Retirement Visa Portugal 2024: An Overview

Over the past few years, Portugal’s D7 Visa has attracted a number of expats seeking permanent residency and potentially Portuguese citizenship on Portugal’s sunny shores. This Passive Income Visa enables retirees to enjoy the benefits of living in one of the most beautiful countries in the European Union – one that offers exceptional weather, a low cost of living, an excellent quality of life, and more.

The D7 Visa – also known as the passive income visa or the retirement visa – allows expats to obtain Portuguese residency and, eventually, citizenship and a Portuguese passport. In this Retirement Visa Portugal guide, we’ll explore the visa options available for expats looking to retire in Portugal, the application process, requirements, and much more.

Why retire in Portugal?

Portugal, located on the Iberian Peninsula in Western Europe and sharing a border with Spain, is a stunning country with a rich history that spans thousands of years. Portugal is renowned for its deep historical legacy, showcased in the architectural influence of the Moors and Romans, and cultural depth as home to the world’s oldest bookstore, Bertrand Bookshop, which was established in 1732 in the capital city of Lisbon.

Portugal is also celebrated for its picturesque cities, breathtaking coastline, and warm hospitality. From the vibrant streets of Lisbon to the serene vineyards of the Douro Valley, Portugal offers diverse experiences that cater to every preference. Whether exploring ancient castles, lounging on golden beaches, or savoring world-famous wines, Portugal is a must-visit destination.

Retirees are particularly drawn to Portugal for its relaxed lifestyle and affordable cost of living. The 2023 Annual Global Retirement Index named Portugal as the best place to retire, highlighting the appeal of its retirement visa and increasing expat interest in discovering how to get Portuguese residency.

The cost of living is notably lower than in the US, and the welcoming, largely English-speaking Portuguese resident population makes the transition smooth for expats. The 2023 Global Peace Index ranked Portugal as the seventh safest country globally, attributing this to its stable political and economic climate and low crime rates.

Living in Portugal as an expat offers retirees the chance to enjoy a laid-back lifestyle, indulge in delicious cuisine, and participate in numerous leisure activities, from water sports along the extensive coastline to golfing on world-class courses. The excellent national healthcare system, combined with a balmy climate offering over 300 days of sunshine annually, further enhances the country’s allure. With fresh seafood, rich wines, and a culture that celebrates the simple pleasures of life, Portugal is an enticing retirement destination for many.

The cost of living in Portugal

One of the main factors luring so many expats to Portugal is the country’s comparatively low cost of living, despite the Portuguese minimum wage currently being €820 per month. Known for being one of the most affordable European countries, Portugal offers reasonably priced iving expenses, making it particularly attractive to American expats.

According to the innovative Quality of Life Index from Global Citizen Solutions, Portugal ranks 12th, considering the cost of living, Sustainable Development Goals, citizen happiness, personal freedoms, migrant acceptance, and environmental performance.

Despite rising costs, Lisbon remains one of the least expensive capitals in the European Union, with lifestyle choices significantly influencing overall expenses. According to Numbeo, the projected monthly costs in Lisbon for a family of four are €2,591 without rent, and the expected monthly costs without rent for a single person are €734.

Rental and property prices in Lisbon

Although prices in Lisbon have been increasing, compared to many other Western European capitals – such as Paris and London, living in Lisbon is still very affordable. Also, Portugal typically has substantially lower rental and real estate costs than the US. Below, we share a few rental and property price examples in Lisbon according to Numbeo in 2024:

• A one-bedroom apartment in the heart of the city: €1,329
• An apartment with three bedrooms in the heart of the city: €2,544
• A one-bedroom apartment outside the city center: €917
• A three-bedroom apartment outside the city center: €1,631

When retiring in Portugal, renting can be a good starting point as this will allow you to explore different parts of the country and eventually buy a property in your preferred location. In 2023, the average asking price for a property in Lisbon was €6,001 per square meter. However, in the Lisbon Metropolitan Area, property prices are more affordable, with the average price starting at €4,061 per square meter. These are average asking prices, so bear in mind that the actual price may be lower.

Healthcare in Portugal

Portugal’s healthcare system, known as the Serviço Nacional de Saúde (SNS), provides free healthcare to children under 18 and people over 65 while offering generally free basic health services to citizens and legal residents.

As Portuguese residents, minimal treatment costs are required by the National Health Service, with additional fees for procedures like X-rays and scans. Retirees benefit from the swift response times of the Integrated Medical Emergency System.

Health insurance coverage is mandatory for visa applications, making Portuguese private health insurance essential. Affordable private medical insurance allows for quick appointments with English-speaking specialists, enhancing the accessibility and quality of healthcare in Portugal.

