In this article, we will take a look at 20 Best Permanent Residency Countries in the World. You can skip our detailed analysis of permanent residency and go directly to the 5 Best Permanent Residency Countries in the World.
This vast world is filled with places of wonderment. Many of us love to travel and experience the diversity in nature and culture that has spread out to nooks and corners around the globe. Additionally, there are those who choose to settle down permanently in a country other than their birthplace. In the latter case, the idea behind the visit is to simply explore new experiences and spend some vacation time in a pleasing manner. However, in the former, practicality takes precedence, and numerous variables are considered before a final decision is reached. The aim is to choose the best permanent-residency country in the world.
According to the IOM UN Migration Report 2022, the majority of people worldwide still reside in their countries of origin. Only one in thirty individuals falls into the immigrant category. In 2020, it was estimated that approximately 281 million international migrants existed globally, constituting about 3.6% of the total world population. Notably, this figure marked an increase of 128 million people compared to the 1990 figure and was three times higher than the estimated figure for 1970. Thus, this indicates a burgeoning desire in people to move, sparking the search for the best country in the world to settle permanently.
What is Permanent Residency?
Permanent residency, often referred to as a PR visa, denotes a resident status in a country other than one's country of origin, granting individuals the right to live, work, study, and even establish a business in that country. Holders of a PR visa may also be entitled to social security, healthcare, and various financial benefits. Additionally, the visa may permit individuals to bring their families, including parents, and children may qualify for free schooling. It is important to note that these benefits can vary across countries. The residency permit, which is issued to legally ensure these activities, is usually renewed after a specific time period. During this time, individuals are free to enter or leave the country, but it's crucial to keep in mind that maintaining residency status typically requires a minimum physical presence.
Types of Permanent Residency Visas
There are various types of permanent residency visas, including skilled immigration, state/territory/province-sponsored immigration, employer-based immigration, family migration, and investment migration. While certain general requirements apply to all PR visas, specific details can vary from country to country. In fact, some countries do not even permit permanent residency, and the necessary physical presence requirement also differs across nations. Hence, before uprooting one's life to move elsewhere, it's essential to ensure that the chosen destination is the best fit for permanent residency.
The Country with the Highest Immigrants
Over the past decade, a significant number of individuals have been seeking settlement or acquiring second citizenship in European nations. This trend has been further fueled by European countries easing their immigration processes, largely in response to labor shortages within the union. However, it's noteworthy to highlight the permanent immigrant inflow figure of the United States for the year 2022, standing at 1.05 million--the highest compared to other countries. The U.S. has consistently ranked as the top country for accepting immigrants, with the 2021 figure reaching 833,900, as reported by US News. This trend is unsurprising, given the country's generous approach to immigration through various channels. One notable method is employer-based immigration, where companies sponsor employees for green cards. Tech giants like Apple Inc. (NASDAQ: AAPL), Microsoft Corporation (NASDAQ: MSFT), and Adobe Inc. (NASDAQ: ADBE), among others, have actively sponsored their employees for green cards.
Apple Inc. (NASDAQ: AAPL) is an American multinational technology company that has employed a substantial number of overseas workers over the years. In the fiscal years 2020 to 2022 alone, the company submitted 13,381 labor condition applications for H-1B visas and 3,412 labor certifications for green cards. Notably, Apple Inc. (NASDAQ: AAPL) recently reached a $25 million settlement with the U.S. government concerning the hiring of immigrants.
Microsoft Corporation (NASDAQ: MSFT), another American multinational technology company, has employed a significant number of foreign workers. From 2020 to 2022, the company submitted 26,695 labor condition applications for H-1B visas and 9,920 labor certifications for green cards. Barbara Leen, Senior Corporate Counselor at Microsoft Corporation (NASDAQ: MSFT), remains an advocate for immigrants, actively urging for reform in the U.S. immigration policy.
Let’s take a look at our list of 20 Best Permanent Residency Countries in the World.
20 Best Permanent Residency Countries in the World
20 Best Permanent Residency Countries in the World
Methodology
To determine the top 20 countries for permanent residency, our focus centered on the key reasons people move, such as improved work opportunities and a better quality of life, encompassing health and education. Our methodology relied on data from the Migrant Integration Policy Index 2020, considering metrics like security of permanent residency, labor market mobility, education, and health integration for each nation. By averaging these scores, we identified countries facilitating smoother relocation while meeting these key objectives. In the case of tied averages, the cost of living index served as a tie-breaker. For instance, if three places had the same scores, 0.2 points were awarded for the highest cost of living index, and 0.1 points for the second highest. A higher average score indicates a more favorable ranking.
