Not everybody has the financial means or desire to invest substantial amounts in real estate or other assets to gain residency in Portugal under the Portugal Golden Visa scheme.
However, there is an alternative solution, albeit little known, that enables individuals and families to retire or settle in Portugal. If you plan to spend at least 6 months i.e. 180+ days living in Portugal, this could be the scheme for you.
The key requirements to obtain residency by V7 visa are you must have a residence in Portugal and you must be able to prove you can financially support yourself and your family. Another benefit of the scheme is it allows you to apply for permanent residency and even citizenship after 5 years, so you can even obtain a Portuguese passport.
So how does it work?
You need to obtain a place to stay – you must have an address in Portugal. Either buy a property (although prices have grown substantially in recent years, there are still bargains to be had in the less attractive regions away from the coast, inland and in rural areas), lease/rent a property or by having a friend/family member confirm they are willing to accommodate you.
You also need to prove you have savings and income or a combination of both to support you and your family.
As the initial residency permit is valid for two years, this is how long you need to prove you can sustain you. So, if you are applying based on savings, you need to prove:
Primary applicant €15,960
Dependent child under 18 years of age €4,788 (each child)
A family of four would need to prove they have at least €33,516 in savings to qualify.
These figures are minimums based on Portugal’s current minimum wage (€665 per month for the year 2021), so it probably advisable to prove a bit more if possible.
If your application is based on income, this must be recurring and can include income from employment, interest, pension, rental, royalties and dividends.
Primary applicant €665 per month
Spouse €332.50 per month
Dependent children under 18 years of age €119.50 per month (each child)
It is possible to combine savings and income to qualify for the minimum level required for the D7 Programme.
You can also gain residency under a D7 Visa and also be eligible for the Portuguese Non-Habitual Residents tax regime.
You can submit your application for D7 Visa at your local Portuguese consulate or you can appoint a legal representative to handle the process on your behalf.
For further information please contact us