Just like the Golden Visa (residence permit for investment - ARI), the D7 Visa (visa for holders of their own or retired income) allows its holder to reside in Portugal, apply for family reunification and, after 5 years, apply for Portuguese citizenship. In addition, both can perfectly fit those who wish to invest in the real estate market in Portugal.

• But is it better to opt for Golden Visa or D7 Visa?
• What is the difference between them?
• What would be the best option for your goals?
• What is the best cost-benefit?

If you have your own resources, have the profile of an investor, wish to reside in Portugal or acquire Portuguese citizenship, follow this article and check which of these paths is the most suitable for your case!

1. Target Audience

Golden Visa

Golden Visa was created with the objective of attracting investors to Portugal, of the most varied types. However, investors in the real estate segment were those most attracted by this program, either because of the minimum values required, the heating of the Portuguese real estate market itself, or because of the greater ease and security that this type of investment usually involves.

Official statistics show that, from October 2012 to May 2020, real estate investment was responsible for over 95% of the Golden Visas granted, with Brazilians occupying second place in the ranking of the nationalities that most requested this type of visa, behind only the Chinese.

Therefore, Golden Visa aims to attract people interested in investing their resources in Portugal, especially in the real estate segment.

Attention: Golden Visa may become restricted to the interior of Portugal and autonomous regions

It is worth noting that in February 2020, the Government of Portugal approved the POSSIBILITY of a legislative amendment to the Golden Visa regime, specifically with regard to the following aspects:

1. Restriction of real estate investments necessary for the granting of Golden Visa to the territories of the interior of the country, Madeira and Azores. Therefore, with the possibility of excluding the cities of Lisbon and Porto, as well as the Algarve region.
2. Increase of the minimum value of the investments and the number of jobs required to grant Golden Visa, for all modalities.

However, these changes are NOT IN FORCE and are not expected to be implemented during the year 2020. In fact, extra officially, it is speculated that such measures will not even come into force next year considering the scenario of pandemic and global economic crisis.

D7 Visa

The D7 Visa has become well known as the "retiree visa", however its scope is much wider.

In fact, with this type of visa, the Government of Portugal aims to attract people to the country who have their own financial resources, that is, who are able to promote their own livelihoods in the country and, as a consequence, spend or invest their resources here.

So, of course, that retirees or pensioners fit this profile very well, after all, every month they are guaranteed to receive that right resource and that can promote their livelihood in Portugal (of course, depending on the amount of the retirement or pension and provided they prove to have the minimum amount required).

However, people of working age may also be perfectly capable of promoting their own livelihood in Portugal, for example, as a result of resources accumulated over the course of their lives, financial investments, interest and dividends from companies, or even their investments (including real estate).

Therefore, if you are interested in investing in Portugal, including in the real estate segment, that is, if you have the financial resources for it, you are probably also a good candidate for the D7 Visa, and not only for the Golden Visa.

2. Required Investment

Golden Visa

In order to become a candidate for Golden Visa, the interested party must prove to have made in Portugal one of the investment modalities accepted by this special regime and in the minimum legal amount foreseen for that purpose:

• Acquire real estate with a value of 500 thousand euros or more;
• To acquire real estate built more than 30 years ago, or located in areas of urban rehabilitation, and to promote restoration works, for a total amount of 350 thousand euros or more;
• Transfer capital amounting to EUR 1 million or more;
• Create at least 10 jobs;
• To invest in investment funds or venture capital funds for the capitalisation of domestic companies, for an amount of EUR 350 000 or more;
• To invest at least EUR 350 000 in scientific research;
• To apply at least 250 thousand euros in artistic production and preservation or conservation of the national cultural heritage.

Therefore, it is necessary not only to have own resources (as these minimum amounts cannot be financed) and intention to invest, but you will also need to effectively disburse the amounts mentioned above as a necessary precondition for the application of Golden Visa.

D7 Visa

In turn, the person interested in the D7 Visa needs to demonstrate that he or she has the minimum own resources required, capable of promoting his or her livelihood in Portugal, but, specifically, he or she is not obliged to make any kind of prior investment of his or her resources in the country to be eligible.

In other words, let's imagine that you have a good financial condition, are interested in investing in real estate in Portugal and live in the country. In thesis, you could opt for both the Golden Visa and the D7 visa.

If you opt for the D7 Visa, once in the country, you can acquire the property you want, in the amount you want and in the conditions you want, without any prior commitment of acquisition or maintenance of this investment.

Therefore, the D7 Visa does not oblige you to invest your money in Portugal, either in real estate or in any other modality, but also does not prevent you from doing so if you wish, leaving this possibility at your own free will.

3. Cost of Process

It is also worth noting that the procedural costs for the application for Golden Visa and renewals are significantly higher than the costs for the D7 Visa application as well as the respective family reunification application (possible in both cases).

Golden Visa

As an example, as of today's date, for the initial application of Golden Visa for the investor and his/her spouse the estimated amounts to be paid to the Government of Portugal are the following:

• 533,90€: Cost for initial review of Golden Visa application;
• 336,40€: Cost to issue Golden Visa Residence Permit per person.

