Portugal’s New Cheaper, Faster D7 Visa
Portugal is offering a new D7 visa option, and apparently it’s gaining popularity with many overseas applicants. In fact, its popularity is eating away at Portugal’s other popular program, the Golden Visa.
Why? We’ll explain that below. Following that, we’ll discuss the performance of Portugal Golden Visa program.
Pros of the D7 Visa
First and foremost, it’s affordable. Many investment migration firms point out that it overrides the need for an investment because it doesn’t require it.
That said, it grants similar rights and privileges of the Golden Visa, which does require an investment.
The D7 visa allows applicants to:
- Travel freely in the Schengen Area
- Live, study and work in Portugal
- Include any family member in the application
- Qualify as a permanent resident or citizen after five years
- Use Portuguese public services, which include healthcare and education
The qualification requirements aren’t monumental, either. Applicants must show a passive income equaling Portugal’s minimum salary, this being 7,620 euros per year. That passive income must come from rental property, pensions, dividends or other investment forms.
If a spouse is added, the passive income requirement goes up by an extra 3,810 euros.
Each minor dependent adds another 2,292 euros to the minimum.
Additional Qualifications to Note
While travel restrictions do make accessing the Golden Visa program difficult, travel requirements for the D7 are minimal.
The applicant needs to be in Portugal for a consecutive six to eight months per year. Travel is only required once for qualification.
How Does the D7 Differ from the Golden Visa?
While the D7 visa has heavy physical presence requirements to be in Portugal, the Golden Visa has little.
Only 35 days of presence is required, over a five-year timespan, to maintain a Golden Visa.
Also, the D7 visa puts limitations on child applicants. If they are part of an application, they need to be students within Portugal. The Golden Visa program lacks that restriction.
Processing time is another factor. D7 applications are processed much faster than Golden Visas. An approval is given in a one-month period after the application is submitted to a consulate or embassy.
Appointments are a final point to note. It’s impossible to schedule appointments for a Golden Visa application.
With D7s, however, it has been possible in the past. An applicant could schedule one with an embassy or consulate. Rescheduling was even possible if a consulate closes due to difficult circumstances.
However, D7 appointments are currently suspended because Portuguese immigration authorities have hit their peak capacity. There is still hope of the situation resuming in August.
Will the D7 Cause a Collapse in Golden Visa Demand?
We think so. This can be seen in the underperformance of the Golden Visa this year.
The program raised 238 million euros in the first half of 2021. At that rate, the full year may garner 476 million euros, 26% less than the previous year.
The Golden Visa is also witnessing a category drop, that being the residential real estate option. That option was often selected by investors, allowing them to seek ownership of property in sought-after spots.