Residency under Self-Employment Permit
Investment immigration is where a ‘foreign investor’ invests a specific amount of money into a country’s economy in return for a permanent residency permit. Each jurisdiction has different requirements that must be satisfied in order to qualify for permanent residency; however the investor will typically be required to benefit the economy.
Germany is a member of the European Union and is considered a prominent location for foreigners to reside in due to its strong and stable economic infrastructure and respected legal framework. Germany offers attractive working conditions and a high standard of living in comparison to its comparatively low living expenses.
There are many conditions which must be satisfied for an applicant to successfully gain a permanent residency visa in Germany by investment. As of the 1stJanuary 2005, Germany introduced a newly reformed Immigration Act in a bid to regulate foreign residency permits. The new law enforces the requirement that all foreigners must obtain a German Residence Permit, which also entitles them to the right to work in Germany.
Nationals of the US, Australia, New Zealand, Canada, Israel and Japan have the right to enter Germany without a visa and apply for a residency permit while remaining as a ‘visitor’ in Germany, however while they incur a visitor status they are not entitled to work in Germany. To contrast, nationals of most other countries (excluding the above-mentioned) are required to apply for and obtain a residency visa prior to entering Germany.
Non EU/non EEA/non Swiss individuals seeking residency in Germany by means of self-employment will need to apply for a visa for the purpose of self-employment at their home country. Upon the arrival in Germany, the applicant will need to convert their visa into a Self-employment residence permit. The self-employment permit will allow the applicant to set up a business as either a self-employed entrepreneur or a freelancer.
In order to apply for this permit, the applicant will need to meet the following requirements:
The residence permit will be extended for a maximum of 3 years if the business is successful. After 3 years, the self-employed entrepreneur will be able to obtain a settlement permit. If applying as a freelancer, the applicant will be able to obtain a settlement permit after 5 years of residency in the country.
In order for the applicant to receive a settlement permit (enabling him/her to reside in Germany on a permanent basis) there are some conditions which must be satisfied: