Are you considering a move to Europe as a financially independent individual? The EU offers various residence permit options that cater specifically to those who can support themselves without relying on local employment. With its diverse cultures, high quality of life, and robust healthcare systems, Europe is an attractive destination for many.
In this blog, we’ll explore the different EU residence permit options available to financially independent persons, helping you navigate the process and choose the best path for your European adventure. Let’s begin!
Table of contents
- What Qualifies as a Financially Independent Person in the EU?
- Top EU Residence Permits for Financially Independent Persons
- Advantages of EU Residency for Financially Independent Persons
- Understanding the Residence Permit for Financially Independent Persons: Key Challenges and Considerations
- Frequently Asked Questions About Residence Permits For Financially Independent Persons
- Can Lexidy Help Me Get a Residency Permit for Financially Independent Persons?
What Qualifies as a Financially Independent Person in the EU?
In the EU, a financially independent person is someone who can sustain themselves without relying on employment in the host country. Typically, this means having sufficient income from pensions, investments, savings, or other passive income sources.
Each country in the EU has set a specific financial threshold to qualify, which may vary based on the number of dependents of the individual. Demonstrating financial independence is key to obtaining a residence permit designed for those who don’t need to work to support their living expenses in the EU.
Top EU Residence Permits for Financially Independent Persons
If you’re a financially independent individual looking to relocate to Europe, several countries offer specific visa options tailored to your needs. These visas allow you to enjoy all of the benefits of living in the EU without the need to seek employment. Below, we will explore the visa options available in Greece, Spain, Italy, and France.
Financially Independent Person Visa in Greece
The Financially Independent Person Visa in Greece is for individuals who can sustain themselves without working. It is ideal for those looking to enjoy the country’s lifestyle while maintaining financial independence.
Requirements: Applicants must prove they have a stable and sufficient income, typically around €2,000 per month. If the applicant wishes to bring dependents, there will be an additional amount for each dependent. For example, applicants will require €2,400 per month for a married couple, and an additional €360 per month per child. You will also require comprehensive health insurance and a clean criminal record.
Benefits: This visa allows long-term residency in Greece and is one of the most affordable options for residency in an EU country. There are no minimum residency period requirements, so successful applicants don’t have to stay long-term.
Non-Lucrative Visa in Spain
This is a popular option for retirees and those with independent income. The Non-Lucrative Visa in Spain allows long-term residency without engaging in any local economic activities.
Requirements: Applicants must show a minimum monthly income of around €2,400, with an additional €600 a month for each dependent. Alternatively, you can show savings for the total amount (€28,000 per year for the main applicant, plus €7,200 for each additional family member) at the time of application. Health insurance in Spain and a clean criminal record is also mandatory.
Benefits: The Non-Lucrative visa permits long-term residency in Spain and access to the Schengen Zone (90 days within a 180 day period). While you can’t work in Spain, you can renew the visa and potentially apply for permanent residency down the line.
Elective Residence Visa for Italy
The Elective Residence Visa for Italy is tailored for those with substantial passive income. This visa permits long-term residency in Italy for individuals who do not need to work.
Requirements: Applicants must demonstrate a steady income from pensions, investments, or savings, typically around €31,000 per year. Once again, health insurance is necessary and proof of accommodation in Italy is essential.
Benefits: This visa grants long-term residency in Italy. Successful applicants will also have access to free public education for their children if they do decide to bring their family, as well as access to free registration with National Health Care.
Long Stay Visitor Visa for France
Suitable for financially independent individuals, the Long Stay Visitor Visa allows for extended stays in France.
Requirements: Applicants of the Long Stay Visitor Visa must prove sufficient financial resources, generally around €17,000 per year. This can be shown as a lump sum in your bank account or through monthly income statements. They must also prove they have comprehensive health insurance and a clean criminal record.
Benefits: This visa grants long-term residency in France and access to travel freely in the Schengen Zone. It can be renewed annually and may lead to permanent residency.
D7 Visa for Portugal
Ideal for financially independent individuals, the D7 (Retirement) Visa allows for extended stays in Portugal.
