Portugal Startup Visa 2022: Residence Permit for Entrepreneurs
A Startup Visa is a Portugal residency visa for entrepreneurs. They can apply for the visa if they have a detailed startup idea. Those who run an innovative or technological business abroad also can get residency if they wish to transfer their companies to Portugal.
Up to five team members may be included in the Startup visa application. Family members move to Portugal later after they get residency for family reunification.
A Portugal residence permit must be obtained after the Startup Visa. The first permit is valid for two years, and all the consequent ones are issued for three years. To retain residency, one must live in Portugal permanently — for six months in a row or eight months in total yearly.
The Startup Visa Program was launched in 2018 by IAPMEI, a Portuguese agency responsible for projects in the area of innovation and competitiveness. The program is intended to attract foreign talents, innovative businesses and investment to the country.
The legislative framework for the visa is articles 60 and 81 of REPSAE, Portugal’s immigration act.
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Requirements for entrepreneurs and their businesses
Startup founders must be non-EU, non-EEA and non-Swiss citizens or permanent residents to apply for the Startup visa. Also, they have to be over 18 and without a criminal record.
Every applicant must confirm owning money for living in Portugal for a year, at least €5,146.80. In addition, they have to rent or buy housing in the country; the price and area are unlimited.
Up to five team members can be included in the application.
5 team members
Can obtain a Portugal Startup Visa
Businesses must be focused on innovation and technology. Projects in IT, biotech, electronics, communication, energy, healthcare, commerce and consumer products and services may be suitable.
Applicants have to submit a detailed business plan and presentation to show their projects’ perspectives:
- for entering global markets.
- creating jobs for highly qualified professionals.
- reaching €325,000+ of annual turnover or assets value after five years of incubation.
When business incubators and IAPMEI evaluate a startup idea, they consider all the criteria mentioned above. Also, they pay attention to the team’s skills and experience.
How to get Portugal residency for an entrepreneur’s family members
The Startup Visa doesn’t allow one to include family members in the application immediately. Instead, relatives get Portugal residence permits for family reunification.
Entrepreneur’s family members who can apply for residency:
- a spouse of the entrepreneur or a partner in a registered civil partnership recognised by the state.
- minor children.
- children over 18 if they are not married, dependent on the entrepreneur and study in Portugal.
- parents if they are financially dependent on the main applicant.
To get residency for relatives, a Startup Visa owner must prove they have money to live in Portugal. The minimum amount is counted according to the minimum salary in the country, which is €8,460 a year in 2022. The required amount to confirm is 50% of the annual salary for each adult and 30% for each minor family member.
Documents needed for a Portugal Startup Visa
The list of documents for applying for the visa includes the following:
- A copy of a passport and a residency card, if applicable.
- A detailed business plan and a project presentation.
- A letter of motivation demonstrating interest in developing an innovative project in Portugal.
- Certificate of no criminal record from the countries of origin and residence.
- CV.
- A bank statement confirming a balance of €5,146.80 or more per applicant.
- A Portugal taxpayer number, NIF.
- A social security number
After getting the startup visa, an applicant receives a declaration of participation in the program from IAPMEI. It is required to obtain a residence permit. Also, one must prove to have sufficient funds and housing to live in Portugal to apply for residency.
Source: Portugal Startup Visa 2022: Residence Permit for Entrepreneurs – Immigrant Invest
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