Demystifying misconceptions about the European Union Passport

The European passport offers a host of benefits to its holders. Its strong value has prompted widespread interest in its advantages, its potential limitations, and how it can be obtained. For those hoping to succeed in the acquisition of a second citizenship, it is recommended to base decision-making on trusted facts and relevant insights, while dispelling misconceptions. In addition, it is recommended to work closely with an established residency consultancy to ensure a seamless application process that yields success.

Introducing the EU Passport: The Basic Details

European passports afford the right to reside, work and study in all EU states, as well as travel freely across these countries, along with other non-EU countries. There is a myriad of ways by which one can obtain EU citizenship, being one the most efficient means, in terms of time, of obtaining this coveted passport is through the available citizenship or residency by investment program, whereby you can obtain, respectively, a citizenship or a residency and then apply for permanent residency and European citizenship by completing a qualifying investment. These programs include strict requirements and involve a meticulous application process before the citizenship or residency can officially be granted. Prospective investors should therefore prepare for an initial consultation with experts, followed by a thorough due diligence process.

Citizenship by Investment Programs in the European Union

Most countries in Europe do not offer investment opportunities to obtain citizenship. The programs offered by Portugal and Greece, for example, enable residency but do not necessarily offer citizenship. One of the few exceptions is the program offered by Malta, which allows the investor to apply for citizenship.  It is generally important to note that each program is unique, and candidates should review the specific requirements of a given country when commencing the application process.

European nationals have the right to reside and work in the country of nationality. They can also relocate to another country in the European Union, without going through immigration procedures. Furthermore, they can enjoy the benefit of having visa-free access to several other jurisdictions, including the United States, Australia, and Canada.

Residing in Europe

Residency programs in Europe such as the ones obtained by investment in Greece and Portugal enable the right to reside in the country in question, and benefit from access to healthcare and education. One of the specialities of the investment residencies is that there stay-requirements are reduced or non-existent. The holder of a European residency can travel without needing a visa to any country in the Schengen Area and stay there for a maximum of 90 days, within a period of 180 days.

Can one start or expand a business, using an acquired EU Passport?

One of the strong advantages of European citizenship is the opportunity to develop and start a business in a region with access to many neighbouring markets. The European Union offers a stable economy, an extensive market and tax incentives for both small and medium sized businesses. Malta and Cyprus, for example, offer a highly favourable environment for international companies that trade outside their jurisdiction of incorporation.

Obtain EU citizenship and residency with Passport Legacy

At Passport Legacy, we offer a range of citizenship and residency by investment programs. Our team has 25 years of combined experience in the industry, providing guidance in the process of obtaining a second residency. Book your free consultation with one of our advisors to get started with your Citizenship or Residence by Investment journey here.   

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Daniel Duric

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