Germany's visa for self employment is alternate to Golden visa; Here's how you can avail

BERLIN - Countries like United Arab Emirates and Portugal have launched the Golden Visa for foreigners to allow them more liberty in terms of residence but another country which provides a substitute is Germany.

Though the Golden Visa scheme does not exist in Germany as such, another alternate is Visa for Self Employment which allows investors to start a business in the country and pave the path to long term residency in the country.

Benefits of Visa for self employment

The most important benefit of this visa type is that visa or residence permit for self-employment is initially issued for up to three years but if your business idea is successful and you are able to cover the costs of living for yourself and your family, the residence permit can be extended.

With a visa for self-employment, you can execute your start-up project in Germany. Different conditions apply based on whether you are planning on setting up a business or working as a freelancer. 

Let's explore different options you can opt under this visa category.

Setting up a business

You can secure a residence permit for self-employment if you meet the following conditions:  

• There should be an economic interest in or a regional demand for your product or service
• It is foreseeable that your company will positively impact the economy
• You are able enough to finance the implementation of your business concept with your own capital or through a loan commitment
• If you are over 45 years of age, this visa can only be issued if you can provide proof of adequate old age pension provisions

If you are starting your own company, you can apply for a settlement permit after three years. The settlement permit has permanent validity and allows its holders to exercise gainful employment. People applying for a settlement permit have to satisfy specific requirements which are outlined in the Residence Act.

Freelancers

If you would like to work as a freelancer in one of the liberal professions, you are able to obtain a residence permit for self-employment but you must meet the following requirements:   

• You can prove having sufficient funds to finance your projects
• You have the requisite license to perform the job in question
• If you are over 45, you must provide proof of adequate old age pension provision

How to Apply

After having checked the eligibility in terms of age and whether you are financially sound, one needs to make an appointment at the German embassy and prepare the documents like passport, business plan, proof of financial means and visa application etc. The possible waiting times can be checked from the website of the embassies. 

The next step is to bring along all the required documents and apply at the embassy. The visa processing time can last from few days to several weeks. If you are given a visa, you are ready to go to Germany.

After landing in Germany the final step is to make appointment with foreigners authority and apply for residence permit for self-employment. The foreigners authority would inform about the required documents. It is to be mentioned that the residence permit must be applied for before the entry visa expires. 

Fee

The fee for applying for visa in the country of residence is EUR 75 while the handling fee for residence permit could be up to EUR 100.