Are you a non-EU retiree looking to apply for a Portugal Retirement Visa? Then you’re in the right place! This visa is specifically designed for non-EU citizens who want to settle in Portugal and enjoy its many benefits.
When considering your options, there are two main visas to explore: the Portugal D7 Visa, designed for individuals with a steady passive income, and the Portugal Golden Visa, ideal for those making a qualifying investment in the country.
Each of these Portugal visas has its eligibility, financial requirements, and application processes.
In this guide, we’ll walk you through everything you need to know about Portugal’s Retirement Visa, including:
How to retire in Portugal?
To retire in Portugal as a non-EU national, you must apply for a visa, such as the D7 or the Golden Visa. Apart from choosing the visa that suits you the best, you’ll have to assess your financial stability. This is important to ensure you have a reliable financial plan to sustain your retirement in Portugal, considering factors like healthcare, housing, and daily expenses.
Does Portugal have a retirement visa?
Yes, Portugal does have a retirement visa. Commonly known as the Portugal D7 Visa, this residency visa allows non-EU retirees to live in Portugal, provided they have a minimum passive income to support their stay.
Thanks to the Portugal Retirement Visa, you can enjoy Portuguese residency privileges, as well as other benefits, which will be outlined in the sections below.
Another great visa option for retiring in Portugal is the Portugal Golden Visa. This successful program offers foreign investors, including expat retirees, the possibility of legally residing in Portugal, provided they make a significant investment in the country.
The section below breaks down the benefits and requirements for each of these Portugal retirement visas.
Retiring in Portugal with the D7 Visa
Also known as the Portuguese Passive Income Visa, the D7 Visa allows non-EU citizens to retire in Portugal, provided they have a stable source of passive income.
This passive income can come from various sources, including pensions, real estate, transferable equity, intellectual property, or financial investments.
Advantages of retiring under the Portugal D7 Visa
Portugal D7 Visa highlights include:
- The D7 Visa holders can retire in Portugal without making a major investment
- Visa-free travel and movement throughout the Schengen Area’s 27 European countries
- Pathway to a Portuguese Residence Permit
and Portuguese citizenship - Once you have a residence card through the Portugal D7 Visa, your family can join you in Portugal.
- You can enjoy many benefits as a Portuguese resident through the D7 Visa. These include access to the national health service, the Portuguese National Education Service, and the local schools.
Retirement D7 Visa eligibility criteria
- Be a non-EU national
- Earn a passive income of at least €870.00 per month (your income can come from pensions, transferable equity, real estate, intellectual property, or financial equity)
- Show proof of a place to live in Portugal.
- Be willing to reside in Portugal for over 183 consecutive days per calendar year.
D7 Visa requirements
To apply for a retirement visa for Portugal, you must have the following documents:
- Completed D7 Visa application form
- Valid passport
- Two passport photos (passport-sized)
- Proof of passive income
- Proof of adequate accommodation (12-month lease agreement)
- Criminal record background check
- Valid travel insurance with healthcare services
- Three months of bank statements
- Last year’s tax statement
You must submit all required documents to the Portuguese Consulate in your country of residence or VFS Global (if you don’t have access to a Portuguese Embassy or consulate in your home country).
If your visa application is approved, the Portuguese Consulate will issue the D7 Visa, allowing you to travel to Portugal and grant you an appointment at AIMA to formalize the residence permit request.
Minimum passive income requirements for the Portugal D7 Visa
Apart from gathering the required documents to qualify for the Portugal D7 Visa and residence permit, demonstrating a regular passive income of at least €870.00 per month in 2024 is mandatory.
The main applicant for the Portugal Passive Income Visa is also required to maintain a minimum balance of €19,680.00 in a bank account in Portugal throughout the application period (2 years).
This balance increases with additional family members:
- An extra 50 percent (€9,840.00) is needed for a spouse or any other family member over 18,
- An extra 30 percent(€5,904.00) is needed for each family member under 18.
Fees for Portugal Retirement D7 Visa
Expect to pay the following amount for your Portugal D7 Visa:
- For your D7 Visa application, you can expect to pay €90
- For your residence permit, you can expect to pay around €160
Retiring in Portugal with the Golden Visa
The Portugal Golden Visa program is a five-year residency-by-investment scheme for non-EU nationals.
Officially known as the Residence Permit for Investment Activity (ARI), this Portugal visa grants applicants the right to live, work, and study in Portugal as long as they make a qualifying investment.
