It is enough to apply for a D7 visa to Portugal and prove that you regularly receive moderate passive income.
Today the practice of obtaining a residence permit / second citizenship abroad is extremely popular. Persons with sufficient financial resources can quickly and easily obtain foreign economic citizenship / golden visas.
This method of immigration is optimal for people with sources of passive income such as the following:
- Rental property;
- Bank deposit, involving the payment of interest charges;
- Securities for which the issuer makes regular payments;
D7 visa to Portugal
This option is suitable for expats who want to move to Portuguese territory for a long time, and not visit the country only occasionally and for short periods.
The D7 visa to Portugal offers foreigners who can support themselves financially while on Portuguese soil while eliminating the need for expats to invest in real estate (although successful applicants will have to buy/rent Portuguese housing by obtaining a local address). The only drawback of the program is the need to spend at least six months annually in the host country.
Who is interested in a D7 visa?
Who needs a D7 visa to Portugal? This immigration product is only available to non-EU / EEA nationals and non-Swiss citizens. The target audience is representatives of the following groups:
Retirees: This program is a first-class option for foreign retirees looking to spend their Golden Years in a resort country with reasonable and regular passive income from overseas.
Digital Nomads: Adherents of remote work are welcome – provided they have sufficient and stable income.
Other owners of passive income and financially independent persons: For example, rentiers with investments in securities, or homeowners who rent out real estate. It is enough to confirm the existence of a stable income and/or adequate savings.
Requirements for obtaining D7
A D7 visa to Portugal is NOT the best basis for a contingency plan (in most cases), since the beneficiary will have to spend a significant part of the year in the host country trying to maintain residency. If moving is the goal, this option is fine. There are 3 general requirements for getting a D7 visa.
Savings and/or income
To obtain a D7 visa to Portugal, you will need to prove that you have sufficient financial resources to live in Portuguese territory for at least 24 months (the requirement covers a similar period since the original residence permit issued is valid for exactly two years).
The official financial requirements are quite low. Requirements are tied to the Portuguese minimum wage (in 2021, the Portuguese minimum wage is set at € 665 / month).
Proof of availability of accommodation
When applying for a D7 visa to Portugal, you must confirm the presence of a place of residence in this country (address required). This requirement is allowed to be fulfilled in the following way:
- Signing a lease agreement for Portuguese residential real estate;
- Preparing by a friend/sponsor residing in Portuguese territory, a letter confirming the willingness to accommodate the applicant in his own home;
- Residential property purchases;
- Some Portuguese embassies/consulates accept long-term bookings on Airbnb as sufficient proof of availability.
Minimum requirements for the length of stay (residency requirement)
Unlike holders of a Portuguese investor residence permit, holders of a D7 visa to Portugal willy-nilly will have to spend significant periods in the host country:
- The beneficiaries must remain in Portuguese territory for a total of at least four months each year;
- It is forbidden to stay outside this state for more than six months in a row.
7 Benefits of D7
The key benefits of the immigration product in question are listed below:
- Freedom to travel in the 26 states of the Schengen area.
- Unimpeded access to Portuguese infrastructure facilities on an equal basis with local citizens, including access to public institutions, free education, the use of social insurance, protection of trade unions, and quality medical care.
- The ability to carry out professional activities.
- Possibility to minimize personal income tax or complete exemption from income tax after obtaining a special tax residency.
- No need to make investments in the economy of the host state, wasting time and efforts to find suitable investment assets.
- The applicant may include dependent children and parents in their D7 visa application for Portugal.
- Obtaining the right to permanent residence/citizenship after 5 years from the date of the D7 visa to Portugal.