Golden Visa or D7 to Portugal 2026: investments or passive income

Two philosophies for one goal: capital versus relocation

When a person chooses between Golden Visa and D7, he is actually choosing not between two visas, but between two life scenarios. This is a key idea that is important to understand before counting money and comparing entry thresholds. Both programs provide a residence permit in Portugal, both after five years lead to permanent residence, and in the long term - to EU citizenship. But their path to this common point is completely different.

Golden Visa is about capital without obligatory relocation. You invest a large sum in the Portuguese economy, receive an investor residence permit and at the same time continue to live where it is convenient for you - in Moscow, Dubai, London. It is enough to fly to Portugal for a few days a year. This is a tool for wealthy people who need an alternate airfield in the EU and Schengen, rather than an immediate change of residence.

D7 is about moving with passive income. The visa is intended for rentiers and pensioners who have a stable income not from work in Portugal: pension, rent, dividends. Entry is cheap, but in return the country expects you to actually live on its territory, spend most of the year here and pay taxes as a resident. We provide a detailed analysis of each program separately in our guides. Portugal Golden VisaandD7 visa.

What is Golden Visa in 2026 and how much does it cost?

The Golden Visa (officially ARI - Residence Permit for Investment) has changed significantly in recent years, and outdated ideas about it can be costly. The main thing to know in 2026: the routes for the purchase of real estate and the simple transfer of capital into an account are abolished by the Mais Habitacao law from October 2023. It is no longer possible to buy an apartment and get a Golden Visa for it - this option, which we have been focusing on for years, is closed.

What remains available today:

• Investment funds - from 500,000 EUR. The most popular and clear route: investing in qualified Portuguese venture capital or investment funds that do not invest directly in residential real estate. More details in the material about funds for Golden Visa Portugal.
• Scientific research - from 500,000 EUR. Contribution to research activities.
• Support for cultural heritage - from 250,000 EUR. The lowest threshold, but narrow in application.
• Job creation/equity combined with jobs.

State duties, legal support, and annual fund commissions are added to the basic investment amount. The final budget almost always comes out to half a million euros. This is an expensive program - and this is its main difference from D7.

What is D7 and what income is needed

D7 is a national visa for passive income, it is also called a visa for rentiers and pensioners. The logic of the program is exactly the opposite of the Golden Visa: the state does not require investments from you, it is important for it to make sure that you are able to support yourself and will not become a burden on the social system. Therefore, the key condition is a stable, regular income that does not depend on working in Portugal.

What is considered eligible income:

• Pension - public or private.
• Rental income real estate (including outside Portugal).
• Dividends and interest on deposits and investments.
• Royalty and other regular passive income.

The minimum income threshold is based on the minimum salary in Portugal: you need to show approximately 870 EUR per month for the main applicant (guideline - twelve minimum wages per year, about 10,440 EUR). For spouse and children, thresholds are added according to reducing factors. Additionally, you need to have housing in Portugal - rented or purchased - and it is advisable to show savings in your account. If your income is related to remote work for hire, and not from passive sources, it is worth taking a closer look at the D8 digital nomad visa - the income requirements there are higher (about EUR 3,480 per month), but the logic is also different.

Main fork: presence in the country

If you boil all the differences down to one decisive factor, it is the requirement for physical presence. This is where the dividing line is that determines whether the program is right for you or not - no matter how much money you have.

Golden Visa - minimum presence. The law requires you to stay in Portugal for an average of about seven days a year (formally - 14 days for each two-year period of validity of the card). This means that you can continue to live in your country, conduct business there, not change your tax registration, and fly to Portugal literally for a week a year to maintain your status. The Golden Visa does not oblige you to become a Portuguese tax resident.

D7 - real living. Here everything is exactly the opposite. The D7 is a visa for those who actually move. As a general rule, you cannot leave the country for a long time: during the first period of validity (usually two years), it is permissible to be absent for no more than six months in a row or a total of more than eight months. This effectively means that you must spend most of the year in Portugal and almost inevitably become a tax resident under the 183-day rule.

This difference is not a legal nuance, but the essence of a choice. The Golden Visa keeps your old life and adds a door to the EU. D7 changes this life - you are moving.

Taxes: residence, rates and IFICI regime

The tax side of the issue follows directly from the presence requirements, and here the two routes diverge again.

Holder Golden Visa, who spends only a few days a year in Portugal, as a general rule, does not become a Portuguese tax resident. He continues to pay taxes where he actually lives. Tax residence in Portugal arises when you reside for at least 183 days a year or have a permanent home, which is recognized as your main home.

