Can You Apply for the D7 Visa With JUST Savings?

Savings are typically required as part of a D7 visa application, but most people will be unsuccessful if they apply with savings alone. This is regardless of how much you have in savings. (Note: we say most people because, like many things, the situation isn’t black and white and there are exceptions to every rule).

However, it is possible to convert a lump sum of savings into something that generates passive income such as an annuity, rental property, investment, etc.

At Portugalist, we’ve been helping people move to Portugal since 2016. This question comes up a lot – lots of people have savings, but don’t have enough passive income. Thankfully, there are a few solutions to this which we will discuss in this article.

Why savings alone usually Don’t work

The D7 is aimed at people who can support themselves in Portugal through ongoing passive income (think: pensions, Social Security, long-term rental income, dividend/interest income).

Savings are different: they’re a lump sum.

From a decision-maker’s perspective, a lump sum can be spent quickly (for example, on buying a home), leaving you with no reliable monthly income and potentially dependent on work or public support. This defeats the whole purpose of the D7 which is to attract people who can support themselves.

For an individual applying in 2026, the authorities want to see that you have €920 per month in passive income to qualify.

However, with enough savings, you may be able to qualify: either by making a case for your savings or converting those savings into something that generates passive income.

D7 Savings Calculator

how to make savings “count” by converting it into passive income

Below are the most common (and most realistic) ways people use savings to support a D7 application without relying on savings alone.

Annuity-style payout product

If you have a large amount saved but low monthly passive income, an annuity-style product can convert part of your savings into a predictable monthly payout. This can be appealing because it creates a clean paper trail: a contract, a payout schedule, and monthly deposits that look like “real” passive income.

Generating passive income from savings through interest or dividends usually requires quote a large upfront sum. With an annuity, clients typically add 1-2 years of income, which is much more manageable. Setup costs are minimal and it’s possible to extend the annuity for renewals or cancel it if the client is rejected.

Scott Kirk

Kirk suggests around 15-24 month’s of income when applying. There are also setup fees of around €2,000, however this still makes this route cheaper than most others, such as investing in a rental property.

Generally speaking, most companies have minimum age limits for when you can purchase and begin using an annuity. In the UK, for example, you typically need to be retirement age to purchase an annuity or at least start receiving income from one. The US is slightly more flexible, but annuities are still considered something you would purchase for retirement: not usually for your 40s or 50s.

Key points

• Creates documentable monthly passive income (the thing consulates usually care about most).
• Can be structured to cover a year (or more) of future payments, which may help with renewals.

Evidence usually includes:

• Contract/policy + payout schedule
• Proof of funding source
• Bank statements showing monthly deposits landing consistently

Rental property income (recurring rent payments)

Rental income is one of the most straightforward forms of passive income because it’s ongoing and easy to understand: lease + rent deposits + statements. It can come from renting out a home you already own or from an investment property.

The downside is the logistics: buying and managing property is expensive, and you often need a track record of rent deposits before you apply.

Key points

• Rent is usually treated as qualifying passive income (because it’s recurring).
• You’ll typically want proof of consistent deposits (often a few months), plus the lease.

Practical challenges:

• Hard to show history if you’re still living in the property you plan to rent out.
• Owning property in another country can be complicated (even with a management company).
• You can’t always get a “guarantee” a specific setup will be accepted before applying.

Evidence usually includes:

• Lease agreement(s)
• Bank statements showing rent deposits
• Tax documents / rental statements where relevant

Dividend-generating investments (income from holdings)

Dividend income can work well if the dividends are regular enough and supported by clear account statements. The D7 concern is less about the balance and more about whether you can show an ongoing income stream that’s likely to continue.

To make this convincing, you want clean documentation and (ideally) a history of dividends being paid.

Key points

• Can produce a repeatable monthly/quarterly income stream you can document.
• Helps if you can show a pattern of distributions, not just a newly arranged account.

Evidence usually includes:

• Brokerage statements
• Dividend distribution reports / history
• A short personal statement explaining stability and intent

Interest income (high-yield savings, term deposits, CDs)

Interest can look like passive income if it’s presented as an income-generating strategy, not just “I have a lot of money in the bank.” The risk is that decision-makers may still treat it as a lump sum unless you clearly show recurring interest payments and a plan to keep the capital intact.

