Comparing the D7, the Golden Visa, the D8, and the D2

You might have heard of the golden visa, the D7, the D8, and the D2. But what’s the difference between them? Are they the same as the retirement visa, the entrepreneur visa, and the passive income visa? And most importantly, which one is right for you?

All of these visas, aimed at those from outside the EU/EEA/Switzerland, offer residency in Portugal, which is the right to live here. Residency comes with numerous benefits such as access to Portuguese healthcare and education institutions and the right to apply for Portuguese citizenship after five years of residency.

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While there is a lot of crossover between the visas, they are aimed at different types of people:

	Physical Stay	Income Type
Golden Visa	7 days p/year	Investment
D7	6-8 months p/year	Passive Income
D8 (digital nomad visa)	6-8 months p/year	Remote Work/Freelancing
D2	6-8 months p/year	Income from Business/Freelancing

• Golden Visa: Aimed at those with cash to invest or donate, with the typical investment amount at €500,000. Currently, the most common option is to invest in funds. As this visa only requires you to spend an average of seven days per year in Portugal, it is aimed at those that want residency in Portugal but don’t necessarily want to move here yet. However, it is used by some people who want to move to Portugal and have cash to invest but don’t have a passive income to qualify for the D7 or an active income, such as a salary from a remote job or income from freelancing.
• D7: Aimed at those with a passive income, typically those with social security or a pension. This visa requires you to spend 6-8 months of the year in Portugal so is best suited to those that want to move to Portugal.
• D8: The D8, or digital nomad visa, is aimed at those that have income from outside Portugal but can work remotely in Portugal. This commonly means having a remote job or clients that you freelance for.
• D2: The D2 is aimed at entrepreneurs that want to establish a business in Portugal. It is also aimed at independent service providers or freelancers.

The Golden Visa

The golden visa (or ARI) offers residency in Portugal in terms for making an investment here. Currently, the most common form of investment is investing in a fund, such as a venture capital fund. However, investments can take other forms, such as investing in a Portuguese business, creating jobs, or donating to an institution in the Portuguese arts and culture sector.

The golden visa is ideal for the following types of people:

• People that want to move to Portugal, but don’t want to have to spend 8 months per year physically in Portugal (the golden visa only requires you to spend 7 days per year here).
• People that don’t have the regular income typically needed for the D7 visa (e.g. a pension or remote job).
• People that aren’t ready to move to Portugal yet, but want to earn years that will count towards obtaining a Portuguese passport (e.g. people still working in another country).
• People that don’t want to move to Portugal at all, but still want to be able to get a Portuguese passport.
• People that want the benefits of being resident in Portugal but not necessarily being tax resident here.

The golden visa attracts higher fees than the other residency visas but, despite this, there are two main reasons to consider this option:

1. You don’t want to commit to spending 6-8 months per year in Portugal.
2. You have cash to invest, but don’t have income that would qualify for one of the other visas.

There are a number of ways that you can invest in the golden visa. Some of the most common are:

• Funds – Invest at least €500k in a qualifying private equity or venture capital fund.
• Scientific Research – Invest in public or private scientific research amounting to at least €500k (€400k if in a low density area).
• Job creation – Create at least 10 jobs (8 jobs if in a low density area).
• Company incorporation – Transfer €500k and incorporate a company within Portugal.
• Cultural Investment – Invest at least €250,000 in a qualifying arts, culture, or national heritage project.

Previously it was possible to purchase real estate and qualify but as of 2023, this option is no longer available.

Cons

• Costs: The golden visa attracts higher fees than any of the other visas. This comes in the form of legal fees, government fees, and any missed opportunities from any investment being tied up for 5+ years.

The D7

The D7 (sometimes known as the passive income or retirement visa) is aimed at those with a passive income. This typically means a pension, social security, or income from a rental property, but it could refer to other types of income you don’t actively work for e.g. dividends or royalties.

The D7 is ideal for the following types of people:

• People that want to spend the majority of the year (8+ months) in Portugal.
• People that don’t have €250k or more to invest in the golden visa.
• People that have a regular form of income (e.g. a pension, income from a rental property, or income from a remote job).

Some people have successfully obtained the D7 with savings, but those with regular income are more successful than those with a lump sum of cash. In the past, some people were accepted with actively-earned income (e.g. income from a remote job or business) but that is less of an option since the introduction of the digital nomad visa.

How much income do you need? Officially, you only need to have more than the Portuguese minimum wage, which, as of 2024, is around €820 per month. In reality, you want to be able to show that you can support yourself and any dependents. The amount needed will vary depending on where you live in Portugal with large cities like Lisbon more expensive than rural parts of Portugal.

Cons

• Physical Stay: Unlike the golden visa, this visa requires you to spend the majority of your time in Portugal. While most people who apply for the D7 want to move to Portugal, most would welcome a little more flexibility on how much time they have to spend here.
• Address Requirement: Applicants are typically requested to show that they have an address in Portugal before they apply for the visa. In practice, this usually means renting an apartment for a year and can mean that it will be left empty for a few months while you make the move to Portugal.

The D8

The D8, or digital nomad visa, is aimed at those who can work from Portugal but have income from abroad. In practice, this usually means having a salary from a remote job or clients that you freelance for.

It is aimed at two different types of applicants:

1. Those that want to live in Portugal for up to one year.
2. Those that want to live in Portugal long-term.

The majority of people that move to Portugal on the D8 do so because they plan to live in Portugal long-term, and so go for the second option.

Cons

• Income Requirement: Most visas, including the D7, require you to match the Portuguese minimum wage. The D8 requires you to have the equivalent of four times the Portuguese minimum wage.
• Physical Stay Requirements: Like most visas (excluding the golden visa), the D8 requires you to spend around 6-8 months per year in Portugal. This works for those that want to move to Portugal but digital nomads by nature enjoy having a bit more freedom to jet off whenever they like.

The D2

The D2, or entrepreneur visa, is aimed at those that want to start a business in Portugal or transfer an existing business here.

It is seen as a very flexible visa as there’s no projected earnings requirement, no job creation requirement, and no minimum startup capital requirement. However, although these things aren’t defined, your business plan will be analysed to make sure that it has potential to meet all of these requirements.

For example, if your goal is to open a restaurant in Portugal, you should have sufficient funds to do so—even if it’s not officially asked for.

You will need to submit a business plan that’ll be analysed on multiple levels, but especially its economic potential and beyond that, how it contributes to Portuguese society as a whole.

Cons

• Business plan: The D2 requires you to submit a business plan and that business plan is then assessed. This makes the application much more subjective than other residency visas, where the requirements are more of a straightforward monthly income amount.