Belgium – officially known as the Kingdom of Belgium – is located in Western Europe. It shares land borders with Netherlands, Germany, Luxembourg, and France. With a population estimated at 11.5 million, the country is divided into Flemish (Flanders), Walloon or Wallonia, and Brussels(capital) regions. Flemish and Wallonia lie in the north and south of the country respectively.
The Walloon Region (Wallonia) in the south, and lastly the Brussels-Capital Region. All three regions are autonomous while bound together under a Federal Constitutional Monarchy to form a sovereign state.
Glimpse of the economy
Belgium stands strongly economically among the world nations in general and among the European Union (EU) in particular. Financial institutions and the overall financial system are free of any government interference, in fact, Belgium is considered to be among the freest economies of the world, ranking 37th in 2021.
Belgium’s location at the heart of the highly industrialized region helped the country secure a very strong position among world high trading economies; in 2007 it ranked 15th as the largest trading nation globally.
Judicial system & business environment
The judicial system of Belgium is effective and efficient, and rights are s equally by foreign and local businessmen alike. Belgium ranks 20th on the world’s happiest people list according to World Happiness Report 2020.
Belgium’s economic and business policies encourage foreigners to bring investment and find a new permanent residence in the country. Records show that in year 2000 the immigrant population (including refugees) was 0.87 million which in 2015 rose to around 1.3 million.
Immigration and extended stay
Citizens of the EU require no visa to enter Belgium, for people outside the EU two levels of visa are offered. First a 90-day visit visa and the other is an extended stay visa. A short-term visa can take up to 2 weeks to process whereas an extended visa may require more time.
Extended stay visa types are listed below:
- Employee visa: A work permit is compulsory for this visa and is provided by the employer beforehand along with other requirements.
- Self-Employed visa: A person after obtaining authorization from the Federal Public Service for Economy – known as the professional card – becomes eligible for this type of visa. Time taken for processing is around 16 weeks (04 months).
- Manager Visa: High-level executive who have an annual income exceeding 66,406 EUR, are eligible for this type of visa, since high level executives are usually exempt from work permits.
- Student visa: Along with a clear criminal record, means of financial support, and a pledge that he/she will not overstay their visa, a person can obtain a student visa easily.
- Research visa: Scientists, doctors, researchers, and disciplines where research is the essential part, makes a person eligible for this visa.
- Specialist visa: This type of visas is offered to investors, foreign business partners, foreign relatives, etc.
Benefits of Belgian citizenship
Although Belgium is a high tax country, but for investors, it is very efficient. Firstly, there is no tax on capital gains. Secondly once a business owner demonstrates that he is financially independent and economically sound stature, he/she can apply for citizenship.
Eligibility for immigration is established after a person has resided in the country for three continuous years legally. The processing time for immigration is approximately two years, during which time the applicant must open a company with a minimum capital of 18,600 EUR.
On average, an amount of 250,000-300,000 EUR is spent in the process of gaining citizenship. Payments are made in break-ups, however, the first year alone can cost up to 200,00 EUR. The expenses include legal fees, processing fees, company formation requirements, government fees, etc.