This option works best when you can show the money is “parked” for income (for example, in a locked/term product) and you can document the interest arriving consistently.

Key points

• Best when the interest is clearly recurring and supported by statements.
• Stronger if you can show:
  • Interest earned over time, not just recently
  • Funds are in a term/locked product (signals you won’t spend it immediately)
  • A clear explanation in your personal statement

Evidence usually includes:

• Bank statements showing interest credits
• Term deposit/CD confirmations
• Personal statement describing the strategy and intent

“Savings-only” applications: sometimes accepted, but risky

Immigration lawyer Sandra Gomes Pinto has noted that while consulates normally want to see recurring passive income, she has seen cases where savings/lump sums were accepted — but it’s not consistent.

“Normally the consulates demand that people show regular passive income and not just savings or a lump sum. However, we do know of cases where savings or a lump sum were accepted. So, it’s difficult to be 100% sure, but it might be accepted. The solution would be to discuss this with the consulate directly.”

The safest approach (if you’re trying savings-only) is to ask the consulate directly, because:

• Different consulates interpret the same concept differently,
• Standards can change without much notice,
• Some consulates are simply more flexible than others.

Real-World Applicant Experiences

These examples from Portugalist readers illustrate how differently consulates may interpret similar financial situations:

“We only showed savings… no income.”
Family of three transferred €25,000 to Portugal and showed ~$139k USD in US savings and CDs.
Approved. — Charli

“We had savings of around $3 million and transferred €50k to a Portuguese bank account. I was 70 and applied for my spouse and myself.” – Julio

“Curt and I are 65 and 66, we did not show SS income as we were not collecting any. We only showed our individual IRA accounts with enough money to fill their requirements to live here for 2 years. We only transferred the required amount to live here for one year, which was about $13,000 US. We did not share our bank accounts or any other proof of income or savings or home ownership. We figured if we were questioned we could appeal and show them more, but it never came up.” – Cathy

“I have 400k in cash savings and was told that would not be sufficient.”
Applying through San Francisco, told that savings alone would not be accepted.
Rejected (without passive income). — Natalie

“My husband and I decided to take the chance and send in our applications to VFS in DC. We are in our early thirties with two little ones. They received our applications on Thursday, Jan 21st and we received an email from them the following day requesting information regarding passive income. We told them we did not have any and wished to apply based on our savings alone. On Monday, Jan 25th we received an email stating: ‘In order to apply for a residency visa you need to prove you have a passive income or that you work remotely. Unless you prove you work remotely and receive a steady (regular) income, the request cannot be accepted. Please provide the missing documents not later than 24 hours. Otherwise we will need to return you applications.’” – Yanira

“I showed enough to live by Portuguese standards for the remainder of my life.” – Danna

“We applied as a family of four – my husband and me plus two kids, ages 47, 49, 13 and 10 at the time. We didn’t need to transfer to a Portuguese bank.  The accounts we submitted with our application were all liquid (a combo of checking, savings and money market accounts – we didn’t include any stocks, partnerships or retirement accounts whose value could decline or that we couldn’t access easily). There’s so little information on how much they want to see (if you’re not showing regular income), I wasn’t sure what to include. I figured if we showed enough liquid assets to support ourselves until retirement age they would hopefully be comfortable approving us. In total we were in the mid six figures.” – [Anonymous source] 

This contrast is typical. The rules are not applied uniformly. Also, it’s important to note that consulate requirements change from year to year, and consulates may apply the rules more strictly over time.

When the Golden Visa May Be a Better Fit

If your finances are savings-based rather than income-based, the Golden Visa is often the more predictable option. Instead of proving passive income, you make a qualifying investment—typically €500,000 in an investment fund (or, in some cases, a €250,000 cultural donation).

This route does involve:

• Higher upfront costs (investment + legal + government fees)
• Capital being tied up for the required holding period

However, it offers two major advantages:

1. More certainty: The Golden Visa is generally a reliable, structured path to residency, whereas applying for the D7 with savings alone can be unpredictable and dependent on consulate interpretation.
2. Minimal stay requirement: You only need to spend an average of 7 days per year in Portugal, rather than demonstrating residency and presence like the D7.