For British retirees, one of the first practical questions after Brexit is simple: will my pension and other income actually be enough to let me live there? For thise potential retirees from the USA, Canada, Australia and other non-EU countries, the same rules now apply.
So, the answer varies enormously. In 2026, the income you may need to demonstrate ranges from less than €10,000 a year in Cyprus to €42,000 in Greece. Spain, France, Portugal and Italy all take rather different approaches too.
And there is another wrinkle for British retirees. These thresholds are set in euros, while your pension, rental income or investments may still be paid in pounds. That means the value of your income for visa purposes can change even when the amount landing in your UK account stays exactly the same.
Here is how some of the most popular European retirement destinations compare.
Retirement visa income requirements compared
These figures apply principally to British and other non-EU citizens and are correct at September 2026. The sterling equivalents are illustrative, using approximately £1 = €1.165 on 8 September 2026.
| Country | Main retirement route | Indicative minimum for one person | Couple |
|---|---|---|---|
| Portugal | D7 residence visa | €920 a month (£790) | €1,380 a month (£1,185) |
| Cyprus | Category F | €9,568 a year (£8,200) | €14,181 a year (£12,200) |
| France | Long-stay visitor route | Around €1,478 a month (£1,270) | Assessed according to circumstances |
| Spain | Non-lucrative visa | €2,400 a month (£2,060) | €3,000 a month (£2,575) |
| Italy | Elective residence visa | Around €31,000 a year (£26,600) is a useful starting benchmark | Assessed individually |
| Greece | Financially Independent Person permit | €3,500 a month (£3,000) | €4,200 a month (£3,605) |
These are visa or residency requirements, not estimates of what you actually need to live comfortably. In several countries, meeting the minimum does not guarantee that an application will be approved.
Portugal: one of the lowest income requirements
Portugal’s D7 is designed for retirees and people who can support themselves from their own income. The Portuguese government describes the D7 it as a residence visa for retired people and those living from their own resources.
For 2026, the financial benchmark is linked to Portugal’s minimum wage of €920 a month (£790). The usual calculation is:
- €920 per month for the main applicant
- another €460 for a spouse or second adult
- another €276 for each dependent child
That puts a couple’s benchmark at €1,380 (£1,185) per month, or €16,560 (£14,200) over a year. The applicant normally needs to demonstrate that the income is stable and that sufficient funds are available to support the household.
For someone living largely on a UK pension, Portugal can therefore be considerably more accessible than some other popular retirement destinations.
Cyprus: a surprisingly low statutory threshold
Cyprus has an income-based permanent residence route known as Category F for people who can support themselves without working in Cyprus.
The Cyprus Migration Department states that the applicant should have secured annual income from abroad of at least €9,568 (£8,200), plus €4,613 (£4,000) for every dependent person. Qualifying income can include pensions, dividends, interest and rental income.
That means the published statutory minimum for a couple is only around €14,200 (£12,200).
However, that number needs treating cautiously. The test is ultimately whether you have sufficient secured income to live in Cyprus without working. The standard Category F route can also be considerably slower than Cyprus’s investment-based permanent residence option.
So the headline figure makes Cyprus interesting, but it should not be read as a promise that anyone earning €9,568 will automatically qualify.
France: linked to the minimum wage
British retirees generally use France’s long-stay visitor route if they want to live in France without working. France-Visas requires applicants to demonstrate resources, accommodation and medical cover and to agree not to undertake professional activity.
French immigration law provides a useful benchmark: someone applying for visitor residence must normally be able to live from resources at least equivalent to the annual net French minimum wage.
As of June 2026, the monthly net SMIC, France’s minimum wage, is approximately €1,478. That works out at around €17,735 (£15,200) a year.
France is therefore less demanding on income than Spain or Greece, although accommodation, savings and the applicant’s overall circumstances also matter.
Spain: around €28,800 a year for one person
Spain’s non-lucrative visa is one of the best-known retirement routes for British citizens.
The financial requirement is based on IPREM, Spain’s official income indicator. For 2026, the main applicant must demonstrate 400% of IPREM, which works out at €2,400 (£2,060) per month or €28,800 (£24,700) for the year.
For every additional family member, another €600 per month is required. A couple therefore needs €3,000 (£2,575) per month, equivalent to €36,000 (£30,900) for the first year.
Applicants can demonstrate sufficient resources through regular income or financial assets. Retirees may use evidence of public or private pension income, alongside the other financial documentation requested by the consulate.
The visa does not permit employment, so this is very much aimed at people who can support themselves without working.
Italy: there isn’t one magic number
Italy is more awkward to put into a table. Its elective residence visa is intended for people who intend to settle permanently in Italy and who have substantial, stable resources from sources such as pensions, annuities, property or investments.
