The removal of the real estate investment option under Portugal’s Golden Visa programme has led to a significant increase in interest in the D7 visa among wealthy foreign nationals. The D7 visa, also known as the ‘retirement visa’, offers an alternative route to Portuguese residency for non-EU/EEA and Swiss nationals. The key requirement for this visa is a stable passive income sufficient to support their stay in the country.
The Portuguese government’s decision to remove real estate investment as a key route to the Golden Visa was prompted by a desire to address the growing housing crisis. The change has opened up new opportunities for the D7 visa, which had been somewhat overshadowed by the more popular Golden Visa since it was available in 2007. With the property investment route now closed, the D7 visa is becoming an attractive alternative for those wishing to gain residency in Portugal based on their financial means and a stable passive income rather than on real estate investment. Thus, the abolition of the Golden Visa in its previous form has stimulated interest in the D7 visa, which has become a sought-after tool for immigration to Portugal for citizens with sufficient passive income.
The D7 visa, which provides the opportunity to reside in Portugal for those with passive income, requires applicants to meet certain conditions. One of the main requirements for obtaining it is to have a reasonable passive income, which must be at least 820.00 euros per month. This income can come from various sources, such as rental property, financial investments or income from intellectual property. In addition, applicants must be over 18 years old, have no criminal record and have private health insurance. The D7 visa is issued for a period of two years, with the possibility of an extension for three years, after which holders can apply for Portuguese citizenship.
The process of obtaining a D7 visa involves collecting the necessary documents and can take up to 60 days, making planning the stages of the move important. An important aspect for foreign citizens seeking to obtain a residence permit in Portugal is the Golden Visa program, which also underwent changes in October 2023. Due to the adoption of the More Housing Bill, the options for investing in real estate and transferring funds to a bank account were abolished in order to solve the housing crisis in the country. However, investors can still obtain a visa through other methods, such as investing in Portuguese companies or donating to the arts and sciences
Since the launch of the Golden Visa program in 2012, Portugal has issued more than 11,535 visas, which has contributed to the influx of capital into the country and significant investments in the economy. There are more than 18,000 foreign families who have benefited from the Residence Permit by Investment program, which underlines the success of this scheme and its popularity among investors. Thus, despite the changes in the legislation, Portugal continues to be attractive to wealthy citizens seeking to secure a stable and comfortable future for themselves in this sunny country.
