German residence permit for wealthy individuals
A residence permit in Germany for wealthy foreigners does not imply investment in the local economy or the purchase of real estate. All that is required is to provide evidence of regular passive income and impressive capital. In Germany there is no separate program describing the specific conditions for obtaining this type of residence permit. But there is some legal practice, which allows us to talk about numbers and requirements. Key advantages for the applicant in this program: free education for children, the opportunity to obtain permanent residence permit and citizenship, the right to come to Germany at any time and no minimum days of stay in the country.
Program's details
- From €1 mln confirmed personal capital
- No investment no capital investment required
- Minimum requirements without language examinations and other formalities
- For the whole family spouses and minor children are included
- The right to reside in Germany no time limitations
- Free education in schools and universities for children
- Visa-free travel within Schengen countries
- German citizenship after 7 years
The official website of the program
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About the program
Germany does not have a specific law that regulates the issuance of residence permits to foreign investors or property buyers. But paragraph 7 of the Foreigners Act (§ 7 AufenthaltsG) states that the applicant has the right to obtain a German residence permit on “special” grounds, which include financial solvency.
An important point. You don't need to invest money anywhere: you don't need to open a business, make investments in the economy or real estate. The main thing is to demonstrate a decent amount in the account (or in the form of property), legal income and a desire to live in Germany, observing its laws.
There are no exact figures in the federal law that determine the exact amount of the capital for the applicant - it all depends on the specific department. But, based on practical experience, the capital must be at least € 1 million plus regular monthly (passive) income of € 6-7 thousand per family (from € 5 thousand if there is one applicant).
The first residence permit is issued for one or two years, depending on the region and circumstances. Then the card can be extended on the spot for another two years. If no violations of German law have been recorded for the applicant in the previous period, the guarantee that the application for an extension will be approved is almost 100%. The right to apply for permanent residence appears after five years, the right for citizenship - after 7 years.
Germany had issued 15,000 residence permits on “special” grounds, which had met paragraph 7 in the first six months of 2019.
Conditions for obtaining a residence permit
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Capital
The applicant must demonstrate sufficient capital to be considered wealthy. According to the experience of lawyers, it is worth focusing on an amount of €1 million (stocks, real estate and other assets) and a monthly income of €5,000.
The source of income must be legal, believable and clearly stated in the application, and the country of receipt of the money is not important. Additional assets in Germany could be a plus.
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Accomodation
You must have residential real estate in Germany. And ownership is not necessary - a long-term lease agreement is sufficient.
However, the ownership of real estate can be considered by the immigration office as an advantage.
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Requirements for Applicants
Adult citizens of any country can apply for a residence permit for financially independent persons. Knowledge of German is not required. Also, there is no need to prove business or family ties with the country.
Together with the main applicant, a spouse and children under legal age can obtain a residence permit - for the same period and on the same conditions as the applicant.
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Documents
- Application form - justification of the desire to move the center of vital interests to Germany.
- To confirm the capital: shares, property ownership certificates (including those owned by relatives), accounting documents of the enterprise.
- Proof of ownership of real estate in Germany or long-term lease agreement.
- Health insurance policy.
- Account statement from a local bank, which contains a sufficient amount for the next expenses.
- Additionally: passport, if available - marriage certificate and birth certificate for minor children.
Expenses
- Administrative fee
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When applying for a national visa and residence permit, state fees and small administrative fees are charged. The total amount will be about €300-400 per person.
- Lawyer's fee
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At the initial registration of a residence permit, legal services will cost around €20-40 thousand.
When renewing the permit, this cost item is reduced by almost 20 times, and the process itself is reduced to the submission of a reduced package of documents.
- Additional expenses
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The applicant must obtain a health insurance policy (from € 1000 per year), as well as purchase or rent a home for a long time.
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Rights and Obligations
The applicant has the right to:
- Permanently reside in Germany - enter the country at any time and stay there for any period. The law does not specify the minimum number of days of stay.
- Travel freely within the Schengen countries without a visa, simplifying the issuance of visas to the United States and UK.
- Children get the right to study in schools and universities in Germany, including free public ones.
- Passive business in Germany can be conducted without restrictions, and to work for hire (which in practice is rarely required by wealthy foreigners), you will need to obtain additional permission.
- Five years after receiving the first residence permit card, you can apply for an indefinite period permanent residence permit (upon passing the language exam), after seven years you may apply for citizenship, and after eight years you will be able to finally get it.
The applicant is obliged to:
- Regularly renew the residence permit - this will require confirmation of the availability of a place to stay and health insurance.
- Obtain a health insurance policy at his own expense which allows him to pay for medical services under insurance, and not for cash, which is especially important for elderly people.
- Observe the laws of Germany in general and of the federal state in which he intends to reside in particular.
- Pay taxes, but the income received outside Germany is taxed only in the country where it is received. The issue of taxation is not raised when extending a residence permit since this is not in the competence of the Ministry of Foreign Affairs. The presence of this residence permit does not automatically lead to a change of tax residency.
The procedure for obtaining
