Portugal is welcoming many Americans because of its higher quality of living. Are you considering making this move? Then, it is most important to know which steps you have to take to follow the rules of the Portuguese government.
The visa is the document that allows entry into Portugal, typically in the form of a stamp in your passport, and it enables you to stay in Portugal for a specific period of time.
The residence visa is a type of visa that allows its holder to enter Portugal to apply for a residence permit, in order to effectively live in Portugal, This visa is valid for two entries in the country and allows staying in Portugal for a period of four months, during which an application for a residence permit must be submitted.
Irrespective of the type of residency application that is chosen, the applicant is also entitled to apply for family reunification and bring along family members.
Some of the most popular visa options are:
The D2 Visa is appropriate for individuals who want to start a business in Portugal or set up a company or a startup. This visa is intended to raise foreign investment to develop the Portuguese economy.
The D7 Visa is destined for people who are already retired or for those who live from passive income, such as rent, financial investments and royalties. It is important to prove that the source of passive income is regular and stable, in a monthly amount never lower than the Portuguese minimum salary (currently €820.00).
The Digital Nomads Visa was introduced in 2022. Individuals who work remotely for entities based outside Portugal can apply, whether they are employees or independent workers. There is a salary requirement of a minimum of four times the Portuguese minimum salary.
Before applying for a residence visa, it is necessary to request a Portuguese tax number (or NIF).
After obtaining the NIF, the applicant should open a bank account in Portugal, since all residence visas require showing sufficient means of subsistence, through a deposit in an amount equivalent to 12 times the Portuguese minimum salary in an account in Portugal.
In addition, the applicant must show proof of accommodation In Portugal, for no less than ix months.
Therefore, the applicant may purchase a property in Portugal and provide a copy of the deed of purchase or sign a lease agreement.
It is also mandatory to present medical insurance that covers Portugal, which must be valid for at least on year, as well as all specific documentation required, depending on the type of residency application that is chosen.
Once the applicant gathers all documentation, the process is initiated at the Portuguese consulate in the United States, with jurisdiction over the residence area (New York, San Francisco or Washington D.C.) The process starts by scheduling an appointment at VFS Global, a company that intermediates the process between the citizens and the consulate. VFS Global collects all the necessary documents and sends them to the consulate, which analyses and decides upon the visa application.
Once the residence visa is issued, the applicant may travel to Portugal to apply for the residence permit.
Most commonly, the visa will have information regarding the date of appointment at AIMA, the Portuguese Immigration Agency in Portugal.
At AIMA, the applicant needs to present the required documentation as well as allow the collection ot the biometric data fort he residence card to then be issued.
The residence card is then issued and is initially valid for two years, renewable for equal periods. After five years of legal residence, the applicant is entitled to apply for citizenship provided they meet other requirements, such as knowledge of the Portuguese language.
Except concerning the Golden Visa, in all other situations, once the residence card is issued, the applicant becomes a legal resident in Portugal. It is, therefore, necessary to also change the tax residency to Portugal. It is recommended to obtain tax advice both in the United States and in Portugal, to understand the consequences of changing the tax residency to a new country.
If you are considering moving to Portugal, our advice is to plan ahead of time and seek proper legal advice to ensure that you choose the type of visa that best suits your situation. Of course, our team from Divine Home can help you find the house of your dreams and assist you in the journey of getting there.
(This blog was based on an article in the Portugal Resident, June 2024)
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