It’s ideal for retirees as it allows them to reside in Portugal without the need to engage in professional or business activities (investment is the main requirement for this visa). Visa holders can also bring their family members to live in Portugal.
Advantages of retiring under the visa by investment scheme
Some of the Golden Visa Portugal highlights include:
- Family members included in the application (including spouse and dependent children)
- Relatively affordable investment options to choose from (cultural and artistic donations, investment funds, business set-up)
- Minimum investment requirements starting from €250,000
- A requirement to spend a minimum period of seven days in the first year in Portugal, then a subsequent 14 days for every two-year period
- A pathway to gain a Portuguese residence permit and Portuguese citizenship after the fifth year
- Visa-free access to the Schengen area’s 27 countries
- Live in a safe country with affordable living costs and a high quality of life
Eligibility criteria for residency-by-investment visa
- Be either non-EU, non-Swiss, or non-EEA
- Make a minimum investment of €250,000 (investment routes are various)
- Have a clean criminal record
- Spend a minimum of seven days in Portugal for the first year, then no less than 14 days each subsequent two-year period
Required documents
The following documents are required to apply:
- Completed application form
- Copy of a valid passport and travel documents
- Declaration from your bank in Portugal confirming the transfer of funds from abroad
- Proof of health insurance in Portugal (only required if the investor resides in Portugal). The policy must provide coverage for all medical expenses.
- A background check or a police clearance letter from your country of origin
- A declaration of honor compromising to maintain the investment for five years
- Documents showing a good standing with the Portuguese Tax and Customs Authority
- Document showing non-enrollment or a good standing with the Social Security
- A receipt showing that you already paid the application processing fee
- Note that the certificates of criminal records or police clearance letters must have been issued no more than 90 days before submitting your application.
Portuguese Golden Visa investment options
Contribute to a qualified Golden Visa Investment fund worth at least €500,000- Investment or donation in the arts or reconstruction of national heritage worth at least €250,000
- Science or Technology research contribution of at least €500,000
- Creation and maintenance of ten jobs during the required period
- Incorporation of a company or reinforcement of a company’s share capital, in either case with an investment of €500,000
Contribute to a qualified Portugal Golden Visa fees
For the investment visa, the new Government Fees involved with the submission, granting, and renewal of the residence permit are:
- Online application submission – € 773.74
- Granting the permit – € 7,730.10
- Per renewal – € 3,865.79
Take a free test now to find out if you are eligible for the Portugal D7 Visa
Can I get permanent residency in Portugal with a Retirement Visa?
Neither the Retirement Visa D7 nor the Golden Visa guarantees or directly grants permanent residency in Portugal. However, these two visas serve as pathways toward permanent residency and even citizenship, depending on certain conditions and the duration of your stay.
After five years of holding the temporary residency granted through Portugal’s Retirement Visa and the Golden Visa, you become eligible for permanent resident status in Portugal.
After getting a permanent residence permit, you can apply for Portugal citizenship and get a Portuguese passport.
Please note that for the Golden Visa, another condition is keeping your investment in Portugal for five years.
Getting a NIF Number and a Portuguese Bank Account
NIF Number in Portugal
The tax identification number in Portugal, also known as the NIF (Número de Identificação Fiscal), is essential for retiring in Portugal. This nine-digit taxpayer number is also essential to comply with your tax obligations in the country.
Issued by the Portuguese tax office, the NIF number is necessary for several financial transactions such as signing contracts, opening bank accounts, leasing properties, and conducting other financial activities in Portugal.
Opening a Portuguese bank account
Opening a local bank account is another essential step for retirees moving to Portugal.
Although a few Portuguese banks offer the convenience of online account opening, most typically mandate in-person visits for banking applications, necessitating a trip to a local branch.
Our ultimate guide to how to open a bank account in Portugal will help you navigate the process seamlessly, providing step-by-step instructions, essential documentation requirements, and valuable tips to ensure a smooth and efficient experience tailored to your financial needs.
Portugal's Retirement Visa Tax Implications
For expats considering retirement in Portugal, familiarizing yourself with the Portugal Non-Habitual Residence (NHR) tax regime is essential. This special tax status allows individuals who establish tax residency in Portugal to benefit from favorable tax conditions.
Applications for the NHR scheme closed in March 2024. Although some individuals can still apply until March 31, 2025, they must meet stricter criteria.
Those who qualify under these conditions will retain NHR status from the date they become tax residents—whether that’s in 2024 or the first quarter of 2025—until December 31, 2033.
