Initial required accommodation amounts for retirees in Austria and Greece
The applicants must show a specific amount of money in their accounts since the retirement residence is an investment method. They must show their capital and assets to the government of the destination country. It includes different amounts in countries that offer retirement accommodation. The head of the household must deposit 22,000 euros in one’s bank account and 20,000 euros in the account of each family member in Austria. However, the head of the family must have about 60,000 euros in one’s bank account in a Greek retirement residence. These amounts must be in the central applicant’s account, and they don’t need to provide financial viability in the companions’ accounts. The applicants can show their financial viability by presenting a bank account print certificate. The source of which must be clear.
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The required monthly income in Austria and Greece
Another essential condition for the retirement residence or the wealthy residence is that they must show their wealth to receive residency. The destination country’s government must ensure that the applicants can cover their living expenses and do not impose any costs on the government. The applicants must prove that while living in Austria and Greece, they have a monthly income in their country in their account. It can include the applicant’s regular income from the pension, rental income, and dividends, etc., which varies in different countries. The retirement residence applicants in Austria must have a fixed monthly salary of 2,500 to 3,000 euros to apply. However, applicants for Greek retirement residence must prove that they have a fixed monthly income of 2,000 euros for the central person, 400 euros for the spouse, and 300 euros for children below 18. After immigration, the applicant and one’s companions will receive a two-year residence permit and then extend it for three years. The applicant will obtain permanent residence in Austria and Greece after five years. They can get Austrian citizenship after six years and Greek citizenship after seven years.
Living quality in Austria and Greece
Greece does not have a high level of living quality indicators. Greece is above average in the life, work, and health status balance. However, its income, wealth, civic engagement, housing, environmental quality, mental well-being, personal security, education, and job skills are below average. Although money cannot buy happiness, it is a critical issue for achieving a higher living standard. The average net household income is 17,700 dollars in Greece, much lower than the OECD average of 33,604 dollars per year. There is a significant gap between rich and poor in this country. The top 20 percent of the population earn more than six times the low 20 percent. About 54% of people aged 15 to 64 in Greece are employed, while the average OCED employment rate is around 68%. Life satisfaction in Greece is generally lower than the OECD average.
Austria is a country with a rich cultural heritage, a popular travel destination, and a good business partner due to its wide range of cultural offerings, astounding landscape, and dynamic economy. The high quality of life in Austria is reflected in the low crime rate, the high level of social security, and the attractive shopping and entertainment infrastructure. Austria has unique living quality. According to the latest study in 2019, Austria ranks first in living quality in the world.
Vienna is the most visited capital, and according to the latest ranking, Vienna is the most visited city in the world for the tenth time in a row. Austria has excellent medical education and care, excellent cultural and recreational facilities, and a solid business position.
Living expense in Austria and Greece
One of the most critical and influential factors in choosing a country for immigration is comparing its living expenses. If we compare the living expenses for a retirement residence in Austria and Greece, we find out that the cost of living in Austria is higher than in Greece. According to living quality indicators, Austria has a higher level of welfare, social facilities, education, and medical systems than Greece. The living expenses in Austria are 17% more expensive than in Greece. A family of four living expenses in Austria is 3,209 euros per month, while the living expense for a family in Greece is around 1,998 euros per month.
Presence conditions in Austrian and Greek retirement residence
Because the applicants must initially show their assets, some countries seek to transfer their assets by making them present in those countries. Because according to the living expenses, their property will enter the destination country. The present condition in Austria is six months and four days.
The retirement presence requirement in Greece is for six months. The central applicants and their companions can obtain a residence permit in Greece if they are present in Greece for six months.
Admission capacity for Austrian and Greek retirees
One of the main differences between the retirement residence in Austria and other countries is the issue of quota or annual admission capacity. Austria has the highest level of living quality. So, many international applicants want to obtain retirement residency in Austria. Therefore, the government accepts a limited number of applications each year to organize retirement admissions.
On what basis is the application for admission prioritized? Austrian retirement residence files are submitted to embassies around the world every January at regular intervals. Files that are submitted to the embassy faster have a higher chance of success. Retirement residence applications, despite the simple conditions for starting work, are very time-consuming for completing the documents and legal proof of the applicant’s financial viability, which takes about a year for the Austrian retirement residence. However, it takes less time in Greek retirement residence, and the applicant can receive their residency within four months.
The process of residency in Austria and Greece
You must first prepare your financial documents in the Austrian retirement residency process. The financial statement must be submitted together with other documents, including the applicant’s insurance policy and one’s companions, the residence permit in Austria, the required documents by the embassy, and the completed forms at the time specified by the embassy. On the embassy interview day, the applicant enters the embassy with one’s Austrian lawyer in the country of residence and presents one’s documents to the embassy officials. The first appointment that the applicants can get is at the beginning of the New Year and January 2nd. The applicants who wait longer will face a greater risk of success. However, there is no capacity or schedule for Greek retirees. The applicants can submit their documents and files at any time of the year. The applicants must provide valid and original documents in the obtaining retirement residency process in Austrian and Greek.
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