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Oi como vai!
It's hard to get a clear answer on the $$ required for the D7.
I have € 500,000 in savings, but my only income is from interest and dividends.
Will this qualify? It should, but no one seems to know for sure. I heard that 2 years worth of $$ put into a Portugal bank (about € 35,000) should do it.
Any info appreciated, thanks!
How much capitals gains a year do you get from the 500k? it's not 401k or IRA right?
Hi,
Not sure yet, just got the money a few months ago....it should be around 5-10%...depends partly on the stock market.
@mac90 talking about dividends and realized capital gains.. I don't think you can count the change in value of the holdings towards your D7 .. only dividends and stuff you sell.
Believe that smokietreats is correct. The SEF are looking for passive income, not capital gains. The income should be from outside Portugal and it should be sent in or transferred to Portugal. In this way it becomes external passive income. This is based on our experience. I recommend using an immigration lawyer to be sure as things are often changing.
I'm wondering how to meet the passive income retirement, given that I'll be 51 or younger when we apply (we're on a 3-5 year plan for moving).
I'm currently employed as well as own a consulting business with a partner. If I saved all of my business income for the next few years in the business's savings and then started transferring it in regular monthly deposits to my personal bank account as we got closer to applying for the visa, would that satisfy the requirement? It would essentially be the business paying me from the business savings.
We should have $100K+ in our personal savings as well as a substantial 401K at the time we apply.
I know that I'll need to discuss this with a lawyer once we get serious about planning, but I'm hoping to get some insights from people who have already navigated this.
Thanks!
@brandy save your self time and frustration go right to the experts, contact Ei and be patient may be some delay in there reply as Carl would say “ Be Portuguese about it” pay for the consultation they will lay out a detailed plan for you based on your circumstances as I understand it they work with the various consulates around the world and are very familiar with the ever changing requirements for visa applicants
@jgibson , that's pretty great advice! Thank you! I think I've been working under the impression that it's too soon to get started because we're on a 3-year plan to move, but 3 years isn't really that long.
Your nudge to just jump in and start talking to Ei now is what I needed to break this relentless amount of research I've been trying to do on my own about every single aspect of moving to and living in Portugal that I can think of. I typically love to research (I teach at a university), but this carries such an emotional weight to it. So, thank you for your pragmatic advice--it's a jolt of plain good sense. 😊
This is probably TMI, but I'm freaking out about the current debt-ceiling showdown going on in DC right now. Their game of chicken is already impacting the markets, and economists predict a disaster if the two sides can't work together to avert defaulting. I am of course worried about everyone's job security, retirement savings, and home equity, but a blow to any of those could prevent our moving to Portugal.
I'm happy for you and your family that you're on your way!
@brandy I can relate to what you are going through.
Not TMI
personally I feel like we have a real diverse group of people on the expats Portugal forum interested in migrating to Portugal we have people on both ends of the political spectrum that are frankly just really not happy with the way things are going in America and are interested in looking for a better place to live and raise families in a place that’s affordable and a place and we will be treated better.
I think three years may seem like an eternity but at the same time will pass quickly I definitely experienced information overload and I feel like that’s where Ei can really save you a lot of aggravation have patience sometimes they are not super quick to respond once you get in the system they will understand and adapt to your timing and will be able to put together a plan for you.
The three years you have will give you time to go visit meet fellow migrants and hopefully settle on a location and get everything in order for your new life in Portugal
I hope you are not an English professor I’m afraid this reply would score a very low F lol talking into my phone while on a ship overhaul project lol
@jgibson, thanks so much again! I agree with you about the community here. I've greatly enjoyed the diversity and wisdom of this group. It's been such a help.
My degrees are in English, but I teach in Computer Science--long story! Any act of communication should fulfill its purpose within the appropriate medium, so your giving me excellent advice via a voice-to-text transcription while on a ship(!) earns an A+ and a gold sticker!
We're planning our scouting trip for mid-2022. Hopefully, we'll get to meet you and your family as well as the others who have been so welcoming.
I say the opposite to John. A lot can happen on the political front in that time. Who knows there might NOT be a SEF in 3 years time LOL. I think any information you get apart from basic information could change . and money spent now on information might not apply in your time scale. If you are wanting financial information for investment that could be different . and people like Paul Correa's could be your man . See Expat PT on you tube , he does a video with Carl on investment.
@paulr I found Gilda’s fee for consultation is very nominal and to have her set up my Nif and bank account in short order was well worth it. I know people can do it cheaper and with out a consultant. Having a Portuguese bank account was really awesome while in the country traveling and getting in advance will allow time to continually fund your account in Euros.
The process will have taken almost two years for my wife and son to set foot in Portugal with visas for me a little over a year this scheduled was set based on our timeline. Obviously people can do this in a lot less time.
I agree with you about The political uncertainties so much has happened in the last several years there’s no way to predict what the next three years will bring. But I feel comfortable moving forward continually funding my bank account in euros changing my money out of US dollars. My advice to a fellow American would be to move forward even if you have to wait two or three years do what you can get your NIF number get your bank account ready and funded things may change that allow you to move sooner and if that’s the case then you will have some of these requirements met learning and understanding the process now will help expedite things in the future and it’s true there’s no way to predict if SEF will allow me to bring my wife and son over on a reunification visa obviously they haven’t been setting appointments for many months I am prepared to shift them to a D7 this is we’re having Gilda and her team on your side is so valuable they understand the visa process is very fluid and they can help guide you through the convoluted bureaucracies
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