Portugal offers several pathways to residency, but the two most commonly discussed among expats are the D7 Visa (passive income visa) and the Golden Visa (investment residency). Both lead to the same destination — Portuguese residency and eventually citizenship — but they take very different routes to get there, with different costs, timelines, and trade-offs.
This guide compares them head-to-head so you can figure out which one actually makes sense for your situation.
The D7 is designed for people with stable passive income — retirees, pension holders, rental income earners, and others who can demonstrate they won't be a burden on the Portuguese state. It's by far the most popular residency route for individual expats because it requires no investment, just proof of sufficient income.
For the full breakdown, see our D7 Visa Complete Guide.
Consulate appointment to visa issuance: typically 2-6 months, though some consulates (like Washington DC or London) can have longer waits for appointments. After arriving in Portugal, you schedule an AIMA appointment for your residency card, which can take an additional 6-12 months due to backlogs. You're legal during the wait.
The Golden Visa (formally the Residence Permit for Investment Activity, or ARI) was created to attract foreign investment. It's undergone major changes: the popular real estate investment route was eliminated in October 2023, leaving only fund and donation-based pathways.
For the current state of the program, see our Golden Visa 2026 Guide.
The Golden Visa's main selling point is the minimal stay requirement: just 7 days per year (or 14 days every two years). The D7 requires you to actually live in Portugal — you need to spend most of your time there and become a tax resident.
If you want Portuguese residency but don't want to relocate full-time, the Golden Visa is essentially your only option.
Investment to approval: typically 6-18 months through AIMA. The process involves making the investment, submitting the application, and waiting for approval. Backlogs have been significant since 2022.
| Factor | D7 Visa | Golden Visa |
|---|---|---|
| Minimum financial commitment | ~€8,760/year income + ~€10,000 savings | €250,000-€1,500,000 investment |
| Upfront cost | €500-1,000 | €280,000+ (investment + fees) |
| Stay requirement | Must live in Portugal (183+ days/year for tax residency) | 7 days/year minimum |
| Work permission | Yes — can work, freelance, start a business | Yes — same work rights as D7 |
| Processing time | 2-6 months (consulate) + 6-12 months (AIMA card) | 6-18 months (AIMA) |
| Family reunification | Yes — spouse, dependent children, parents | Yes — spouse, dependent children, parents |
| Family costs | Low (~€150-200 per person for card) | High (~€6,000-8,000 for family + legal) |
| Path to citizenship | 5 years (same as Golden Visa) | 5 years (same as D7) |
| Renewal | Every 2 years — must prove ongoing income | Every 2 years — must maintain investment |
| Tax residency | Required — you become a Portuguese tax resident | Optional — only if you stay 183+ days/year |
| Income flexibility | Must maintain passive income minimums | No income requirement beyond the investment |
| Investment risk | None (no investment required) | Real — fund values can decline; capital not guaranteed |
The old Non-Habitual Resident (NHR) regime — which offered a flat 20% rate on certain professions and tax exemptions on foreign income for 10 years — closed to new registrations on December 31, 2023. This was a major draw for both D7 and Golden Visa holders, and its elimination changes the calculus significantly.
A replacement program (sometimes called "NHR 2.0") launched in 2024, but it's much more limited:
What this means for you: Most D7 applicants (especially retirees with foreign pensions or rental income) will now be taxed at standard Portuguese progressive rates, which range from 14.5% to 48%. This is a significant change that you need to model carefully before committing.
Golden Visa holders who don't spend 183+ days in Portugal can remain tax resident in their home country and avoid Portuguese taxation entirely — that's a major advantage if you're coming from a lower-tax jurisdiction.
Both visas allow family reunification, but the process and costs differ:
D7: You apply as the main applicant and include family members. Each person needs their own visa and residency card. The main applicant's income must be sufficient to support the family — typically 50% more for a spouse and 30% more per dependent child. Family members can apply simultaneously or after the main applicant is approved.
Golden Visa: Family members are included in the same application. The investment covers the entire family unit. This is one area where the Golden Visa is genuinely simpler — one application, one investment, one process.
Both visas put you on the same 5-year path to permanent residency and citizenship. After 5 years of legal residency, you can apply for Portuguese citizenship. The clock starts from when you get your initial residency permit, not from when you apply for the visa.
Key citizenship requirements:
For Golden Visa holders who only visit 7 days per year, demonstrating a "connection to Portugal" can be harder. In practice, most Golden Visa holders who apply for citizenship do get it, but the process may require more documentation of your ties to the country.
For next steps, see our Moving to Portugal: The Complete Expat Guide and Moving Checklist.
This article is for informational purposes only and does not constitute legal, financial, or immigration advice. Always consult qualified professionals for your specific situation.