Understanding these changes is crucial for anyone planning to retire in Portugal, as they will directly impact your tax obligations and financial planning.
Is NHR ending?
The State Budget Law for 2024 determined the end of the NHR regime from 1st January 2024. However, certain individuals can still apply up until 31st March 2025, and the scheme is being replaced by the Tax Incentive for Scientific Research and Innovation, which has now been implemented. To learn more, please refer to Is The Portugal NHR Ending?
Who can retire in Portugal?
If you’re a citizen of the European Union, you can live in Portugal without needing a specific visa. However, exploring Portugal’s retirement visas (such as the D7 or investment visa) is essential for non-EU citizens.
Retiring in Portugal as a US citizen
The latest findings from our Global Intelligence Unit’s (GIU) US Retirement Trend study revealed that Portugal is a compelling destination for those seeking an ideal retirement haven.
Thanks to its trifecta of advantages, Portugal ranked second overall as the destination of choice for US citizens looking to relocate. These benefits include a consistently agreeable climate that spans all seasons, a robust and accessible public health infrastructure, and budget-friendly private medical coverage alternatives.
Portugal’s lower cost of living allows retirees to maintain a comfortable lifestyle, and the country consistently ranks high in global safety indexes. Another study released by International Living in January 2023 voted Portugal as the best country for Americans to retire.
US citizens can stay in Portugal for up to 90 days within 180 days without a visa. For longer stays, retirees typically apply for a residence visa, which may require proof of income, medical insurance, and a criminal record check.
USA nationals are entitled to free healthcare only when obtaining permanent residency in Portugal. However, after relocating to the country and settling in, they can obtain Portuguese private health insurance, which is considerably cheaper than its US counterpart.
Read the Global Intelligence Unit's full report on US Retirement Trends
Retiring in Portugal as a UK citizen
While the United Kingdom has officially left the European Union, Portugal remains an attractive destination for retirees due to its climate, affordable living costs, and healthcare system.
UK citizens can stay in Portugal for up to 90 days within a 180-day period without a visa. Applying for a Portuguese visa is required for longer stays, including retirement.
The weather in Portugal is often a significant draw, especially when compared to the UK. This shift in weather can significantly enhance the overall quality of life for those accustomed to the UK’s cooler and less predictable climate.
Another compelling factor is the cost of living. Portugal is generally more affordable than many UK cities, making it an appealing option for retirees looking to stretch their retirement income further.
If you decide to remain in Portugal and meet certain criteria, you can apply for Portuguese citizenship after five years on your permanent residence permit.
Retirement in Portugal: What You Need To Know
The benefits of retiring in Portugal
Portugal is regarded as an attractive retirement destination thanks to a combination of factors, such as weather, affordability, and quality of life.
Here are some key advantages of retiring in Portugal:
- Pleasant year-round weather: Portugal boasts a Mediterranean climate with mild winters and warm summers.
- Stunning landscapes: Portugal is adorned with diverse and breathtaking landscapes. Retirees can explore the country’s natural beauty and enjoy a variety of outdoor activities.
- Rich cultural heritage: Retirees can immerse themselves in a culture that values art, music, and gastronomy.
- High quality of life: The country offers a relaxed lifestyle, excellent healthcare services, and a strong sense of community.
- Affordable cost of living: Compared to many other EU countries and major cities in the United States, Portugal is known for its affordability. Retirees can enjoy a comfortable lifestyle with a reasonable cost of living.
- Safety and stability: Portugal is considered one of the safest countries in Europe. The low crime rates and political stability provide retirees with a sense of security and peace of mind during their retirement years.
- English is widely spoken: Portugal is home to a vibrant community of expats, so you can usually find people who speak English everywhere you go. Around a third of Portuguese people speak English, especially in major cities and tourist regions such as Lisbon and Porto.
The best places to retire in Portugal
Here are some of the best places to consider for retirement in Portugal:
Lisbon
Lisbon is a top retirement destination in Portugal due to its sunny weather, a blend of rich history, vibrant culture, and stunning architecture.
Its mild Mediterranean climate and proximity to beautiful beaches offer year-round outdoor opportunities, while an excellent healthcare system and relatively low cost of living compared to other European cities ensure retirees’ well-being and financial comfort.
Porto
Portugal’s second-largest city, Porto, is renowned for its picturesque setting along the Douro River.
Its charming blend of old-world charm and modern amenities creates a unique living environment.
