In this Live and Invest Overseas Podcast, Lief and Kathleen share all you need to know when getting a second residency. They answer questions such as do you need a second residency? How to obtain a second residency? How to maintain a second residency? and much more.
The first thing you need to know is this: Are you going to move permanently or just temporarily?
However, having a residency will give you some advantages. For instance, you will always be allowed to return to the country. On the other hand, you need to remember that a residency represents an investment, not only of your money but also of your time.
There are two big categories of residency options:
- Income Residency: here you need to prove that you can take care of yourself in the new country. Examples of this type of visa include pensionado visas and rentista visa
- Investment Residency: there are many different options. For example, residency through real estate purchase, like the Golden Visa in Europe. Other options include starting a new business, investing in local government bonds or local companies, and more
An important aspect of obtaining a second residency which you need to consider is maintaining it. There might be restrictions on the residency. For example, in Ecuador, you need to remain in the country for two years to maintain the residency status.
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