Sep 23,2022 | Portugal is attracting an increasing number of digital nomads from across the globe. Following a trend to work remotely was enforced during the Covid-19 pandemic, a new way of working has evolved. Covid-19 changed many aspects of how we live and the acceptability to work remotely has resulted in a greater freedom. This freedom has born a new generation of digital nomads who are able to combine a love of travel and adventure with work. Moving to Portugal is proving to be one of the best options. How wonderful it is to surf the waves on the glorious shores of the west coast prior to answering the office emails. Many young people as well as those considering retirement has chosen to live in Portugal, especially with the introduction of the D7 Visa.
Why Portugal?
Portugal has an ideal geographical location in the world in terms of travel from various corners of the world which has made it a popular destination. This small but unique country offers a wealth of attractions – amazing weather, a relaxed lifestyle, beautiful scenery, some of the best beaches in the world and delicious food and wine. Moreover, Portugal has one of the lowest cost of living in Western Europe.
Portugal entices foreigners to come and discover its natural wonders and has gone further with fiscal incentives such as the D7 Visa – a great residency opportunity for non-EU citizens who are wishing to live in Portugal. This includes an increasing number of young digital nomads.
It is worth mentioning at this point, that the D7 Visa is also an excellent option for pensioners who have a reasonable passive foreign income to support themselves. These funds can be derived from overseas pensions, salaries, dividends, property rental income or financial investments.
The sum required for application is relatively low. If applying as an individual you need to demonstrate an income of €8,460 per year or, as a couple, you will need to have available €12,690 per year. If you can deposit more funds, then the application for the visa will have a better chance of success.
Initially, one will have to obtain a Portuguese tax number and open a bank account in Portugal to deposit the above sums prior to submitting an application for the D7 Visa.
Once this is done, the next step is to secure long-term accommodation either by rental or purchase. The final step is to submit an online application to the Portuguese Consulate in your country of residence.
Once the application has been successfully processed, a visa will be issued for four months allowing entry into the country. Following this SEF will review the application and issue the D7 Visa which will be valid for two years.You will need to remain in Portugal for six consecutive months or eight intermittent months per year. Thereafter, the visa will be renewed for a further three years.
Entry into Portugal has other significant benefits such as access to schools, both local and international; access to the Portuguese health care system (SNS); the ability to work as an independent professional or as an employee, and, after a five year period, application for Portuguese citizenship is possible.
At Laws Property Portugal we are witnessing a change in buyer demographic. We are receiving enquiries to buy property in Portugal, and particularly in the western Algarve, from a younger generation whereas previously the accent was on foreign couples with retirement on the horizon. We see this diversity are a positive development as integration of generations is good for social and cultural development.
We invite you to discover this wonderful country – a land of natural bounty, that boasts low crime rates and clean air. There is simply no reason not to make this your home.
We have your dream home and look forward to welcoming you soon.
To view more of our blogs, please visit: https://www.lawspropertyportugal.com/portugal-property-news/
