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European passports have become one of the most coveted in the world due to the access and opportunities they can provide. With countries like Germany, Finland, and Italy topping the charts for the number of countries EU passport holders can enter without a visa or visa on arrival, it is no wonder that people are vying to get a hold of one. Here are the top 5 benefits of having an EU passport and citizenship.
The biggest benefit of obtaining EU citizenship is its increased mobility. Holders of other citizenships like the United States of America, Australia, Canada, or New Zealand are able to enter the EU states without a visa but are not allowed to stay beyond 90 days. In contrast, with an EU passport, not only are you able to enter the 28 EU member countries freely but also gain the rights to live, work, and study in them. This opens the door for many new opportunities in other prosperous and peaceful nation-states since you are not limited to just a single geographical country. The freedom and flexibility of an EU citizenship make an EU passport ideal for businessmen and entrepreneurs to grow their business and build international relationships.
Under current EU regulations, all EU citizenships benefit from the universal healthcare system. What this means is that it doesn’t matter whether you are travelling temporarily between the EU member states on holiday, studying abroad, or residing permanently in another EU country, you will be guaranteed basic healthcare. All additional medical coverage beyond that will depend on the healthcare system of that particular country. Regardless, having this option can take a load off anyone considering travelling or moving to another EU country.
Europe is home to some of the world’s most prestigious and renowned universities. With an EU citizenship, you or your family are able to take advantage of free education or subsidized tuition costs at schools and universities throughout the EU, leading to helpful opportunities for international networking and career growth.
Attempting to get an employer-sponsored visa if you are not an EU citizen can sometimes be quite difficult and taxing. With an EU passport, however, individuals are legally allowed to stay, work, and look for work in any of the EU member countries, making the job hunting process much easier.
Those looking to start their own business can especially benefit from an EU citizenship with the multitude of EU funds and Initiatives that are available for start-ups and SMEs like the European Investment Advisory Hub, European Investment Project Portal, or Start-up Europe Partnership platform. By supporting businesses with investment, technical assistance, and training to make better use of their financial resources, these initiatives make starting and growing your own business a little easier. The process to register and launch a business within the EU is very simple and quick since the entire process can be done online within 3 working days through a single administrative body. With the open borders, you can make available a wider scope of potential employees that can help boost your business. Truly, the citizenship rights of an EU passport opens doors of opportunities for businessmen and entrepreneurs with its flexibility and mobility.
You don’t have to be starting a business to make use of these financial programs. In fact, the EU offers attractive capital investment tax incentive programs to everyone. By taking advantage of the unique relationship that each country has by being part of the EU, most of the member states are able to get favourable tax systems and treaties that profit its citizens. For example, Portugal, Bulgaria, and Greece have a preferential taxation regime while other countries like Guernsey offer a special high-income tax regime to cap tax liability. Malta has no net-wealth, inheritance or real property taxes. They also grant a special basis for taxation of non-domiciled residents where foreign income will only be taxed when earned or remitted in Malta. Additionally, Europe currently has no double taxation agreement or if they do, very low tax, with more than 60 other countries in the world.
These are only a handful of benefits that you can achieve by having an EU passport. Other than being able to live in these historically and culturally rich countries, citizenship rights from an EU passport can open the doors for financial, social, and career opportunities that might be missed otherwise.
Thinking about moving to the EU? Learn more about the different options that you can take to get the process started with Simard & Associates. As a professional immigration consulting service, we are dedicated to helping clients in Hong Kong and other Asia Pacific regions to immigrate to other countries like the EU by listening to your preferences, needs, conditions, and financial situation. Get in touch with our dynamic team of immigration lawyers, consultants and global immigration experts today for a personalized immigration solution.