Portugal Startup Visa
2 December 2024 | Portugal
The Portugal Startup Visa was created for entrepreneurs who are starting innovative projects in the country. The Portugal Immigration Act’s Articles 60 and 81 specify the requirements for getting this visa.
An application must be made to the IAPMEI, an organization that finances programs for entrepreneurs, in order to obtain a visa. The next step is to launch a startup in partnership with a Portuguese business incubator and present an original business plan. The primary applicant must be a non-EU citizen or resident, and the application may include up to five partners.
A Portugal residency permit can be obtained through the Startup Visa. The first card has a two-year expiration date and a three-year renewal option. In order to reunite with their family, relatives may be granted residency.
What is the Portugal Startup Visa?
The Startup Visa Portugal is a kind of resident visa that permits innovative entrepreneurs from non-EU nations to go to Portugal and start-up companies. If they qualify, these entrepreneurs can even relocate or expand their present enterprises or establish a new venture in Portugal.
This kind of visa is in existence to attract talent, foreign investment, and innovative capabilities to the country. That being stated, the notion must be able to stimulate economic growth through market potential while also assisting in the development of your country’s qualified workforce.
As a result, when you apply for a Start-up Visa, you must also submit a detailed business plan and find an authorized incubator in the country to help accelerate the development of your company. After this, you can apply for the Startup visa through IAPMEI.
Be aware that once you have integrated a Portuguese Startup incubator, you will be able to take advantage of the programme’s support and incentives. The application can also include up to five team members, and family members can later join you via family reunification.
Who Can Apply for a Portugal Startup Visa?
Two specific criteria categories will qualify a person for the start-up visa application. There are requirements for both the entrepreneur and business categories.
Business Requirements Category
You must have a business concept that focuses on technology and innovation. This means that a suitable project will fall into one of the following categories:
- IT
- Communications
- Electronics
- Customer products and services, or commerce.
- Biotech
- Energy
- Healthcare
Entrepreneurial Requirements Category
- You must be over 18.
- Your criminal record must be clean.
- You must have the financial capacity to sustain yourself in Portugal for at least one year.
- You need to be a foreign entrepreneur from a non-EU country or not be a permanent resident in Portugal.
- You must owe no debt to tax authorities or social security.
- You must have the financial capability to buy or rent housing in the country.
Portugal Startup Visa Requirements
Entrepreneur (Main Applicant)
- Over 18
- No criminal record
- No permanent residency or citizenship in the EU
- With enough money to live in Portugal for a year, the required amount is €9,840 per person
- Health insurance
Startup Co-founders
- Over 18
- Up to 5 people in the application
Spouse
- No criminal record
- In an officially registered marriage or partnership with the investor
Benefits of Portugal Startup Visa
There are many benefits to getting a Portugal Startup Visa. The benefits are as follows:
Moving to Portugal
A Startup Visa permits its holders to live in Portugal, a safe country with a moderate climate, beautiful scenery, and an excellent standard of living. To renew the residence permit, you must spend 1.5 years in a row or 16 months in Portugal within two years.
Low-Cost Portuguese Residency Access
To obtain a Startup Visa, you must confirm that you have at least €9,840, which is the minimum funds for a year of stay in Portugal. The visa does not require any investment with a fixed cost.
Visa-free travel in the Schengen Area
People from Cosmopolitan with Portugal residency permit are allowed to spend 90 days out of 180 in other Schengen countries without a visa.
Starting a Business in Portugal
To obtain a Portugal Startup Visa, you must establish a startup in partnership with a top Portuguese business incubator. The incubator can make working in a foreign country easier, such as by assisting with paperwork or providing a low-cost office space.
Applying for citizenship after 5 years
After living in Portugal for five years, you can seek for citizenship. Doing business there could improve your chances of approval.
A Portuguese passport allows you to travel to 172 countries and migrate to another EU country. Portugal allows dual citizenship, so applicants are not required to relinquish their citizenship in other countries.
Tax Optimisation
Startup owners that live in Portugal for 183 days per year become tax residents and may be eligible for a 10-year beneficial tax status known as Non-habitual Resident. This status exempts individuals from paying taxes on income earned abroad if it is taxed in another nation that has a double tax agreement with Portugal.
Citizenship for Newborn Children
If an infant is born in Portugal to foreigners who have had Portuguese residency for at least a year, he or she is granted citizenship.
How Can the Portugal Startup Visa enable you to Obtain Portuguese Citizenship?
Once you have lived in Portugal for five years, you can apply for the StartUp Visa and become a citizen. Six consecutive months, or eight months total, are equal to one year.
Additional requirements for eligibility include the following:
- Sufficient funds for use and rented or owned housing to live in the country.
- Proof of Portuguese language proficiency (CEFR A2).
- Having a clean criminal record.
Because Portugal permits multiple citizenships, you are not required to relinquish the citizenship of your country of origin. You will need to give up your former citizenship in order to relocate permanently to Portugal, though, if your native country does not allow dual citizenship.
Frequently Asked Questions
Entrepreneurs may be eligible for a Startup Visa if they have a comprehensive plan for an innovative startup. The candidate must be older than eighteen, have no criminal history, and not hold EU citizenship or permanent residency. The application may include up to five company partners.
The amount of the investment is not specified. In order to develop their business idea, start a new company, or move an existing one to Portugal, entrepreneurs must invest money.
Yes, you need a business plans and a well-developed idea.
Yes, a company started by a Portuguese and a foreign citizen can be eligible for the Startup program. However, the business must be set up outside Portugal. Also, the foreign entrepreneur must be the principal applicant without a permanent residence in the Schengen Area.
No, you are only able to submit one application at a time. Additionally, you must exhibit a strong desire to create an entrepreneurial initiative with an innovative foundation. Each group member’s unique input is crucial in this situation. Reject or withdraw from a project only if it allows you to apply for another one.
No, obtaining a Startup Visa does not require that all of the company’s investments be made in Portugal. After being accepted into the program, you apply for the Startup Visa at the Portuguese Consulate in your area. After your proposal is approved by the incubator, you receive an Acceptance Statement from IAPMEI. To do this, you don’t need to have launched a company in Portugal.
Why You Should Choose Simard & Associates as Your Immigration Lawyer?
At Simard & Associates, we bring expertise, dedication, and a personalized approach to every immigration case. With a proven track record of success, we guide you through the complexities of immigration law with confidence and care. Our team is committed to providing tailored solutions, ensuring your application process is smooth, efficient, and stress-free. Whether you’re pursuing residency, citizenship, or visas, Simard & Associates is your trusted partner for achieving your immigration goals.
For more details & questions, Kindly contact us and one of our Immigration Consultants & Immigration Lawyers will respond to you.
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Simard & Associates helps clients apply for citizenship and residence under the applicable programs. To schedule an initial free consultation, get in touch with us.
