Passive income visas, also known as non-lucrative or rentier residence visas, are programs designed to attract individuals with sufficient financial resources to support themselves without needing to work in the destination country. These visas have gained popularity in recent years due to their flexibility and the benefits they often provide, making Europe a particularly attractive region for those seeking quality of life, stability, and access to top-tier services.
What Are Passive Income Visas?
The concept behind these visas is to allow foreigners to reside in a European country, provided they can demonstrate regular income or sufficient assets to cover their expenses without relying on local employment.
These incomes may come from pensions, rental properties, dividends, savings, investments, or any other legitimate source of stable funds. The essence of these visas lies in their non-lucrative nature, meaning beneficiaries are not allowed to work or engage in economic activities in the country of residence, although they can manage businesses or international investments.
What Rights Do Passive Income Visas Grant?
In general, passive income visas offer the following key benefits to their holders:
- Legal residence: Beneficiaries gain the right to reside in the country for the duration of the visa, typically one to two years, with the possibility of renewal.
- Access to public services: Holders may benefit from essential public services such as education and healthcare, although private health insurance is sometimes required.
- Freedom of movement: In most cases, these visas allow free movement within the Schengen Area, a significant advantage for those who value mobility within Europe.
- Family reunification: Some visas permit the inclusion of close family members, such as a spouse and dependent children, facilitating migration as a family unit.
European Countries Offering Passive Income Visas
Several European countries have implemented passive income visa programs. Among the most notable are Portugal, Spain, Greece, Italy, France, and Malta. Each country has specific requirements, but all share the goal of attracting foreign residents with proven financial means.
Below, we detail the cases of Portugal and Spain, along with how AIM Global can assist you in obtaining these visas.
Portugal: D7 Visa
Portugal’s D7 Visa is one of the most recognized passive income programs in Europe. This program is designed to attract retirees as well as individuals with passive income from foreign sources.
- Requirements: Applicants must demonstrate regular income exceeding one Portuguese minimum wage (approximately €820 per month), plus 0.5 minimum wages for a second adult (€410 per month). It is also mandatory to have accommodation in Portugal, whether owned or rented, and health insurance.
- Benefits: The D7 Visa allows legal residence in Portugal, access to the public healthcare system, and free travel within the Schengen Area. Additionally, holders can apply for permanent residency after five years and eventually obtain Portuguese citizenship.
Spain: Non-Lucrative Residence Visa
Spain offers a similar program known as the Non-Lucrative Residence Visa. This scheme is particularly appealing to retirees and individuals with independent income who wish to settle in a country with a high quality of life.
- Requirements: Applicants must demonstrate financial resources amounting to at least €28,000 over the past 12 months for the main applicant. They must also have private health insurance and accommodation in Spain.
- Benefits: Like the D7 Visa, this visa grants legal residence and mobility within the Schengen Area. After five years, holders can apply for permanent residency, and after ten years, they may obtain Spanish citizenship. For Latin Americans, this period is reduced to just two years of legal residence.
Retire in Europe with AIM Global
Passive income visas in Europe offer an ideal solution for those seeking to reside in countries with high living standards without the need to work locally. Portugal and Spain stand out for the competitiveness of their programs, providing opportunities for retirees and individuals with independent income. As noted by Yahoo Life, “You don’t need to be retired or an older adult to qualify for one.” It is enough to meet the requirements established by local laws.
At AIM Global, our team of professionals is ready to help you find the best option for your needs. Schedule a consultation today!
