Portugal has become an increasingly popular destination for retirees looking to enjoy a peaceful and affordable lifestyle in Europe. It’s the most affordable country in Western Europe, immersed in history, culture, and good eating.
So, without further ado, let's dive into the details.
Free Report Reveals...
"Hidden Wealth in Frugal Living"
Discover How to Live Well and
Have Fun the Cheap Way!
In today's video, we're going to explore the pros and cons of the Portuguese D7 Visa, also known as a Retirement Visa or Passive Income Visa.
Don’t confuse this visa with the Portuguese Golden Visa. Just to make it clear, here are the main differences.
The Golden Visa is an investment-based requirement which requires you to invest in Portugal. Because of this investment, you are only required to stay in Portugal for 7 consecutive days per year.
The D7 Visa
On the other hand, The D7 Visa is a passive income visa, which means it doesn’t require you to make any investment in Portugal as you only need to show proof of income. You need however to stay in Portugal for 6 consecutive or 8 non-consecutive months per year. Also, the application process is a lot easier and faster compared to the Golden Visa.
In other words, if you put up more money, you only need to stay a short time in Portugal, and if you put up less money, you need to stay longer in Portugal.
In this video we’ll only talk about the Portuguese D7 visa which is mainly aimed at retirees and people who depend on their passive income and plan to stay in Portugal permanently.
This residence visa allows any non-EU citizen who has a reasonable net worth or yearly income to live in Portugal. Of course, if you’re an EU citizen, this does not apply to you.
For The D7 Visa you must have a yearly income of 8,460 Euros, plus 4,230 Euros for your spouse and 2,538 Euros for each dependent child. €
To apply for the D7 visa, simply visit or call a Portuguese consulate to find out more.
Now, first, let's discuss the advantages of the D7 Visa.
Live in a Beautiful Country
The first and most significant advantage is the opportunity to live in a beautiful and diverse country. Portugal offers stunning landscapes, rich history, and a vibrant culture that captivates retirees from all over the world. From the charming coastal towns of the Algarve to the historic city centers of Lisbon and Porto, there's something for everyone.
Low Cost of Living
Secondly, the cost of living in Portugal is relatively affordable compared to other Western European countries. Retirees can enjoy a comfortable lifestyle without breaking the bank. Housing, groceries, healthcare, and transportation are generally more affordable than in countries like the United Kingdom or Germany.
Excellent Healthcare
Portugal also boasts a high standard of healthcare, which is essential for retirees. The country has a well-developed public healthcare system, and as a resident you can access it.
The national healthcare service in Portugal, is entirely free for children under 18 and adults over 65. Private healthcare will cost you, although, compared with other Western European countries, is quite affordable.
Additionally, Portugal has a large number of English-speaking doctors, making it easier for retirees who don't speak Portuguese.
Favorable Tax System
Another advantage is the favorable tax system for retirees. Portugal offers a special tax regime known as the Non-Habitual Resident program, which allows qualifying retirees to enjoy tax exemptions or reduced tax rates on foreign income for ten years. This can be a significant financial benefit for those with pensions or investment income.
Safety
Portugal is a very safe country. It is shown to be one of the safest countries in the European Union.
Permanent Residency
Your D7 visa allows you to obtain a residence permit in Portugal for one year. From then on, you can renew your residency permit for two years successively.
Citizenship
After you have lived in Portugal for five years, you are entitled to apply for permanent residency.
High Mobility
Lastly, your D7 Visa will allow you to travel through the Schengen zone visa-free as it is registered with the Schengen Information system.
Schengen is the name of a small village in Luxembourg, where the Schengen Agreement was signed. Schengen includes 27 countries, whereof 23 are members of the EU.
This means retirees can explore other European countries easily, making Portugal an excellent base for travel and exploration.
Now, let's explore some of the potential challenges or cons of the D7 retirement visa. Like anything in life, it’s not all roses. But don’t worry, I believe the pros greatly outweigh the cons.
Language Barrier
One of the main challenges is the language. While many Portuguese people speak English, especially in urban areas and tourist destinations, the official language is Portuguese. Retirees who don't speak the language may face difficulties in day-to-day interactions, such as navigating bureaucratic processes or accessing certain services.
While many Portuguese people do speak English, knowing the local language will greatly enhance your day-to-day interactions and make your overall experience more enjoyable. There are various language learning resources available online and language schools in Portugal that cater specifically to retirees, or you can simply study at your own pace, while sipping on a sangria.
Cultural Adjustment
Another potential drawback is the cultural adjustment. Moving to a new country always requires some adaptation, and Portugal is no exception. Retirees might find it challenging to adjust to the different customs, social norms, and pace of life. However, with an open mind and a willingness to embrace the local culture, this challenge can become an opportunity for personal growth.
Some Area are Expensive
It's also important to note that while the cost of living in Portugal is generally lower than in many other European countries, certain areas, especially in popular tourist destinations, may have higher living costs. It's essential to research different regions and their associated expenses to make an informed decision.
Bureaucracy
Another potential downside is the slow bureaucratic process in Portugal. Obtaining the D7 visa can take some time and requires various documentation. Patience and thorough preparation are necessary to navigate this process successfully.
Consider Private Health Insurance
Lastly, while Portugal's healthcare system is generally excellent, there may be some regional disparities in healthcare quality and accessibility. Retirees should research healthcare options in their chosen area and consider private health insurance to supplement the public system if needed.
We hope this video has provided you with valuable insights into the D7 retirement visa.
If you have any questions or experiences to share, please leave them in the comments below. Don't forget to like and subscribe to our channel for more travel-related content. Until next time, happy retirement and safe travels!