In this article, we will take a look at 16 Easiest Countries to get a Residence Permit. You can skip our detailed analysis and go directly to the 5 Easiest Countries to get a Residence Permit.
The advantages of international mobility and a second country where one could live and work has gained much prominence over the years. While immigration and citizenship laws across countries have become friendlier (check out our article on 20 Most Immigrant Friendly Countries In The World), acquiring citizenship or permanent residency requires substantial time– other than for direct citizenship by investment programs– and energy. However, another way to live and work in a country can be easily obtained through a residence permit.
Residence Permit: An Overview
A residence permit is basically a document that provides the holder a right to live in a specific country for a specific period of time. The residence permit allows one to live, buy property, cross border, do business, take advantage of medical facilities, and enroll in educational institutions, among others. There are multiple ways of getting a residence permit, which includes marriage, work, study, or investment. The need for international diversification in terms of both human force and foreign direct investment has propelled countries to recognize the need for making special provisions for investors, businessmen and highly qualified and skilled individuals.
It is thus, no wonder that the issuance of residence permit have registered an increase over the years. In European Union countries, for instance, 3.7 million first residence permits were issued in 2022 to non-EU citizens, a 26% increase (+753445 permit) from 2021. While there are various ways to obtain a residence permit — with “Employment Reasons” taking the larger share (42%) of all first residence permits for EU countries in 2021 — the investment route (Golden Visa) is by far the easier and quicker option.
The global demand for investor visas have sustained an upward trend with more than 165,000 people opting for them from the US, UK, Canada, and EU countries during the years 2008-2022. One of the popular investor visas include the US EB-5 Immigrant Investor Program that has been operating for more than 30 years. From 2010-2019, the US approved 81,125 investor visas, which is higher than the combined visas issued by Canada, UK, and Portugal. A rise in the trend for European Golden Visas have also been noted. Greece, for example, recorded a 63% increase in the demand for their residence permit programs—from January to May 2023, 3,900 Golden Visa applications had been submitted as compared to 1,444 in 2022. Canada, through their Start-Up Visa, also allowed 175 new permanent residents in August, 2023, a 29.6% increase from July, 2023.
Developed Countries: A Prosperous Investment Avenue
Developed countries like the US, Canada and EU states have prosperous economies that foster investment. America is the world’s largest national economy and a global leader in trade. Home to some of the top companies in the world like Google (NASDAQ: GOOG), Microsoft Corporation (NASDAQ: MSFT), Meta Platforms, Inc. (NASDAQ: META) and Apple Inc. (NASDAQ: APPL) etc., the US investment environment is bound to attract investors and entrepreneurs. Other regions around the world, like Europe, can also boast of growing economies. With a population of about 743.5 million in 2022, twice that of the US, Europe is home to not just a large number of people but also hosts some of the largest economies in the world. Germany, for example had a GDP of $4.26 trillion in 2021, fourth worldwide with regard to nominal GDP. The 27 country European Union economic block accounts for about 14% of the world’s total trade in goods. The total value of goods and services produced in the region also amounted to €14.5 trillion in 2021. Given such statistics, the proliferation of many top-notch multinational companies like Google (NASDAQ: GOOG), Microsoft Corporation (NASDAQ: MSFT), Meta Platforms, Inc. (NASDAQ: META) and Apple Inc. (NASDAQ: APPL) etc. into the area is not surprising.
Google (NASDAQ: GOOG), for instance, just recently cemented their European AI investments by announcing a €25M (US$26.98m) investment that is geared towards improvement in AI skills across the region. Apple Inc. (NASDAQ: APPL) on the other hand, invested an additional €1 billion to expand Silicon Design Centre, earlier last year. Microsoft Corporation (NASDAQ: MSFT), has also made a recent commitment to expand their cloud infrastructure to meet the demand in Europe.
Let’s now head over to the list of 16 Easiest Countries to get a Residence Permit.
16 Easiest Countries to get a Residence Permit
Methodology
In order to compile our list of 16 Easiest Countries to get a Residence Permit, we base our method on residence permit received by investment as the easiest way. For this we first select Residency Programs being offered and then pick out the popular or leading Residency by Investment Programs by scouring web as well as our article. We then look at their minimum cost and application processing time and rank them according to the lowest cost and shortest time period. We take a weighted average for the two metrics, with a higher weight (0.6) allotted to cost and the lower to time (0.4). We present our list in a descending order of rank.
Note: The figures for the approximate US Dollar amounts are based on the current exchange rate and are therefore subject to change.
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16 Easiest Countries to get a Residence Permit
16. Malta
Minimum Investment Cost Rank: 7
Minimum Application Process Time Rank: 22
Insider Monkey weighted Average: 13
One of the popular countries for investor looking to either gain a residency or citizenship, Malta is also one of the easiest countries to get a residence permit. An economically and politically sound country, the country has much to offer investors. The high quality of life to tax advantages, all have contributed to the country’s popularity for residency and investment schemes. According to the requirements of the program, the investor must have at least €500,000 (approximately US $545,000) worth of assets, €150,000 (approximately US $163,500) of which should be invested in liquid financial assets. In addition, other stipulations of the program demand property acquisition or lease as well as economic contribution to Maltese economy and donation to a non-governmental organization. Permanent residency is obtained immediately after the application process is complete, which takes about 6-8 months.
15. Costa Rica
Minimum Investment Cost Rank: 6
Minimum Application Process Time Rank: 23
Insider Monkey weighted Average: 12.8
Costa Rica is yet another of the countries that provides easy access to residence permit. With only a US $150,000 investment– in either property or business — under the Investor Visa Program, one can find a way to settle down in the country. Forestry projects, however, requires only $100,000 investment. The initial residence permit issued is for two years which is then also renewable, provided the investor maintains the investment. The application process time is a bit higher than other programs, taking about 9 months.
