Portugal Visas 2024: The Ultimate Guide

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Portugal Visas: The Ultimate Guide 2024

Are you considering a move to Portugal in 2024? While the Non-Habitual Resident (NHR) tax program has ended, fear not! Portugal still beckons with a plethora of enticing residency avenues and a vibrant culture waiting to be explored. In this Portugal Visas: The Ultimate Guide 2024, we'll walk you through the changes and explore the exciting alternatives available for residency in Portugal.
Table of Contents:

What Happened to the NHR scheme?

The NHR scheme was discontinued on January 1, 2024. Anyone who already has NHR status at the time of the discontinuation will be able to keep it for the full 10 years. Those who met the requirements for registration as Non-Habitual Residents on December 31, 2023, and held a residence visa valid on that date, will be able to register for the scheme until March 31, 2024. The scheme previously offered lower tax rates and exemptions on foreign income, a then attractive benefit for foreign investors.
Not to worry though! Portugal has many more residency options available. Let's take a look:

The Golden Visa: Invest Your Way To Residency

Imagine yourself sipping espresso on a sun-drenched balcony, knowing you're a resident of Portugal. The Portugal Golden Visa makes this dream a reality. This Visa, also known as the Schengen Visa, allows foreign investors (non-EU citizens) to obtain Portuguese residency by making one of the following investments:
  • Minimum of €250k into restoring the nation’s cultural heritage.
  • Minimum of €250k (donation) into the arts.
  • Minimum of €500k into venture capital or private equity funds.
  • Minimum of €500k into commercial property, creating  5 permanent jobs.
  • Create a company with at least 10 employees.
  • Minimum of €500k into tech start-ups (science and technology research institutes).
This includes only having to spend a minimum of seven days a year in Portugal - granting unhindered exploration across Europe’s Schengen Visa area! An ideal choice for investors who desire both a European foothold and global mobility. *Please Note* New Real Estate Investment Changes: Investing a minimum of €350k into real estate in urban areas and €500k into a property purchase no longer provides foreign investors with eligibility for this visa. You are still able to invest into real estate, however, this will not help you on the road to instant residency. In order to claim residency, you will have to follow the requirements of the following visa categories below. However you go about obtaining a Portuguese Golden Visa, the application process will go something like this;
  • Apply for a NIF (Portuguese fiscal number)
  • Open a bank account
  • Choose your investment option and proceed with the necessary steps
  • Put together all required documents 
  • Ensure documents are translated into Portuguese and are legalised
  • Complete and submit the application for the Golden Visa with the help of your lawyer
  • Pay the Golden Visa processing fee
  • SEF will come back to you with a preliminary approval 
  • Make an appointment for your biometrics
  • Attend your biometric appointment with all necessary documentation  
  • Upon approval, your residence card will be issued
  • Repeat the process after 2 years (between 30 and 90 days before your card expires)
  • After an additional 3 years (5 in total) you can apply for permanent residency or citizenship

D2 Visa: Bring Your Start-Up to Portugal

Do you have a game-changing business idea ready to bloom? Portugal's D2 Visa might be your perfect match. This forward-thinking program welcomes ambitious individuals to bring their talents and contribute to the country's economic success. After an initial 120-day visa stay, you can apply for a residency permit, paving the way for permanent residency or even citizenship in just 5 years! 
The best part? No minimum investment is required! All you need is to meet a minimum passive income of €820 per month and have a robust business plan with a firm commitment to financial investment that convinces the authorities So, if you have an entrepreneurial spirit, bring forth your boldest ideas! A perfect opportunity beckons you to establish your business amidst Portugal’s picturesque surroundings.

HQA Visa: Fast Track Your Way to Residency

Torn between Portugal's Golden Visa and D2 Visa? Look no further than the HQA (Highly Qualified Activities) Visa! This fast-track option grants residency in just 30 days, with a minimum investment of €175k - the lowest investor visa available in Portugal. You are even able to claim this back as a business expense if you own a separate company outside of Portugal! Plus, there are no mandatory residency obligations, meaning you can live and work anywhere you please and even be eligible for Portuguese Citizenship after 5 years!
What’s the catch? You’ll need a solid business plan, just like the D2 Visa, as well as partnering with a Portuguese university or research institute.  To help you decide, let's compare these different investor visas to help you choose the best path forward:
HQA Visa vs The Golden Visa:
  • HQA Visa requires active business involvement, compared to the Golden Visa’s passive requirements.
  • Golden Visa has broader investment opportunities (real estate, funds, startups), compared to HQA Visa.
  • Golden Visa does not require partnering with a Portuguese university or research institute.
  • Takes months/years to obtain residency through the Golden Visa (30 days with HQA).
  • Mandatory minimum residence of 7 days per year on Golden Visa.
  • The minimum investment required is higher with Golden Visa (€250k).
  • Golden Visa grants a guaranteed return on investment (ROI), unlike HQA.