By the way, Insider Monkey is an investing website that uses a consensus approach to identify the best stock picks of more than 900 hedge funds investing in US stocks. The website tracks the movement of corporate insiders and hedge funds. Our top 10 consensus stock picks of hedge funds outperformed the S&P 500 stock index by more than 140 percentage points over the last 10 years (see the details here). So, if you are looking for the best stock picks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
20 Best Permanent Residency Countries in the World
20. Japan
Permanent Residency Score: 63
Labor Market Mobility Score: 59
Health Score: 65
Education Score: 33
Insider Monkey Average Score: 55
In the Asian region, Japan stands out as one of the best countries for permanent residency. As a developed nation, it ensures a high quality of life for its residents. Geographically well-positioned, Japan provides strategic access to other Asian countries, as well as Australia, New Zealand, and the South Pacific Islands, offering immigrants diverse opportunities. The country's high permanent residency score, coupled with robust health integration and labor mobility prospects, emphasizes the favorable conditions for immigrants to settle comfortably. Notably, Japan's permanent residency is granted indefinitely, in contrast to the continuous renewals or predetermined time limits associated with other visas.
19. United Kingdom
Permanent Residency Score: 58
Labor Market Mobility Score: 48
Health Score: 75
Education Score: 40
Insider Monkey Average Score: 55.25
The United Kingdom remains one of the most favored destinations for expatriates. As a developed nation with high-quality amenities, particularly in education, many individuals aspire to secure permanent residency in the UK. Those with this status can enjoy various benefits, including the right to live and work in the country indefinitely. However, certain situations, such as spending more than two years outside the country or being convicted of a criminal offense, may nullify this right. The overall scores for the country present a positive picture, with a particularly favorable outlook on the health integration of immigrants-- a key incentive for those willing to go through the process of moving abroad.
18. Czechia
Permanent Residency Score: 50
Labor Market Mobility Score: 54
Health Score: 61
Education Score: 60
Insider Monkey Average Score: 56.25
The Czech Republic stands out as one of the greatest countries in Europe, offering a safe, stable, and culturally diverse life while maintaining a high standard of living. With a lower cost of living compared to some other European nations and a business-friendly environment, it presents a prosperous outlook. Obtaining permanent residency status in the Czech Republic allows individuals to work and conduct business like citizens, with easy access to the labor market. The country's high scores in labor market mobility, health, and education further indicate favorable conditions for immigrant integration, making Czechia one of the best countries for permanent residency worldwide.
17. South Korea
Permanent Residency Score: 60
Labor Market Mobility Score: 65
Health Score: 40
Education Score: 72
Insider Monkey Average Score: 59.25
In recent years, South Korea has not only gained popularity as a tourist destination but has also become a favored choice for expatriates. The country offers a high quality of life with a reasonable cost of living and competitive salaries. Immigrants can find a conducive environment for settlement with a notably high security of permanent residency. The educational prospects for children are promising, and the labor market mobility score supports individuals moving there for job or business purposes. Overall, South Korea is well-positioned to accommodate immigrants, making it one of the best countries for permanent residency in the world.
16. Netherlands
Permanent Residency Score: 52
Labor Market Mobility Score: 65
Health Score: 65
Education Score: 57
Insider Monkey Average Score: 59.75
Bike enthusiasts may find the prospect of permanently settling down in the Netherlands particularly exciting, but the country boasts many other advantages as well. With a high standard of living offering excellent access to healthcare, education, and a robust labor market, the Netherlands provides a quality lifestyle, even though it may not be as affordable as some other European countries. Notably, the country secured the seventh position in the 2022 InterNation’s Working Abroad Index, with impressive scores in working culture and satisfaction. The permanent residency score further indicates a secure status for immigrants, solidifying the Netherlands as one of the best countries for permanent residency worldwide.
15. Australia
Permanent Residency Score: 46
Labor Market Mobility Score: 37
Health Score: 79
Education Score: 79
Insider Monkey Average Score: 60.25
With a thriving economy, the Australian government actively promotes permanent residency, granting individuals the right to work and access the labor market. While the integration score may be somewhat lower, job opportunities are still available in the market. The allure of a high-quality life in Australia is a significant driver for the increasing interest in permanent residency. This status not only provides the right to work but also includes access to Medicare and free government primary and secondary school education. Integration scores further indicate the ease with which immigrants can enjoy these facilities. Australia unequivocally stands as one of the best countries for permanent residency, offering a high quality of life and essential amenities at a reasonable cost.
14. Estonia
Permanent Residency Score: 75
Labor Market Mobility Score: 69
Health Score: 29
Education Score: 69
Insider Monkey Average Score: 60.5
For those seeking European permanent residency, Estonia emerges as a viable option. Especially attractive to tech individuals and entrepreneurs looking to leverage benefits from start-ups, Estonia is a favorable place to settle. Boasting a business-friendly environment, the country offers numerous tax benefits, making it an asset for foreign investors. The high labor market mobility score indicates a strong likelihood of immigrant integration into society. Estonia's permanent residency procedures are also conducive to securely settling immigrants in the country. Heading into 2024, it remains one of the cheapest countries to obtain permanent residency.
