Text by Togofor-Homes (AMI number 6902)
If you’re a British national, you can travel to countries in the Schengen area for up to 90 days in any 180-day period without a visa. This applies if you travel as a tourist, to visit family or friends, to attend business meetings, cultural or sports events, or for short-term studies or training.
If you prefer to stay longer you can apply for a D7 visa and residence permit in the UK first which is valid for 120 days. It is suitable for retirees and entrepreneurs regardless of age. You need to prove a passive income of approx. €635/month for the first applicant, and €317.50/month for a partner or parents plus a certain amount for each child. The requested income could come from rentals, retirement, dividends, or investment, and you need to have a home in the Algarve, either a rental property with a contract or owned. After the first period of 120 days the applicant can apply for a one or two year permit, and after five years it is possible to achieve permanent residency. With the D7 Visa you can travel throughout the Schengen territories and it is compliant with the Non-Habitual Tax Regime and meant for Brits supporting themselves.
The third possibility is the Golden Visa Ticket for Non-Europeans. However there have been changes. After January 2022, to apply for the Golden Visa, you can only buy property for habitational purposes in the municipalities of Aljezur, Vila do Bispo, Monchique, Castro Marim and Alcoutim (and other specific low density/interior parishes). However, the rest of the Algarve is still considered, if the property is commercial, services or touristic.
After the agreement from SEF that all the Algarve is considered low density, the minimum investments to apply are €400,000 or €280,000, depending on being a property in need of rehabilitation works or not. The goal is to achieve a residence permit within 5 years including not inconsiderable administrative and tax costs. And you can travel throughout the Schengen areas.
But there are still chances to apply for the Golden Visa in coastal areas by buying property for habitational purposes, before it expires. You need an established real estate agency as well as a professional law company and tax advisor who will guide you through this process. Even though the green light has been given for Brits to travel to Portugal now, you can also apply for it from a distance, but it is important that you apply for it as soon as possible.
At real estate agency Togofor-Homes we work throughout the entire Algarve and we are selling, right now, high-priced properties in prime locations in the Algarve to Brits with virtual tours. We can assist with setting up surveyor reports, support for POA, fiscal number applications, advice to open a bank account via a law company, as well as support from property tax consultants.
For more information check also our:
- Recommended lawyers for property purchase in Portugal
- Recommended tax advisers, real estate taxation and currency exchange
(+351) 289 322 134
[email protected] | www.togofor-homes.com
Information up-to-date at the time of publication, please always consult a qualified expert.