Passive income visa in Portugal: Procedure & Requirements.

When the Portuguese government created the Portugal Passive Income Visa in 2007, retirees, business owners, and other expats with a recognized consistent income were all over it. The retirement visa, the passive income visa, and the Portugal Passive Income Visa are additional names for this Visa. People who can demonstrate that they earn at least €8,460 annually are among the eligible. For non-EU/EEA/Swiss nationals with a spotless criminal record who want to establish legal residency in Portugal, there is the Portugal D7 Visa. The goal is to draw wealthy people from all around the world, which will boost foreign investment in the Portuguese economy.

After one year, the Portugal D7 Visa residence visa may be extended for two subsequent two-year terms. You can also request Portuguese nationality or ask for permanent residency after five years (if all additional conditions are met).

 

The benefits of a Portuguese D7 visa

What makes the Portuguese resident permit so appealing? The Portugal D7 Visa opens up a world of opportunities for you!

• With a Portuguese passport, you can enter any country in the Schengen Area without a visa and travel to 188 other countries.
• A chance to acquire a permanent residency visa in about 4-5 months
• The main applicant immediately becomes a Portuguese tax resident if he stays in the country for longer than 183 days. This indicates that a candidate may be eligible for the preferred tax status NHR, known for its flat rate of 20%. It might reach 48% in the absence of NHR.
• NHR is renowned for not levying taxes on money earned abroad (if the tax has already been paid in one of the countries that have double tax treaties with Portugal)
• The primary candidate has full rights to live, work, and study in Portugal with D7 Portugal residency.
• After five years, a resident of Portugal may submit a citizenship application.
• One of the best healthcare systems in Europe is found in Portugal, where citizens can access free medical treatment when using government services.
• Most foreign-sourced income has been exempt from taxation in Portugal under the NHR regime for ten straight years.
• Family members can acquire a D7 Visa.
• You don't need to pass any language tests in order to obtain this resident visa, which is only one of its numerous advantages.

 

D7 Visa requirements

A candidate must demonstrate that he has enough income to cover 12 months of savings in order to apply for a D7 Visa and get legal residency in Portugal. Specifically:

1. €8.460 for the first adult (€705 per month)
2. €4.230 for second or more adults (€352,5 per month). For both you and your spouse, you need a total of €12 690 per year.
3. €2.538 per child (€211,5 per month).

There are certain financial requirements, however, your ability to obtain a Portugal D7 Visa shouldn't solely rely on your earnings. Actually, using a mix of assets, savings, and income would be preferable. Immigration and Border Services will demand payment wherever they are in the world. Furthermore, there is no minimum net worth criterion for the Portuguese consulate. However, be warned that the Portuguese government may want you to provide documentation of your additional savings.

 

What exactly qualifies as passive income?

• Intellectual property rights
• Retirement income
• Payment of royalties
• Transferable equity
• Savings interest
• Real estate
• Dividends (if the corporation does not employ you)
• Profits from long-term, fixed-rate investments

 

Required Documents for a Portugal D7 Visa

• Full Visa Application Form
• A valid passport with at least two recent passport photos
• Evidence of sufficient finances
• Accommodation Proof
• Current Medical Insurance Coverage
• A criminal record certificate from the FBI. The police clearance certificate must be certified and stamped by the UAE MoFA.
• A request for the SEF to check the Portuguese criminal registry.
• Cover letter clearly stating the basis for your D7 Visa request
• A pension certificate from the company, a notarized letter confirming a pension, or a pension check statement (for retirees)
• Certificate of revenue from movable and immovable property, intellectual property, or financial assets (for self-employed)
• Prior fiscal year's tax returns or other proof of income from the previous fiscal year (for self-employed)

 

D7 Visa Application Procedure

Step 1: Obtain a NIF number and open a bank account:

Obtaining a NIF number is the first step before commencing any legal procedures in Portugal. This is your official tax identification number, and it allows you to undertake financial transactions throughout the country. Without entering Portugal, you can have a power of attorney to receive that number on your behalf. After obtaining the NIF number, you must open a bank account in Portugal, which can be done remotely as well.

Step 2: Reserve Your Accommodation:

You must find suitable accommodation in Portugal as part of the d7 visa application process. This might be accomplished by renting or purchasing property in the area.

Step 3: Go to the Portuguese Consulate and apply for a D7 visa:

You must make an online appointment with the Portuguese consulate in your current region.

Step 4: Applying for a Portuguese Residence Permit:

If you want to apply for the D7 passive income resident permit, you must first enter Portugal using the D7 visa and then follow the requirements outlined above. The special visa permits you to enter Portugal twice and stay for up to four months. You'll need to enter Portugal and apply for a residence visa during those four months.

To apply for a residency visa, you must have the following documents:

• Your passport includes a D7 visa issued by the Portuguese consulate in your area.
• Evidence of accommodation (the same one you submitted to the Portuguese consulate)
• Evidence of significant financial resources (the same one you submitted to the Portuguese consulate)
• You should preserve the health insurance policy you purchased in Portugal.

 

How Pelican Migration Consultants help you migrate to Portugal?

The primary goal of Pelican Migration Consultants as the best Portuguese immigration consultant in Dubai is to offer you all of the information you need to make the best decisions. We are an experienced immigration consultant who can help you plan and manage your immigration to Portugal so that you can live a happy life in your dream country.

Because of our streamlined method, Pelican Migration Consultants provides our prospects with a high possibility of success. You may count on us because we handle all of our immigration matters with competent and well-educated immigration consultants. So, if you're ready to take the next step, why not contact us right away?