Before you make up your mind to move to Europe, you should carefully assess all potential expenses involved. It makes perfect sense to delve deeper into the issue to realize how high overseas moving costs are, including those to obtain a visa and initial rental expenses.
- How much does it cost to go to Europe?
- Immigration to Europe – how much will you pay for an entry visa?
- How expensive is the medical insurance you have to obtain in order to get your visa to Europe?
- Visa to Europe – housing prices and rents
- How much money do you need to get a visa to Europe?
- Bank account as your first step to getting permanent residency in Europe
- How to move to Europe and how much will it cost you?
- Relocation to Europe – related expenses
- Should I move to Europe and how much money do I need to live there comfortably?
- How can I move to Europe to become a permanent resident or get a residence permit therein in 2023
In the article below, the International Wealth experts summed up general relocation expenses for those about to move to Europe or the European Union. It pays to remember however that each situation is unique. While a move to Europe may appear easy and affordable for some, others may have it much harder. In the latter case, immigration to Europe can be way too complex and expensive.
What places are the best to reside in Europe as a foreigner? What countries grant residence permits and citizenship by investment to successful applicants? Where in Europe can you get residence permits the cheapest? During a personal consultation, the International Wealth experts will answer the above questions and uncover lots of other secrets and tricks for you to successfully immigrate to Europe.
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How much does it cost to go to Europe?
If you wonder how to move to Europe with no money you should know that even in this situation hope does exist. Several options are available for those on tight budgets, including the ones for refugees, volunteers, or US Green Card winners. Be advised though that immigration with no financial cushion is pretty risky and hardly possible especially where your potential destination is in the EU.
Depending on the European jurisdiction you are about to move to, the immigration program, and your immigration status, related expenses to move to Europe may be bigger or smaller but they are unavoidable. In most cases, you will need a long-term visa to move to Europe which comes with certain expenses and investments.
Below, you will see how much a long-term visa to Europe will cost you and what the related expenses are:
- rental expenses or real estate purchase
- medical insurance
- document preparation, including document translation, notarization, apostillation, etc.
- entry visa fees
- flight and travel costs to reach your destination
- proof of income for certain visa categories (digital nomad visas and guest visas)
- certain savings amount – not all EU countries require this information.
Feel free to use the above list to calculate the ultimate costs of moving to Europe but don’t forget to add living expenses and impulse purchase costs thereto.
Immigration to Europe – how much will you pay for an entry visa?
It will cost you EUR 60 or more to get an entry visa to the EU. All entry visas to the European Union fall into several categories thus resulting in varying ultimate visa costs:
- Work visas are issued based on employment contracts with local employers for the duration thereof.
- Blue card, i.e., a top talent visa for valuable professionals and experts comes with multiple privileges including the right to get a residence permit in the destination jurisdiction in about 2 to 3 years.
- Entrepreneur visa gives an excellent chance to move to Europe to those business people who may choose a European jurisdiction to relocate to under the corresponding visa program. Foreign entrepreneurs may be eligible for startup visas that are currently issued in Great Britain, France, Italy, and Spain.
- Digital nomad visa is the best option allowing freelancers who can work from anywhere in the world to move to Europe.
- Guest visas, white card visas for financially independent persons, or investor visas are issued to those who can prove their stable income, meet program requirements, boast high salaries, passive investment income, or income from other sources.
How much a long-term visa will cost you depends on the destination jurisdiction and category of your EU residence permit. Say, Blaue Karte in Germany is at least €110, while in Great Britain, a Skilled Worker Visa will cost you about €730 (£625).
For more information on EU long-term visas, related costs, and ways to obtain such visas you are welcome to turn to the International Wealth seasoned industry experts.
How expensive is the medical insurance you have to obtain in order to get your visa to Europe?
Depending on a particular applicant category, their immigration destination, and visa type, requirements to get an insurance policy may vary:
- For digital nomads, the terms to obtain medical insurance are the same as for tourists, yet theirs come with a longer duration and consequently higher insurance coverage. Insurance costs start from €100. For more detailed info as to the above costs please consult your consulate before applying for a visa.
- You will have to pay much more for medical insurance under both a work visa and an entrepreneur visa to Europe and the procedure to obtain it is more complicated. It may appear necessary to get registered with a national insurance company of a European state. Mind that only EU residents may do it. This may potentially result in serious issues as a foreigner is normally not an EU resident and does not have the right to be a customer of a local insurance company.
