Germany Persons Of Independent Means Residency Program
This German residency program offers persons of independent means the opportunity to obtain a residence permit in Germany if the applicant can prove that they have sufficient personal income and/or assets, along with the purchase of real estate in Germany. This residency program is ideal for individuals seeking a way to obtain residency in Germany - a European country that has a robust economy, rich cultural history, and a high quality of life.
The German immigration law gives the liberty to the local authorities to issue residence permits at their own discretion if they deem it fit. Federal guidelines suggest that a residence permit may be issued under this article for the purchase of real estate in combination with sufficient personal income and/or assets. Such a residence permit does not grant the right to work, but to live in Germany.
The German law does require the holder of a residence permit to not leave Germany for a time period of six months, or longer. This means each trip abroad must be shorter than six months. There is no requirement to stay a certain amount of days within the country. Nevertheless, it is advisable to spend significant time in Germany.
Important: Applicants do not receive a work permit under this program, and thus, are not allowed to work for any German employer. Nevertheless, the applicant may conduct work for companies abroad (e.g. management of own companies abroad). Shareholding of a company in Germany is Possible as well. In a separate application a regular German work permit or a work permit for self-employed persons can be applied for at any given time in future.
Legal Basis
Section 7 of the German immigration law gives the liberty to the local authorities to issue residence permits at their own discretion if they deem it fit.
Moreover, federal guidelines suggest that a residence permit may be issued under this article for the purchase of real estate in combination with sufficient personal income and/or assets.
Such a residence permit does not grant the right to work, but to live in Germany.
Key Facts
Minimum annual income: € 100,000
Preparation of application: 1-6 months
Government processing time: 2-4 months
No work permit is provided
Benefits of a German Residence Permit
Live in Germany
The right to reside in Germany
Education
Good public schools, with no tuition fees, will help you to kick-start your children’s education.
EU Travel
Visa-free travel in the Schengen Zone
University Education
Send your children to world-class universities in Germany.
The path to a permanent residence permit and citizenship in Germany
Permanent Residence Permit
After five years of residency, applicants can apply for a permanent residence permit. The German permanent residence permit will be issued if the applicants can prove their independent means, proof of intermediary language skills (B1), and are free of any criminal convictions.
German Citizenship
German citizenship can be applied for after 5 years of legal residence in Germany.
A German language certificate (B1) is required to apply for German citizenship and passport.
German Residency for Persons of Independent Means Application Requirements
The application for the German residence permit is highly individual as every local authority handles such applications in their own unique ways with their own requirements. Some regions or cities might specify higher or lower amounts of investments of required personal assets than others. Big cities in particular typically require higher investment amounts so that foreigners immigrating to the cities will not take the lower and middle-priced living space away from local residents and families.
As this procedure is highly-individual, it requires a negotiation and preparation phase of usually between two and six months, with the local authorities and realtors. Government processing times are usually between two and four months.
Each resident needs to be covered by a German health insurance policy.
No language skills are required.
German Residency for Persons of Independent Means Eligibility Criteria
All individuals who are third-country nationals (outside of the EU, EEA, or Switzerland) and can meet the requirements will be eligible for the German residency for persons of independent means program. The rights granted through this program can be availed by:
The main applicant;
The main applicant’s dependants (the spouse of the main applicant and their minor children) if they choose to set up their main residence in Germany.
The main applicant’s parents and siblings*
The spouses parent’s and siblings*
The term “children” is meant to refer to the children, including adopted children, of the main applicant. The main applicant’s minor dependants will only receive a residence permit if they choose to set up their main residence in Germany - such as attending school, which is compulsory for minor children up to the age of 16/17 who are legal residents of Germany.
* depending on the individual situation, and negotiations with the authorities.
Fees
Apart from our service cost, the following fees relative to the process are applicable:
Visa Fees: € 75
Municipality’s Registration Fees: € 0-20
Taxes
If the application is successful, and the applicant moves to Germany, they will be subject to tax in Germany and have to tax their world-wide income in Germany.
If the applicant does not spend more than 183 days per year in Germany and has no family in Germany, then they might opt to be a tax resident in another country - with proof. Income tax levels range from 0 to 45% on employment income. The average tax rate on €100,000 income for a single person is 35% and 25% for a married couple. Additional deductions for children as well as other deductible expenses.
The preferred tax rate on dividend and interest income is 26.375%, including the solidarity surcharge on income tax.
Our Guidance & Assistance
Through our dedicated experience in the field and building our dependable network over the years, we are confident in our abilities to successfully guide and support you through Citizenship and Residency programs.
Citizen Lane respects every client’s unique situation and will be able to discuss details in confidence. We will provide you with comprehensive advice and find the appropriate solution for you and/or your family. Visit us at our offices located in Malta, Austria, Germany, and Switzerland, or contact us by phone/email/contact form. Our team is ready to arrange a WhatsApp, Skype, or Zoom call with you.
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