Estonia is one of the most tech savvy countries in Europe. The country has the most innovative and popular e-residency scheme where companies can be incorporated, managed remotely with a bank account.
Estonia uses euro, joined schengen area in 2007 and EU member state since 2004. Estonia attracts large number of startups companies and investors.
Major Investor Scheme
Estonia’s Golden visa schemes known as ‘Major investor scheme’ entered into force on 18 January 2017 defines a major investor as an alien who has made a direct investment in the amount of at least €1,000,000 euros into a company, registered in the Estonian Commercial Register, substantially investing in the Estonian economy, or has made an investment into an investment fund, which, pursuant to its investment policy, invests the resources of the fund primarily into the companies entered into the Estonian Commercial register.
Since the launch of the scheme in 2017, within a year Estonia received four applications , each with over €1 million euro under major investor scheme, according to the Migration police data published by EU.
A temporary residence permit issued to a major investor for enterprise is to facilitate making investments in such business in Estonia, which is in public interests and significantly contributes to the development of the Estonian economy.
Special conditions foreseen under the major investors’ scheme are:
- Applicant proves that he has made a direct investment in the amount of at least 1,000,000 euros into a company, registered in the Estonian Commercial Register, investing primarily into the Estonian economy, or has made an investment into an investment fund, which, pursuant to its investment policy, invests the resources of the fund primarily into the companies entered into the Estonian Commercial register;
- Applicant has paid a state fee – 180 euros (if the application is submitted at the foreign mission) or 160 euros (if the application is submitted at the Police and Border Guard Board).
- Major investors are exempt from the annual immigration quota.
General Investor Scheme
Estonia also offers general scheme for investors.
The main criteria to receive a residence permit for enterprise is to invest at least €65,000 euros to a company registered in Estonia and their activities must significantly contribute to the development of the Estonian economy.
The Table below shows the total number of requests for residence permits for enterprise, the number of successful and turned-down applications in the reference period (2012-2017):
|
Year |
Total no. of requests for residence |
No. of requests for residence by investors* |
No. of successful applications |
No. of turned down applications |
Sources*** |
|
2012 |
3866 |
127 |
61 |
21 |
PBGB |
|
2013 |
3696 |
77 |
54 |
22 |
PBGB |
|
2014 |
4376 |
55 |
35 |
10 |
PBGB |
|
2015 |
5319 |
38 |
28 |
3 |
PBGB |
|
2016 |
6429 |
38 |
18 |
3 |
PBGB |
|
2017 |
6612 |
97** |
68 |
4 |
PBGB |
* From the 97 applications recorded under 2017, four corresponded to major investors.
* PBGB- Police and Border Guard Board
Citizenship Act
The following conditions apply for citizenship: An alien who wishes to acquire Estonian citizenship must:
1) be at least 15 years of age;
2) hold a long-term residence permit or the right of permanent residence;
2.1) prior to the date on which he or she submits the application for Estonian citizenship, have lived in Estonia for at least eight years on the ground of a residence permit or by right of residence, of which at least five years on a permanent basis;
2.3) have a registered place of residence in Estonia;
3) be proficient in the Estonian language in accordance with the requirements provided in section 8 of this Act;
4) know the Constitution of the Republic of Estonia and the Citizenship Act in accordance with the requirements provided in section 9 of this Act;
5) have a permanent legal income;
6) be loyal to the Estonian state;
7) take an oath.
Estonia does not allow dual citizenship.
