Many individuals have become internationally mobile because of their ability to carry out their employment or business activities remotely, using the wide array of online communication platforms that are now available. Others may be semi-retired or retired.
In each case, they are looking for liberating, flexible solutions, that provide a range of lifestyle, business, investment and tax benefits.
Financially Independent Visa Programmes enable applicants to establish residency in a new country if they can demonstrate a regular income and/or personal wealth above a specified amount.
Typically, they offer one-year renewable visas and holders are required to make the chosen country their primary place of residence and tax residence to qualify for renewal.
They can also generally be converted into a longer-term visa in the future, enabling applicants to move to a country with minimum initial financial commitment and gain first-hand experience of living there. This allows them to determine whether they would like to establish long term residency and, if they do, gives them time to plan and invest in line with their personal preferences and requirements.
Governments of most countries are keen to appeal to financially independent individuals and their families who are not going to be a burden on the state, who are going to bring in economic resources and who will provide a source of additional revenue. In many cases, governments will actively seek to attract such people by offering additional preferential tax benefits (please contact us for further details of tax residency programmes available).
In general, Financially Independent Visa Programmes provide applicants the following benefits:
- The right to reside, but not to work, in the chosen country.
- The right to include qualifying financially dependent family members.
- If a qualifying European country, visa-free travel throughout the Schengen Zone for 90 days within any 180 days
- Qualification for permanent residency in the future
Through our extensive network of international offices and professional partners, the Sovereign Group advises clients on the following financially independent visa programmes based in Africa, the Middle East and Europe.
The Mauritius Retired Non-Citizen Residence Permit
The Retired Non-Citizen Residence programme provides a 10-year Residency Permit to applicants who are at least 50 years, can demonstrate they are financially secure, and are able to transfer USD1,500 per month (or a total of USD 8,000 per year) to Mauritius.
Holders are eligible to renew the permit upon expiry, subject to providing evidence that they have met the minimum income transfer requirements during each of the previous 10 years.
Retirees are also eligible to apply for a 20-year Permanent Residence Permit if they have either held residency for at least three years or they invest a minimum of USD200,000 in the purchase of a property qualifying under the Property Development Scheme for Senior Living.
The UAE Retirement Visa
Under the terms of the UAE Retirement Visa programme, retirees over the age of 55 or individuals who have worked for 15 years or more, inside or outside the UAE, are eligible to apply for a five-year Retirement Visa, provided they make a financial deposit of a minimum AED1 million (c. USD275,000) within the UAE and either:
- Own one or more real estate properties in the UAE valued at a minimum AED1 million, or
- Have a fixed annual income that is no less than AED240,000 in Abu Dhabi or AED180,000 in Dubai (or its equivalent in foreign currencies)
The UAE Remote / Virtual Work Residence Visa
Non-UAE nationals employed outside the UAE are eligible to apply for a Virtual Work Visa. This one-year visa allows foreigners to enter and live in the UAE under self-sponsorship.
To qualify, applicants must provide evidence that they work remotely for an organisation outside the UAE and receive a monthly income of USD3,500 (or its equivalent in foreign currencies).
The Cyprus Temporary Residence Permit
The Cyprus Temporary Residence Permit is an annually renewable self-sufficiency visa that allows an individual and their qualifying dependants, to live in Cyprus as a visitor, without employment rights.
To qualify, applicants are required to rent or purchase a local residential property, have a minimum annual income of €24,000 that is sourced outside Cyprus, have local private medical insurance and no criminal record.
It is also essential that each permit holder does not stay out of the country for no more than three months at a time because this could result in the permit being cancelled.
After five years of residency, applicants are eligible to apply for permeant residency in Cyprus.
The Portugal Passive Income (D7) Visa
The Portugal Passive Income Residency (D7) Visa provides residency status to non-EU citizens who intend to relocate to Portugal and who have a reasonable regular passive income.
To qualify applicants are required to rent or purchase a local residential property and provide proof of regular passive income. This may be derived from pension, rental, dividends or certain categories of investment income. Employment-related income does not apply.
Minimum income requirements vary depending upon the number of dependants that the main applicant wishes to include. In 2024, this equates to a minimum annual income of €9,120 for the main applicant, €4,560 for a spouse and €2,738 for each dependent child.
After five years of residency, applicants are eligible to apply for permanent residency in Portugal.
The Greek Financially Independent Persons Residency Visa
The Greek Financially Independent Persons Residency Visa provides qualifying non-European investors and their dependent family members, full rights to live in Greece without working.
The two-year visa is only available to those who wish to reside in Greece for at least 183 days per year and can prove they have the financial means to support themselves.
To qualify applicants are required to rent or purchase a local residential property, have a minimum annual income of €24,000 that is sourced outside Greece (increased by 20% to include a spouse and by 15% for each dependent child), and have private medical insurance.
After five years of residency, applicants are eligible to apply for permanent residency In Greece.
The Italian Elective Residency Visa
The Elective Residency Visa grants a renewable one-year residency permit to non-EU citizens who have sufficient foreign passive income.
The main qualifying requirements are for applicants to rent or purchase a local residential property and have sufficient passive income amounting to no less than €32,000 a year. Qualifying income sources include pensions, dividends, property/rental income, and/or investment income.
This visa does not allow applicants to work or start a business in Italy, and those who intend to renew their visa are required to show that they have remained in Italy for a minimum of 183 days per year.
After five years of residency, applicants are eligible to apply for permanent residency in Italy.
The Spanish Non-Lucrative Residency Visa
The Spanish Non-Lucrative Residency Visa provides residency status to non-EU citizens who intend to relocate to Spain and who have the financial means to support themselves and their dependants.
To qualify, applicants are required to rent or purchase a local residential property, have a minimum annual income of €27,792.96 that is sourced outside Spain (with an additional €6,948.24 for each qualifying dependant) and have private medical insurance.
Those who intend to renew their visa at the end of year one, and each subsequent two years, are required to show that they have remained in Spain for a minimum of 183 days per annum.
After five years of residency, applicants are eligible to apply for permanent residency in Spain.
Comprehensive Residency, Tax residency and Citizenship Planning
Sovereign’s extensive network of offices, experienced local teams and professional service partners ensure that we are well placed to assist clients in the development and implementation of the most suitable overall residence, tax residence and/or citizenship strategy for their needs.
Sovereign works closely with applicants during each stage of the planning and implementation process. When combined and managed correctly, the following Sovereign Group services will also enable clients to develop and implement a comprehensive, flexible and tax efficient strategy:
- International residency and citizenship programmes.
- Corporate structures and banking.
- Tax residency programmes and planning.
- Trusts and foundations.
- Estate and succession planning.
- International retirement plans.
- Wealth management.
- International life and medical insurances.
Contact Sovereign’s Residency and Citizenship Planning Division
For further information, to discuss your requirements and/or to determine whether you qualify for any of our residency or citizenship programmes, please contact Sovereign’s Residency and Citizenship Planning team below.