HQA Visa vs D2 Visa:
  • No minimum investment is required with a D2 Visa.
  • 3-6 months to obtain residency (30 days with HQA).
  • D2 Visa length is 120 days, requiring you to apply for a residency permit once you’re living in Portugal.
  • Both have paths that lead to permanent residency/citizenship (after 5 years).
Ultimately, the HQA Visa boasts lightning-fast residency and global freedom but demands research focus and university alliance. For less pressure, consider the D2's lower commitment or the Golden Visa's passive investment variety with guaranteed returns. Choose your pathway to Portugal wisely!

D7 Visa: Embrace Retirement or Relish in Passive Income Blissfully

Are you dreaming of retiring under the Portuguese sun? Or perhaps living off passive income streams? The D7 visa is your golden ticket. This visa, also known as the Passive Income Visa, targets individuals with reliable sources of income, such as:
  • Pensions
  • Rental Income
  • Royalties
  • Intellectual property
  • Financial investment earnings
  • Equity (as long as it’s transferable)
  • Savings account earnings (interest)
  • Shareholder earnings (can’t be an employee)
To obtain this visa you need proof of accommodation along with the following minimum passive income requirements: (January 1st 2024)
  • Single Applicants: Minimum passive income of €9,840 annually / €820 per month (Portuguese minimum wage).
  • Joint Applicants (Spousal/Partner): Minimum passive income of €14,760 annually / €1,230 per month.
  • Dependants (Children): Each child adds 30% to your requirement. Adding €2,952 a year / €246 per month.
On top of this, you also need to meet the following minimum stay requirements for residency:
  • Initial Residency Permit: 16 months in Portugal every 2 years, max 6 months out.
  • Renewal Permit: 30 months in Portugal every 3 years, max 6 months out.
  • Permanent Residency Permit: 30 months in Portugal every 5 years, max 24 months out.
With its low-income requirements and flexible residency rules, the D7 visa offers a smooth path to soaking up the sunshine and enjoying a secure retirement or passive income lifestyle in Portugal.

D8 Visa: Embrace Remote Work and Live Your Portuguese Dream

Are you a remote worker with aspirations that span across borders? Look no further than Portugal's Digital Nomad Visa (D8) - your gateway to live and work in this captivating country for 1 year, with an optional 6-month extension/renewal.
This visa allows you to generate income from sources outside of Portugal, provided it meets the minimum requirement of €3,280 per month (2024), while also requiring a valid contract for remote work (non-EU citizens). To bring your spouse/partner or dependent children under 18 along with you, your monthly income needs to be supplemented by €410 for your partner and €246 for each child.
Looking to stay longer? Portugal offers an alternative option. Simply get a standard (4-month) passport visa and apply for a residency permit of 2 years. Similarly to the D7 Visa, this can be renewed for an additional 3 years with the potential to claim Portuguese residency/citizenship after 5 years. The same D7 minimum stay criteria apply. This visa is tailor-made for individuals who possess tech-savvy skills and seek the freedom to work remotely amidst paradise-like surroundings.

Final Thoughts: Portugal’s Open Door To European Dream

While the NHR scheme has closed, Portugal's door to European dreams remains wide open, brimming with diverse and evolving visa options. Unleash your entrepreneurial spirit with the D2 or HQA Visa, savour a sun-kissed retirement with the D7 Visa, or embrace remote work freedom with the D8 Visa. While real estate investments no longer grant instant residency, the Golden Visa still entices investors with passive options and Schengen Area mobility. Please Note: Visa rules can change, so consult an immigration attorney for the latest info.
Recent Economic Statistics: The real estate market in Portugal is flourishing magnificently; YoY housing prices have increased by 7.6% in 2023 (ceicdata). Investing in property within this thriving market can be a wise choice indeed. Source: https://www.ceicdata.com

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