D2 Visa - Entrepreneur Immigrant Visa
D2 Visa - Entrepreneur Immigrant Visa
The Portugal D2 Visa allows entrepreneurs, freelancers, and independent service providers to reside in Portugal. The Portuguese government started this visa in order to raise external resources and investments to grow the Portuguese economy. This visa only applies to non-EU/EEA/Swiss citizens who wish to start a business or relocate their existing business to Portugal. You can also choose to invest in an existing business in Portugal.
The Portugal D2 Visa is less known than the D7 visa and the Golden Visa but can be a viable route to permanent residency and citizenship for those looking to work for themselves in Portugal.
You will also need to show that you have enough money to sustain yourself. For yourself as the main applicant, you must have 100% of the minimum salary which is €8,460 per year. For a spouse, you must add 50% to this (€4,230) and for a dependent child, you must add 30% to this (€2,538). Therefore, for a couple with one child, you would need around €15,300 a year to be eligible for the D2 visa.
Applicants must also produce a solid business plan that will be reviewed for its social, economic, and cultural impact. This plan should prove that your business will thrive and lead to economic growth.
Lastly, applicants must explain in their application why they have chosen Portugal as their business location. Rather than just focusing on the cost of living and climate, essentially why the country would be positive for you, also focus on how your company will impact Portugal and satisfy the needs of the population. It might be that you will be creating multiple jobs in Portugal or solving a particular issue that has not yet been addressed in the country.
To apply for the D2 visa, it is necessary, among other assumptions, that a company be set up in Portugal. Portuguese law provides for different types of corporate arrangements. However, the limited liability company and the sole proprietorship have been the most used to obtain this visa. The first type of partnership involves a minimum of two partners, while the sole proprietorship consists of a single partner. In both types mentioned, the share capital is freely fixed in the social contract.
ASSOCIATED COSTS
Opening a company has some associated costs, which cannot be forgotten by those who intend to undertake in Portugal. After all, for a business to be productive it is necessary to take into account all the variants that surround it. Pay attention to the following costs:
- € 360.00 for opening the company;
- Request for a specific name for the company: € 75.00 in 10 working days, or € 150.00 in 24h (it is possible to choose a name from the pre-approved list and avoid this additional cost);
- € 250.00 (approximate amount) per month for expenses related to the accountant;
- Corporate Income Tax, also called IRC, with a 25% rate.
- Derrama (municipal tax), whose maximum limit is 1.5%.
- Value Added Tax (VAT), the amount of which varies according to the service provided. VAT can be 23%, 13% or 6%, depending on the essentiality of the product or service.
DOCUMENTATION REQUIRED FOR VISA APPLICATION
To submit a D2 visa application to a Portuguese Consulate, it is necessary to proceed with the elaboration of a business plan, identifying the objectives and the way the investment value will be used.
The other documents are:
- Visa application form to live in Portugal;
- Passport valid for more than 3 months the expected length of stay;
- Two identical pictures;
- Proof of means of subsistence;
- Proof of accommodation;
- Health insurance;;
- Criminal Background Certificate (valid for 90 days);
- Certified copy of the identity card;
- Request that authorizes the consultation by the Foreigners and Borders Service (SEF) on the criminal history of Portugal;
- Declaration by the applicant, identifying, for example, the reason for the visa application, the time he intends to live in Portugal and where he intends to live;
- Declaration to be aware that you should not travel to Portugal without having a visa;
- Declaration that it has carried out or intends to carry out an investment operation in Portugal, indicating its nature, value and duration and proof that it has carried out investment operations; or proof that you have financial means available to invest in Portugal.
After the submission of all documentation, the decision on granting the visa by the Consulate takes between 30 and 60 days.
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