Retire in Europe - EU Retirement Visas (2024)

FAQs

Retire in Europe - EU Retirement Visas? ›

A retirement visa is issued between one to five years and allows you to spend your retirement years in a foreign country. To be eligible for a retirement visa, you must be at retirement age and have the necessary financial means to support yourself and your dependents.

Which European country is easiest to retire in? Greece and Malta are some of the easiest and best places to retire in Europe, as they have large English-speaking communities. Other European destinations that are also suitable for retirement are Portugal, Spain, and Turkey.

Aside from EU nationals who have the privilege to retire in any EU country that they like, U.S. citizens who would like to retire in Europe will need to apply for a European visa in the country where they wish to reside. The requirements for each visa will be different based on where the country was issued.

Portugal retirement visa: Options for US expats

Retirement in Portugal for US citizens does require a long-term stay visa. The most popular Portugal retirement visa for US citizens is the D7 visa,¹ geared toward non-EU residents who have enough savings or passive income to sustain themselves financially in Portugal.

You'll need to provide proof of annual income of at least 31,000 euros from Social Security, savings, investments, a pension or annuity, as well as a lease or rental contract for a place to live.

Which countries give easy residency? In Europe, countries that give residence permits easily are Portugal, Cyprus, Greece, Montenegro and Malta.

Firstly, the Global Peace Index 2021 ranks Portugal as the fourth-safest country to live in, while Italy is ranked at thirty-two. Of course, this doesn't mean Italy is completely unsafe, but an environment where you don't have to worry about your safety is an added benefit for older people.

Portugal has long been a top location to retire to. With dreamy sunsets over beautiful beaches, an affordable cost of living, excellent seafood, and attractive tax benefits, it is understandable why so many retirees are turning their attention to Portugal.

If you earned Social Security benefits, you can visit or live in most foreign countries and still receive payments. Look up the country on the SSA Payments Abroad Screening Tool to be sure you can receive your payments.

If you are a U.S. citizen, you may receive your Social Security payments outside the U.S. as long as you are eligible for them.

What happens to my Social Security if I move to Portugal? ›

If you have social security credits in both the United States and Portugal, you may be eligible for benefits from one or both countries. If you meet all the basic requirements under one country's system, you will get a regular benefit from that country.

If you registered as a non-habitual resident before 31 March 2020, your foreign source pension income is generally tax-free. If you are registered from April 2020 onwards, your foreign pension income is generally taxed at 10%.

The process is straightforward, but it may take a while. You need to provide (1) your passport, (2) proof of income, (3) proof of health insurance, (4) criminal background check, in order to apply. Portugal is listed among the best places to retire outside of the US.

Security. As mentioned before, one thing that contributes to the overall quality of life in any particular country is safety. While both countries are considered generally safe, Portugal is by far safer than Spain.

Edinburg, Texas. Edinburg made the No. 1 spot as the best city to retire on a monthly budget of $2,500 or less by offering the most budget-friendly expenditures compared to the rest of the U.S. and the top livability score among these 13 cities.

Ecuador. If you're looking for a country where you can retire outside the US comfortably with $800 per month and experience one of the most ecologically diverse places in the world, then Ecuador might be for you. The go-to city for US retirees in Ecuador is Cuenca, which also happens to be a UNESCO World Heritage site.

Ireland. Countless global reports have continually dubbed the people of Ireland as some of the friendliest and most welcoming to visitors in the world, and our readers feel the same; voting it into the top spot for the friendliest countries in Europe.

Key Takeaways. Overall, Europe has a lower cost of living due to lower healthcare expenses, a weakening euro currency, and low inflation. Europeans, however, tend to pay more of their income to taxes, and average wages tend to be lower than in America.

Switzerland: Although many European countries offer a better quality of life than the U.S., Switzerland takes the cake. It's globally ranked for its safety, infrastructure and natural beauty. All of this, of course, comes at a cost: Switzerland is one of the world's most expensive countries to live in.

Which is better to retire Greece or Portugal? ›

According to Numbeo, Portugal's Health Care System Index is 71.29 compared to 57.48 in Greece. High-quality healthcare coupled with tax incentives and benefits makes the quality of life desirable. Another added value for retirees in Portugal is the legal security that Residence Permits offer.

Depending on location and lifestyle, the cost of living in Lisbon can range from $2,000–$3,500 per month. Outside of the bigger cities, you can expect to spend less. Wester lives comfortably on less than $2000 per month and chronicles her mid-life adventures on her blog, The Hot Goddess.

The Algarve is the most popular choice for expats and tourists alike. It too, has some stunning beaches and coastlines, with some beautiful rock formations to marvel at. The weather is always a few degrees warmer than Lisbon which makes it a popular place for retirees.

The main places American expats live in Portugal are Lisbon, Cascais, Porto, Algarve, and Coimbra. Lisbon: Lisbon is Portugal's capital city and offers a vibrant cultural scene, a bustling nightlife, and easy access to the rest of Europe.

To acquire the full amount, you need to maximize your working life and begin collecting your check until age 70. Another way to maximize your check is by asking for a raise every two or three years. Moving companies throughout your career is another way to prove your worth, and generate more money.

If you leave the U.S., we will stop your benefits the month after the sixth calendar month in a row that you are outside the country. You can make visits to the United States for specific periods of time, depending on how long you've been outside, to continue receiving your benefits.

You must have worked and paid Social Security taxes in five of the last 10 years. • If you also get a pension from a job where you didn't pay Social Security taxes (e.g., a civil service or teacher's pension), your Social Security benefit might be reduced.

Almost any country you would want to live in welcomes American retirees, as long as they can prove that they have a certain minimum income from some combination of Social Security, a pension, and investment income.

If a foreign employer employs you, you will generally NOT be required to pay into US Social Security. If you are self-employed, you will generally be required to pay a self-employment tax, which covers the Social Security and Medicare taxes you would generally split with a US employer.

Where is the cheapest safest place to retire in Europe? ›

In Europe, the cheapest places to live outside of the top three countries to retire in were France, Italy and Cyprus.

Following Finland, the best countries for pensions are Poland and Sweden. Both boast an average retirement age of 65, below the average of 66, and Sweden has an impressive 100% rate of participation in funded pensions.

It's no wonder Expat Insider ranked the country as the 5th best destination for expats in their 2021 study. In this guide, we will share with you the amazing reasons Portugal is the easiest European country to move to for every American.