13. Austria
Permanent Residency Score: 50
Labor Market Mobility Score: 59
Health Score: 81
Education Score: 52
Insider Monkey Average Score: 60.6
When you think of Austria, Vienna immediately comes to mind. This renowned city is synonymous with an excellent quality of life, offering exquisite food and wine. Affordable and high-quality healthcare and education further contribute to the appeal. Austria has earned a reputation for maintaining an exceptional work-life balance and has successfully accommodated over 1 million expats from around the world. The scores indicate that immigrants are likely to encounter few hurdles when putting down roots in this European country. Hence, Austria rightfully earns its place on our list of the best countries for permanent residency worldwide.
12. Switzerland
Permanent Residency Score: 48
Labor Market Mobility Score: 63
Health Score: 83
Education Score: 48
Insider Monkey Average Score: 60.7
Switzerland, among European countries, stands out for its exceptionally high quality of life for residents. Beyond the breathtaking scenery, individuals can capitalize on abundant work opportunities and access top-notch health and education facilities. The labor market mobility score reflects the ease with which immigrants can integrate into the job market. With competitive salaries and high satisfaction among immigrants, Switzerland truly excels in offering a superior quality of life.
11. Germany
Permanent Residency Score: 54
Labor Market Mobility Score: 81
Health Score: 63
Education Score: 55
Insider Monkey Average Score: 63.25
German permanent residency ranks among the favorites for expats worldwide, and rightfully so, as Germany stands among the strongest economies in Europe. Residents enjoy a very high quality of life at an affordable range. The country's excellent education and health facilities serve as major attractions for those looking to settle. The permanent residency score emphasizes a relatively secure route for immigrants. Furthermore, international high-skilled workers can greatly benefit from the job market, which includes access to the European Union work market. The labor market mobility score provides evidence of the easy integration immigrants can achieve in this country.
10. Italy
Permanent Residency Score: 67
Labor Market Mobility Score: 67
Health Score: 79
Education Score: 43
Insider Monkey Average Score: 64
As one of the world's largest economies, Italy ranks among the best countries for permanent residency. The nation offers a high quality of life, particularly in healthcare, and serves as a gateway to the European market. With a comparatively low cost of living and encouraging permanent residency policies, Italy stands as an attractive destination for immigrants.
9. Spain
Permanent Residency Score: 75
Labor Market Mobility Score: 67
Health Score: 81
Education Score: 43
Insider Monkey Average Score: 66.5
As one of Europe's countries with the lowest living costs, coupled with excellent public healthcare and education, it's no surprise that this nation is among the best for permanent residency worldwide. The stable political and economic environment ensures easy integration for immigrants. This is further evidenced by the country's high permanent residency score, providing security for the minds of new settlers.
8. Belgium
Permanent Residency Score: 75
Labor Market Mobility Score: 56
Health Score: 73
Education Score: 74
Insider Monkey Average Score: 69.5
Belgium is one of those countries where individuals seeking permanent residency can greatly benefit from policies geared towards ensuring their easy integration into society. The country not only provides access to the large European market but also facilitates easy integration for immigrants. With excellent health and education facilities, new residents can maintain their objective for a high quality of life. Moreover, the cost of living is affordable. Consequently, Belgium holds the 8th place on our list of the best countries for permanent residency worldwide.
7. New Zealand
Permanent Residency Score: 63
Labor Market Mobility Score: 59
Health Score: 83
Education Score: 76
Insider Monkey Average Score: 70.25
Known for its family-friendliness and high-quality education and healthcare, this country offers quick and affordable access to these facilities for those qualifying for permanent residency. Abundant work opportunities and a conducive labor market mobility score make it an attractive option for immigrants. For those seeking permanent residency in a developed nation to enjoy various perks, New Zealand is undoubtedly one of the best countries.
6. United States of America
Permanent Residency Score: 63
Labor Market Mobility Score: 69
Health Score: 79
Education Score: 83
Insider Monkey Average Score: 73.5
The 'land of opportunity' indeed offers an easy and comfortable high standard of life for those seeking permanent settlement. Known for its robust economy, new residents have numerous work options to explore and build upon. The high labor market mobility score indicates ample access for immigrants. The United States is renowned for providing the best international education, including institutions like Harvard, the world’s top university. Permanent foreign residents can benefit from this without incurring the international costs of higher education, ensuring a superlative experience. Thus, the United States is undoubtedly one of the best countries for permanent residency in the world.
