Portugal has become one of Europe’s top retirement destinations thanks to its warm climate, affordable cost of living, safe environment, and expat-friendly communities. For foreigners seeking long-term residency, two programs dominate the retirement discussion in 2025: the Golden Visa and the D7 Visa (Passive Income Visa).
While both lead to residency rights and eventual citizenship, they differ significantly in terms of investment requirements, financial proof, tax residency, and flexibility. This article compares the Portuguese Golden Visa vs the D7 Visa, highlighting which is better suited for retirees.
What is the Portuguese Golden Visa?
The Golden Visa is a residency-by-investment program where retirees (or investors) make a qualifying investment to obtain residency.
- Minimum Investment:
- €500,000 in investment funds.
- €250,000 in cultural donation (€200,000 in low-density areas).
- €500,000 research donation.
- Job creation route (10 jobs).
- Residency Requirement: 7 days/year.
- Path to Citizenship: 5 years.
- Key Advantages:
- Minimal stay requirement.
- Strong tax optimization through the NHR regime.
- Family reunification included.
What is the D7 Visa?
The D7 Visa, also known as the Passive Income Visa or Retirement Visa, is designed for individuals with a stable source of passive income such as pensions, rental income, dividends, or savings.
- Minimum Income Requirement (2025):
- Main applicant: ~€9,840/year (~€820/month).
- Spouse: +50% (~€4,920/year).
- Dependent child: +30% (~€2,952/year).
- Residency Requirement: Must live in Portugal at least 183 days/year (becoming tax resident).
- Path to Citizenship: 5 years, provided continuous residency is proven.
- Key Advantages:
- No large upfront investment required.
- Affordable and popular with retirees on pensions.
Head-to-Head Comparison
| Feature | Golden Visa | D7 Visa (Passive Income Visa) |
| Entry Requirement | Investment: €250,000–€500,000+ | Proof of passive income (€820+/month) |
| Citizenship Timeline | 5 years | 5 years |
| Residency Requirement | 7 days/year | 183+ days/year |
| Tax Residency | Optional (only if stay >183 days) | Mandatory (becomes tax resident) |
| Tax Benefits | NHR regime optional | NHR regime available |
| Family Inclusion | Spouse, children, dependent parents | Spouse, children |
| Lifestyle Flexibility | Live abroad, only short annual visits required | Must live full-time in Portugal |
| Main Suitability | Wealthy retirees, global investors | Pensioners with stable income seeking full relocation |
Pros of the Golden Visa for Retirees
- Flexibility: Ideal for retirees who want a second residency without relocating full-time.
- Wealth Protection: Good for HNWIs seeking diversification.
- Path to EU Passport: At 5 years, with minimal presence.
- Family Coverage: Spouses, kids, and dependent parents included.
Cons of the Golden Visa for Retirees
- Higher financial entry barrier (€250,000–500,000+).
- Bureaucracy and longer application times.
- No direct real estate option anymore.
Pros of the D7 Visa for Retirees
- Low Entry Barrier: Based on pension or passive income, not investment.
- Direct Residency: Affordable application fees and processing.
- Ideal for Relocators: Perfect for retirees wanting to live full-time in Portugal.
- NHR Tax Advantages: Still available to D7 holders.
Cons of the D7 Visa for Retirees
- Residence Requirement: Must spend most of the year in Portugal (183+ days).
- Tax Liability: Automatically tax resident, worldwide income taxable (with double taxation treaties helping reduce exposure).
- Stricter Proofs: Applicants must constantly demonstrate ongoing income.
Which is Better for Retirees?
Choose the Golden Visa if:
- You are a high-net-worth retiree who values flexibility.
- You want minimal time commitment in Portugal.
- You want citizenship with only 7 days/year presence.
- You’re interested in tax-optimized wealth protection through NHR.
Choose the D7 Visa if:
- You have a stable pension or passive income.
- You actually plan to fully relocate and live in Portugal year-round.
- You want a low-cost residency option without major capital investment.
Conclusion
Both the Portuguese Golden Visa and the D7 Visa provide excellent retirement pathways — the right choice depends on whether you want full relocation (D7) or flexible residency with minimal presence (Golden Visa).
- Golden Visa: Best for wealthier retirees who want optional residency and eventual citizenship with little disruption.
- D7 Visa: Best for retirees with sufficient pensions who want to live full-time in Portugal on a budget.
In either case, Portugal offers world-class lifestyle benefits: safe living, affordable healthcare, great climate, and EU mobility.
Next Step
Not sure which path is better for your retirement in Portugal — Golden Visa or D7? Our advisors assess your pension, investments, and lifestyle goals to recommend the right residency plan. Contact us today for a personalized strategy.