Portugal has become one of the leading destinations for families that wish to seek residence in the European Union. Portugal is one of the countries in Europe for providing good infrastructure, a high standard of living, good weather, a stable social environment, and a favorable investment climate.
Moreover, the country offers an excellent quality of life, making it a viable option for retired people.
So, the Portugal D7 Visa becomes a viable option to enter the European Union. However, this type of visa is only intended for those with a stream of steady passive income flowing in.
Here are some of the Portugal D7 retirement visa income requirement and other necessary things that you must know before applying.
Firstly, you must know the benefits from a D7 visa will be entitled to receive once your application pulls through.
Benefits of D7 Visa
Once you have obtained the visa, you have the right to live, work or study in Portugal. With a D7 visa holder, you can also travel visa-free through the Schengen Area that includes twenty-six countries in Europe.
After five years, a Portugal D7 Visa holder could apply for permanent residency.
In addition, an applicant can also include their children or parents.
Portugal D7 Retirement Visa Income Requirement
A D7 visa requires a steady flow of passive income; otherwise, you are not eligible to apply. Such income often comes from rentals, pensions, dividends, and income from investments.
However, the specific income differs according to the number of dependents that an applicant might include:
- Lead applicant: The lead applicant must have a minimum income of €7,620.
- Spouse or parents of the lead applicant: The spouse or parents require half of the income compared to the main applicant’s income. So, if you are applying for a visa with your spouse or parents, then you will need an additional income of €3,810.
- Dependent children: If you are applying for a visa with your children, then you must consider an extra thirty percent of the minimum wage to your income. For instance, you need €2,992 per person to be eligible.
While showing proof of income is important, it is advisable to keep an amount equal to a year’s income in the bank account to increase your chance of acceptance.
As an applicant, you have the option to include the following dependents in your visa application:
- A partner or a spouse
- An incapacitated child or a minor
- If you have any children that are adults, single, and studying in Portugal
- Parents of the spouse of the applicant or applicant themselves
Renewals and Minimum Stay Requirements
Once your application has been accepted, you will be issued a Portuguese residency card that will be valid only for two years, and you have to stay for at least six consecutive months or eight non-consecutive months. Hence, you are required to renew your D7 visa at the end of the second year, and you can renew it to a three-year residency permit.
After the first two years, you have to renew the visa at the end of the fifth year. While applying for renewal, you have the option to apply for a 3-year residency permit, permanent residence, or citizenship.
These are some of the Portugal D7 retirement visa income requirements that you need to fulfill to be eligible.