Portugal’s D7 visa, the ultimate pathway to citizenship is getting famous leaps and bounds. But why so this certain visa category of Portugal getting so famous in many countries? How to get the D7 visa? Let’s dig into reality and find out the requirements of a D7 visa.
Portuguese passport being the 6th strongest passport is considered the best for entrepreneurs, investors, and, retirees as it provides the best staying and touring facilities with a peaceful and healthy environment. It also provides the benefit of reuniting with the family and becoming a permanent resident after five years.
Portugal, being a European Union country provides the opportunity to non-EU, Swiss citizens, entrepreneurs, and, retirees to make permanent residence in Portugal by regular and handsome passive income.
The sole purpose of explaining the D7 visa is that it is a rather healthy project of the Portugal government to make their economy strong. People with a clean criminal record and sufficient financial income to live independently can apply for it by simply providing the documents and biometric data to the SEF. After the paperwork, the person is assigned a temporary visa, then a residential visa, and, finally a permanent visa after 5 years. The tax facilities called the NHR (10 years of tax exemption) are also very appealing for the tourists making this visa a lifesaving chance for those who want to earn passive income.
What are the requirements for D7 visa income?
To be eligible for the D7 visa stream, the candidate should have a previous 12-month pension or salary or any other passive income as follows:
• €7.980 for the primary applicant
• €3.600 for a spouse or secondary applicant
• €2.160 per child
Also, the person should:
• Provide proof that he has sufficient financial means to run a business in Portugal
• Has previously participated in investment operations
• Has no criminal record
• Are independent enough to carry out any financial activity
• Has a signed service contract or proposal with any company
How much does a D7 visa cost?
Although the government fees are not fixed for such visas due to relocation and professional expenses, the estimated budget is between €45.90 and €276.80. In most of the consulates and embassies, a sum of €90 is charged as visa fees. This is also implemented on any further accompanied applicants. The cost of health and travel insurance, character and health certificates, and other translation expenses are extra to be paid.
What documents does the D7 visa require?
Following are some essential documents for a candidate to apply for this visa:
• D7 application form
• Proof of a place to live in Portugal (rented or own property)
• No criminal background certificate
• Valid passport
• 6 months of personal bank statement
• Proof of having a passive income (for about 12 regular months)
• Valid travel insurance with health funds
What is the processing time for this visa?
It takes almost 60 days to get your four-month temporary visa from Portugal Immigration and Borders Service (SEF) as long as you have provided the correct information. For a residence permit (D7) after reaching Portugal, it takes almost 120 days if you have to live in Lisbon or Porto so the time required for processing your visa depends on the location where you want to settle in Portugal. Once the data processing work and biometric verification are done, it takes about three weeks for the SEF to send your residence card to your Portuguese address.
What are the tax benefits of this visa?
The Non-Habitual Tax (NHR) Regime is a beneficial tax-free scheme provided by the Portuguese government so that various incomes like real estate income, royalties, occupational incomes, business and self-employment profits, and dividends are benefited. It is a stable step taken by the government to attract people from all over the world as it reduces taxes for about ten years. As a D7 visa holder, you can get an exemption from tax in Portugal for about 10 years as a whole.
When is the D7 visa renewed and made permanent?
Let us explain the process stepwise:
- The person is provided a temporary visa of four months for traveling purposes along with knowing the pros and cons of the country and the business they are stepping in. This is provided after submitting your documents to the Portugal Immigration and Borders Service (SEF) representative consulates and embassies abroad.
- Once your application is accepted an appointment date is provided by the SEF after which the temporary visa is officially issued.
- The second step is to gain a residency visa to start the business and settle there. It is made possible through biometric verification after providing data required in the SEF meeting in Portugal. This visa is for a tenure of one year (varies in different cases) and is renewable after two successive years.
How does the D7 visa give you permanent residency?
The visa application and status are as follows:
- A four-month temporary visa is issued
- In 1 year, the visa is renewed for 2 years
- In 3rd year, the visa is renewed for 2 additional years
- After completing 5 years, you can apply for Portuguese nationality.