin American programs which usually require you to stay within the country for the majority of the year.
Panama on the other hand allows you to have the best of both worlds with low presence requirements and low minimum investment.
Things to Consider before getting a second Residency
Before you apply for a second residency there are a few things worth considering. This can help in building your strategy for moving to another country.
Do full research, and learn whatever you can about a country before applying for residency. Taxes, potential citizenship opportunities, the quality of life, the investment rates, and the requirements needed, are some of the complications that you will face therefore it is important to do a background check before establishing residence anywhere.
Another important factor to consider is consistency. The problem is that you will never know if some of the countries with easy and cheap residence requirements may change their rules or will they be consistent.
For instance, take Uruguay for example. Uruguay used to have easy residence programs that allowed you to get renewable permits on yearly basis and require minimal investments.
Currently, Uruguay has changed its rules with time. If you want to maintain your residence permit and be eligible for citizenship you will have to spend most of your time there and also spend a considerable amount of money.
So let’s say for sake of argument, if you apply to a country with low commitment and low investment options, you may still not be able to get citizenship if the government changes its regulations.
Therefore it is best to get citizenship by investment due to the uncertainty of some governments.
Residence by investment programs are stable and offer minimum physical requirements in a country. That’s why it’s the best option.
Now getting a second residency with little effort may seem alluring at first, but it may not be in everyone’s best interest in the long term.