Amount of savings in Portugal Bank Account? – General Chit Chat & Conversations – Expats Portugal Community Forum
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Amount of savings in Portugal Bank Account?

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Posts: 29
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Topic starter
(@latisha)
Member
Joined: 5 months ago

Hi everyone! I have heard that I should have a certain amount in the Portugal bank account for D7 approval. Is there an official set amount that NEEDS to be in the Portugal bank account per per person, or is it just a better chance of approval if they see a lot of money in there? I’m a single mom coming with my 2 daughters and my income more than qualifies me but I’m concerned with the possibility of having to have 20k in their bank in order to be approved. 

Has anyone heard this or experienced any issues with the amount they needed to have in the Portugal bank account?

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Posts: 269
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(@misticjeff)
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Joined: 2 years ago

Hopefully i can stimulate another response.  Here is what I believe to be true at this moment.

For you: €705 (current Portuguese minimum wage/mo) x 24 = €16,920

For each daughter: €211.50 (30%) x 24 = €5,076 (x2)

Total: €27,072 ($29,946) as of today Mar 19,2022

 

This is 2 years of Portuguese minimum wage.  The reason for 2 years is that your initial residence permit is now valid for 2 years, so the belief is that you need to show funds to sustain yourself for that period of time.

Of course when you read all the forums and blogs, Facebook, etc. you encounter many varying stories of what was needed by individuals so this is simply my understanding and should not be taken as set in stone in any way.

Jeff

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