Holder D7who actually lives in the country almost always becomes a tax resident and pays taxes on global income. The progressive income tax scale in Portugal reaches 48%, and this must be factored into calculations when moving to passive income.

An important fair disclaimer about benefits: the famous NHR regime, which for a decade attracted pensioners and rentiers to Portugal with preferential taxation, is closed to new applicants from 2024. It was replaced by the IFICI regime (called NHR 2.0) - a 20% flat rate on qualified Portuguese income and an exemption on part of foreign income for 10 years, but the conditions are narrow: it is aimed at skilled trades, research and innovation, and not at pensioners in general. Therefore, you should not count on the old D7 tax breaks in 2026. Issues of income structure and residence for citizens of Russia and the CIS are resolved strictly within the framework of the law.

Comparison table: Golden Visa vs D7

Let's collect all the key parameters in one table - this is a convenient framework for the initial solution. The figures for citizenship are approximate: in 2025-2026, a naturalization reform is underway in Portugal, and the exact date depends on when the application is submitted and in what version the law comes into force.

The table shows the main thing: the programs do not compete with each other for one client, they cover different needs. Next, we’ll look at how to read this table to suit your situation.

Conditions and actual cost of each route

Comparing programs only by entry threshold is a mistake. The real cost consists of several layers, and for Golden Visa and D7 they are fundamentally different.

Real Golden Visa budget:

• Investment from 500,000 EUR into a fund (the principal amount, which in the future may return with profit or loss - this is a market instrument).
• State fees for filing and issuing cards for each family member.
• Annual commissions of the fund management company.
• Legal support, opening an account, obtaining a tax number.

Real budget D7:

• Proof of passive income - the visa itself does not require a large lump sum.
• Renting or buying a home in Portugal is a constant expense.
• Savings in the account are like a cushion (usually showing an amount equivalent to the annual minimum).
• Expenses for moving, medical insurance, legalization of documents.

The conclusion is paradoxical, but important: D7 is cheaper in terms of entry, but more expensive in terms of lifestyle, because you actually support yourself in a new country. The Golden Visa is more expensive to enter, but does not change your day-to-day economics. What to choose - depends on your capital, income and readiness to move; We will analyze your situation individually.

Strengths and Weaknesses: Fair Balance

Each program has obvious advantages and inconvenient limitations. Let's lay them out without embellishment.

Golden Visa - advantages:

• Almost no presence required - you keep your life and business as before.
• Does not oblige you to change your tax residence.
• The family receives EU status without having to move.

Golden Visa - cons:

• High entry threshold - from half a million euros.
• An investment in the fund carries market risk (returns are not guaranteed).
• Citizenship reform reduces the former main advantage - a fast passport.

D7 - pros:

• Low entry threshold - fairly stable passive income.
• Ideal for those who were already planning a move.
• Full integration into the country, access to the local system.

D7 - cons:

• Requires real residence - you cannot leave for a long time.
• Involves tax residency and taxes up to 48% of global income.
• Old Tax Relief (NHR) is closed for new applicants.

There is no ideal program - there is a program suitable for a specific situation.

Who is the Golden Visa suitable for?

Golden Visa is a tool for a very specific person profile. If you recognize yourself in the description, this is your route.

• You have free capital from 500,000 EUR, which you are ready to place in an investment fund for several years.
• You are not planning to move right now. Your business, work, family are tied to another country, and you don’t want to change that.
• Do you need an alternate airfield in the EU and Schengen - the ability to enter at any time, stay legally, and, if necessary, transport your family.
• Do you value freedom of movement? - Portugal is a member of both the EU and Schengen, which distinguishes it from a number of other countries with investment residence permits.
• Are you ready to fly to Portugal for a week a year? and don’t want to be tied to your living arrangements.

The typical Golden Visa holder is an entrepreneur or top manager from Russia, the CIS or the Middle East who is building long-term insurance for his family without ruining his current life. For him, half a million euros is a justifiable price to pay for the flexibility and option of moving in the future, and not now.

Who is D7 suitable for?

D7 is a program for those who have made an internal decision to move and are looking for a legal and inexpensive way to complete it.

• Do you have stable passive income? - pension, rent, dividends - from 870 EUR per month and above, which is enough to live in Portugal.
• Do you really want to live in Portugal? - move with your family, spend most of the year here, integrate into local life.
• You don't have half a million euros to invest - or you do not want to freeze such an amount in the fund.
• Are you ready to become a tax resident? and understand the implications for your income.
• Are you a pensioner or rentier?, for whom the place of residence is not tied to work.

