Germany is one of the most popular choices of residency in the world. Every year, the country welcomes thousands of migrants who come with the hopes of starting a better life. Recent statistics show that there are over 10 million foreigners living in Germany, which is around 12% of the country’s total population. With such a large percentage of expat community living in the country, it is safe to say that German residency is a coveted dream for a lot of people in the world.
So, why is this country a favoured migration destination? Is it easy to get a German residency for any willing global citizen? In this blog, let us try to understand the country and its Entrepreneurial Residency Program better.
The German Way Of Living
Germany is well known around the globe for its comprehensive welfare system. The country’s law commits to protect the life and natural bases of its citizens. The state even has a welfare system in place to care for people who are unable to take care of themselves or their families.
Unemployed German citizens are entitled to monetary benefits. The law ensures that people without children are entitled to 60% of last net income while the ones with children can claim for 67% of last net income to lead a life of dignity. This support is extended to economic migrants as well who identify and register themselves as “unemployed” as the benefits in the country are paid even for those who have never worked in Germany.
Apart from the unemployment benefits, elder citizens in the country are also entitled to a regular pension. Further, taxpayer residents with children are entitled to receive a monthly payment of that will continue until the children turn 18.
As of 2019 February, the unemployment rate in Germany is only 3.1%. With the integration of immigrants into the labour market and the introduction of the German Entrepreneurial Residency Program, new and better employment opportunities has opened up in the country’s job market.
The country also offers free Bachelor and Master Programs in prestigious institutions to students who have adequate knowledge of German. Additionally, international applicants can either clear a language test before enrolling or select a course from the wide selection of English-language programs in any of the private or government-funded universities in the country.
High-quality lifestyle with better jobs and salaries, low crime rates, affordable health services, a safe living environment and the presence of a stable economy with an efficient welfare system is what makes Germany residency is a desirable option for expats.
The German Entrepreneurial Residency Program
High net worth individuals and entrepreneurs can opt for German residency via Entrepreneurial engagement in the country. An individual interested in becoming the country’s resident can start off by purchasing an off-plan real estate starting from EUR 250,000 and later engaging in entrepreneurial activity by contributing an investment of EUR100,000 in any of the upcoming development projects in Germany. He or she will further have to maintain a residential address during the period of investment. As the real-estate development is off-plan, the main applicant is required to rent a property until the project is completed.
The application process has four essential stages. During the pre-approval state, the main applicant and their family must apply for the program by depositing a refundable down payment. On commencement of the legalities, it will take about 1 to 2 months for the pre-approval to be issued by the local German authorities. The next stage is where an escrow account is opened for the applicant after receiving the pre-approval to transfer the remaining balance to the escrow account within 2 weeks. The pre-approval is also sent to the applicant’s home country embassy.
On completion of phase two, phase three recommence with the main applicant and family applying for the D-Visa at their local German embassy which is valid for 90 days. During this period, the applicant and their dependents must travel to Germany to complete the residency application process with the local authorities.
The final stage is where the applicants are deemed eligible for a permanent residence after the successful completion of 3 years of temporary residence. With the increasing demand for German residency and European citizenship, the German Entrepreneurial Residency Program has made things simpler for interested individuals. Interested in learning more about this program? Consult with our experts today for more information.