If you are considering moving to Portugal, you are probably wondering how much money you will need to live there.
This is a difficult question to answer, but it can be broken down into two parts:
- How much income is required to obtain residency?
- How much money do I need to live comfortably in Portugal?
Income requirements for residency
Permanent relocation to Portugal requires obtaining residency. There are different procedures depending on whether you are an EU/EEA/Swiss citizen (e.g. French or Irish passport) or a citizen of the rest of the world. (e.g. American or British).
Let us start with the rest of the world. If you wish to relocate to Portugal and do not hold a passport from the EU/EEA/Switzerland, you will need to apply for a residence visa, which has different income requirements.
Digital Nomad Visa
Aimed at remote workers or freelancers, the Digital Nomad visa has the strictest income requirement, requiring four times the Portuguese minimum wage (€760 in 2023), or €3,023 per month.
The D7
The D7, on the other hand, which is intended for those with a passive income such as a pension, social security or rental income, only requires that you earn more than the minimum wage in Portugal. In reality, this is barely enough to live in Portugal, and you’re more likely to be accepted if you can demonstrate greater financial stability.
The majority of applicants also provide evidence of savings or a Portuguese bank account containing at least €760 * 12, which is equivalent to one year’s savings.
EU/EEA/Swiss citizens
If you are an EU/EEA/Swiss citizen applying for residency, you must prove that you can support yourself financially, such as through a pension, a job, savings or a remote position. This figure is closer to €760, but it is not set in stone, and the person reviewing your application may suggest that you need a bit more – especially if you intend to live in Lisbon. In practice, however, the standards appear to be somewhat more lenient for D7 visa applicants than for non-EU/EEA/Swiss nationals.
Money needed to live in Portugal
How much money do I need to live in Portugal? You must have at least the minimum wage in Portugal, as this is the amount required to live there. On this budget, you will probably only be able to rent a room in a shared apartment and cover basic necessities such as food and the occasional meal out.
It depends on where you live. Lisbon and Porto are both quite expensive, as are parts of the Algarve. However, in northern and central Portugal and the Alentejo, you may find that your money goes further in taverns and restaurants.
The biggest expense for most people will be accommodation, followed by food and drink. Take a look at rental and purchase prices on a site like Idealista to determine how much it will cost you to live in your desired location. Then factor in likely expenses such as clothing, utilities, and public transportation. This article provides useful information on the cost of living in Portugal.
In the end, it is difficult to determine how much money is needed to survive in Portugal. It depends on variables such as
- One person may be satisfied with a shared apartment, while another may prefer a private apartment.
- One person may be satisfied with a simple apartment, while another may need heating or air conditioning.
- One person may desire a simple lifestyle where they only spend money on food, while another may appreciate frequent dining out and weekend getaways.
