Are you wondering what are the benefits of the Portugal D2 visa? Well, we have collected a list of benefits of the Portugal D2 visa in this blog. Continue reading and add to your knowledge the information you should know before investing in Portugal.
What is a Portugal D2 Visa?
If you have recently invested in the economy of Portugal either by purchasing an already established business or creating a fully-fledged new company, you will receive a D2 visa. This D2 visa is especially issued to foreigners who have significantly invested their money in the economy of Portugal.
After you have received your D2 visa, you can then apply for a temporary residence permit to stay in Portugal. Although there is no cut-off value for the business investment you make in Portugal’s economy, you should have a minimum amount of money to stay in Portugal. You should have at least € 9,840 in your bank accounts before you plan to stay in Portugal for a year.
To attain this D2 visa, you must establish a firm, or purchase a business, or develop a new branch of an existing brand. When you are establishing a new business in Portugal, you must provide a business plan and its description, along with the prospects of its development.
If you are wondering what are the benefits of the Portugal D2 visa, it is that you get a residency permit to stay in Portugal with your family. After you and your family have received the D2 visa, you can then apply for a temporary residency permit within four months. For this purpose, you can consult the Agency for Integration, Migrations, and Asylum of Portugal. When you have spent five years in Portugal, you are then eligible to apply for permanent residency in Portugal.
You are not expected to invest a specific amount of your income in the business to settle in Portugal by the local government. Instead, you can invest as much as you want and in what suits your capacities. However, you must stay in Portugal for at least 18 months on the go or, at the very minimum, 16 months within two years of your stay in Portugal.
When you are moving to Portugal as an entrepreneur, you must confirm your residence by signing a lease or sale agreement via online before you land in Portugal. Only when you have a house where you can live in Portugal will you be eligible for a D2 visa. Furthermore, you will also have to pay for health insurance costs that at least have a cut-off value of € 400.
What are the Benefits of the Portugal D2 Visa?
Before you invest your money in any of the businesses located in Portugal and apply for the D2 visa, you should know what are the benefits of the Portugal 2 visa. That way, you will be able to make informed decisions, which will help you stand strong when business hurdles hit you hard.
Here is a comprehensive answer to your question: what are the benefits of the Portugal D2 visa?
Easy Eligibility Criteria
One aspect to answer about the benefits of the Portugal D2 visa is the easy eligibility criteria. To acquire the Portugal D2 visa, you are not expected to fulfill sophisticated and specific eligibility criteria, like getting approval.
You are not expected to provide approval from any business incubator or to select a certain industry that is against your will. Likewise, you are not required to provide your permanent passive income based on your parent country or any other country in the world.
Visa-free Travel
The visa-free travel aspect of a D2 visa is a chef’s kiss, which enables you to visit Schengen countries without the need to apply for Portugal. When you have a Portuguese residency permit in your hand, you can visit all the Schengen countries for 90 days without any legal restrictions.
There you go, you know the best aspect of your question: What are the benefits of the Portugal D2 visa?
Suitable Business Environment
Portugal has a reliable economy and offers stability for struggling or established businesses. The banking system in Portugal is reliable for investing your hard-earned money. In addition to this, in 2022, the economy of Portugal grew by a remarkable 6.7%, which is the most significant growth in the last 35 years of its history. This rise in Portugal’s economy is credited to the thriving tourism industry.
In addition to this, Portuguese banks and their easy banking system are also one of the answers to your question: what are the benefits of the Portugal D2 visa? When you compare other EU banks, you will find that Portuguese banks are more efficient than others.
For instance, the cost-to-income ratio in December 2022 was 46% in Portugal, whereas it was at an average 61% in the other European banks.
Moving to Portugal
What are the benefits of the Portugal D2 visa? One of the benefits of the Portuguese D2 visa is the ability to move to Portugal. After receiving the Portuguese D2 visa, one can live alongside the Atlantic Ocean with their family.
If you are investing in the economy of Portugal, the permanent residency permit comes as one of the benefits of D2 visa. Once you get the residency visa in Portugal, you can then enjoy multiple amneties assoicated with Portuguese visa.
For instance, a residency permit in Portugal gives you access to a world-class health and educational system. Your kids can be admitted to any of the best institutes in any EU country.
In addition to this, you can get standard medical treatment from internationally recognized hospitals located in any of the EU countries with a Portuguese residency permit in your hands. Furthermore, you can also enjoy your retired life in Portugal in its serene villages that are free of metropolitan pollution, noise, and unresting bustle.
If you are looking for a place that is safe for your family and for yourself, Portugal is the country to be for you. Those who are fleeing away from their parent country due to the prevalent racial, religious or ethinical discrimination, should settle in Portugal. We say so, as Portugal has been ranked as the 7th most safest country in the world by the Global Peace Index 2023.
