Portugal is rightfully considered a holiday country. Sun, sea, beautiful countryside and ancient architecture, tranquil environment and high quality medical care ...
It is not difficult for wealthy foreigners to move here. To do so, you will need to buy or lease accommodation here, show the amount sufficient for living on the account and decide to spend most of the year in this country.
The official website of the program
A Portuguese residence permit for financially independent persons is often referred to as a “pensioner visa”. After all, it is designed for those who will live in this warm country, receiving the main income from abroad. However, it is not only the elderly who apply for this status.
The conditions are simple: buy or rent a house, transfer a sufficient amount for the whole family to the account for 12 months and move to your new home. Children can study at school or university, excellent Portuguese medicine is available to all relatives.
For the first entry into the country, you will need a D7 national visa, which is valid for 4 months. During this time, a foreigner needs to register with the local Department of Immigration (SEF) and obtain the first residence permit for the period of one year.
Then it can be renewed for 2-year periods, and after 5 years you will be able to apply for permanent residence or citizenship.
Moving to the country on this basis is regulated by Paragraph 1 of article 58 of Law no. 23/2007 dated July 4th and article 24 d) of Regulation no. 84/2007 from November 5th.
Confirmed income
From € 8460 - for the main applicant.
For each additional adult +50% to be added to the amount, for each child +30%.
The easiest way is to show the entire amount on the account.
Permanent accommodation
Both: purchase or long-term lease are possible.
The minimum cost is not specified, but experts recommend choosing a property not lower than the average price segment.
Homeowners are preferred.
Close relatives can move in with the applicant for family reunion. This opportunity is available to the following categories:
It is important to show passive income that exceeds the Portuguese minimum wage per year. In 2022, it is € 705 per month.
For each relative moving with the applicant, you will need to add from half (for adults) to a third of this amount (for children).
In fact, officials will assess the adequacy of your income to live in the country. According to experts, the larger the amount you show, the higher are your chances of a positive decision.
The source of income can be pension, business profits, securities, real estate income, intellectual property, etc. The easiest way is to show the entire amount in a bank account.
State fees
About €250.
This includes consular dues and visa fees, visa center services, and payment for issuing a residence permit.
Legal expenses
€3-8 thousand
The total amount will depend on the number of family members and the prices of a particular company.
Real estate expenses
9-10% of the purchased property cost .
This amount includes taxes, including stamp duty, agency commission, lawyer and notary fees and other expenses. Read more about buying real estate in Portugal.
You should live in Portugal: you must stay in the country for at least 183 days a year, there are no restrictions on the choice of the region.
By virtue of permanent residence in the country, you become its tax resident. At the same time, for the new residents of the country there is a preferential taxation regime for non-habitual resident (NHR) for the first 10 years.
Most of the income received from abroad is not taxed, and a reduced rate is used for income earned within Portugal.
Previously, there was a zero tax rate for foreign pensions, but from 2020 they are taxed at 10% rate.
Portugal is part of the Schengen area, therefore, visa-free visits to the countries of the Schengen area are available for residence permit holders.
You may get access to all types of health care within the national health system under your health insurance.
Children can go to school and also have access to further stages of education.
You can work for yourself without restrictions: open an LLC or become an individual entrepreneur, receive passive income. The first residence permit can be issued with the “without the right to work” tag, but when the status is extended, the ban on employment is usually not applied.
After 5 years of permanent residence, you can apply for permanent residence permit and citizenship. In this case, you will need to pass a language proficiency test.