RELOCATE TO PORTUGAL THROUGH THE PORTUGAL PASSIVE INCOME (D7) VISA
Here we present to you comprehensively how to relocate to Portugal through the Portugal Passive income (D7) visa. Portugal a Southwestern European country located on the Iberian Peninsula is proudly presenting a unique visa program uniquely called Portugal Passive Income Visa, D7 Visa for short.
Portugal in recent years has assumed a preferred destination for anyone seeking a European country devoid of harsh weather conditions. A country where you can live year-round with a favourable climate.
Portugal is a member of the European Union arrangement with a stable democracy and social climate. A country that presents you with a superb infrastructure, a very inviting infrastructure and a very favourable investment programme.
Living and working in Portugal is a joy to behold with an excellent quality of life which translates to the fact that most retirees that choose Portugal usually refused to relocate. One of the several factors is that the general cost of living is lower than what’s obtainable in equally advanced Western economies.
WHAT IS THE PORTUGAL PASSIVE INCOME (D7) VISA?
Portugal Passive Income Visa equally known as a D7 Visa offers residency status to any interested immigrants other than NON-EU citizens, who wish to come to Portugal for the purpose of relocation, but could not obtain permanent residence through the other residency program such as the Golden Visa.
WHO ARE THE PEOPLE THAT CAN BENEFIT
The Portugal Passive Income (D7) Visa is highly beneficial for anyone from Africa especially Nigerians, equally, the program is highly beneficial to small scale entrepreneurs, retirees, online business individuals and families wishing to leave their current country of residence due to divergent reasons.
HERE ARE THE BASIC REQUIREMENTS FOR PROSPECTIVE APPLICANTS
1. You should be having a reasonable and regular passive income.
2. You should be able to provide evidence that you have savings or income regularly coming from some of the following, pension, rental, online business, dividends, and certain aspects of acceptable investment income.
Please note that for the main applicant the minimum income requirements vary. It solely depends on the number of members of family the applicant want to include:
1. The person applying: one hundred per cent (100%) of your minimum wage: Right now the amount is €7,620 per annum
2. If you want to include your Spouse or parents it is fifty per cent (50%) of your minimum wage per person. Right now it is €3, 810 per annum.
3. If children are to be included it is going to be thirty per cent (30%) of your minimum wage per person. Right now it is €2,292 per annum
HAVE A MINIMUM AMOUNT IN A PORTUGUESE BANK
Please note that it is important to have a minimum amount equal to 12 months income with a Portuguese Bank account.
WHICH DEPENDANTS CAN THE MAIN APPLICANT INCLUDE?
1. Your Spouse or Partner
2. A minor or an incapacitated child
3. Children older than 18 years old who is yet to marry, and currently studying in an educational institution in Portugal.
4. Dependant parents of the main applicant or their spouse
5. Minor siblings, who are legally deemed to be in the care of the main applicant.
STILL ON PORTUGAL PASSIVE INCOME (D7) VISA – RENEWAL AND MINIMUM STAY REQUIREMENTS
As soon as your application is approved, you will be issued with a Portuguese residence card that is valid for 2 years. To keep the residence card valid it is important to renew it at the end of the second year. If you did, a 3 years residence card will be issued to you.
Please note that the purpose of the Passive income Visa is for successful applicants to reside in Portugal, therefore it is mandatory for you to spend six consecutive months or eight non-consecutive months in Portugal.
APPLICATION PROCEDURE AND REQUIREMENTS FOR PROSPECTIVE APPLICANTS
Foremost, any prospective applicants for this program especially from Africa that if you want to start the processing it is advisable you that employ the service of an experienced consultant to do the processing and the filling of application on your behalf, to avoid confusion that may lead to rejection of your application.
The service of a consultant becomes imperative in that they have the technical know-how and advice as the application progresses.
Here are some of the requirements you must follow:
Engage the service of a consultant to obtain a Portuguese fiscal number.
Open a personal bank account in Portugal.
Place in an application for a Portugal Passive Income (D7) Visa, to be followed by an interview with the Portuguese Embassy’s Consulate in your current country of residence. There is no waiver for the interview.
You should arrange residential accommodation in Portugal. It could be an outright purchase, rental or loan agreement.
Finally, you have to arrange and obtain approval for a meeting with the Immigration & Border Service – Servico de Estrangeiros e Fronteiras (SEF) in Portugal.
BENEFITS OF PORTUGAL PASSIVE INCOME ( D7)VISA
A successful applicants stand to gain the following benefits
1. Opportunity to live and work or study in Portugal.
2. You have the freedom to add dependants children and parents.
3. Freedom to travel Visa-free entry to all the Schengen Zone and beyond
4. Freedom to apply for Portugal’s Non-Habitual Resident tax regime status.
5. You’re automatically qualified for permanent residency or citizenship in Portugal after 5 years.
6. You equally enjoy right to healthcare and education.
That’s all for now on Relocate to Portugal through Portugal Passive Income Visa.