- Another option is to make a contribution to the national healthcare system as provided for under local laws in order to get an EU visa. In the United Kingdom, for example, you will annually pay over £624 for your medical insurance in this case.
FYI: to be eligible for a tourist visa, you may take out EU medical insurance valid for all Schengen states, with coverage of at least €30 000. NB: insurance costs depend on your stay in a particular jurisdiction and the duration thereof.
Visa to Europe – housing prices and rents
A foreigner entering the EU and about to get a Type D visa often faces certain residency requirements. To prove such a foreigner meets the above requirements they can produce any of the below documents:
- title document for EU real estate
- hotel reservation contract or rental agreement
- consent of relatives or acquaintances for the foreigner to stay at their place, etc.
Renting an apartment abroad and buying real estate there remains the most popular option to meet EU visa requirements.
EU rents in 2023:
- The Balkans (namely, Serbia) and the Baltic states come with the lowest rents and real estate prices in Europe. Renting a room or an apartment is truly cheap there, with rents upwards of €300 per month.
- Great Britain and Iceland boast the highest rents in the region, averaging around €1000 per month.
FYI: Serbia today is a perfect country to relocate to. It welcomes immigrants from all over the world, luring them with low living expenses and an immigrant-friendly environment.
For those about to purchase residential real estate in Serbia, the International Wealth industry experts have multiple affordable options. Assisted by our team, you will seamlessly purchase properties in Serbia in next to no time.
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How much money do you need to get a visa to Europe?
Living in Europe is associated with high expenses. European governments do not fancy the idea of low-income tourists visiting their states. Hence, to obtain a long-term EU visa and move to Europe, you will have to show your income sources to the EU authorities proving that they are enough to live in Europe.
While some EU states only require proof of income, others may demand that you also report personal savings. Depending on the EU visa type they apply for and the destination country, immigrants have to meet the below requirements for their minimum income and/or savings amount in 2023:
- Belgium – the Brussels, the Walloon, and the Flemish regions announced 2023 salary thresholds for third-country employees in Belgium. Their annual income shall make upwards of €47,175 (for skilled employees) and €55,181 to €60,998 for those applying for a Blue Card.
- Bulgaria – to get a Blue Card to Bulgaria, an applicant shall earn one and a half as much as the average gross salary in Bulgaria. In 2023, it makes around €1,320.
- Great Britain – approximately £25,600 per annum for Skilled Worker visa applicants.
- Germany – €58,400 per annum for Blue Card applicants.
- Greece – €3,500 for digital nomads.
- Denmark – to get a residence permit in Denmark via the Start-up Denmark program, your savings shall be upwards of DKK 143,328 per applicant and at least DKK 333,816 per family with kids.
- Spain – upwards of €2333 per applicant for a Digital Nomad Visa.
- Italy – upwards of €700 (as of 2022) for a Digital Nomad Visa.
- Latvia – €3,200 for digital nomads.
- Malta – upwards of €2,700 for digital nomads.
- Netherlands – €2,543 (for skilled workers ), €5,670 (for the Blue Card).
- Norway – approximately €43,000 per annum for a work visa or around €35,000 for a Digital Nomad Visa.
- Portugal – €700 for a Digital Nomad Visa.
- Switzerland does not stipulate a particular income amount required to obtain a work visa. However, your salary shall be equal to the average salary of Swiss residents.
To learn what countries issue Digital Nomad Visas in 2023 and how to get one promptly, you are welcome to get acquainted with a detailed guide published on the International Wealth website.
Bank account as your first step to getting permanent residency in Europe
Regardless of what immigration scheme, destination, and visa they choose or require, all potential immigrants to Europe can’t do without a personal bank account abroad. The latter may be a bank account, an online card issued by a digital bank, or an account with a payment system.
The main thing is that your funds are protected and available to make transactions therewith, including currency exchange and cash-out transactions.
Setting up bank accounts in certain foreign jurisdictions has never been easy and nowadays potential account holders have it even harder due to ever more strict requirements. Yet, if you choose a bank to open an account wisely and prepare all documents in a duly fashion, you won’t experience any issues.
The best thing you can do is entrust the matter to experienced industry pros. At International Wealth, our team will seamlessly set up foreign bank accounts for you or render any services from the below list:
- Choose foreign bank accounts together with professionals. Book free expert consultations
- PREAPPROVAL of the application for non-resident banking services: personal account – from 799 EUR, corporate account – from 999 EUR
- Anonymous China UnionPay Multi-Currency Card (USD/EUR)
- Opening Foreign Accounts with Payment Systems for Companies and Private Persons
How to move to Europe and how much will it cost you?
