Portugal, officially the Portuguese Republic, is a country located on the Iberian Peninsula, in southwestern Europe. It is the westernmost sovereign state of mainland Europe, being bordered to the west and south by the Atlantic Ocean and to the north and east by Spain.
- Portugal is defined as a Mediterranean climate and is one of the warmest European countries.
- Portugal has around 2300 to 3200 hours of sunshine a year with higher values in the south-east and lower in the north-west.
- Mainland Portugal is split by its main river, the Tagus, that flows from Spain and disgorges in the Tagus Estuary, in Lisbon, before escaping into the Atlantic. The northern landscape is mountainous towards the interior with several plateaus indented by river valleys, whereas the south, including the Algarve and the Alentejo regions, is characterized by rolling plains.
- Portugal is a developed and a high-income country, with a GDP per capita of 77% of the EU28 average in 2017 (increasing from 75% in 2012) and a HDI of 0.850 (the 40th highest) in 2018. By the end of 2018, Portugal’s GDP (PPP) was $32,554 per capita, according to OECD’s report.
- The national currency of Portugal is the Euro (€), which replaced the Portuguese Escudo, and the country was one of the original member states of the Eurozone.
- Most industries, businesses and financial institutions are concentrated in the Lisbon and Porto metropolitan areas – the Setúbal, Aveiro, Braga, Coimbra and Leiria districts are the biggest economic centres outside these two main areas.
- According to the Human Development Report, the average life expectancy in Portugal had reached 82 years in 2017, in 2020 it is estimated at 82.11 years.
- Portugal ranks 12th in the best public health systems in the world, ahead of other countries like the United Kingdom, Germany or Sweden.
- The Portuguese health system is characterized by three coexisting systems: the National Health Service (Serviço Nacional de Saúde, SNS), special social health insurance schemes for certain professions (health subsystems) and voluntary private health insurance
- The educational system is divided into preschool, basic education, secondary education, and higher education.
- About 46,9% of college-age citizens (20 years old) attend one of Portugal’s higher education institutions (compared with 50% in the United States and 35% in the OECD countries).
- Presently, the largest university in Portugal is the University of Lisbon.
THE PASSIVE INCOME D7 VISA
The Portuguese government introduced a special type of visa in 2007 known as the D7 visa or Passive Income Visa. This residence visa allows any non-EU/EEA/Swiss citizen who has a reasonable net regular passive income to apply for residency in Portugal. This visa is intended for Retired foreign citizens and for Foreign citizens living on income from movable and immovable property, intellectual property or financial applications.
Among the specific requirements for success in applying for this visa, is proof that the applicant has a regular and reliable income, resulting from his retirement or from his own resources, higher than the minimum income provided for by law that enables him/her to reside in Portugal.
Bank Account and Accommodation in Portugal
The applicant for a Portugal passive income D7 visa as part of the Portugal residence permit program must begin the proceedings, completing this checklist:
– Open a banking account in Portugal.
– Secure long-term accommodation in Portugal (by either buying, renting or borrowing a property).
– Apply online for a residence visa.
Visa Application at the Portuguese Consulate
Residence Permit Program Application in Portugal
REAL ESTATE PROJECTS
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JA & Partners was founded by a more-than-10-year-experience team in immigration industry. We have experienced handling difficult applications especially documents requiring financial proofing, such as the US, Australia, Canada, Europe, the Caribbean program . Our partners are global leading law firms with 100% approval, as well as 40-year-experience reputable real estate investment corporations.
Our professional and dedicated relationship management team will ensure all your requirements, support, and follow up during the application process and even when investors migrate to countries.
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