Porto’s picturesque setting along the Douro River, coupled with its UNESCO World Heritage sites and historic architecture, offers retirees a captivating backdrop for their golden years.
Algarve
The Algarve region is regarded as one of the best places to retire in Portugal, drawing retirees with its stunning coastline, year-round sunshine, and relaxed lifestyle.
Moreover, the Algarve boasts a well-developed infrastructure, including modern healthcare facilities, excellent transportation networks, and a wide range of amenities.
Cascais
Cascais, nestled along Portugal’s stunning Atlantic coastline, offers retirees a tranquil and sophisticated lifestyle with its picturesque beaches, elegant promenades, and historic landmarks.
The town’s proximity to Lisbon provides retirees with easy access to the capital.
With its blend of natural splendor, cultural heritage, and modern comforts, Cascais presents retirees with a great option for an enjoyable retirement in Portugal.
Funchal (Madeira)
Nestled amidst lush greenery and surrounded by the sparkling waters of the Atlantic Ocean, Funchal provides retirees with a serene and idyllic setting to enjoy their golden years.
Retirees in Funchal can take advantage of the island’s mild climate, which ensures comfortable temperatures year-round, perfect for outdoor activities such as hiking, gardening, or simply relaxing in one of the city’s many parks or botanical gardens.
Ponta Delgada (Azores)
Ponta Delgada, nestled within the enchanting Azores archipelago, is known for its blend of natural wonders and island charm. Surrounded by the Atlantic’s turquoise waters and framed by volcanic landscapes, Ponta Delgada provides a serene backdrop for retirement living.
Beyond its natural allure, Ponta Delgada offers retirees a vibrant cultural scene, with museums, galleries, and local festivals celebrating the rich Azorean heritage.
How much money do you need to retire in Portugal?
Portugal is one of the most affordable EU countries. You can comfortably retire in Portugal with an income of between €1,400 and 2,400 per month, depending on which part of the country you choose to live in.
If you choose the Portugal D7 visa, you’ll need to meet the passive income requirements and earn above the Portuguese minimum wage of at least €870.00 per month (your income can be foreign sourced income).
Health insurance when retiring in Portugal
Portugal’s publicly funded National Health Service (Serviço Nacional de Saúde, SNS) ensures that every resident has universal health coverage.
Portugal’s healthcare system is affordable for Portuguese citizens and legal residents. However, while you are in the process of securing your retirement visa, you will need to have private health insurance. Once you become a country resident, you can retain your private insurance if you so desire.
You can easily subscribe to private health insurance for foreigners at an affordable price. The insurance could cost between €20 and €50 a month, depending on your needs and required services. In addition, many public and private healthcare doctors speak and understand English.
What are the inheritance implications in Portugal?
As per the Portuguese Civic Code, the Portuguese Inheritance Law follows the principle that the deceased person’s home country should determine the rules for any inheritance proceedings. This means that, unless specified otherwise in a will, the handling and taxation of the deceased person’s estate will be governed by the inheritance laws of their home country.
Notably, Portugal does not impose an inheritance property tax. Instead, there is a flat-rate stamp duty of 10%. It’s important to mention that legitimate heirs are not required to pay this duty.
Do I need to speak Portuguese to retire in Portugal?
While speaking Portuguese isn’t a strict requirement to retire in the country, it can greatly enhance your experience and ease daily interactions. Many locals speak English, but proficiency in Portuguese can facilitate integration and access to services. Consider language classes or immersion programs to better navigate life in Portugal and fully enjoy your retirement experience.
Why choose Global Citizen Solutions for your Immigration Visa?
GLOBAL APPROACH BY LOCAL EXPERTS
- GCS has offices located across Portugal.
- Members of the US-Portugal and UK-Portugal Chambers of Commerce in Portugal, and the Investment Migration Council (IMC).
- Our expert team can help you throughout your journey to secure your Visa.
100% APPROVAL RATE
- Our successful track record in applications provides reassurance to applicants.
- We have helped clients from more than 35 countries secure residency in Portugal.
ALL-ENCOMPASSING SOLUTION
- With a single channel of communication, our approach ensures that you have complete clarity on your application.
- Our BeGlobal® Onboarding System allows for a total flow of information.
TRANSPARENCY AND PRIVACY
- Our pricing is clear and detailed, you will not face any hidden costs.
- All data is stored within a GDPR-compliant database on a secure SSL-encrypted server.
