Permanent residency is a visa status given to the Permanent Resident cardholder for legally residing in the host country. The Permanent Resident cardholder is allowed to work, go to school and access the health care facilities of the host country. However, the cardholders don’t get the right to vote or run for office.
For permanent residency status, the Individuals needs to fulfil some requirements, like having work experience in the host country, having studied in the host country and speaking the official or local language of the host country. While there is another way to gain permanent residency since 1986, investment has been another way to gain PR. After the PR status individual has resided in the country for several years, the PR status individual can get citizenship by naturalization.
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Residency By Investment
Benefits
Residency By Investment
Business
One who invests in the host country and obtains permanent residency can do business in that respective host country. Also, it allows more freedom to travel abroad.
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Tax management
Investing in another country will allow shifting the tax load to different locations where the tax is low. It will be advantageous for the high-income group of people to save tax.
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Security
Permanent residency is one of the safest and stable investments. Suppose there is any political unrest in the home country.
Global Mobility
A lot of passports don’t give visa-free entry to other countries. For example Japan has visa-free entry to 192 countries. These are crucial in saving time in filling Visa applications.
Read MoreOne of the primary reasons for investment in permanent residency is security and global mobility. Investment in permanent residents provides investment security, but it also opens up the domain of new heights and possibilities to high worth net assets.
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DIFFERENCE BETWEEN
TEMPORARY AND PERMANENT RESIDENCE
Temporary residence is the residence status given to a foreign national for a limited period. The residence can be either in the form of a visa or temporary residence permit. A temporary residence doesn’t enjoy the full rights of a permanent residence as a temporary residence have time restrictions. The temporary residence has limited jobs to perform based on their visa or permit. The temporary residence permit, in most cases, is granted for two years. The temporary residence needs to renew. After a few years of continuous residence, usually five years, the foreign national can apply for permanent citizenship.
The permanent residence offers full-fledged rights to the foreign national. The permanent residence gets equal rights same as the citizen of that country. The permanent residence has no restrictions. They can freely study, work and do business there. The permanent residence doesn’t have any time restriction.
The requirements of each country vary. Some countries ask for proof of residence every six months. Some countries require the person to have a certain number of trips to the host country. Some countries do not ask for any specific requirements. However, there are some basic requirements that each country requires.
Benefits:
- Tax breaks in certain countries for foreign investors.
- Allowed to bring spouse and children as family dependents
- May apply citizenship
- Live, study do business and find employment
- Easy travel either visa free or visa on arrival facility to other countries
One of the primary reasons for investment in permanent residency is security and global mobility. Investment in permanent residents provides investment security, but it also opens up the domain of new heights and possibilities to high worth net assets.