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Slovakia

Slovakia

Slovakia is a high income economy in central europe. Slovakia joined the European Union in 2004 and the Eurozone on 1 January 2009 and also a schengen zone member. The country adopted the euro at the beginning of 2009 and the capital Bratislava is a major financial center. Cheap and skilled labor, a 19% flat tax rate for both businesses and individuals, no dividend taxes, a weak labor code, and a favorable geographical location are Slovakia’s main advantages for foreign investors. Slovakia is slowly becoming one of the world leaders in the automotive industry.

 

RESIDENCY BY INVESTMENT

While there is no citizenship by investment program or residency by investment program in Slovakia, the government encourages foreign investment and has rules granting financial incentives to foreign investors, like tax credits and subsidiary incentives. Criteria such as geographical location and type of sector invested in Slovakia determine financial grants. Foreign investors can apply for a temporary residence permit, which is valid for one year. It takes about 90 days to receive.

To renew the residence permit, a company must have a profit in the minimum required amount. The minimum required net income is 12,500 euro per year. Permanent residency is normally possible after 5 years of residence; citizenship is possible after 10 years of legal residence. In some cases, if an applicant invests a significant amount in priority sectors of the economy they can apply for permanent residence and then citizenship sooner than the 5-10 year wait time.

How To Apply
The handling authority is the Alien Police in collaboration with the Ministry of Economy. Applicants must submit a business plan and financial documentation of financial proof of coverage of business and have no criminal record.

Mobility
Residence gives unrestricted travel within Schengen region. Citizens have visa free travel to 167 countries, including EU countries.

Country   

Situated at the center of Europe, Slovakia is a politically and economically stable country with a skilled, educated and inexpensive workforce and has the highest labor productivity in the CEE region. The country is the largest per capita car producer in the world. It has a low cost of living in comparison to the rest of Europe.

Residency By Investment
In order to prepare and fill out documents for a residence permit for the purpose of business, investors have the option of buying a ready-made company with a nominee director and then apply for a residence permit. Another option is company registration and then submission of the documentation for a residence permit.

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