How to Retire in Portugal?

Retirement is a time for relaxation and exploration, and many retirees choose to spend their golden years traveling around the world and experiencing new cultures. Portugal is a popular destination for retirees’ thanks mainly to its warm climate, stunning scenery, and high quality of life.

If you are not a citizen of the European Union (EU), you will require a visa in order to retire in Portugal. Two top-rated visa options allow you to do so – the Portugal Retirement Visa (D7 Visa) and the Portuguese Golden Visa.

Portugal Retirement Visa (D7 Visa)

The Retirement Visa is a residency visa issued by the Portuguese government to non-EU citizens who want to live and retire in Portugal, using passive income to sustain their stay, such as through retirement. These individuals must have a steady income that will support their lifestyle during their stay in the country.

The D7 Visa, that provides retirees with a range of benefits, including access to affordable healthcare, quality Portuguese national education service, and a route to becoming Portuguese citizens. This visa is aimed at attracting foreign retirees and their families to live in Portugal and contribute to the country’s economy.

Visit our article Retiring in Portugal: All You Need to Know for further information on obtaining Portuguese permanent residence and living your golden years in this charming Mediterranean country.

The Portugal Golden Visa Program

Arguably one of Portugal’s most well-known (and popular) visa programs, the Portugal Golden Visa allows permanent residents to become citizens after five years of residency and eventually citizens by making a minimum investment in the country.

The benefits of the Golden Visa include its short-stay requirement of only seven days each year. You can also include your family members in your application. We will expand on the Golden Visa later in the article. For more information visit our Portugal Golden Visa: Your Ultimate Guide article.

Retirement Visa Portugal (D7 Visa) Requirements

The Portugal retirement visa requirements are straightforward. If you meet the eligibility criteria and can provide the necessary documentation and proof of a passive income, which is foreign-sourced income or retirement income, in your Portuguese bank account, your application will be successful.

According to Portuguese law, the following documents are required when applying to retire in Portugal using Portugal’s retirement visa (D7 Visa):

• Valid Passport (must be valid for at least six months)
• Two passport-size photographs of yourself (photographs must be recent and in line with Schengen requirements)
• Application form for the Portugal national (residence) visa (the form can be downloaded from the Ministry of Foreign Affairs of Portugal website)
• Proof of income
  • You are required to prove that you have enough funds to sustain yourself for the period during which you intend to live in Portugal. Your Portugal Retirement Visa income requirement can come from legitimate sources of income such as pensions, savings, financial investments, intellectual property, movable property, or real estate.
  • As an individual, the minimum monthly income you are required to prove is €760. If you include a spouse in your application, you must add on 50 percent of this income. If you include a child, you must add 30 percent.
• Proof of accommodation
  • Once you arrive in Portugal, you must provide documentation showing that you will have a place to live, such as an apartment or house that you are renting or have purchased.
• Health insurance
  • As an expat, you will need travel health insurance or international health insurance for expats before you make the move to Portugal. Once you have settled in the country, you have two options. You can continue with your international insurance policy or choose to subscribe to health insurance from a local company in Portugal.
• Birth certificate
• Marriage certificate (if applicable)
• Clean criminal record
  • It would be best if you did not have charges against you for any crime punishable by a minimum of one year of imprisonment or deprivation of freedom.
• Any additional documentation as required by the Portuguese Consulate or the Portuguese Agency for Integration, Migration and Asylum (AIMA)

Guidelines for your Portugal D7 Visa documentation

Any documents that you provide as part of your application must be in either English or Portuguese. If they are not in one of these languages, you will need to have them translated by a certified translator and notarized.

Another important note is that some documents, such as civil documents, may have to be legalized. This must be done either through the Portuguese Embassy or an Apostille Stamp.

Portugal Retirement Visa Fee

When you apply for a retirement visa in Portugal, you will need to pay fees amounting to €250. You will find the breakdown of this amount below:

• €90 for your D7 Visa application
• Around €160 for your residence permit

As you can see, the cost of applying for a retirement visa in Portugal is quite affordable, particularly when compared to other visa options in Portugal and other EU countries. Due to its affordability, many consider this visa option as the best route for them to relocate to Portugal and eventually become Portuguese citizens after five years, provided they meet all the requirements, such as having a clean criminal record and passing a Portuguese language test.

Duration of a Portugal Retirement Visa

Your residence permit, which allows you to retire in Portugal, is initially valid for two years once issued. You can renew your residence permit for a three-year period, which means that the total duration of your residence will be five years. After this, your residence permit can be converted into a permanent residence permit, and you can also apply for Portuguese citizenship.