Thus, all these aspects answer your question which might have been frequently popping in your head that is; what are the benefits of the Portugal D2 visa.
Nationality in Five Years
When you have completed your five years of temporary stay in Portugal, you can then apply for permanent citizenship. This is the shortest period ever to apply for permanent citizenship in any country in the world.
After you have enjoyed your five years of entrepreneurship in Portugal, you are eligible for Portuguese nationality. However, to get permanent citizenship, you must pass the Portuguese speaking test. Your Portuguese speaking skills should rank at the A2 level for you to get permanent residency in Portugal after you have lived five years here. You know now what are the benefits of the Portugal D2 visa and hence you can take an informed decision before moving to Portugal.
Who can get a Portuguese Residence Permit along with D2 Visa Holders?
Those who have invested their money in the Portuguese business industry can also bring along their family members. However, you must know which family members are eligible for a permanent residency permit in Portugal.
The permanent residency permit might be granted to your spouse, children, and parents. Your children should be under 18 years of age, or if your kids are above the age of 18 years but are financially dependent on you, they can still get a residency permit on the family reunification scheme.
Speaking of the entrepreneur’s spouse, they must be legally married to be eligible for the Portuguese residency permit. Your marriage should be recognized by the state you married in and should be legally registered.
For instance, in Spain, the civil union, called “Pareja de hecho,” registers the contractual relationship between the two partners to legalize their relationship.
However, if you are moving to Portugal with your family, you are expected to have a higher account balance. For instance, while you should have at least € 9,840 when you are moving alone, you should have at least €4,920 for each adult family member you are bringing along.In addition to this, you only have to have € 2,460 for each child in your family.
Portugal D2 Visa Documents
The entrepreneur should be over 18 and provide a certificate indicating a clean criminal record. In addition to the clear criminal record, one should also provide documents that are asked by the company and confirm their bank account balance, which should not be less than €9,840.
If you are applying for a D2 visa document as the sole entrepreneur applicant, you must provide a set of documents which should include the following:
- An application form for a Visa
- 2 colored photographs with dimensions 3x4cm.
- A passport with its copy.
- A bank statement.
- A contract that acts a proof of your rental apartment in Portugal where you can spend your days and nights or documents that prove your ownership on any residential building.
- You should also have a document that certifies you non-criminal in your parent country or any other country.
- Permission is required to check your criminal record in Portugal.
- You must also have health insurance and should provide the document to the agency.
- You should also provide a description of your business plan.
- If you have already established your company in Portugal, you will also be required to provide the Portuguese agency with your company’s founding documents and financial statements.
- On the other hand, if your company is still to be established and founded, you will be required to provide a statement that ensures the Bank of Portugal that you have enough finances to establish a company or a firm.
How to Apply for the Portuguese D2 Visa?
Once you have applied for a Portuguese D2 visa, you can expect the visa to be issued within two to three months. There are certain steps you must follow when applying for a Portuguese D2 visa:
Pass Preliminary Due Diligence
Before you start working on the documentation and other processing related to the application for a D2 visa, you should thoroughly research the diligence required while applying for this visa.
You can do the research and prepare your application in a way that reduces the risks of rejection by the agency.
Collect Data
Now you know what are the benefits of the portugal D2 visa, you should now take your step ahead and collect the documents that are required to apply for the visa. The most suitable person to consult is the immigration lawyer who is well aware of all the legalities and documentation process.
These lawyers will provide you with a list of documents that are required by the agency based on a specific case. Furthermore, they might also help you create a bank account in Portugal and register you with the Portuguese tax office.
Get NIF and Open a Bank Account
You need to have your tax number or the Numero de Identificacao registered in Portugal before you move to the country. This number will be needed to create your bank account in Portugal. You will then use this current account to transfer the payment to lease a rental flat or purchase a residential apartment.
Submit Documents and Get a D2 Visa
Your application is registered at the consulate of Portugal, and on a certain appointed date, you are expected to submit your document along with the consular fee. The consular fee can be € 90. The agency might take 60 days to respond to your residency visa application.
FAQs
Q: What are the Benefits of a D2 Visa?
The D2 visa, in other words, is a right to establish a business or work independently in Portugal.
Q: How Long is the D2 Visa Valid for in Portugal?
The D2 visa is valid for four months; however, you can extend the visa by three years.
Q: What is the Minimum Investment for a D2 visa in Portugal?
For a D2 visa, there is a requirement for a minimum amount of investment you do in Portugal. However, you should fulfill the required days of stay in Portugal every year.
