In February 2023, the Portuguese Government announced plans to bring an end to the Golden Visa, and it is unclear what will replace it e.g. an investor visa. In April 2023 the Government issued an update clarifying that existing applications would be honoured, and new applications would be accepted up until the point new legislation is published - which different sources estimate will be towards the end of May 2023.
This means that right now, it's looking like the last call for Golden Visa applications - so if you have been considering applying, contact us as soon as possible to get the process started ahead of the deadline.
Portugal offers various other visas and residency options for individuals seeking to live, work, study, or invest in the country. Some of the common visas and residency permits available in Portugal include:
Schengen Visa: This short-term visa allows individuals to visit Portugal and the other Schengen Area countries for tourism, business, or other short-term purposes.
Student Visa and Residence Permit: This is for individuals planning to study at a recognized educational institution in Portugal. It allows them to reside in the country for the duration of their studies.
D2 & D3 visas: Portugal also has visas for non-EU citizens who wish to be economically active. The D2 is for entrepreneurs who set up small and medium sized companies. The D3 is a specialist visa for professionals with advanced skills or qualifications.
Non-Habitual Resident (NHR) Regime: This tax regime offers special tax benefits to individuals who become tax residents in Portugal and have certain qualifying professional activities.
The D7 Visa - For most British and other non-EU citizens wishing to retire or live in Portugal without working, the D7 visa is usually the best route for obtaining residency – it is often called the Retirement Visa or Passive Income Visa. Holders of a D7 visa may not be employed in Portugal.
Key to eligibility is having an income from outside of Portugal (such as pension or rental income, investments or even working remotely for a foreign company) that is equal to or more than the Portuguese minimum wage (approx. €700-€750). Add a further 50 per cent of the minimum wage for an accompanying spouse or adult dependent. Applicants must also have an approved level of private medical insurance valid for a year.
The process for gaining residency is in two stages. First is the visa application, which typically is done through the Portuguese Consulate in your country of origin. Once the D7 has been granted, the applicant can travel to Portugal where they must apply for their residency permit within four months of arriving. Residency through a D7 visa is renewable and after five consecutive years holders can apply for permanent residency.
The new scheme was launched on 30th October 2022 and is available to third country nationals (citizens from outside the EU and EEA) who can generate income from a foreign company or source remotely while living in Portugal. Here are five things to consider when applying to become a remote worker.
a. To be eligible, you’ll need to prove a monthly income of at least four times the Portuguese minimum wage, which currently works out at around €2,800 a month. It must be generated remotely from employment or professional work based outside Portugal. Usually this means working directly for a company (or companies) based in the US, the UK, Asia or Middle East, typically your current employer, or it could be working as a self-employed contractor for one of more overseas clients. Passive incomes, such as rental income or returns from investments, are not included.