Key Takeaways:
- Austria’s “settlement permit except gainful employment” is ideal for retired, financially independent individuals meeting certain criteria.
- Permit for 12 months, renewable annually, mandates no gainful employment, sufficient income, health insurance, and suitable accommodation.
- Popular retirement spots include Vienna, Innsbruck, Salzburg, Feldkirch, and Bregenz; offering rich culture, safety, and stunning landscapes.
How Can I Retire in Austria?
Austria does not have a dedicated retirement visa, but there are attractive alternatives available. If you’re a retired citizen from a third country, the “settlement permit except gainful employment” is your go-to option.
This type of residence permit caters to financially independent individuals. However, you must meet several requirements to obtain it. It’s important to note that the number of these permits is capped annually, so ensure there’s a quota place available before applying.
How Long Can I Stay in Austria with a Retirement Permit?
The “settlement permit except gainful employment” is typically issued for 12 months, renewable annually. This permits you to live in Austria without engaging in gainful employment.
Eligibility Criteria to Retire in Austria
To qualify for a retirement visa in Austria, you need to meet specific conditions:
1. Fulfill general requirements for a residence permit.
2. Ensure there is an available place within the annual quota.
3. Demonstrate a regular monthly income (foreign pension, asset income, savings, etc.) that meets the standard rates of the General Social Insurance Act (ASVG).
What are the Austria Retirement Requirements for Foreign Nationals?
To acquire a settlement permit, you must satisfy these conditions:
– Sufficient Means of Subsistence: You must have a stable income to support yourself without claiming public social benefits.
– Health Insurance Coverage: Your health insurance should be valid in Austria and cover various risks.
– Customary Accommodation: Prove that you have a legal title to adequate housing, suitable for you and potentially your family.
What are the Austria Retirement Visa Monthly Income Requirements?
For the year 2022, the standard income rates under the General Social Insurance Act are:
– Single Person: $1035 (standard rate), $2070 (twice the rate)
– Married Couples/Partnerships: $1630 (standard rate), $3260 (twice the rate)
– Dependent Child: $160 (standard rate), $320 (twice the rate)
Your passive income must be twice the standard reference rates.
Can I Work with an Austria Retirement Visa?
No, holders of the “settlement permit except gainful employment” cannot engage in gainful employment. This permit is strictly for residency without working.
How Much Does it Cost to Retire in Austria?
While Austria might seem expensive, the high quality of life justifies the cost. A single person spends about $900 monthly on necessities excluding rent. For a family of four, the estimate is around $3020.
Here’s a look at average living costs:
- Accommodation (Rent):
- 1-bedroom apartment in the city center: $740/month
- 1-bedroom apartment outside the center: $600/month
- 3-bedroom apartment in the city center: $1340/month
- 3-bedroom apartment outside the center: $1090/month
- Food Costs:
- Milk: $1.30
- Rice: $1.18
- Eggs: $3.20
- Tomato: $1.95
- Potato: $2.85
- Apples (kg): $2.30
- Utilities (85m2 apartment): Around $235 monthly.
Vienna and Innsbruck are among the priciest cities, whereas Graz and Klagenfurt offer more affordable living options.
What About Health Insurance for Retirees in Austria?
Austria provides an excellent healthcare system split into public and private sectors. Public healthcare offers free access to low-income and no-income citizens, while others pay minimal social contributions.
- Public Health Insurance: Mandatory for all residents, including retirees, who may need to cover some treatments upfront but get reimbursed.
- Private Health Insurance: Retired expats can opt for private insurance either with Austrian companies or international healthcare plans.
Your dependent children and spouse can enjoy the same health benefits as part of your insurance.
Why Retire in Austria?
Quality of Life: Ranked second for life quality, Austria offers clean, green spaces, robust human rights, and an overall high standard of living.
Healthcare: With access to both public and private healthcare, Austria ensures excellent, affordable medical services.
Safety: Known for its safety, Austria has a low crime rate, making it ideal for a peaceful retirement.
Nature: The stunning Alps and clear lakes provide tranquil, beautiful landscapes perfect for retirees.
Where Are the Best Places to Retire in Austria?
Vienna
Vienna, the capital city, lies by the Danube River. Rich with history, culture, and intellectual legacy from figures like Mozart and Freud, Vienna’s elegant atmosphere invites retirees to blend seamlessly with its vibrant community.
Innsbruck
This alpine gem, Austria’s fifth-largest city, is renowned for its breathtaking landscapes and winter sports. Innsbruck offers retirees an exciting mix of natural beauty and seasonal activities.
Salzburg
Known for its eco-friendly public transport and green spaces, Salzburg sits at Germany’s border with views of the Eastern Alps. This city combines history and culture, providing a relaxed yet enriching retirement environment.
Feldkirch
Located in Western Austria, Feldkirch is perfect for those who cherish medieval architecture. Enjoy a leisurely retirement exploring its charming historic castles and fountains.
Bregenz
Overlooking Lake Constance, Bregenz offers a laid-back lifestyle with cultural flair, particularly during the Bregenz Festival in July and August. This event draws thousands of visitors, offering a chance to immerse in Austria’s artistic scene.
For more details on Austria’s residence permits, visit the Austria Migration Portal.
Austria’s rich culture, high quality of life, and beautiful landscapes make it a prime retirement destination. By meeting the eligibility criteria and securing the necessary documentation, you can enjoy a fulfilling retirement in one of the world’s most livable countries.
Learn Today:
Glossary of Terms
- Settlement Permit Except Gainful Employment: A type of residence permit in Austria for financially independent individuals from non-EU countries, allowing them to reside in Austria without engaging in any work activities.
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Quota: A government-imposed limit on the number of residence permits that can be issued annually, affecting the availability of settlement permits like the “settlement permit except gainful employment.”
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Sufficient Means of Subsistence: Financial stability required to live without claiming public social benefits, which typically includes income from pensions, savings, or other assets.
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General Social Insurance Act (ASVG): Austrian legislation that sets standard rates of income used to determine eligibility for residence permits, including the required monthly income for retirees.
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Customary Accommodation: Adequate and legal housing arrangements that meet Austrian standards, necessary for applying for certain types of residence permits.
This Article In A Nutshell:
Retiring in Austria offers a high-quality lifestyle, healthcare access, and safety. Choose among gems like Vienna, Innsbruck, Salzburg, Feldkirch, or Bregenz. To retire, secure the “settlement permit except gainful employment” with stable income. Annual cost estimates for a single person are around $900. Enjoy Austria’s scenic beauty and top-notch services.
— By VisaVerge.com
