Some European countries such as France, Spain, Portugal and Greece seek to attract citizens of non-EU countries who have high financial capabilities through the long-term residence visa program. These people must have enough income to cover the living expenses of themselves and their companions, but they are not allowed to work in the destination country. This passive income residency program is known as a self-supporting visa or a Financially Independent Person (FIP) visa. Here, while referring to the most popular residence programs for affordability in Europe, we compare the affordability visa with other European immigration programs.
What is a self-supporting visa?
One of the easiest ways to live in the EU for people with high financial means is to obtain a self-supporting visa (FIP) or residence through means. For residence through self-support, you must provide documents that show the amount of salary, savings and properties that are in your name. The income of the applicant for this visa must be provided from another country.
Who are eligible to immigrate through self-support?
People who have enough income in their home country to live comfortably in the EU can apply for an EU self-supporting visa. This type of residence permit, which is issued by several member countries of the Schengen Agreement, allows you to move to Europe with your family members. Self-supporting residence permit holders do not have a work permit in the European Union. They can own a business but they cannot earn money from it and they have to hire other people to manage their business. Migration through financial means can be a good option for people with children, employees of companies outside the European Union who work remotely, entrepreneurs who have retired or run their business remotely, and wealthy retirees. These people usually choose Europe to stay in order to improve their quality of life or considering their child’s future education. Another point about self-supporting residence is that family members of the main applicant can continue to reside there even if the main applicant leaves the country.
What rights do residence permit holders with financial ability have?
Staying in the country of their choice
Visa-free travel to the countries of the Schengen area
Obtaining permanent residence after 5 years and receiving a passport after 7-10 years
Insurance to use local medical services
Returning to their country in case of any unforeseen problems
How to extend residence through What is financial means?
A residence permit for financially independent persons is usually issued for one year, although in some cases it can be issued for two years, but this residence must be renewed regularly during the first few years. After a certain number of years in the destination country (usually five years), a permanent residence permit is issued. After seven to ten years of living in this country, people can apply for citizenship. If you have any questions about how to obtain and extend Greek residency through financial means, get free advice from immigration specialists through the contact us page.
What are the countries that offer self-supporting visas?
Self-supporting countries issue residence permits to non-EU citizens, provided that they have a stable and sufficient annual income to cover their living expenses. Some of the most popular self-sponsored visa programs in Europe include:
French self-supporting visa
France offers unlimited residence with a one-year validity to people with an annual income of more than 16,000 euros and who undertake not to be employed in France. French self-supporting residency can be renewed annually online. After five years of legal residence and presence in France for at least 183 days per year, the applicant is eligible for permanent residence.
Self-supporting Spain visa
Self-supporting residence in Spain is one of the most popular residence permits in the European Union. By 2020, about 60,000 people have received Spanish residency in this way.
The monthly income of the applicant to receive this visa must be 2148 euros, which is added to this amount by 537 euros for each family member. Also, the amount of your savings to receive this visa must be 25,816 euros, and for each family member, the amount of 6,454 euros must be added to this amount. It should be noted that Spain, along with Greece, has one of the most popular golden visa programs.
Portugal self-supporting visa
Obtaining self-supporting residency in Portugal is much easier and cheaper than in its neighboring country, Spain. The minimum income required for each applicant is only 635 euros per month. Also, the amount of savings required for each single person is 7,620 euros and for each married couple is 11,220 euros. 2160 euros is added to this amount for each child.
Austria self-supported visa
The number of visas in Austria is determined based on the quota. In 2020 and 2021, a total of 6,020 people managed to obtain self-supporting residence in Austria. Before submitting an application for a residence permit, applicants must register online at the consulate’s website and receive a message informing them of the deadline for submitting their application. Your monthly income to receive Austrian residency using financial means should be 1,933 euros if you are single and 2,944 euros if you are married. Also, 298 euros will be added to this amount for each of your children. These amounts do not include mandatory costs such as property rent and insurance. In addition, you must save 15,000 euros for each adult and 10,000 euros for each child. Applicants must also have an A1 level German language certificate from an accredited language center. Children under 14 do not need a language certificate.
Switzerland self-supporting visa
Switzerland has a different system for issuing residence permits for wealthy people. These people have to pay a lump sum tax equivalent to 400 thousand to 1.5 million euros per year, depending on their income and region of residence. It takes between 2 and 5 months to obtain a self-supporting residence in Switzerland. The request must first be approved by the regional tax office and then by the federal authorities. Getting this visa is recommended only to very rich people because the cost of housing and maintaining this residence in Switzerland is ten times that of other European countries. It should be noted that it is not possible to stay in Zurich through this visa.
Greek self-sponsored visa
for Greek residence can be obtained in different ways. According to Article 20 of Greek Law No. 4251/2014, Greece has provided a renewable residence permit for non-EU nationals who are financially independent. Staying in Greece is one of the most affordable and attractive options for wealthy people. Residence permit holders must stay in Greece for at least 6 months of the year.
Monthly income for self-supporting residence in Greece for each applicant must be 2000 euros and for married people must be 2400 euros. 360 euros is added to this amount for each child. Also, the one-year savings amount is 24,000 euros for a single person, 28,800 euros for a married couple, and 3,600 euros for each child.
Greek residence permit is issued for two years. Therefore, the applicant’s savings must be at least 48,000 euros. After the first two years, the residence permit can be extended for three years, and after seven years, you can apply for citizenship. Applicants can also obtain a residence permit for a period of five years by investing in Greece.
Is the self-sponsored visa better or the golden visa?
The rejection rate of the self-supporting visa is higher than that of the golden visa, and people who succeed in obtaining this visa are not allowed to work or do any independent economic activity and investment in Greece. Also, the money used for the financial empowerment visa is not invested, so no profit will be added to it; Unlike Golden Visa investment, where despite the potential possibility of selling the property and the annual price increase of 12% in the Greek real estate market, your investment will be profitable.
What is the difference between a self-supporting visa and a retirement visa?
A retirement visa is a residence permit that allows you to spend your retirement years in a foreign country, provided you are able to support yourself and your family financially. This visa has many similarities to the financial means visa, but the main difference between these two visas is that there is no age limit to receive the financial means residence, but to receive a pensioner visa, you must be over 55 years old or, in some countries, over 65 years old. . Also, your country of origin and destination must have a retirement visa agreement with each other. Dubai, Indonesia, Philippines, Portugal, Spain and Thailand are among the most popular countries offering retirement visas.
Greece
, like many EU countries, offers residence permits to financially independent people. It doesn’t matter if you live in Santorini, Corfu, Crete or Lefkada, wherever you are in Greece you can enjoy amazing weather and unique Greek cuisine. Due to the relatively affordable price of real estate and the low cost of living in Greece, you can taste life in one of the most beautiful European countries without any worries. The cost of cooperation with Stargate Migration Institute is almost 50% lower than other companies and institutions active in the field of migration to Greece, due to the elimination of intermediaries; Therefore, if you are eligible to obtain this visa or other types of Greek visa, do not miss this golden opportunity and start immigrating to Greece now!