Portugal Startup Visa: Ultimate Guide on Business Investments

The Portugal Startup Visa is a government program to attract foreign entrepreneurs to establish innovative businesses in Portugal.  

Essentially, it is a specific residency visa for people who invest in approved startups or create their own startup company in the country. In this article, we’ll cover how the visa works and some of the benefits.  

 You’ll also find out more about: 

• Portugal startup visa requirements 
• Required documents for the Startup Visa 
• How to apply for the D2 Startup Visa 

What is the Portugal Startup Visa?

Officially referred to as the Portugal D2 Visa, this visa is tailored for individuals from outside the European Union (EU) and European Economic Area (EEA) who aspire to create, develop, or expand startups in the country.

It aligns with Portugal’s goal to foster an entrepreneurial ecosystem, positioning itself as a hub for innovation and promoting startup culture. If you can develop a business idea in Portugal, preferably in technology or innovation, and can demonstrate a viable business plan evaluated and approved by Portuguese authorities, this visa could be right for you.

Key Benefits of the Portugal Startup Visa Program

Portugal’s reputation as an entrepreneurial hub has grown significantly due to its supportive business environment, skilled workforce, and excellent quality of life. 

Startup Ecosystem: Lisbon and Porto are gaining recognition as vibrant hubs for innovation and entrepreneurship, making them appealing destinations for startups. Both cities host various events that attract international attention, with the Web Summit being one of the most notable. This annual tech conference brings together industry leaders, entrepreneurs, and investors worldwide, offering significant networking opportunities and insight into the latest trends in technology and business. 

Strategic location: Portugal’s geographical positioning offers startups easy access to major markets across Europe, Africa, and North America. This strategic location not only facilitates extensive trade possibilities but also allows entrepreneurs to tap into diverse consumer bases and foster international partnerships, enhancing their growth potential on a global scale. 

Government support: The Portuguese government actively promotes the startup ecosystem’s growth through various incentives. These include grants designed to support new businesses, tax benefits that encourage investment and innovation, and various programs providing resources and mentorship to budding entrepreneurs. Such support alleviates financial pressures and fosters a supportive environment for business development. 

Residence permit: The Startup Visa program allows entrepreneurs to obtain a residence permit to live and work legally in Portugal. This provides a stable legal framework within which they can develop their business. 

Family inclusion: Visa holders benefit from the ability to include their immediate family members in their application, which is a significant consideration for many entrepreneurs seeking to relocate. This family inclusion helps create a sense of stability and community for those starting their new ventures abroad. 

Incubator partnerships: The program encourages collaboration with established incubators and accelerators within Portugal. These partnerships can significantly facilitate business growth by providing mentorship, resources, and access to funding networks, enabling startups to thrive in an environment rich with support and expertise.  

Portugal Startup Visa Requirements

As with any visa to Portugal, there are a few requirements that you must meet to be granted the Startup Visa.

The most crucial aspect of the application is demonstrating that you have a solid business plan. The Portuguese authorities will rigorously evaluate the plan based on its social, economic, and cultural implications.  

Your business plan must demonstrate how your business will prosper, stimulate the Portuguese economy, and aid Portugal’s economic growth by paying corporate tax. In addition, there are also a few other things that your business plan should include, for example: 

• Personal and company NIF number 
• Social Security number 
• Business certification 
• Social Security tax receipts 
• Your Portuguese business bank account details 
• Bank statement with proof of capital transfer 
• Employment contracts 

Financial ability

It is essential to provide proof of your financial capability to support and maintain your business throughout your planned stay in the country. This includes demonstrating that you can generate sufficient income to pay corporate taxes. Showing the financial viability of your business and its ability to thrive during your time in Portugal is crucial. 

If you have set up a company in Portugal, that would also be beneficial in the visa application. The authorities would like to see the documents indicating your establishment of a company in the country or at least paperwork that you have adequate financial resources in Portugal to do so. 

Investment declaration 

If you prefer to invest in business, you must declare that you have invested in or plan to invest in Portugal. This declaration should specify the type of investment, its worth, and the timeframe for the investment.  

There is a list of certified incubators on IAPMEI’s website, and it’s important that the business has the potential to achieve, up to five years after the term of the incubation contract, a turnover of more than €325,000 per year and/or an asset value of more than €325,000 per year. 

Additionally, creating job opportunities in Portugal will greatly enhance your application.  

Required Documents for the Startup Visa

To ensure a successful application, you must submit a few personal documents other than the business plan or details of the investment. 

NIF and Portuguese bank account 

To apply for a D2 Visa in Portugal, you must first obtain a Tax Identification Number (NIF) from the Portuguese tax authorities. Additionally, you need to open both a personal and a business bank account in Portugal. These two steps are essential for the D2 Visa application process. 

Criminal background check 

A clear criminal record certificate is typically required from every country where you have lived for more than a year. This document should be no older than three months at the time of your application. Many people mistakenly believe that having a criminal record automatically disqualifies them from visa eligibility; however, it depends on the nature and severity of the crime. 

