The abolishment of real estate investment option from Portugal’s Golden Visa scheme has led a significant number of internationals to turn their eyes to the D7 visa, known as the Retirement Visa.
Portugal’s real estate investment option, which was among most famous options of the country’s Residency by Investment Scheme, was terminated by Portuguese authorities in a bid to deal with the housing crisis, Schengen.News reports.
The abolishment of this route has brought into the spotlight the D7 visa. Established by the Government of Portugal in 2007, this kind of visa allows nationals from non-EU/EEA and Switzerland to acquire residency in Portugal, provided they have sufficient passive income.
Among the requirements for benefiting from the D7 visa is to have a reasonable passive income.
In order to qualify for the Passive Income Visa, applicants should be aged 18 or older, have a clean criminal record and have private health insurance.
The passive income can come from movable property, real estate, rental income, financial investments or intellectual property. The minimum requirement income for the D7 visa is that applicants make at least €820.00 per month.
The Passive income visa is valid for two years and can be extended for an additional three years. After a five-year period of obtaining a residency permit, its holders can be required to be Portuguese nationals.
The processing time for the D7 visa is up to 60 days, provided applicants submit all the required documents.
In October 2023, following the approval of the “More Housing” bill by Portugal’s President, Marcelo Rebelo de Sousa, two routes were abolished from the Golden Visa Program in a bid to deal with the housing crisis.
Following the changes that took effect on October 9, 2023, the real estate investment option to acquire residency and the option of transferring a total of €1.5 million into a Portuguese bank account in exchange for residency is no longer available.
However, wealthy foreign nationals can acquire residency in Portugal through the following options:
• Invest at least €500,000 in existing Portuguese business or company
• Donate at least €250,000 in art or reconstruction of national heritage
• Donate at least €500,000 to scientific institutes of research
Since the introduction of the Golden Visa program, 11,535 golden visas have been issued to wealthy internationals, thus contributing significantly to the country’s economy.
So far, more than 18,000 foreign families have benefited from the Residency by Investment scheme.
The Golden Visa Program, along with the Non-Habitual Residents (NHR) program and B visas, are among the most famous options for internationals considering moving to Portugal.
Source: https://schengen.news/portugals-d7-visa-gains-popularity-following-abolishment-of-real-estate-investment-option-from-golden-visa-program/
