Financial Resources – New Members - Start Here – Expats Portugal Community Forum
Share:
Notifications
Clear all

Please feel free to view our Forum, but you must either log in or register to join in the conversation.

If you are a forum member from the old site and have not reset your password yet, please click on "Lost your password?" on the login page.

Explorations Africa Banner Ad

Financial Resources  


Posts: 4
Community Member
(@barbc)
New Member
Joined: 2 months ago

Hi everyone, my husband and I are planning on moving to Portugal in about a year. We are trying to figure out what the financial requirements are.  We plan to come over as retirees but have been a little confused on the income requirement.  We have a regular savings and a retirement portfolio, which we can't or shouldn't touch for another five years(tax penalties). But our current savings is enough to cover living expenses for five years at 2k/month, hopefully to increase to 3k/month within the next year.  We are working on what we think is an additional passive income but unsure if that's required if we have the regular savings. Sent an email to the consulate, but no response yet.  Can anyone shed any light on this particular requirement?

 

 

10 Replies
3 Replies
VIP Member
(@christopherdouglas)
Joined: 12 years ago

Estimable Member
Posts: 183
Posted by: @barbc

Hi everyone, my husband and I are planning on moving to Portugal in about a year. We are trying to figure out what the financial requirements are.  We plan to come over as retirees but have been a little confused on the income requirement.  We have a regular savings and a retirement portfolio, which we can't or shouldn't touch for another five years(tax penalties). But our current savings is enough to cover living expenses for five years at 2k/month, hopefully to increase to 3k/month within the next year.  We are working on what we think is an additional passive income but unsure if that's required if we have the regular savings. Sent an email to the consulate, but no response yet.  Can anyone shed any light on this particular requirement?

 

 

Hi Barb,

Welcome 😘

From what you have said, yes, you are ok 😉

The financial side of stuff only kicks in when you apply for citizenship.

That is 5 years away from applying for residency.

Which is 90 days away from arriving in Portugal.

Also, the financial stuff differs as to how old you are, are you of working age, are you retired?

The same criteria counts for Health Insurance.

So, feck it, take the plunge. Come on in, the waters lovely 😄

Reply
Community Member
(@barbc)
Joined: 2 months ago

New Member
Posts: 4

@christopherdouglas  Haha, thanks for the reply.  Of course this is the biggest thing I worry about.  I like to be as prepared as possible.  My recurring nightmare is I will get to the gate of Portugal and find that I have not done something I should known to do and get turned away. 😯 

I have since found some information eluding to what you have suggested.  I feel so much better when I find many people saying the same thing.  Thanks a bunch! 😀 😀 

Reply
Premium Member
(@chocolate)
Joined: 2 months ago

Eminent Member
Posts: 39

@barbc  Hi, as possible retirees to Portugal next year I know how you feel.  The link that x-camone gave above can be changed to English once you get on to the site so may be worth you checking that out.

Regards

Elaine

Reply
Posts: 315
Admin
(@astridff)
Active Member
Joined: 8 months ago

Hi Barb, welcome to the forum.

Are you wanting to know what is required to retire here in relation to getting your Visa, or more of an idea on what the cost of living?

Astrid

Reply
Posts: 4
Community Member
(@barbc)
New Member
Joined: 2 months ago

Thank you for you Astrid! 

I've read what I thought was required, which is 638 euros per month and an additional 50% of that for the spouse.  But it's not clear that this should be passive income(recurring) or can a total amount be  deposited into a Portuguese bank is enough to show that we can support ourselves. 

Reply
Posts: 2179
VIP Member
(@x-camone)
Noble Member
Joined: 10 years ago
Posted by: @barbc

I've read what I thought was required, which is 638 euros per month and an additional 50% of that for the spouse.  But it's not clear that this should be passive income(recurring) or can a total amount be  deposited into a Portuguese bank is enough to show that we can support ourselves. 

Hi and welcome to the forum from me.

The regs about satisfying the minimum means of subsistence criteria for residence visas are detailed in Portaria 1563/2007

The circumstances you describe are, I suspect, covered by Article 5, paragraph 6, item b :

Sem prejuízo do disposto nos números anteriores, o cidadão estrangeiro requerente de visto de residência deve dispor de meios de subsistência determinados nos termos do disposto nos n.os 1 e 2 do artigo 2.º, assegurados por período não inferior a 12 meses, a comprovar pelos seguintes meios:

a) No caso de cidadão estrangeiro reformado, através de documento comprovativo do respectivo rendimento, bem como da garantia do seu recebimento ou disponibilidade de outros rendimentos em território nacional;

b) No caso de cidadão estrangeiro que viva de rendimentos de bens móveis ou imóveis, da propriedade intelectual ou de aplicações financeiras, através de documento comprovativo da existência e montante de tais rendimentos, bem como da sua disponibilidade em Portugal.

Sorry - couldn't lay my hands on an English version but you can probably get a translation tool to do a roughie for you if need be. In summary, it stipulates documentary proof of the existence of at least a year's worth, along with its availability in Portugal. I can't see any reason why that couldn't be a lump sum as opposed to regular payments but I'm not an immigration officer or lawyer.

Reply
Posts: 2179
VIP Member
(@x-camone)
Noble Member
Joined: 10 years ago
Posted by: @christopherdouglas

Hi Barb,

Welcome 😘

From what you have said, yes, you are ok 😉

The financial side of stuff only kicks in when you apply for citizenship.