How much does it cost to live in Europe? This is the second thing to consider if you are about to get a long-term EU visa and move to Europe. Even those with official income sources and significant savings should analyze and calculate their future expenses in advance.
Relocation to Europe – related expenses
If you are about to move to Europe, obtain permanent residency in an EU state, and already have an EU visa, it is high time to calculate your initial expenses. Here’s what we understand as initial expenses in this case:
- Flight and transportation costs of at least €150. Holders of Turkey residence permits can get there fast. If you don’t have one yet, you can learn how to obtain a Turkish residence permit and move to Turkey without any hurdles from the International Wealth article on the subject. Serbia is one more appealing destination to consider.
- Luggage transportation to the EU – this is an important issue that many people overlook. Unless you travel light, the minimum amount to pay for your extra luggage is €400.
- Stay permit for the EU or European jurisdictions that are not EU members – upwards of €22. To get such a stay permit, you should contact a local migration office and apply for a temporary residence permit after you pay the regular fee. Below, examples of such fees are provided:
- Spain – €22
- Denmark – DKK 4,000 (approximately €600)
- Greece – €300.
- SIM card – you will need it to use your mobile phone and access mobile services, including, inter alia, online banking. The SIM card itself does not cost much and you can choose a tariff from the tariff list. All in all, expenses for mobile services will amount to €20–€30.
You are welcome to compare various citizenship by investment programs and choose the option that suits you best. For any further questions or comments you may have, do not hesitate to contact the International Wealth seasoned profs.
Should I move to Europe and how much money do I need to live there comfortably?
Experience has proven that the costs of living overseas are always higher compared to the ones in your home jurisdiction. However, they are often compensated by higher living standards.
Here’s how much money you will need to pay your initial expenses after moving to the EU in 2023:
- Rental expenses in Europe are comparable to those you will bear if you rent real estate to meet the set visa requirements. Please remember though that hotels are not always comfortable and cheap to live in. It pays to know whether renting or purchasing properties abroad is your best option. If you have enough money, consider buying an apartment or a house in Europe, as it is better in the long run. Rents will cost you at least €1,000 per month. You will also pay upwards of €100 for utilities and €20 for your home Internet. NB: property maintenance costs are also high in Europe.
- Transport expenses largely depend on how far from work you live and how high your fares are. Amid higher fuel prices, taxi and public transport rates in Europe are also rising. To get to work and/or entertainment venues, you are likely to pay €50 to €200 or more per month.
- Tax liabilities in the jurisdiction of your permanent or temporary residence arise right after a foreigner is recognized as a resident. To get your resident status, you should stay in a foreign jurisdiction for 6 months without leaving it and become a taxpayer therein automatically regardless of your citizenship and domicile.
- Healthcare and medical services in the EU will cost you around €40 per hospital visit or a certain salary percentage. Mind, however, that every country has its own regulations as far as healthcare goes. In Germany, citizens pay 14.6% of their monthly income, while in Great Britain, expats pay medical service fees when claiming a visa (GBP 625).
- Foodstuffs should be among your cost items when you move to Europe. They amount to approximately €400 per adult every month (judging by average market prices in EU supermarkets in 2023).
Summing up: in the EU, living expenses after the move to Europe will amount to approximately €1,600 per person every month in 2023. If you add real estate costs as well as document and visa expenses necessary to move to Europe, the resulting minimum amount will make €7,000 plus monthly expenses. This equals €25,000 per year.
How can I move to Europe to become a permanent resident or get a residence permit therein in 2023
Depending on where exactly you are about to move to, costs and terms may vary. The list of jurisdictions to relocate to available for EU citizens is rather wide, while Russian nationals have it much harder. Kazakhstan, Serbia, Turkey, Dominica, UAE, Georgia, Cyprus, and Portugal have residency programs available to nearly every immigrant, regardless of where they come from.
It doesn’t matter what your nationality is, the issue is easy to solve if you turn to the International Wealth experts for help. Assisted by them, you will find yourself living in your dream jurisdiction sooner than expected.
At International Wealth, we offer our customers multiple services associated with immigration, business relocation, resident visa processing, account opening, etc. For more information about the International Wealth services and free initial consultations, you are welcome to message our experts using contact info from the corporate website.