Implementing Portugal Golden Visa in Retirement Plans in Portugal

Retiring in Portugal is a very popular choice among the USA, the UK, Canada, and Scandinavian citizens. There are many reasons as to why retiring in Portugal is quite attractive for foreigners. Most expats choose Portugal because of its interesting tax advantages that might cut the costs of living drastically. In addition to this, the cost of living in Portugal is lower than most other European countries as it is. Furthermore, non-financial causes for choosing Portugal as the place of retirement are also abundant. The country enjoys an enviable climate that provides the geography with over 300 days of sunshine every year. With its world class beaches and amazing climate, Portugal offers the retirement life that everyone dreams of.

D7 or Type I Visa Option

One of the most popular options to get retired in Portugal for non-EU citizens is through the D7 (Type I) visa. EU citizens do not really need to worry about applying for a visa since they already have the rights through their EU membership. Only requirement for EU citizens is to apply for a residence permit at any SEF office (Serviço de Estrangeiros e Fronteiras).

If the applicant is a non-EU citizen, then the D7 visa is necessary. After obtaining the D7 visa, the potential retiree must apply for a residence permit. Portugal’s application processes are often considered as one of the most straightforward and transparent ones. Therefore these processes are not extremely exhausting.

Golden Visa Option

Another path potential retirees may follow to get retired in Portugal is through Portugal Golden Visa Program. Upsides of this option is that there are many extra perks of having a Golden Visa like family reunification, visa-free travel in the Schengen area, possibility of permanent residence, possibility of naturalization, and right to live, study, and work for all the family members in any EU member state. The processing periods of Golden Visa and D7 visa are relatively similar. So, time-wise, there is not a considerable difference. The downside of Golden Visa is that it requires a substantial amount of investment that can be done in various forms such as real estate investment, business establishment, or investment in research stations and projects. However, these investments can provide profit in return, which means that the downside can actually be converted into another plus for the case of Portugal Golden Visa Program.

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