With a high standard of living, low crime rate and low cost of living, Madeira is becoming increasingly popular as a destination for young professionals looking to improve their quality of life. Portugal and Madeira offer multiple benefits for business owners, including a skilled workforce, lower labour costs and a low tax rate compared to other EU countries. Portugal is a practical destination for digital business owners and technology-focused groups due to its world-class modern infrastructure, access to the Madeira International Business Centre and Non-Habitual Residency schemes.
Who can apply for a D2 Visa?
The D2 is a short-term visa for skilled professionals and entrepreneurs, created by the Portuguese government to incentivise new business owners to move operations to the Portuguese economy. The D2 allows non-EU/EAA/Swiss citizens to obtain residency in Portugal and Madeira once they have demonstrated their commitment to growing a business in Portuguese territory.
Lesser known than the D7 or Golden Visa, the D2 is a viable option for individuals looking to start a business or move their existing operations to Portugal and take advantage of the benefits that EU residents receive in the Schengen Economic Area.
Increasingly popular with UK Nationals no longer able to access the EU Market, the D2 Visa is growing in popularity with Brits, serving as a passageway to obtaining Portuguese citizenship and allowing them to take back their rights lost after Brexit.
Freelancers, entrepreneurs, and independent service providers who can prove that they have set up a company operating in Portuguese territory or can show that they have the financial resources to start a company in Portugal and Madeira could be eligible for the D2 Visa. There is no official minimum amount of capital required for a D2 visa, but it is recommended that you have at least €5,000 or can demonstrate proof of a start-up loan from a Portuguese Bank.
What are the requirements to qualify for a D2 Visa?
To apply for Madeira’s D2 Visa, you must demonstrate sufficient means to start a business in Portugal, including, but not limited to:
- Viable business idea
- Well-structured Business Plan
- Sufficient capital
- Strong reasoning for the creation of the business
- Proof of the financial resources to support the setup and growth of the business
- Proof of experience in the proposed business area
Alongside your business plan, you must also provide the following documentation:
- Portuguese Company Certificate
- Portuguese Business bank account with capital transfer
- Personal Tax Number and Company Tax Number (NIF)
- Social Security Number
- Employment Contracts
- 3 months of Social Security Contributions
- Proof of accommodation/rental agreement valid for 12 months
As an individual, you must demonstrate that you have a minimum of 100% of the base salary in Portugal, which is €8,460 per year. For a spouse, you add a further 50% and an additional 30% for each additional child dependant. In total, a single child family would be required to prove an annual income of €15,300 per year.
During the application process, you will have to purchase health insurance for yourself and your family. Once you receive your residency certificate you can then access Portuguese healthcare (SNS) without insurance. The Portuguese healthcare system is modern, mostly free, and accessible to all Portuguese citizens and foreign nationals.
When you receive your D2 Visa, which is valid for a period of 120 days, you must begin the process of applying for your Portuguese Residency. Contact your local SEF branch to book an appointment. It is noted that appointments with SEF can sometimes take up to six months. After being a legal resident for five years, you can then apply for Portuguese Citizenship through the process of Naturalisation.
Madeira Company is a team of qualified and professional tax and business consultants who can assist you during the D2 Visa application process. We can help you develop your business plan for your company, acquire all the necessary paperwork and submit your application. For more information, contact a member of our team today.