European residency by self-support

The applicants can obtain European residency by financial viability without investment in Portugal. Also, they can receive temporary residence for themselves, their spouses, and children below 22, which are temporary at first and permanent after five years. Portugal’s self-support applicants need 9,000 euros for themselves, 4,500 euros for their spouses, and 3,000 euros for each child. This amount must be in the central applicant’s bank account in their country. However, Portugal is the only country that allows self-supporting residences to work.

During your stay in Portugal, you and your companions will initially receive a one-year residence, which can be extended to two years. At the end of three years, the residency is renewed for another two years, and the applicants and their companions can become permanent residents after five years. Portugal also has a six-month residency requirement in this method (four continuous months.) Under European law, Portugal also issues passports to applicants after six years, provided the applicant is fluent in Portugal’s indigenous language and culture.

Spain is another European country that provides self-supporting residence. The central applicants must show financial viability of about 27,000 Euros for themselves and each companion. They must prove that their fixed monthly income is around 2130 Euros and 532 euros per companion if they do not work.

Because in self-support, you must prove that you can afford your living expenses, which may slightly vary depending on the city. However, the self-supporting residences in Spain cannot work as employers, and one can choose investment options. Spain also has a six-month support condition for its applicants.

The European self-supporting applicants can choose Italy. Italian self-employment applicants must show a passive income of around 31,000 euros per year (income that is not subject to the presence and is generated from pensions, property rent, etc.) These salaries must be credited to a person’s account every month for about 2,600 euros. Also, the applicants must add 38,000 Euros for their spouses. If the applicant has a child, 130 Euros per month will be added to the above amounts. The Italian self-support applicants must have a specific residence place and insurance. However, they must purchase a property in Italy. An Italian self-supporting applicant can significantly increase their residence chances by buying a property in Italy. Self-supporting residence in Italy is for six months. However, the applicants can obtain permanent residence after five years and an Italian passport after ten years. Italy grants residency to children over 18 and the central applicant’s parents if they prove their dependency.

Switzerland grants retirement residence. Applicants who cannot apply for study or work residence because of their age can apply for residency in Switzerland by their capital. Self-employed residency in Switzerland is for people over 55. The applicants over the age of 78 (the life expectancy in this country) must show assets of about 50,000 francs per year. So, they must show around 1,150,000 francs in their account for 55 to 78 years (23 years.) It grants this residence to about 2,000 people annually.

You can obtain permanent residence after ten years and a passport after about 12 years in Switzerland. The applicants must also provide insurance and accommodation in Switzerland. The applicants can only invest in a self-supporting residence in Switzerland. Therefore, the applicants cannot obtain a job position in this country. The Swiss self-supporting applicants must be in this country for six months of the year.

Another country offering European residency by financial viability is Greece. Greek self-supporting residence is for the applicants living in third world countries and can prove that they are well-off and have not cost to the Greek government. Greek self-supporting applicants must show a fixed monthly income of around 2,500 euros, which increases by 20% for their spouses and 15% for each child below 18. Besides proving the fixed monthly amount, the applicant must show a printout of their account, the balance of which is 30,000 Euros per person, 15,000 Euros per spouse, and 7,000 Euros per child below 18. The applicants cannot work but can set up a company in Greece and employ Greek citizens to earn money. They must also have a rental property. Greek self-supporting residence is for six months. Its process will take four to six months if all the documents are ready.

We discussed and analyzed European residency through self-support, the level of affordability, and the required conditions in this article. Self-supporting residency is a valuable European residency in which the applicants and their companions can obtain European residency without investment and by showing their wealth and financial viability.

The applicants who do not have the proper age conditions for residency by study and work methods must use residence in Europe by financial viability. Each of the countries that accept this immigration method offers special requirements. You can benefit from our free consultation by contacting MIE Austria to check your self-support conditions in France, Portugal, Switzerland, Spain, Austria, and Greece. Also, if you have not received the answer to some of your questions, raise them in the comments section.