Frequently asked questions about the Portuguese Retirement Visa
What is the Portuguese retirement visa?
Portugal has several visas available for retirees seeking to move to Portugal. The Portugal D7 Visa requires proof of stable, regular income, such as a pension. The threshold is currently set at a minimum of €820 per month.
Retirees must ensure they have a reliable source of passive income, which can also come from rental properties, investments, and investment funds.
Can I retire in Portugal with the Golden Visa?
If you are a non-EU citizen willing to make a qualifying investment into an official Golden or residency by investment visa program, you can retire in Portugal.
Can I retire in Portugal with the D7 Visa?
- Reside in Portugal for more than 183 consecutive days.
- Provide proof of accommodation.
Successfully meeting these criteria can eventually lead to acquiring Portuguese citizenship.
What are the retirement visa income requirements?
Applicants need to prove a passive income outside of Portugal that is €870.00 or more per month. Passive income can be through a pension, rental income, or other means.
An additional 50 percent of the income is required for a spouse and 30 percent for a child if you include relatives in the application.
Is health insurance a retirement visa requirement?
Yes, applicants must have travel insurance for their visa application and private health insurance by their AIMA appointment for coverage while in Portugal.
Private health insurance plans in Portugal can be paid via direct debit from your new Portuguese bank account. After moving, you can enroll in the Portuguese healthcare system (SNS), provided by the Portuguese government, which will help with your residence permit renewal
How much money do you need for a retirement visa in Portugal?
Applicants for the Portugal D7 Visa need to prove a stable passive income of €870.00 or more per month. An additional 50 percent of the income is required for a spouse and 30 percent for a child if you include relatives in the application.
Can I retire in Portugal as a US citizen?
Yes, as a US citizen, you can retire in Portugal. Portugal is a popular destination for retirees worldwide, including the United States. As a US citizen, you do not need a visa for short stays (up to 90 days) in Portugal or other Schengen Area countries for tourism purposes.
However, if you plan to stay longer for retirement, you must apply for a long-term visa, such as a Portugal Investment visa or a D7 Visa.
Is there a retirement visa for Portugal 2024?
Yes, Portugal has a retirement visa option for non-EU citizens, known as the Portugal D7 visa. This visa is designed for foreign citizens with a stable source of passive income and want to live in Portugal without engaging in work activities.
What are the cons of retiring in Portugal?
Some of the cons of retiring in Portugal include the fact that bureaucracy can be quite slow and homes can be quite cold in the winter months—make sure you have good insulation in place. Also, in some more remote areas, you may need to be somewhat familiar with the Portuguese language.
Does Portugal tax US Social Security?
Under the Non-Habitual Resident (NHR) scheme, US citizens are taxed at 20% for Portuguese-sourced income and 10% for foreign-sourced income, which encompasses foreign retirement and social security payments.
Can I travel to other EU countries if I retire in Portugal?
Yes, if you get a Portuguese Retirement Visa, you can enjoy visa free travel within the 27 countries included in the Schengen Area.
Will my US pension be taxed in Portugal?
Portugal has a tax treaty with the United States to avoid double taxation on pensions. Generally, your US pension will be taxed in Portugal, but you may be eligible for certain exemptions or reductions under the treaty.
What is the Portugal D7 visa?
The Portugal D7 Visa, also known as the Retirement visa, is a route to Portuguese permanent residency aimed at non-EU/EEA citizens who do not need to rely on an active or salaried income – also known as passive income.
Introduced in 2007, the D7 visa allows retirees to enjoy the benefits of living in Portugal while seeking residency status.
How to open a Portuguese bank account in Portugal as a retiree?
Global Citizen Solutions can assist with opening a Portuguese bank account. Whether you’re on a D7 visa or a different residence permit, you must supply documentation, which depends on the bank.
This includes a valid passport, NIF, most recent tax return, and proof of your passive income and where it originates.
Where can I apply for a Portugal D7 visa?
To begin your application, apply at the Portuguese Consulate or Embassy in your home country and demonstrate a stable passive income. Under Portuguese law, the D7 Visa grants a temporary residence permit for two years, renewable for three more years.
After five years in Portugal, if you meet all requirements of Portuguese law, you can apply for citizenship and obtain a Portuguese passport
How long does it take to get a Portugal Retirement Visa?
Getting a Retirement Visa in Portugal usually takes at least 4 months. About two more months are required to obtain residency and receive a residence permit card. For example, the NIF is a unique taxpayer number required to open a bank account in Portugal.
