Germany is one of the most popular tourist attractions in the world. The country is home to beautiful castles, picturesque landscapes, lively cities, quaint towns, delicious food, amazing beer, interesting history, and unique culture. These are some of the reasons why many people want to visit Germany. Before you visit, you need to apply for a Germany visa, and there are different types of visa to Germany available. Depending on whether you want to visit the country as a tourist or relocate to Germany, you need to find the right visa for the same. There are many foreigners who dream of moving and settling in this European country. Its strong economic and welfare system is one of the main reasons for the same. Apart from this, great jobs, high salaries, low crime rates, and high quality of life are a few other reasons why people want to move to Germany. If you want to live and work in Germany and become a German citizen, you should know about the Germany golden visa. Here is everything you need to know about golden visa in Germany.
What is a Golden Visa in Germany?
Several countries around the world offer golden visas to foreigners who are ready to make an investment in the country in favor of permanent or long-term residency or citizenship. Although Germany does not have a golden visa scheme, it does offer something equivalent. Known as the Germany Investment Visa, the golden visa Germany is your one-way ticket to gain permanent residency and later citizenship of the country. This visa is given to people who are ready to invest in Germany by starting a business in the country.
Benefits of a Germany Golden Visa
Applying for a Germany golden visa is apt for those who want to live and work in Germany. It will give you access to the business market not only in Germany but the European Union as well. Here are some of the benefits of getting a Germany golden visa.
- A Germany golden visa or investment visa allows you to enter Germany and get a temporary residence visa that is valid for 3 years and can also be extended.
- You can apply for a permanent residence visa after 3 years.
- This visa can be extended to your immediate family members (spouse, children under the age of 18 years, and dependent children above 18 years) who can live, work, and study in Germany.
- You have the right to apply for Germany citizenship after 8 years of living and working in the country with the investment or golden visa.
- You get visa-free entry to all the countries that belong to the Schengen zone and European Union as a permanent residence. Moreover, once you become a citizen of Germany, you have the right to move, settle, work, and study in any country in the European Union.
- As a resident (and later citizen) of Germany, you get access to world-class infrastructure, healthcare, education, and social benefits that the country has to offer.
Eligibility for Germany Golden Visa
Before you plan to apply for the Germany golden visa or the investment visa, it is important to know how you can be eligible for the same.
- Only a person above the age of 18 years can apply for this visa.
- You should not have any criminal record under your name.
- You need to have a proper business plan that promises to enhance the German economy.
- Along with a business plan, you also need to have the right experience to start a business in Germany.
- You should have the required financial resources to start a business venture in Germany. You can raise the required amount though loan or equity financing.
- You must be able to hire at least 5 people in Germany to work for your business.
Requirements for Germany Golden Visa
Apart from fulfilling the eligibility criteria, you also need to submit some important documents while applying for a Germany golden visa. Here is the list of requirements for golden visa that most of the applicants will have to submit. As per your nationality, age, nature of business, etc., you may have to submit certain additional documents. Likewise, you will have to provide several other documents if your family is planning to move to Germany with you.
- Valid passport
- Passport-size photographs
- Detailed business plan
- In-depth financing plan
- Proof of funds as well as documents that establish that your funds are from a legal sourc
- Confirmation of registration with the German Trade Register
- Degree/diploma relevant to your business idea
- Resume stating your qualifications, references, and certifications
- Rental agreement or document proving home ownership as evidence of residence in Germany
- Confirmation of health insurance in Germany
- Investors or applicants above the age of 45 years should have a retirement plan, including life insurance, savings, pension, etc.
Process of Applying for Germany Golden Visa
If the idea of running a business and settling in Germany appeals to you, the next step is to know about the process of applying for a Germany investment visa or golden visa:
- Build a Business Plan: Your business plan should not just be an idea. In fact, you need to create a thorough and detailed business plan stating how it will have a positive impact on the German economy. You need to take the help of financial, legal, and immigration experts to build a foolproof business plan that will be presented to Germany’s Chamber of Commerce and Industry.
- Apply for Self-Employment Visa: Once the members of the Chamber of Commerce and Industry approve your business plan, the next step is to apply for a self-employment Germany visa for entrepreneurial activities. You can apply for the same at the German embassy in your home country.
- Start Your Business with a Temporary Residency Visa or Permit: The self-employment visa gives you the right to enter Germany. Once you reach the country, the immigration officer will issue you with a temporary residence permit or visa that is valid for 3 years. You can renew this permit or visa after 3 years. You can live and run your business in Germany with this visa.
- Apply for Permanent Resident Visa: Once you have lived and worked in Germany for 3 years, you can legally apply for a permanent resident visa. With this visa, your residence status becomes more secured.
- Become a German Citizen: When you have lived in Germany for 8 years (without any interruption), you have the right to apply for German citizenship, which also gives you access to the countries belonging to European Union. If you are proficient in German language and have internalized the culture of the country, you can apply for naturalization as citizenship after 6 years of living and running your business in Germany.
Cost of Germany Golden Visa
Although the minimum investment requirement for Germany golden visa is not specified, the officials expect the applicants to make an investment of at least 360,000 euros. This investment capital is required to begin a business in Germany. Along with this, you will also have to pay visa processing, legal, administration, consultation, and such other fees while applying for this visa.
The Germany golden visa is a step towards gaining German citizenship. Once you become a citizen of Germany, you need to surrender your current nationality or passport, as Germany does not permit dual citizenship.