14. Cyprus
Minimum Investment Cost Rank: 13
Minimum Application Process Time Rank: 11
Insider Monkey weighted Average: 12.2
While searching for a country where the residence permit can be obtained easily, Cyprus would appear as a viable option. Not only is the minimum investment choice modest, €300,000 (approximately $327,000) in various types of investments such as property, business, fund, and securities, but the time taken to process the whole application is among the fastest (2 months).
13. Malaysia
Minimum Investment Cost Rank: 9
Minimum Application Process Time Rank: 15
Insider Monkey weighted Average: 11.4
Easy and efficient, Malaysia’s My Second Home Program grants its applicants a 10-year multiple entry visa, which is also renewable. Under this scheme the investor has the choice to pick from three options of investment with different outlay for each. The minimum investment (known as the Silver Tier) corresponds to MYR 500,000 (approximately US $230,000) to be deposited in a Malaysian bank. The tile for application to process is 3-6 months.
12. Canada
Minimum Investment Cost Rank: 1
Minimum Application Process Time Rank: 26
Insider Monkey weighted Average: 11
Canada’s Start-Up Visa Program is not only the best Golden Visa program that has been attracted many an investors, but is also one of the easiest for getting a residence permit. This is primarily due to the non-existent cost of the program. Here the applicant is not required to make an investment themselves but can provide backing of accredited external investors. A C$200,000 (approximately US $148,000) commitment from a designated Canadian venture capital funds, a C$75,000 (approximately US $55,500) commitment from part of a designated Canadian angel investor groups, or a confirmation that the start-up is part of a designated Canadian business incubator program are the different options available. The application process time however, is somewhat higher in comparison to other applications.
11. Panama
Minimum Investment Cost Rank: 5
Minimum Application Process Time Rank: 19
Insider Monkey weighted Average: 10.6
For people wishful to seek residence in Panama through a quick and easy way of investment, have the choice of two different visas; their Golden Visa known as the Qualified Investor Visa and their Active Investor Visa. Under the qualified investor visa the minimum investment amounts to US $100,000 in a company that has a forest registry with the Ministry of Environment. This will allow a temporary residence of two years and the application processing time is 4 months for the forestry application. Panama also offers an Active Investor Visa known as Panama’s Business Investor Residency Permit. To qualify for this scheme this investor must invest US $160,000 in a new or existing business in Panama, creating at least five full-time jobs for Panama citizens and where the investor is involved on a daily basis with the business.
10. Spain
Minimum Investment Cost Rank: 16
Minimum Application Process Time Rank: 2
Insider Monkey weighted Average: 10.4
A hot-spot for most expats, tourists and investors, Spain’s Golden Visa Program is set to attract foreign direct investment into the country whilst creating ease and efficiency for the investors. They have the choice to select one of the four available investment options which includes property investment, bank deposit, business and bond investment. The lowest possible investment calls for a €500,000 outlay (approximately US $545,000) in real estate on the open market. The application process is completed in about a month after which the investor is granted a temporary residence permit.
9. Greece
Minimum Investment Cost Rank: 10
Minimum Application Process Time Rank: 11
Insider Monkey weighted Average: 10.4
Europe’s one of the most popular Golden Visas, Greece provides the investors with an opportunity to make investments in various forms of avenues, ranging from as low an investment as €250,000 (approximately US $272,000) in the purchase of real estate, to as high as €800,000 (approximately US $872,000) in either corporate or government bonds. The residence permit can be renewed after every five years. The application processing time amounts to 2-4 months.
8. Mauritius
Minimum Investment Cost Rank: 4
Minimum Application Process Time Rank: 11
Insider Monkey weighted Average: 6.8
People wishful of gaining easy residency permit might divert their attention to Mauritius’ Residency by investment programs. In the Permanent Residency program for investors, a minimum outlay of US $375,000 in a designated real estate project is required. Upon applications approval which is about 2-3 months, the investor is eligible for permanent residency permit which is valid for 20 years and also renewable as long as the investment is maintained. For those whom this figure might seem a bit steep, another less costly option—the Active Investor Visa– is also available whereby, by investing US $50,000 in a Mauritius business, a person can get residency permit. The residence permit is renewable upon expiry, contingent upon the business meeting certain performance standards.
7. Italy
Minimum Investment Cost Rank: 10
Minimum Application Process Time Rank: 2
Insider Monkey weighted Average: 6.8
For investors Italy can not only become a lucrative choice for investment due to the large EU market, but can also become one of the easiest countries to get a residence permit. There are various investment options with varying amounts required, but the minimum one demands a €250,000 (approximately US $272,000) in innovative start-ups. The country provides residence permit after 1-2 months that are needed to process the application.
6. Portugal
Minimum Investment Cost Rank: 10
Minimum Application Process Time Rank: 2
Insider Monkey weighted Average: 6.8
Another European favorite Golden Visa Program, Portugal is among the easiest countries for getting a residence permit, providing investors with a wide array of choices. From among them the minimum amount calls for an investment of €200,000 (approximately US $218,000) in support of an artistic production or maintenance and recovery of natural cultural heritage in a low population density area. The application is usually processed in 4-15 months and gives the investor the right to reside, work, and study in the country.
Click to continue reading and see our 5 Easiest Countries to get a Residence Permit.
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Disclosure: None. 16 Easiest Countries to get a Residence Permit is originally published on Insider Monkey.