The Portugal D2 Visa: Portuguese Residency for Entrepreneurs

With opportunities in many sectors such as biotechnology and a thriving manufacturing sector, Portugal is a dream destination for entrepreneurs. However, as a member of the European Union, this country has strict immigration policies that make immigrating from outside the union difficult. That's where the D2 visa comes in. This visa allows you to enter this country and open a business, invest, or work as an independent trader.

In this article, you'll discover Portugal's d2 visa, its benefits, and how to acquire it.

What Is the D2 Visa?

The D2 visa is a specialized type of visa specifically designed for investors who wish to relocate to Portugal to engage in investment activities. This visa caters to individuals interested in investing in Portuguese companies or establishing their business ventures within the country.

The visa is valid for 4 months during which you can start your business and pursue a long-term visa. Entrepreneurs, digital nomads, and self-employed professionals can use this visa to run their businesses in this country.

The Benefits of the D2 Visa

This visa opens you to these benefits:

• Business Opportunities: You can work and open businesses in this country in any of its booming industries such as renewable energy, tourism and information technology.
• Great Economy: According to reports, Portugal has a forecasted drop in inflation of nearly 45% between 2023 and 2024 which highlights its growing economy.
• Travel Allowance: With this visa, you can enter the Schengen Area freely.
• Path to Citizenship: Through this visa, you can enter the country and then acquire a residence permit. After 5 years of residing in that country, you'll be able to apply for citizenship.
• Family Reunification: You can use Family Reunification to get a temporary residency permit for your family to join you in this country. More specifically, this allows parents, partners, children under 18, dependent adult children, and dependent siblings to live with you.

The D2 Visa Requirements 

To acquire the D2 visa, you need to meet the following general and relevant specific requirements:

General Requirements

• Subsistence: You need proof you can survive in this country for a year. Therefore, you need a minimum of €9,870 or $10,710.24 per year. If you have a spouse, that amount increases to: €14,805 or $16,070.01. For any children you have, that amount increases by €2,962 or $3,215.09.
• Housing: Before you can apply, you need long-term accommodation in this country.
• Insurance: You need health insurance before you apply for this visa.
• Tax Representative: If you're not a European Union citizen, you'll need a tax representative or choose to deal directly with the Portuguese authority or the official electronic mailbox.
• Declaration of Investment: You need to provide a document stating the nature, value, and length of your investment in this country. The Portuguese government will consider your investment's economic, scientific, and social relevance, among other criteria.

For Entrepreneurs

As an entrepreneur interested in leveraging the D2 visa for business endeavors in Portugal, securing adequate capital is a fundamental step. Although there is no predefined minimum investment amount, it is observed that small businesses often initiate operations with approximately €5,000 or $5,427.23.

Furthermore, preparing a comprehensive set of documents is critical for the application process. You need documentation to prove:

• You have set up a company/branch or bought a local business

• You can sustain it for the duration of your project

• Your business will grow using your business plan

For Independent Professionals

Independent or liberal professionals should submit a written contract/proposal to offer their services. Meanwhile, freelancers and digital nomads need to prove they can offer services relevant to this country.

How to Get a D2 Visa from Portugal

Once you've ensured you meet the requirements of the D2 visa, you can begin the process of acquiring it.

1. Acquire a Tax Number

First, you need to get a tax number to begin the process of getting the D2 visa. You require this taxpayer identification number to open a bank account in this country.

2. Open a Bank Account

After you've received a tax number, you need to open a bank account in a Portuguese bank. There, you'll transfer the funds that equate to or surpass the requirements to subsist in this country and to start and keep your business operational.

3. Secure Long-Term Accommodation

Now that you've opened a bank account, you need to rent or buy long-term accommodation. If you choose to rent, you should ensure the contract lasts at least a year.

4. Get Health Insurance 

Once you have arranged your accommodation, it's important to purchase health insurance that is valid in Portugal. Ensuring that your health insurance plan is recognized and effective in the country is crucial for accessing healthcare services during your stay.

5. Gather the Necessary Documentation

With the preliminary step of getting insurance out of the way, you should gather these documents:

• A Filled D2 Visa Application

• Proof of Accommodation in Portugal

• A Passport and Its Copy (valid for at least the next 10 months)

• 2 Color Passport Pics

• Your Declaration

• Proof of Health Insurance

• Proof of Subsistence funds

• A Criminal Record Certificate

Additionally, entrepreneurs need to submit their business plan and proof of investment or the funds to make this investment. If you're buying a Portuguese company you should also provide the company's financial statements and its foundation documents. As for independent professionals, you should submit a copy of your work contract and if applicable, proof of your qualifications.

6. Submit the Application and Pay the Fee

Lastly, you should submit your documentation to a Portuguese consulate in your country of residence or citizenship. Then you'll pay the €90 or $97.69 fee and wait on average 60 days for the government to process your application.

After you've received your visa, you can move to Portugal and apply for a residency permit so that you can continue your business.