Requirements: Applicants for Portugal’s D7 Visa must demonstrate sufficient financial resources, including a minimum annual income of €9,840 for the main applicant, €4,920 for each spouse, partner, parent, or adult child, and €2,952 for each dependent child. Applicants must also provide proof of passive income, have a clean criminal record with no history of imprisonment, and meet any other eligibility criteria set by the Portuguese authorities.
Benefits: This visa grants long-term residency in Portugal and allows for free travel within the Schengen Zone. It can be renewed annually and may eventually lead to permanent residency.
Advantages of EU Residency for Financially Independent Persons
Obtaining EU residency as a financially independent person offers numerous benefits that enhance your quality of life and provide long-term security. Let’s take a look at some of the key advantages.
Lifestyle and Mobility Benefits
EU residency enables financially independent persons to enjoy the freedom to live in a culturally rich environment, as well as the option to travel freely across the Schengen Area without the need for multiple visas. This opens many doors to experience the wide variety of cultures throughout this area.
Economic and Financial Benefits
EU residency comes with the huge benefit of the stability of the European Union’s economy, favorable tax regimes in different regions and the ability to manage and grow your wealth.
Health and Education Access
As an EU resident, you gain access to some of the world’s best healthcare systems and educational institutions. This ensures high-quality medical care and educational opportunities for you and your family.
Understanding the Residence Permit for Financially Independent Persons: Key Challenges and Considerations
While obtaining EU residency as a financially independent person offers numerous benefits, it’s essential to be aware of the challenges that may arise along the way. Here’s a breakdown of the key considerations
Navigating Bureaucracy and Legal Complexities
The application process can be very intricate, with requirements varying across each country. Understanding local laws and ensuring all documentation is correct can be time-consuming and requires careful attention to detail to avoid being rejected for application errors.
Cultural and Social Integration Challenges
As you are aware, there are many different languages spoken throughout the EU. While English is spoken in many areas, it is important to make an effort to understand and speak the language in your new country for smooth integration. It is vital that you adapt to the new culture and build a local support network during your stay.
Financial Stability and Cost of Living Adjustments
The cost of living in the EU can vary significantly not only by country but even across regions within each country. It is important to ensure that your financial resources align with the local cost of living and that you make allowances for unexpected expenses.
Long-Term Residency and Citizenship Pathways
While some countries offer clear paths to permanent residency or citizenship, these processes can be lengthy and involve additional requirements, such as proof of language proficiency or long-term financial commitments. Planning ahead is key to navigating these pathways effectively.
By being mindful of these factors, you can make informed decisions and create a smooth transition to your new life in the EU.
Frequently Asked Questions About Residence Permits For Financially Independent Persons
What country has the lowest income requirement to qualify as a financially independent person in the EU?
Portugal is often considered to have one of the lowest income requirements for financially independent visas, typically requiring around €820 per month for the main applicant.
Can family members also receive residency under the financially independent person visa?
Yes, most EU countries allow family members, such as a spouse and dependent children, to receive residency under the financially independent person visa. This, however, will increase the required income/savings.
What happens if I lose my financial independence while holding a residency visa?
Losing financial independence could jeopardize your visa status, as most visas require proof of ongoing financial stability. You may need to seek legal advice to explore your options.
Is it necessary to know the language of the country to get a financially independent person visa in the EU?
Generally, language proficiency is not required to obtain a financially independent person visa. However, learning the local language is beneficial for integration and may be necessary for long-term residency or citizenship.
Can Lexidy Help Me Get a Residency Permit for Financially Independent Persons?
Absolutely! The EU offers a range of attractive residency options for financially independent individuals, providing a gateway to a high quality of life, economic stability, and cultural richness. Whether you’re drawn to the Mediterranean lifestyle, the benefits of EU mobility, or investment opportunities, there’s a visa option that fits your needs. However, it’s crucial to navigate the process with a clear understanding of the challenges involved.
Ready to explore your residency options in the EU? Contact our team today for a free consultation on your journey to European residency!