If your criminal record includes offenses that could result in a prison sentence in Portugal, this might affect your application. In such cases, it is advisable to consult an immigration specialist for guidance. 

Designation of a tax representative 

Non-EU citizens are required to appoint a tax representative in Portugal as part of the D2 Visa application process. 

Personal financial requirements 

To apply for the Portugal D2 Visa, you must provide proof of sufficient financial resources to support yourself and your dependents for one year. This proof should include bank statements that are separate from your business earnings.  

As the primary applicant, you are required to maintain a minimum balance of €19,680 in a bank account in Portugal throughout the two-year application period. This amount is double the annual minimum salary in Portugal. 

Please note that this balance will increase for each dependent you have. 

• An extra 50 percent (€9,840) is needed for a spouse or any other family member over 18 
• An extra 30 percent (€5,904) is needed for each family member under 18 

For example, a family of four with two adults and two minors must meet minimum income requirements and maintain at least €41,488.00 in their Portuguese bank account during the family reunification period. 

Proof of accommodation in Portugal 

Proof of secure accommodation in Portugal must be provided. This can take the form of a rental contract, property ownership documents, or a letter of invitation from a friend or relative who is a legal resident of Portugal. 

Travel insurance cover for at least six months 

It is important to have at least six months of travel insurance coverage. This should include coverage for the initial four months of the Portugal D2 Visa, as well as the waiting period for registering as a resident with AIMA. Once you receive your temporary residence permit, you will be eligible for Portuguese state healthcare. 

While legal residents can access Portugal’s public healthcare system, many foreign nationals prefer to obtain health insurance. Private health insurance costs typically range from €30 to €150 per month, depending on the extent of coverage and the individual’s age. 

How to Apply for the D2 Startup Visa

The application process for the Portugal D2 Visa consists of two distinct phases and is done directly on the IAPMEI website. If you haven’t registered on the website yet, you’ll need to do that before you can lodge your application. 

In the first phase, you submit most of your documents, including: 

• Your business plan 
• Motivation letter demonstrating interest in developing an entrepreneurial and innovative project in Portugal 
• Copy of the residence authorization document 
• Copy of your passport 
• Authorization for IAPMEI to conduct a consultation with the Tax and Social Security Authority 
• Certificate of criminal record 
• Bank statements showing financial means and subsistence corresponding to 12 times the Social Support Index (IAS) in Portugal 

In the second phase, entrepreneurs can enhance their application by providing additional information after receiving a positive expression of interest from at least one incubator. This updated application should then be submitted to IAPMEI for evaluation via the online platform. 

It is important to note that the information provided does not replace or invalidate the assessment conducted by the consular services of the Ministry of Foreign Affairs when granting an entry visa or residence permit. 

Once your application is approved, you will be required to attend an interview. If you are successful, you will receive a four-month Portugal D2 Visa, allowing you to travel to Portugal and apply for residency upon your arrival. 

This takes place in Portugal with AIMA. The agency will schedule an appointment for you, and you will receive a notification with the appointment date alongside your visa.  

If all available AIMA appointment slots exceed the validity of your visa, your legal status in Portugal will remain unaffected beyond the four-month term as long as you have an appointment scheduled. 

Portugal D2 Visa Costs and Fees

While there’s no predefined amount for business investment, entrepreneurs must demonstrate their financial capability to operate the intended business.

In addition, proof of adequate funds to sustain yourself in Portugal for a year, equal to at least €10,640, and proof of rented or owned accommodation in Portugal is necessary. Other costs include a €90 government fee, health insurance, and legal services.

Goldcrest: How We Can Help You 

Goldcrest is a buyer’s agent that is based in Lisbon. We provide expert, impartial advice on real estate investments and how to buy property in Portugal. From scouting out the perfect property through to property acquisition, we have you covered throughout the process.

If you are looking to purchase property in Portugal, don’t hesitate to get in touch. Our team of skilled experts is available to solve all your real estate doubts, helping you with the property search and offering insightful expertise and strategic advice.

Why choose Goldcrest?

• Local knowledge: With offices located across Portugal, our presence nationwide allows us to assist you personally across the country.
• Independent service: As an independent buying agent, we do not represent any development or project. Our service is entirely tailored toward each individual client, providing you with everything you need to secure the perfect property at the best possible price. As an impartial advisor on the market, we work solely on behalf of our client and provide a service tailored to your needs and requirements.
• Streamlined process: Our real estate agents speak English and Portuguese, and our service is completely focused on providing you with a hassle-free buying experience, saving you time.
• Experienced team: Our expert real estate team has a vast local knowledge of the Portuguese property market. We have cutting-edge technology and metasearch tools at your disposal to provide full market coverage, ensuring the best investment choices and negotiated prices.
• Network of partners: We have a close network of partners, including lawyers, property management services, builders, architects, designers, and landscape gardeners, again saving you time and hassle by providing you with trusted experts in their field of work.