That is 5 years away from applying for residency.

Which is 90 days away from arriving in Portugal.

Also, the financial stuff differs as to how old you are, are you of working age, are you retired?

The same criteria counts for Health Insurance.

So, feck it, take the plunge. Come on in, the waters lovely 😄

I'm not sure where some of this comes from.

The financial side of stuff kicks in when you apply for whatever residence document you are required to obtain, which means either before or shortly after arrival in Portugal. Citizenship is a whole different matter, is based on various eligibility criteria and in no circumstance involve proving sufficient means as a direct part of that process.

 

The OP hasn't made clear what her nationality is, although she has said she's not moving until next year. If she's an EU citizen, documentary proof of means may be dispensed with in favour of a declaration of honour that she has sufficient resources for herself and any dependents. If she is not (and that includes UK citizens after 31st December), then she will need to produce the evidence and will also (most probably) need health insurance as preconditions to the issuance of any residence visa. 

Reply
3 Replies
Community Member
(@barbc)
Joined: 2 months ago

New Member
Posts: 4

@x-camone Hi, I am coming from America and this would be for the initial residency requirement(D7), not citizenship.  I do plan to listen in on the webinar today on the process.  Hopefully many of my questions will be answered.  Thanks for looking out. 😎 

Reply
VIP Member
(@christopherdouglas)
Joined: 12 years ago

Estimable Member
Posts: 183
Posted by: @x-camone
Posted by: @christopherdouglas

Hi Barb,

Welcome 😘

From what you have said, yes, you are ok 😉

The financial side of stuff only kicks in when you apply for citizenship.

That is 5 years away from applying for residency.

Which is 90 days away from arriving in Portugal.

Also, the financial stuff differs as to how old you are, are you of working age, are you retired?

The same criteria counts for Health Insurance.

So, feck it, take the plunge. Come on in, the waters lovely 😄

I'm not sure where some of this comes from.

The financial side of stuff kicks in when you apply for whatever residence document you are required to obtain, which means either before or shortly after arrival in Portugal. Citizenship is a whole different matter, is based on various eligibility criteria and in no circumstance involve proving sufficient means as a direct part of that process.

 

The OP hasn't made clear what her nationality is, although she has said she's not moving until next year. If she's an EU citizen, documentary proof of means may be dispensed with in favour of a declaration of honour that she has sufficient resources for herself and any dependents. If she is not (and that includes UK citizens after 31st December), then she will need to produce the evidence and will also (most probably) need health insurance as preconditions to the issuance of any residence visa. 

Hi Ex-cam, sorry, only saw this post today 😕

When I said about the 'financial stuff' I was talking about the need to prove sufficient funds when applying for Citizenship, not having to supply any form of monetary wealth for obtaining the residency certificate, which I didn't explain properly the first time!

 

The main point that I was trying to get across to the OP, as I was assuming that they were from the UK, was that they need to be here and have a residency certificate before 31st December or, as you have said, face a lot more hoops to jump through 😳

 

All the best,

 

Chris

Reply
VIP Member
(@christopherdouglas)
Joined: 12 years ago

Estimable Member
Posts: 183
Posted by: @christopherdouglas
Posted by: @x-camone
Posted by: @christopherdouglas

Hi Barb,

Welcome 😘

From what you have said, yes, you are ok 😉

The financial side of stuff only kicks in when you apply for citizenship.

That is 5 years away from applying for residency.

Which is 90 days away from arriving in Portugal.

Also, the financial stuff differs as to how old you are, are you of working age, are you retired?

The same criteria counts for Health Insurance.

So, feck it, take the plunge. Come on in, the waters lovely 😄

I'm not sure where some of this comes from.

The financial side of stuff kicks in when you apply for whatever residence document you are required to obtain, which means either before or shortly after arrival in Portugal. Citizenship is a whole different matter, is based on various eligibility criteria and in no circumstance involve proving sufficient means as a direct part of that process.

 

The OP hasn't made clear what her nationality is, although she has said she's not moving until next year. If she's an EU citizen, documentary proof of means may be dispensed with in favour of a declaration of honour that she has sufficient resources for herself and any dependents. If she is not (and that includes UK citizens after 31st December), then she will need to produce the evidence and will also (most probably) need health insurance as preconditions to the issuance of any residence visa. 

Hi Ex-cam, sorry, only saw this post today 😕

When I said about the 'financial stuff' I was talking about the need to prove sufficient funds when applying for Citizenship, not having to supply any form of monetary wealth for obtaining the residency certificate, which I didn't explain properly the first time!

 

The main point that I was trying to get across to the OP, as I was assuming that they were from the UK, was that they need to be here and have a residency certificate before 31st December or, as you have said, face a lot more hoops to jump through 😳

 

All the best,

 

Chris

And, I have just seen that they are from the US so nothing that I have said makes any sense in their case 😣

 

I'll just go back into my corner now 😵

Reply

Live and Invest Portugal

To post a reply, sign up and become a member!

      • Receive exclusive member benefits from our partners: view current offers
      • Priority access to our Zoom meet-ups and webinars
      • Join any Group within our Online Community
      • Include your local events in our events calendar
      • Get 10% discount off Business Directory advertising
I WANT TO BE A PREMIUM MEMBEROnly €25 per year
Share:




Copyright © 2020 Expats Portugal

Marketing by Unity Online