The Italian Consulate in London does not publish a simple minimum income figure. Instead, it asks applicants to provide detailed evidence of substantial and stable private income and other financial resources. Income from employment does not count.
Some Italian consulates use approximately €31,000 (£26,600) per year as a starting reference, but even that is explicitly described as only one factor in assessing whether the applicant has sufficiently extensive resources.
So for Italy, it makes more sense to think in terms of demonstrating a solid overall financial position than trying to hit a precise monthly figure.
Greece: the highest income threshold of this group
Greece’s Financially Independent Person route has become significantly more demanding.
The minimum is now €3,500 (£3,000) per month, equivalent to €42,000 (£36,100) a year, with an additional 20% for a spouse and 15% for each dependent child.
A couple therefore needs €4,200 (£3,605) per month, or €50,400 (£43,300) a year. The resources can come from sources such as a foreign pension, financial assets or other legally acquired funds sufficient to support you without working in Greece.
That makes Greece considerably harder to qualify for on pension income alone than Portugal, Cyprus or France.
Would the UK State Pension be enough?
If you have to rely solely on the UK State Pension you will have a limited range of options.
The full new UK State Pension is £241.30 per week in 2026/27, equivalent to approximately £12,548 a year. Not everyone receives the full amount, as entitlement depends on your National Insurance record.
At the exchange rate used for our comparisons, £12,548 converts to roughly €14,600.
So a full new State Pension on its own would currently put a single applicant above Portugal’s basic D7 threshold and Cyprus’s statutory Category F minimum. It would fall short of the levels required for France, Spain, Greece and the sort of income generally expected for Italy.
Of course, many retirees also receive workplace pensions, private pensions, investment income or rent from UK property.
Your pension may be fixed in pounds, but the visa threshold isn’t
This is where an easily overlooked risk appears.
Imagine your pension and other qualifying income total £25,000 per year. If £1 buys €1.17, that income is worth €29,250.
If the pound subsequently falls to €1.10, exactly the same £25,000 income is worth only €27,500.
Nothing has happened to your pension. But measured against a euro-denominated visa requirement, your financial position has changed. For someone comfortably above the threshold, that may make little difference. For someone close to the minimum, it can matter considerably.
The same issue continues after you move. If your pension arrives in pounds but your mortgage or rent, bills, food and other living expenses are paid in euros, changes in your exchange rate alter your spending power from month to month.
Don’t aim merely to scrape over the line
The published minimum should be the start of your calculations, not the end. Before committing to your move, consider:
- how much of your income the immigration authorities will accept
- whether you need to demonstrate savings as well as regular income
- whether your spouse’s income can be included
- your expected housing and healthcare costs
- what happens if your exchange rate moves against you
- whether your required income threshold could increase when you renew your residency
It is also worth checking the latest rules with the relevant consulate or a qualified immigration professional before applying. Visa thresholds and supporting-document requirements can change.
Making your overseas income more predictable
Once you know that you have sufficient income to move, the next question is what that income will actually be worth when you spend it overseas.
For example, you may receive your pension in pounds every month but need a predictable number of euros to cover your household costs.
Smart Currency Exchange can help you plan those transfers with a dedicated account manager. Depending on your circumstances, you may also be able to use a forward contract to fix an exchange rate for future transfers, giving you greater certainty over how many pounds will be required to provide a particular euro budget.
A fixed rate may subsequently be better or worse than the market rate available later. Its purpose is certainty rather than predicting which way markets will move.
Planning your retirement overseas? Get a free quote from Smart Currency Exchange and talk through how you will move your pension, savings or property funds abroad.
FAQs
Can I use savings instead of pension income to qualify for a retirement visa?
Sometimes. Spain, for example, allows applicants to demonstrate sufficient financial means through assets as well as regular income. Other countries place greater emphasis on reliable ongoing income. The evidence required varies, so check the rules for your particular visa before applying.
Does my UK State Pension count towards a European retirement visa?
Generally, pension income is one of the clearest ways to demonstrate reliable resources for retirement-based residence routes. However, the amount required, the evidence requested and whether other savings or income are needed vary between countries.
Can exchange-rate movements affect whether I meet the income requirement?
Potentially, yes. If the required income is stated in euros but your pension or other income is in pounds, its euro value changes with the GBP/EUR exchange rate. Building some headroom above the minimum can reduce the risk of a market movement leaving you close to the threshold.
Visa and tax rules can change and individual circumstances vary. This article is for general information only and should not be treated as immigration, tax or financial advice. Check current requirements with the relevant authorities and obtain professional guidance where necessary.
Additional sources:
ABRS.pt,
Légifrance
Service Public
Cyprus Migration Department
Ministry of Foreign Affairs
