For a D7 application based on retirement, it is advisable to show proof of a monthly passive income of at least 820€ and bank deposit available for use in Portugal of approximately 10.000€. Such values shall increase in case of family reunification.
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What are the requirements to fully retire in Portugal?
What is the minimum passive income required to retire full-time to Portugal? Is there also a minimum balance required to be kept in a local Portuguese bank account?
Answers
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The answer to your question depends on the country of your nationality or residence with which you will be submitting your application for residence in Portugal. If you are a citizen of a country in the European Union or the European Economic Area, or Switzerland, you need to apply for registration as a citizen of the European Union at the City Hall with jurisdiction in the area where you will be living in Portugal. If you are a citizen of a country that is not a member of the European Union, you will need to apply for a D7 residence visa for retirement purposes. In this case, among proof of accommodation and other requirements, you will need to demonstrate that you have a Portuguese bank account with a balance of at least €9.840,00 and provide document(s) attesting the retirement plan and bank statements to evidence the regular amounts being paid equal to not less than the national minimum wage for 2024, in the amount of € 820,00, as well as tax returns.
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The Portugal Passive Income Visa – also known as a D7 Visa – provides residency status to non-EU / EEA / Swiss citizens, including retirees, who intend to relocate to Portugal and are in receipt of a reasonable and regular passive income. The minimum income requirements vary according to the number of dependents that the main applicant wishes to include. For the main applicant – 100% of the minimum wage (currently €9,840 per annum). At the time of the D7 visa application, the applicant must prove enough funds (at least 9,840€) deposited in a Portuguese bank account.
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As a minimum amount to prove the applicant has economic means to live in the country, you can consider the minimum wage for 2024 of 820 euros per month. This is the minimum required for a D7 visa, although it is advisable to provide higher income proof, from pension income or other sources of income. The minimum bank deposits vary from bank to bank.
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