Why international entrepreneurs are choosing to start businesses in Portugal using the D2 Visa scheme
Portugal has become a popular destination for international entrepreneurs in recent years, and the D2 Visa Scheme is a key reason why. The D2 Visa is a long-stay visa that allows non-EU citizens to start or invest in a business in Portugal.
It is a relatively straightforward visa to obtain, and it offers a number of benefits to entrepreneurs, including the ability to live and work in Portugal for up to two years, with the option to renew for another three years.
It also allows holders the right to travel freely within the Schengen Area and the ability to sponsor family members to join them in Portugal. It is also a pathway to permanent residency and Portuguese citizenship.
Why are international entrepreneurs choosing to start businesses in Portugal?
Portugal has a stable economy and a government that is supportive of entrepreneurship. The country has also implemented a number of reforms in recent years to make it easier to start and run a business.
The D2 Visa Scheme also offers a number of specific benefits for entrepreneurs, such as the ability to open a bank account and obtain a Portuguese tax number or also known as Número de Identificação Fiscal (NIF).
In addition, it also offers numerous tax incentives via the Non-Habitual Residency (NHR) tax regime route, which could mean as little as 0% tax on non-Portugal derived income such as dividends and royalties with a further 20% flat tax rate, as opposed to as high as 48% without, on Portuguese-sourced income from employment and self-employment for up to 10 years.
However, following recent announcements, the Prime Minister Antonio Costa has stated that they will end the NHR tax regime in 2024. This means that there is now a limited amount of time for non-holders to apply and receive the NHR status before it is discontinued.
Skilled workforce and financial support
The D2 Visa also allows holders the ability to access government grants and other financial assistance programs for businesses as well as the ability to hire employees and obtain visas for them.
Portugal also has a well-educated and skilled workforce. This is particularly attractive to entrepreneurs who are looking to start businesses in technology or other innovative sectors. In addition to this, Portugal has a vibrant start-up ecosystem, with a number of incubators and accelerators that support new businesses.
International entrepreneurs that have moved to Portugal
Andre Botelho
Botelho is the founder and CEO of OutSystems, a leading low-code development platform. He started OutSystems in Portugal in 2001, and the company has since grown to over 1,000 employees and has raised over $1 billion in funding
Brian Chesky
Chesky is the co-founder and CEO of Airbnb, the world's leading online marketplace for homestays and vacation rentals. He founded Airbnb in 2008, and the company has since grown to over 7 million active listings in over 220 countries and territories. Chesky moved to Portugal in 2021 to take advantage of the country's favourable business environment and low cost of living.
Margarita Salcedo
Salcedo is the founder and CEO of The Crew, a global platform that connects people with remote jobs. She started The Crew in 2015, and the company has since grown to over 100,000 members in over 100 countries. Salcedo moved to Portugal in 2022 to take advantage of the country's vibrant start-up ecosystem and its favourable immigration policies.
If you are an entrepreneur who is looking to start a business in a supportive and favourable environment, Portugal is a great option to consider using the D2 Visa Scheme.
Disclaimer: The guidance above should not be fully relied upon and does not constitute formal instructed professional advice. In relation to tax advice in Portugal, please engage and instruct a regulated professional for all tax advice and structured financial planning. Please contact Via Portugal if you would like an introduction to one of our professional advisors.
Via Portugal - Vistos, Nacionalidade, Cidadania, Legalização, Investimento e Empreendedorismo
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