Europe · Money guide
Portugal is a top choice for retirees and remote workers worldwide thanks to its climate, safety and historically generous tax incentives. Wherever you move from, the money priorities are the D7 passive-income visa, transferring pension and savings efficiently, and understanding how the tax regime has changed since the original Non-Habitual Resident scheme closed to new entrants.
Written by Matt Woodley · Reviewed against official sources · Last reviewed 15 June 2026. Figures are indicative — confirm visa and tax thresholds with the official source linked below.
Currency
EUR €
Rent (1-bed, city)
€750–€1,400/mo
Living costs (ex-rent)
€580–€820/mo
Transfer time
1-2 days
Portugal is one of Western Europe's cheaper countries, roughly 25–35% below northern Europe outside Lisbon and the Algarve hotspots. Lisbon rents have risen sharply; inland and northern towns remain very affordable.
Indicative monthly rent (1-bed, city centre)
€750–€1,400
Indicative monthly living costs (excl. rent)
€580–€820
D7 visa: passive income from ~€870/month (plus extra per dependant)
The D7 'passive income' visa requires stable income at least equal to the Portuguese minimum wage — around €870/month in 2026 — plus 50% more for a spouse and 30% per dependent child, and typically a year's savings in a Portuguese account. The digital nomad visa requires higher monthly income (around 4× the minimum wage).
Official source: Portuguese Immigration (AIMA) / consular guidanceYou will need a Portuguese NIF (tax number) before opening an account or signing a lease — many movers appoint a fiscal representative to obtain it. Millennium BCP, Novo Banco and Caixa Geral de Depósitos are common choices, and a local account is usually required to evidence funds for the D7. Portuguese IBANs begin with PT.
Portugal uses the euro, so your exposure is your home currency against the euro. Because the D7 visa generally requires you to show a year's savings deposited in a Portuguese account, the rate you convert at directly affects how much you can evidence — a poor rate can leave you short of the threshold.
Portugal is in SEPA, so the conversion into euros is the main cost to manage. D7 applicants generally need to show savings deposited in a Portuguese account, so timing that transfer well — and using a regulated specialist rather than a bank — directly affects how much arrives and whether you clear the threshold. On a €200,000 property the bank-versus-specialist gap is typically €6,000–€9,000.
| Route | Typical cost |
|---|---|
| High-street bank | €5,000–€8,000 (2.5–4% margin + fees) |
| Regulated currency specialist | €200–€1,200 (0.1–0.6% margin) |
| Typical saving | €6,000–€9,000 |
Indicative: banks typically apply a 2.5–4% exchange-rate margin plus a transfer fee; regulated specialists typically apply 0.1–0.6% with no fee. Your actual cost depends on the provider, amount and timing.
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You are tax resident after 183 days, or sooner if you have a permanent home in Portugal. The original NHR tax regime closed to new arrivals in 2024 and was replaced by a narrower incentive (IFICI) focused on certain high-value professions, so most new movers are taxed under standard rates. Portugal's double-taxation treaties prevent the same income being taxed twice — check the treaty with your home country.
Get a Portuguese NIF
Obtain a tax number (often via a fiscal representative) — required for a bank account, lease and visa.
Open a local account
You will usually need to deposit a year's savings here to evidence funds for the D7 visa.
Transfer savings efficiently
Move the required funds via a regulated specialist to maximise the euros received.
Apply for the D7
Evidence passive income (from ~€870/month) plus savings; add more per dependant.
Check your tax position
Confirm whether you qualify for IFICI; otherwise plan for standard Portuguese rates.
You must show stable passive income at least equal to the Portuguese minimum wage (around €870/month in 2026), increased by 50% for a spouse and 30% per child, plus typically a year's worth of savings held in a Portuguese bank account. Pension, rental or dividend income all qualify as passive income.
No — the original Non-Habitual Resident regime closed to new applicants in 2024. It was replaced by a narrower incentive (IFICI) aimed at specific high-value activities, so most new movers are now taxed under standard Portuguese rates. Portugal's double-taxation treaties still prevent the same income being taxed twice.
Use a regulated currency specialist and SEPA for the euro leg. Because the D7 visa usually requires you to deposit a year's savings in a Portuguese account, the exchange rate you get directly affects how much you can show — a specialist typically beats a bank by €6,000–€9,000 on a €200,000 transfer.