the European Union Citizenship-by-investment schemes are quite advantageous for people who want to broaden their horizons, expand their enterprises, safeguard their investments, or give their families greater educational and lifestyle options.
Only a few European nations allow direct citizenship, which ultimately grants the same rights to all EU residents, in exchange for a large investment in the nation. Despite the European Union’s creation more than 60 years ago, third-country nationals frequently lack a thorough understanding of the organization’s function, advantages, and structure.
The European Union: What Is It?
Created in 1958, the European Union is a singular economic and political union of 27 nations that spans a large portion of the European continent. For the benefit of Union citizens, these nations united under the same principles of stability, growth, and mobility to improve, facilitate, and secure their daily lives, trade, and travel.
As of August 2020, the following nations are members of the European Union:
• Austria • Belgium • Bulgaria • Croatia • Cyprus • Czechia Republic • Denmark • Estonia • Finland • France • Germany • Greece • Hungary • Ireland • Italy • Latvia
• Lithuania • Luxembourg • Malta • Netherlands • Poland • Portugal • Romania
• Slovakia • Slovenia • Spain • Sweden
On 31 January 2020, the United Kingdom left the European Union.
The Euro ($), which is only now used in 19 nations, is also a common currency among Union members.
The majority of the continent is now open to unrestricted travel thanks to the elimination of border controls between EU nations. Living, working, and traveling throughout the European Union are now considerably more straightforward. Each and every EU citizen is free and entitled to select where they want to live, work, and retire. For the purposes of employment, social security, and taxation, every EU member state is required to treat its residents precisely the same as its own.
Read more: Definition and Benefits of the European Union and the Schengen Area
What is the EU & Schengen Definition and the Schengen Area?
The Schengen region, established by the European Union in 1985, is a grouping of numerous nations without borders where individuals can move freely and easily between them without having to go through formalities like border crossings and security checks. For instance, a person from a third country who receives a temporary Schengen visa may travel unrestrictedly inside all Schengen-area nations for the duration of the visa.
Currently, the Schengen Area includes 4 nations outside of the European Union in addition to 22 of the EU’s 27 member states.
The nations that make up the Schengen Area are:
• Austria • Belgium • Czechia • Denmark • Estonia • Finland • France • Germany • Greece • Hungary • Iceland • Italy • Latvia • Liechtenstein • Lithuania • Luxembourg • Malta • Netherlands • Norway • Poland • Portugal • Slovakia • Slovenia • Spain • Sweden • Switzerland