For permanent residence, such requirements include paying income tax as required, having a clean criminal background, and having resided in Portugal for a minimum of six months out of every year during your five years of temporary residence. To secure Portuguese citizenship, you will need to hold a clean criminal record and pass a basic Portuguese language test (A2 level).

Can I include my family members in my application?

According to Portugal’s family reunification rules, your family can join you in the country once you have obtained your residence card. Family reunification is one of the key attractions of the D7 Visa program and can be requested with AIMA. The following family members are eligible for family reunification:

• Your spouse or partner
• Children under 18, including dependents
• Children over 18 who are dependents
• Your parents or spouse/partners’ parents, as long as they are dependent on you
• Your minor siblings

You must meet the following requirements in order to bring your family members with you to Portugal using your Portugal Retirement Visa:

• You have suitable housing in Portugal that has sufficient space to accommodate each family member
• You have adequate income to provide for each family member
• You can prove familial relations to each family member with documentation

You may find it helpful to speak to a professional who is knowledgeable about your unique situation. They can provide expert advice tailored to your needs.

Portugal Golden Visa for Retirement

Portugal’s Golden Visa Program recently underwent significant changes. You can no longer secure a residence permit or Portuguese citizenship by purchasing real estate or real estate-related funds as qualifying investments.

While real estate purchases are not available for investors, many other investment options remain eligible for the program. To qualify for the Portuguese Golden Visa Program, you will need to meet the following eligibility criteria:

• Have a clean criminal record. If you don’t have a clean criminal record, a lawyer should analyze your case.
• Be either non-EU, non-Swiss, or non-EEA national
• Minimum investment of €250,000, with a range of investment routes to choose from
• Spend an average of 7 days per year in Portugal, guaranteeing a total of fourteen days during the validity of each residence card (issued with a validity of 2 years)

Portugal’s Golden Visa Program is a faster, and sometimes easier, way to retire in Portugal. It is, however, more expensive. In order to qualify for Portugal’s Golden Visa, you will need to make one of the following investments:

1. Fund subscription: Make a contribution to Portuguese investment funds (such as private equity funds or venture capital funds) worth at least €500,000
2. Investment or donation in the arts or reconstruction of national cultural heritage with a donation of at least €250,000
3. Scientific research: Science or Technology research contribution of at least €500,000
4. Creation of ten jobs: Creation and maintenance of ten jobs during the required period
5. Share capital and job creation: Venture capital funds for a commercial company in the national territory or reinforcement of a company’s share capital. This company must have its head office in the national territory. The minimum investment of €500,000 is combined with the creation of five or maintaining ten jobs (five of them permanent)

Discover more in this article, Portugal Golden Visa 2024: New Rules and Complete Guide, by our citizenship and migration partner, Global Citizen Solutions. The Golden Visa investment fund route has proved to be particularly popular in recent years.

Wrapping Up Retiring in Portugal with the D7 Visa

As you can see, Portugal’s retirement visa is a popular option for retirees looking to relocate to a country with a warm climate, beautiful scenery, low cost of living, and high standard of living. This visa, also known as the passive income visa, offers a range of benefits, including affordable healthcare and access to a variety of social services.

Portugal also has a friendly and welcoming culture that makes it easy for retirees to integrate into the local community. The visa application process can sometimes be lengthy, depending on how quickly you can gather your documents and get an appointment. You will also need to meet specific requirements, which can sometimes be tricky.

Overall, however, the retirement visa (Portugal D7 Visa) is an attractive option for those looking to enjoy their golden years in a stunning European country.

Goldcrest: Who We Are

Goldcrest is a buyer’s agent based in Lisbon, Porto, and the Algarve. Equipped with local knowledge, exclusive networks, and international experience, we provide expert, impartial advice on real estate investments and how to buy property in Portugal. From scouting out the perfect property to property acquisition and beyond, we have you covered throughout the process.

Why choose Goldcrest?

• Local knowledge: With offices located throughout Portugal, our presence nationwide allows us to assist you personally.
• Independent service: As an independent buying agent, we do not represent any development or project. Our service is entirely tailored toward each client, providing you with everything you need to secure the perfect property at the best possible price. As an impartial advisor on the market, we work solely on behalf of our client and provide a service tailored to your needs and requirements.
• Streamlined process: Our real estate agents speak English and Portuguese, and our service is entirely focused on providing you with a hassle-free buying experience, saving you time.
• Experienced team: Our expert real estate team has a vast local knowledge of the Portuguese property market. We have cutting-edge technology and metasearch tools at your disposal to provide complete market coverage, ensuring the best investment choices and negotiated prices.
• Network of partners: Lawyers, property management services, builders, architects, designers, and landscape gardeners, again saving you time and hassle by providing you with trusted experts in their field of work.