How you can retire in Europe with Portugal’s passive income D7 visa?

Highlights: How to retire in Europe with Portugal’s passive income D7 visa?

• Portugal’s D7 visa opens a pathway to permanent residency and Schengen travel access in Europe.
• Portugal’s D7 visa offers an option for retires to gain residency if they meet certain passive income.
• An applicant must maintain a passive income of €1,000 per month to gain residency.
• Applicants can include a dependent minor or an adult dependent in the D7 application.\

 

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What is Portugal D7 visa?

The Portugal D7 visa program retires, and an option to gain residency if they meet specific passive income requirements.  Portugal’s D7 visa offers a pathway to permanent residency and Schengen travel access in Europe.

Requirements to apply for Portugal D7 visa

Applicants need to fulfill some requirements to apply for the Portugal D7 visa:

 

Financial eligibility

As mentioned earlier, the D7 visa requires applicants to meet a certain minimum passive income threshold. These incomes can be from any source, such as:

 

• Rentals
• Dividend
• Interest income
• Pension

 

The minimum income requirement is linked to the minimum wage in Portugal. While the minimum wage in Portugal now is €820 per month, the applicant must maintain an income of €1,000 per month as the minimum income keeps changing. On an annual basis, the amount is €12,000 (₹11.16 lakh).

 

If the spouses are added to the application, the passive income requirement increases to 50%. Thus, the total passive income requirement is €1,500 (₹1.39 lakh) per month to €18,000 (₹16.74 lakh) per year.

 

The minor and adult dependents can also be added to the D7 visa application, and then the passive income will also be required.

 

To stay in the country

After two years, the visa can be renewed for three years. During these three years, D7 visa holders must be in Portugal for 28 months. They cannot leave the country for six or eight consecutive months.

 

To work in the country

D7 visa holders must work in the country if they are financially independent and can support themselves without working in Portugal. However, the applicant cannot work for a local Portuguese company on a D7 visa. The D7 visa gives residency permits and visa-free access to the Schengen area, which includes 29 European countries. An applicant can work for a Portuguese company after getting permanent residency.

 

An applicant can apply for PR or citizenship in the country after five years on a D7 visa. Other than that, condition-free residency in Portugal -free travel in the Schengen Area, and residency allow one to work in Portugal. As a Portugal passport holder, an applicant can freely live and work across the Schengen Area. The Portugal passport also gives visa-free/visa-on-arrival access to 188 countries.

 

Tax implications

India and Portugal have a Double Taxation Avoidance Agreement (DTAA). Speak to a Portugal-qualified chartered accountant to understand the taxation applicable to different types of passive income. 

 

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Application procedure for Portugal D7 visa

Applicants can apply for the D7 visa through the Portugal embassy. The application fees for a single adult are €90 (₹8,370). However, even before you start the application process, an applicant must do certain things such as:

 

Step 1:  Find a Portuguese lawyer who can remotely help to obtain an NIF, the taxpayer identification number in Portugal.

Step 2: Open an account with a Portuguese bank and deposit €12,000 as your first stay deposit

Step 3: Secure proof of accommodation in Portugal

Step 4: Get the application approved

Step 5: Avail a four-year double-entry into Portugal

Step 6: Once you enter Portugal, apply for the final D7 residence visa

Step 7: Register your biometrics and provide other documents

 

Within four months of arriving in Portugal, schedule an appointment with AIMA (The Agency for Integration, Migration, and Asylum) for an interview and biometrics. Applicants must carry documents such as proof of passive income, accommodation, a criminal record certificate, health insurance, and a valid passport.

 

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