September 23rd, 2023 at 06:43 pm
Obtaining an Austrian Retirement Visa
A comprehensive reference explaining the necessary paperwork and processes for getting a retirement visa in Austria.
Is a highly developed industrialized nation with one of the greatest standards of life a better place to retire?
Austria’s economy is one of the strongest in the world and plays a significant role in numerous industries. For those who are financially secure and wish to relocate and spend their retirement years in a new location, this is the ideal location.
How do I wind down in Austria?
Although there isn’t a special retirement visa for Austria, there are still retirement choices accessible.
A “settlement permit except for gainful employment” is a residency title that can be obtained by retired nationals of third countries who want to live in Australia.
Financially independent people are granted a certain kind of residency permission called a “settlement permit except for gainful employment.” To obtain a settlement permit, you have to fulfill both the basic and special requirements.
Because there is a cap on the number of settlement permits granted each year, you need to confirm in advance that there is a quota spot available in order for your application to be accepted.
For what length of time is a retirement permit valid in Austria?
The “settlement permit except for gainful employment” is typically only granted for a maximum of 12 months, or one year.
Qualifications for Retirement in Austria
If you are a national of a third country and would like to apply for a retirement visa in Austria, you must fulfill the following requirements:
- You meet the prerequisites in general for being granted a residency permit.
- There’s a spot open in the quota. (A restricted quantity of settlement permits are granted annually.)
- You make a consistent monthly income (from a foreign pension, assets, savings accounts, business shares, etc.) that is equal to the General Social Insurance Act’s standard rates (ASVG).
Requirements for Foreign Nationals to Retire in Austria
In order to obtain a settlement permit, you must fulfill the following conditions:
- You need to be able to support yourself adequately. Citizens of third countries are required to have a steady, predictable income in order to maintain themselves and not need governmental assistance.
- You must have health insurance. Third-country nationals are required to obtain comprehensive health insurance that covers all risks and offers benefits in Austria.
- You need to have accommodations that are traditional for the area. Third-country nationals need to demonstrate that they are the rightful owners of the accommodations. The lodging must be sufficient for him or her and their family.
Monthly Income Requirements for Austrian Retirement Visas
| Standard Rate | Twice the Rate | |
| Single | $1035 | $2070 |
| Married couples or partnerships | $1630 | $3260 |
| Dependent child | $160 | $320 |
NOTE: Remember that the regular passive income requirement is twice the standard reference rates.
The General Social Insurance Act for Austria Retirement Visa specifies the following basic rates for 2022:
I have an Austrian retirement visa; may I work?
Regretfully, you are not able to work with settlement permission unless it is for meaningful employment. The bearer of this kind of residence visa is allowed to settle in Austria without working for pay. Thus, it is forbidden to engage in any gainful activity.
What is the cost of retirement in Austria?
Although retiring in Austria might seem a bit pricey and out of reach for you, it is still doable. Austria is seen as an expensive country, yet the quality of life it provides makes every dollar worthwhile.
When it comes to basic expenses, a single individual should budget about $900 per month (excluding rent). On the other hand, a family of four is expected to spend about $3020 each month.
Austria’s most expensive cities are Vienna and Innsbruck; as a result, it is advised to take into account less expensive places like Graz and Klagenfurt.
The average cost of living in Austria is shown here:
| ACCOMMODATION (rent) | Monthly Cost |
| Apartment (1 bedroom) in City Center | $740 |
| Apartment (1 bedroom) Outside of Center | $600 |
| Apartment (3 bedrooms) in City Center | $1340 |
| Apartment (3 bedrooms) Outside of Center | $1090 |
| ACCOMMODATION | PRICE per m2 |
| Price for purchasing an apartment in City Centre | $5190 |
| Price for purchasing an apartment Outside of Centre | $3815 |
| FOOD | COSTS |
| Milk | $1.30 |
| Rice | $1.18 |
| Eggs | $3.20 |
| Tomato | $1.95 |
| Potato | $2.85 |
| Apples (kg) | $2.30 |
| UTILITIES | MONTHLY COSTS (85m2) |
| Electricity, Water, Heating, Cooling, Garbage | $235 |
Health Insurance for Austrian Retirees
The public and private healthcare systems are two distinct sectors that provide healthcare in Austria. Low-income or unemployed individuals in Austria can receive free healthcare treatments through the public healthcare system. Others are nonetheless required to make a tiny societal contribution.
Foreign nationals living in Austria have two alternatives for health insurance: private or public; however, some opt for both.
Public health insurance. All residents, including foreign nationals, who are self-employed, elderly, jobless, etc., are required to have public health insurance. Certain treatments may have an upfront cost, but the health insurance fund will cover a portion of the expense.
Private medical coverage. In Austria, retired foreign nationals have the option of enrolling in public insurance or purchasing private health insurance. For private health insurance, you can sign up with an Austrian business or work with health insurance providers that offer an international healthcare plan.
NOTE: Your dependent children in Austria can be added to your insurance at no cost and are entitled to the same health benefits as you and your spouse.
With Austria, why retire?
Quality of life.
Austria is ranked second for life quality and is well-known for providing its residents with high-quality living. Some Austrian cities are among the world’s most livable because of their freedom, respect for human and women’s rights, and abundance of green spaces.
Medical care.
Austrian citizens are entitled to excellent free healthcare. Depending on their health plan, Austrian individuals can now receive healthcare from both public and private providers. The nation offers top-notch, reasonably priced, and universally accessible healthcare.
Security.
Austria, which is frequently ranked as one of the safest nations in the world, has drawn a large number of foreign residents. Austria is an excellent destination for those seeking a safe and secure living environment due to its low rates of robbery, assault, auto hijacking, and violent crimes that happen seldom.
Nature.
Austria is the ideal place to retire because of its breathtaking views of the Alps and its pristine lakes, which create an exceptional landscape. The nation boasts a wide range of diverse landscapes and several natural and unique attractions.