Friday, April 19, 2024

Golden Visa in Germany

Germany is one of the best european country to live, work, study and do business.

Germany offers ‘golden visa’ to  entrepreneurs who invest in a German venture and create jobs.  German passport is rated as the No.1 passport in the world in 2017 visa restrictions index with visa free access to 176 countries in the world.

Golden visa applicants are successful if authorities consider that there is a national or regional economic interest in their admission to the country, that the proposed activity would be favourable for the economy, and the financing of the venture has been guaranteed through the investors’ own funds or confirmed loans.

Investment conditions

German law does not specify a particular amount that an investor must bring to Germany in order to obtain a residence permit.  From January 1, 2009, until July 31, 2012, German law allowed for the granting of a residence permit to a foreign entrepreneur who, in addition to meeting other criteria, invested at least €250,000 (about US$325,000) in a German venture that created at least five new jobs.

A reform law that went into effect on August, 1, 2012, eliminated these numerical conditions and entrepreneurs are currently admitted into Germany if an evaluation of their intended entrepreneurial activities indicates that there is a national or regional economic interest in their admission, the proposed activity would be favorable for the economy, and the financing of the venture has been guaranteed through the investors’ own funds or through promised loans.

Section 21
Self-employment

(1) A foreigner may be granted a temporary residence permit for the purpose of self-employment if

1.  an economic interest or a regional need applies,

2.  the activity is expected to have positive effects on the economy and

3.  personal capital on the part of the foreigner or a loan undertaking is available to realise the business idea.

Assessment of the prerequisites in accordance with sentence 1 shall focus in particular on the viability of the business idea forming the basis of the application, the foreigner’s entrepreneurial experience, the level of capital investment, the effects on the employment and training situation and the contribution towards innovation and research. The competent bodies for the planned business location, the competent trade and industry authorities, the representative bodies for public-sector professional groups and the competent authorities regulating admission to the profession concerned shall be involved in examining the application.

(2) A temporary residence permit for the purpose of self-employment may also be granted if special privileges apply according to agreements under international law on the basis of reciprocity.

(2a) A foreigner who has successfully completed his studies at a state or state-recognised university or a comparable educational establishment in the federal territory or who holds a temporary residence permit as a researcher or scientist in line with Sections 18 or 20 may be issued with a temporary residence permit for self-employment purposes by way of derogation from subsection 1. The envisaged self-employment must demonstrate a connection to the knowledge acquired during the higher education studies or the research or scientific activities.

(3) Foreigners aged over 45 should be issued with a temporary residence permit only if they possess adequate provision for old age.

(4) The period of validity of the temporary residence permit shall be limited to a maximum of three years. By way of derogation from Section 9 (2), a permanent settlement permit may be issued after a period of three years, provided the foreigner has successfully carried out the planned activity and adequate income ensures the subsistence of the foreigner and the dependants living with him or her as a family unit and whom he is required to support.

(5) By way of derogation from subsection 1, a foreigner may be granted a temporary residence permit for the purpose of self-employment. A required permit to practice the profession must have been issued or confirmation must have been provided that such permit will be issued. Subsection 1, sentence 3, shall apply mutatis mutandis. Subsection 4 shall not apply.

(6) A foreigner who is to be or has been granted a temporary residence permit for another purpose may be permitted to pursue self-employment while retaining the aforesaid purpose of residence where the permits required under other provisions have been issued or an undertaking has been provided that such permits will be issued.

Access to German citizenship after eight years of residence. This can be reduced under certain exceptions such as for good language skills or the completion of an integration course.

No permanent stay in Germany required.  Spouse and children can also get residence permit under “family unification”.

Sources:

http://www.gesetze-im-internet.de/englisch_aufenthg/englisch_aufenthg.html#p0241
https://www.loc.gov/law/help/investor-visas/germany.php

Prabhu Balakrishnan
Prabhu Balakrishnan
Founder of Citizenship by Investment Journal. Chief Editor with over 15 years experience in PR and News publishing. He Loves writing about citizenship, residency and wealth migration. CIP Journal is a Leading publication founded in 2017 bringing latest news from CBI/RBI market.

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