In sport, as well as in business and life, if the need arises, people have to act quickly if they wish to take advantage of an opportunity. UK based Athletes, from outside of the UK, Europe, and North America, generally have more restrictions on where they can travel, without the need to apply for an additional visa.
When applying for these additional visas, it’s often a cumbersome and timely exercise, with lengthy application forms and having to supply a seemingly endless trail of supporting paperwork. Then to cap it all off, they are left without their only travel document, so cannot travel outside of the country where they hold residence.
In the majority of cases, athletes themselves will apply for a visa at the beginning of their time at a particular team or club. Sometimes this includes their immediate family and sometimes not. However, when it comes to their extended family, i.e. their parents and grandparents. This group is often overlooked until it’s too late, when the athlete has reached a major final or some other important milestone in Europe. Family members without an existing visa, simply would not have time to make a successful application and would miss out.
A solution to this is that the athlete applies to one of the European countries offering Residency by Investment. In exchange for acquiring a qualifying asset, and paying a small administrative fee, the applicant can apply for residency in that country. This will include themselves, their spouse, their parents and in some circumstances their grandparents.
Securing a residence in a European country, means that the whole family can benefit from holding a European residency card. Allowing the freedom to travel around Europe at any time, without the need for additional visas.
Some European residency programs will also allow applicants to sponsor other family members, such as brothers and sisters, under their own application.
Generally speaking, qualifying assets will come under the following headings:
Ø Purchase of a property,
Ø Purchase of units in a qualifying investment fund,
Ø Making a substantial bank deposit or buying Government bonds,
Ø Investment into a company and creating jobs,
Applicants and their dependents will undergo a due diligence process and will need to travel to the country to provide biometrics.
Once the applicant and their family receive their residency cards, they then can travel throughout Europe. One of the few stipulations is that they must maintain their investment so long as they wish to keep residency, however, this can vary between programs.
Other significant benefits
Most clients considering applying for a second residency, do so through an investment in property. A major factor in the decision making, is that they wish to own a family villa in a secure area, away from the public, and in a country that provides fun and relaxation for their entire family in the off season.
Athletes that choose the right property, in the right area, can also find that this investment is a wise long term financial decision, especially if they are making it whilst they are in their peak earning years.
Some countries like Cyprus, offer a non-dom tax treatment for new residents, who stay in Cyprus for more than 2 months a year and nowhere else for more than 6 months. The new residents would effectively be taxed on a remittance basis, so they are only taxed on Cypriot income and anything they bring into the country.
This could also be interesting for athletes (UK and Non-EU) at the end of their active sporting career, who are planning to leave the UK. As it would provide them with a permanent European base in which to allow them to develop wealth structures outside the UK. (It is really important to note, tax advice must be taken both in the UK and the country that the applicant is thinking of moving to).
United States of America
In addition to the European and Caribbean programs, we are also able to help clients gain either temporary or permanent residency in the US, simply by making a qualifying investment, through the E2 and EB5 US immigration programs.
In addition to the above scenario, where an athlete and their family wish to achieve a European residence, there is also the option for a second citizenship.
Most countries that offer these citizenship programs allow the applicant and their direct family to apply, and in some situations, this could also be extended to unmarried siblings.
As with residency by investment, applicants applying for a second citizenship would need to make a qualifying investment, undergo a due diligence process, and pay Government fees.
Often the second citizenship country would already have visa free access to the UK, Europe and other high-end destinations around the world and holders of these passports are free to travel as tourists with no need to obtain additional visas.
The main countries that offer Citizenship by Investment programs are as follow:
The Caribbean
Ø Grenada
Ø Dominica
Ø St Lucia
Europe:
Ø Malta
The application process usually takes on average 3-6 months and is fairly straightforward and usually doesn’t involve a visit to the country.
Combination of programs
Over the years, I have often been asked to design a specific program, whereby the client combines the practicality of having a full time European residence, but with the simplicity of a second citizenship for travel. These clients truly value both the quality of their living and the ease of travel.
In order to give you a taste of the possibilities, I will now run through the various Residency and Citizenship options
Cyprus offers a fast route to residency for individuals who invest €300,000 plus VAT in new real estate. The programme grants full Cypriot residency within six months, providing athletes with a European base for them and their families.
Although Cyprus currently is not part of the Schengen area, Cypriot residents may find obtaining a European Schengen visa easier. In addition, Cyprus is actively applying for membership of the Schengen pact and thus ensuring freedom of movement throughout Europe.
The country offers a favorable tax system for new residents, who can benefit from the non-dom tax regime, with as little as 2-months physical residence, meaning no worldwide income tax for non-domiciled residents, just what is brought into Cyprus or earned in the country. This might be interesting for athletes that are looking to relocate after they finish their career in a high tax country such as the UK or Europe.
Greece's Golden Visa program is one of Europe's most cost-effective residency-by-investment schemes. The most popular investment is property, whereby there is a two-tier option of €250,000, for restricted properties, or €500,000 for unrestricted properties.
Athletes and their families can gain a five-year residence permit, without physical residency,
Malta is a very attractive country for establishing a European residency. Individuals and families can easily establish residency with an initial investment of €130,000, with the option of renting or purchasing properties.
Malta's EU membership allows athletes easy travel across the European Union, and its robust economy makes it an attractive choice for investments. This is an ideal country for families currently from outside the UK and EU.
Spain
The Spanish Golden Visa for Spain, officially known as the Spain Investor visa, is a residence permit issued to non-European citizens who make a significant investment in Spain, such as buying real estate, investing in a company, or creating employment opportunities.
The investment levels start at €500,000, and grants the applicant a The Residence Permit you receive via the Golden Visa is valid for two years. You can then renew it indefinitely every two years as long as you have maintained the investment (in other words, as long as you still own the property you have purchased).
The Portuguese Golden Visa program provides residency with a minimum investment of €500,000 in non-real estate investment funds or €350,000 in research activities. Portugal boasts a high standard of living, excellent infrastructure, and a comprehensive double tax treaty network, making it an attractive destination for athletes.
Turkey offers citizenship to individuals who invest $250,000 in real estate or deposit $500,000 in a Turkish bank. The country's strategic location, at the crossroads of Europe and Asia, offers unique business opportunities and easy travel access to both continents.
Caribbean Nations: Grenada, Dominica, St Lucia, and Antigua
The Caribbean nations of Grenada, Dominica, St Lucia, and Antigua offer some of the world's most cost-effective citizenship-by-investment programs, with minimum investments ranging from $100,000 to $200,000. These countries provide visa-free travel to over 130 countries, including the EU Schengen area, the UK, and China. Additionally, they have no tax on worldwide income, capital gains, gifts, wealth, and inheritance, which can significantly increase an athlete's take-home earnings.
In conclusion, residency and citizenship by investment programs offer non-UK and non-European sports stars various benefits, including increased net earnings, visa-free travel, and potential business opportunities. Moreover, these schemes provide a safety net for life after sport, offering athletes the chance to make the most of their peak earning years and secure a prosperous future.
If you would like further detailed information about Greece Golden Visa programs and investment opportunities, simply contact or visit NG Global Citizens.
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