Germany is a great power with an exceptional stronghold in engineering and manufacturing. Indispensable to global order, its influence over international affairs cannot be doubted, as evident from its membership in several multinational organizations such as the United Nations and the North Atlantic Treaty Organization. Being an economic powerhouse, it can be found charting higher up on several indices, such as the Human Development Index. Aside from this, it is well-known for its higher education and the universal healthcare system.
All of this makes it much more obvious why investors love pumping their money into the German economy. There are returns to be reaped, and many already have plenty. Yet, the government wants to attract a consistent flow of investments to continue the development momentum. For that, it has introduced its Self-Employment Visa Program, which may be the cheapest deal in the region. Here are five things you should know about the Self-Employment Visa Program:
Why you should invest in the program
It is already pretty clear why one must consider investing in Germany. However, a few more specific pointers will be provided below. The residency benefits will include an immediate grant of residency in Germany, inclusion of family members in the residency program, the right to work and study in the country, freedom of movement throughout the European Union, access to the Schengen Area, and access to the high standard of living and public welfare services. You will also be eligible to acquire real estate while residing in the country. These benefits will be extended to family members added to the program.
Under the Self-employment Visa or Entrepreneurial Visa, there is no minimum investment requirement, though, it is an unofficial practice to invest at least EUR 360,000. The investments you make should include job creation for at least five persons. Investment in real estate will not by itself make you eligible for residency; you may get temporary residence. However, there is no certainty that it will ultimately lead to permanent residence. You can also consider investing a minimum sum of EUR 100,000 into a regional development fund.
Other eligibility conditions to fulfill
There is an array of conditions the applicants will have to meet. These include:
- The applicant must be at least 18 years old and have health insurance.
- There should be no criminal history of the applicant.
- The applicant must prepare a comprehensive business plan for the investment.
- There must be reasonable business experience.
- The investment made should be shown to potentially and positively impact the economy.
- The financing for the business must be secured through a loan or equity capital.
- For the purpose of due diligence, you will be required to furnish the necessary documents to prove your claims. These documents must be submitted to the authorities at the time of application. For instance, you will have to submit a police clearance report to show your clean criminal record. The authorities must document and peruse the comprehensive business plan before any approval is granted.
Your family members can be added
The applicant has the option to add family members to the application. However, only certain members of the family can be included in the application. These cover your spouse or partner, dependent children under the age of 18 years, and adult children who are either financially or medically dependent on you or your spouse. Once you add them to the application, family members will have the right to work or study in the country and will be eligible to secure permanent residence after five years.
Germany does not run a Golden Visa Program, but one can get citizenship through the Self-Employment Visa Program. It should take at least 4-5 months to obtain a visa. Following the approval of the business plan, the applicant and family members will be granted temporary residency in the country for three years. Following the said period, it will take another 3-5 years to become eligible for applying for citizenship. By then, you should have been included in society and could speak the language fluently.
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