Portugal Passive Income Visa (D7)
The Portuguese government introduced a special type of visa in 2007: the D7 Visa. It is also known as Portugal Retirement Visa or Passive Income Visa. This residence visa allows any non-EU/EEA/Swiss citizen with a reasonable net regular passive income to apply for residency in Portugal. This income can be from pensions, transferable equity, real estate, intellectual property, or financial investment.
The minimum required value to be eligible for this visa is a yearly income of (€11,040) plus 50 percent of this amount for the spouse and 30 percent for each dependent child, regardless of the person’s country of origin.
This visa allows you and your family legal residence in Portugal. It is intended to attract retirees and those living on passive income to reside in Portugal to boost the economy. Additionally, holders of this visa are not precluded from having a professional activity in Portugal. You can apply for the D7 visa at the Portuguese consulate through residence applications. After you have your visa, your immediate family also becomes entitled to a residence permit there under the family reunification regulations.
Portugal D7 Visa Requirements: Eligibility Criteria
There is a set of criteria to be eligible for the Portugal D7 Visa. You can apply for a D7 visa in Portugal if you meet the Portuguese D7 visa requirements:
- Are a non-EU national,
- Have the funds to support yourself during your stay in Portugal,
- Have a clean criminal record,
- Can show a residence address in Portugal,
- Can spend at least 16 months in Portugal during the first 2-year period.
Banking Requirements for Portugal’s D7 Visa
Financial stability is important to prove when the goal is to secure your D7 Visa. You can achieve this goal through your Portuguese bank account.
Your bank statements will show proof of your monthly passive income for the prior six months. When it comes to your minimum income, you need (€920) monthly passive income at least. It becomes (€11,040) when calculated per year. If you plan family inclusion, you may consider an additional 50% for your spouse and 30% for each child as well. Opening a bank account in Portugal is a similar process. You need a Solicitor in Portugal to have a power of attorney. The most necessary documentation to open a bank account in Portugal will be your passport, your tax number (NIF), and your proof of address.