Already for renewal of these Golden Visas, will be charged at cost:

• 533,90€: Cost for review of Golden Visa renewal application;
• 668,20€: Cost for issuing the new Residence Permit per person.

D7 Visa

In turn, in the case of a D7 Visa application for the applicant and his/her spouse, the estimated amounts to be paid to the Government of Portugal are:

• 90,00€: Cost for initial analysis of the D7 Visa application;
• 155,00€: Cost for application and granting of the D7 Residence Permit per person*;
• 45,00€: Cost for issuing the D7 residence permit per person.

In order to apply for the renewal of these residence permits, the costs to be paid by the applicant and his/her spouse are:

• 33,60€: Cost for analysis of the application for renovation of the D7 Residence*;
• 45,00€: Cost to issue the Residence Card per person.

* Nationals of Portuguese speaking countries (including Brazilians) are exempt from paying the costs indicated.

4. Residence in Portugal

Golden Visa

The great differential of Golden Visa compared to other types of visa, including the D7 Visa, is precisely the legal residence and its reflection in a future application for Portuguese citizenship or permanent residence permit.

This is because Golden Visa is the only type of visa/residence permit that exempts the effective residence of its holder in Portugal, as long as it stays in the country for a period of not less than 7 days in the first year and 14 days in the subsequent periods of 2 years.

In other words, if you want to live in Portugal, you will be fully qualified with Golden Visa, just like all other types of residence visas. But if you want to keep your residence in another country, coming to Portugal only to spend a few days a year on vacation, Golden Visa is the most suitable program for you!

As for Portuguese citizenship and permanent residence permit, we will deal with this topic in the following topic.

D7 Visa

If you choose the Golden Visa or D-7 Visa you will be allowed to legally reside in Portugal, as well as to your direct family members through the application for family reunion.

For the D7 Visa, the minimum length of stay required per year in Portugal is 6 consecutive months or eight months interpolated over the total period of validity of the respective residence permit (i.e. the period of 1 year initially and every 2 years after its renewal), under penalty of cancellation of the residence permit.

However, if it is necessary to be absent for periods longer than those referred to above, there are some legal hypotheses that may dispense with this requirement.

Therefore, if your goal is to live in Portugal, alone or with your family, both the Golden Visa and the D-7 Visa perfectly meet your goal.

Finally, it is also worth mentioning that both with the Golden Visa or D7 Visa it is perfectly possible to work, undertake or study in Portugal, without the need for any additional authorization procedure.

Also read our article about living in Portugal with European citizenship.

5. Portuguese Citizenship and Permanent Residence Permit

Golden Visa

As mentioned above, the waiver of the effective residence in Portugal of Golden Visa has an impact on a future application for Portuguese citizenship or for a permanent residence permit, being this its great differential in relation to other types of visas. I explain.

For those who do not have Portuguese relatives, the main modality of acquisition of Portuguese citizenship is by naturalization. In this context, in addition to other requirements, as a rule the applicant is required to demonstrate that he/she has been legally resident in Portugal for at least 5 years.

Alternatively, Portuguese law also provides for the possibility of an application for a permanent residence permit, which in fact has a longer renewal period than the (more common) temporary residence permit. However, for its acquisition it is also required that the applicant prove to have been legally resident in Portugal for at least 5 years.

What happens in the Golden Visa Program is that, for its holders, this requirement of legal residence in Portugal is waived, either to obtain citizenship or to obtain a permanent residence permit. Well... In fact, the requirement of the time of legal residence is "exchanged" for the requirement of permanence of the investment in the country for a minimum period of 5 years.

In other words, the holder of a Golden Visa may never have resided in Portugal and, even so, request and obtain a Portuguese citizenship or a permanent residence permit, as long as he maintains his investment in the country for a period of 5 years and meets the other requirements provided for in the Nationality and Foreigner Law.

D7 Visa

Just like the Golden Visa, the D7 Visa may also make an application for Portuguese citizenship or a permanent residence permit possible for its holder. In the case of the D7 Visa, however, this possibility is made possible as long as the holder has been legally resident in the country for at least 5 years.

Therefore, if you really want to live in Portugal, the D7 Visa may also be an excellent alternative to obtain your Portuguese citizenship or your permanent residence permit after 5 years. And, moreover, it is a significantly cheaper procedure.

Portuguese nationality or residence visa? See which of the two is ideal to live legally in Portugal.

So... which way should I go?

Clearly, this depends on your objectives, context and preferences. Both the Golden Visa and the D7 Visa have positive and negative aspects. Therefore, each case should always be analyzed individually.

However, it is important to realize that there are alternatives, and in fact two excellent alternatives, for those who have income, are investors, want to live in Portugal or acquire Portuguese citizenship!

We hope this article has been enlightening and enriching, if you still have any questions, please contact

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Article published on the Euro Tips website: https://www.eurodicas.com.br/golden-visa-ou-visto-d7/