Portugal Start-Up Visa
If you are an experienced businessperson intent on creating and developing an innovative business venture and gain mobility within the Schengen Area, a Portugal Start-Up Visa may be your answer!
The Portugal Start-Up Visa (“SUV”) will afford you the opportunity to live and work in Portugal for both you and your dependents – including spouse, children, and parents of the applicant. The SUV will also afford the applicant the global mobility and security of a Portugal visa on their passport because as an EU member, Portuguese residents can travel freely within among the Schengen area.
To apply for the Portugal SUV, applicants must create and develop an innovative business and obtain endorsement from a Portugal Immigration-approved business incubator for a 3-year incubation period. To incubate the business, the application will need to provide EUR 175,000 including EUR 25,000 of capitalization into the business venture.
One significant advantage to the Portugal SUV is that there is no language, residency, or business performance requirement for this SUV visa. The success or failure of the business venture will not influence the result of the SUV application.
Once approved, a Portugal SUV is valid up to 2 years. After this time, applicants and their dependents may also apply to extend this visa for another 3 years, provided they maintain the business venture.
After the initial 5-year period, applicants and dependents can either apply for a renewal of their visa or apply for Permanent Residence, provided that the language proficiency of CEFR A2 is met. The language proficiency requirement can be waived at the discretion of local immigration authorities on the advice of local officials if it is determined that the client is trying to contribute to grow the business venture and the economy.
Ultimately, the Portugal SUV is a great option for high-net-worth individuals who wish to start a business venture and gain mobility within the Schengen Area. As a distinguished country and long-standing EU member, Portugal is a clear choice for individuals wishing to expand their global mobility and expand their business.