The Algarve is one of the main destinations, elected by foreigners, whom are looking for a place for their retirement or even for those already living off other incomes and decide to live abroad. The main reasons for such attractiveness are: the Algarve's lifestyle, that offers a temperate and pleasant climate, healthy gastronomy, various outdoor sports, proximity to the sea or countryside and cultural events; these are some attractive features that lead foreigners to invest in the real estate market, that has been attentive to the growing demand and now presents new investment opportunities.
As a result, the government has created initiatives that facilitate the entry and stay of foreigners who wish to reside long term in Portugal.
For non-EU/EEA/Swiss citizens who are already retired or have fixed incomes in their countries, they have the opportunity to obtain a permanent residence permit and eventually Portuguese citizenship, through the D7 Visa.
How does it work?
The process happens in 2 phases.
In the first phase, it is necessary that the candidate has the following documents:
- Travel insurance
- Criminal record certificate
- Permission to consult the Portuguese criminal record
- Proof of residence address in Portugal (rental or purchase)
- Open a bank account
- Obtain a NIF (legal taxation number)
- You need to spend at least 16 months in Portugal during the first 2 years.
- Proof of income (Minimum passive income of €8,460 per year (+ 50% for spouse and + 30% for dependent child))
- Valid medical insurance
After verification and approval of the documents required for the first phase, the second phase follows, with the applicant already residing in Portugal. The applicant will have to make an appointment with the Foreigners and Borders Service (SEF), in order to obtain the residence permit. It is important that the appointment is scheduled during the period in which the visa is valid and with the presentation of all the requested documentation, so that the initial residence period of 2 years can be approved.
What are the benefits?
Besides the permission to live in Portugal, the applicant will benefit from
- Permanent free entry and movement in the Shegen Area
- Possibility to live, work and study in Portugal;
- Tax advantages as a Non Habitual Resident;
- Access to the Portuguese health care system
- Fast visa process;
- Family reunification
Portugal was one of the destinations elected as the best country for post-Covid retirees, because as mentioned before the country has an affordable cost of living, rich gastronomy and several leisure options, the Algarve is known for its golf courses.