A typical D7 holder is a person with passive income who chooses Portugal as a country to live in: mild climate, security, access to the EU. He is not an investor in the strict sense - he is a migrant. For him, D7 is not insurance, but a change in lifestyle, and the low entry threshold makes it realistic. The main thing is to assess your readiness for a real move, because sitting on D7 in another country will not work: your status does not forgive this.

Typical selection mistakes: an expert's view

In practice, we see the same mistakes that people make precisely at the stage of choosing between two programs. We'll sort them out so you don't lose money and time.

• They take the Golden Visa, relying on the old rule of five years before citizenship. The 2025-2026 reform changes the qualifications for approximately ten years. If you need a passport quickly, this decision requires a review and verification of the current status of the law.
• They take D7 with no intention of actually moving. This is the most expensive mistake: the status is tied to residence, long departures undermine it, and extension becomes a problem.
• Consider the Golden Visa according to the old real estate route. The purchase of an apartment under Golden Visa has been canceled since October 2023. There are funds and other routes left - the budget needs to be calculated again.
• They are counting on NHR tax benefits under D7. The regime is closed for new applicants from 2024; IFICI has narrow conditions and is not suitable for everyone.
• They underestimate the final cost. Both the Golden Visa and the D7 have hidden layers of costs - fees, commissions, housing, support.

The right choice begins not with the question of which visa is best, but with the question of whether I am going to move and whether I have capital or income. The answer to this immediately cuts off half of the options.

Family and reunion: what is the same and what is not

Both programs allow you to include a family, and in this they are quite close - but it is worth knowing the details in advance.

The application may include:

• Spouse or partner in a recognized union.
• Minor children, as well as adult children who are financially dependent on the applicant and are studying.
• Parents the applicant and spouse if they are financially dependent.

The difference is in the financial requirements. For Golden Visa adding family members means, first of all, an increase in government fees and legal costs for each, while the investment amount remains the same for the entire family. For D7 Each additional family member increases the required income threshold: shares for the spouse and children are added to the basic amount for the main applicant, because the income must cover the maintenance of everyone.

There is also a difference in the family's lifestyle. According to the Golden Visa, the family is not required to move - children can continue to study in the previous country. According to D7, the move is usually real: the children go to school in Portugal, the family becomes tax residents. It is important to discuss this in advance, especially if you have school-aged children.

Permanent residence and citizenship: common finish line

Here the two roads finally converge. Both the Golden Visa and the D7 lead to the same ladder of status in Portugal, and the terms on it are the same.

Permanent residence - after 5 years. Having lived (more precisely, held a legal residence permit) for five years, the holder of any of the visas can apply for permanent residence. More details about the requirements for this status can be found in the material about permanent residence in Portugal. Permanent residence usually requires basic knowledge of Portuguese at level A2.

Citizenship is fair and careful. For many years, Portugal was famous for granting the right to citizenship after just five years, and Golden Visa holders valued it for just that - an EU passport with almost no residency. But in 2025-2026, the government initiated a reform that increases the naturalization qualification - from approximately five to ten years (for citizens of the Community of Portuguese-speaking States, the CPLP is being discussed for seven years). The exact status of the reform (adopted, pending, date of entry, protection of applications already submitted) must be checked at the time of your submission. Therefore, in 2026, it is impossible to rely on the old five-year rule as a given. We keep a complete picture of the paths to the passport in Portuguese citizenship guide.

Bottom line: how to make a choice in five minutes

Let's boil everything down to a simple decision algorithm that almost always works.

Choose Golden Visa if: you have a capital of 500,000 EUR, you don’t want to move right now, you need an alternate airfield in the EU and Schengen without changing your tax residence, and you are ready to fly to Portugal for a week a year. This is a tool for a wealthy person who is buying option and flexibility, not a new country of residence.

Choose D7 if: you really want to live in Portugal, you have a stable passive income of 870 EUR per month, you are ready to become a tax resident and spend most of the year here. This is the path of a migrant for whom Portugal is a home, not a safety net.

Both roads lead to permanent residence in five years, and in the long term - to EU citizenship (adjusted for the naturalization reform, which must be verified at the time of application). The main thing is not to confuse the philosophy: capital without moving is a Golden Visa, moving to passive income is D7. It is always worth checking the Portuguese government portal for the latest official conditions gov.pt, and for your specific situation, check with a lawyer, because the migration legislation of Portugal in 2026 is in an active phase of changes.