Savory and Partners: Portugal D2 Visa – Allowing UAE Entrepreneurs to Expand Seamlessly into the EU

DUBAI, UAE, April 22, 2023 /PRNewswire/ — There are many different immigration options in Portugal, from residency by investment (Golden Visa), passive income options (D7 visa) to the newly named digital visa Nomad Visa.

However, there is an option tailored for businesses that are often overlooked – the Portuguese D2 visa.

overview

The D2 visa is a two-year temporary residence permit for self-employed persons, freelancers and independent service providers. It allows them and their families to live, study and work in Portugal.

It is based on company formation, which means that a person must establish a company and actively manage it in order to maintain a domicile. Alternatively, they can also invest in existing Portuguese companies on condition that they assume an active management role.

There is no minimum investment amount for the D2 visa, but one should have enough money to register a business, a reasonable infusion of capital to get it going, and enough money to support themselves for the duration of the visa.

The cost of registering a company in Portugal ranges between EUR 600 and EUR 1,800, depending on the type and location of the company. This includes registering the company with the chamber of commerce, registering the official name, issuing a tax number and opening a company bank account.

As for the capital of the company, the law requires different minimums depending on the type of company. A limited liability company or LDA is the most popular type of company and requires a share capital of not less than EUR 5,000.

In terms of maintaining funds, applicants must demonstrate that they have sufficient cash to sustain themselves in Portugal without recourse to public funds for the duration of the D2 visa. Since the visa is issued for one year, they need to prove that the applicant has at least €9,120, the spouse has €4,560 and each child has €2,736. This can be shown on bank statements covering at least a 12-month period.

D2 is renewed for three years, depending on the activity of the business and the income it receives, which does not need to show savings at the time of renewal, provided that income meets the maintenance fund requirements. However, if the business has not yet reached the required revenue amount, the applicant will only need to show savings again as proof of funds.

The low investment threshold of the D2 visa makes it an excellent choice for those looking to expand their business into Portugal, and by default the EU.

The process is as follows:

• Register a company in Portugal.
• Open a bank account.
• Gather relevant documents, fill out the application form, and draft a business plan.
• Submit the application and business plan to the local Portuguese embassy.
• Once approved, the applicant will receive a 4-month visa on arrival and travel to Portugal to collect a residence permit.
• The visa is renewable as long as the business remains active.

Drafting a business plan for an immigration program is slightly different than a traditional plan, and a qualified immigration firm can handle this for you. The most important things to consider when drafting a business plan for immigration purposes are as follows:

• Business viability and scalability.
• Who is financing the business (foreign financing preferred).
• Why Portugal is the destination of choice.
• an expansion plan.
• additional economic value. This is the most important part as it will highlight how the business will benefit the Portuguese economy and this can be done by demonstrating one or more of the following:
• How many jobs will the business create for local people?
• export activities of enterprises.
• How the business will attract new businesses to Portugal.
• Whether the business will serve less developed areas.
• If the enterprise will increase research and development or innovation.
• If a business or business owner brings expertise to the Portuguese market.
• Whether the business will introduce new products or services to the Portuguese market.

Meeting at least one of the economic value added criteria will go a long way towards getting an applicant approved.

Once approved, applicants only need to emphasize the continuity of the business and their role in it to renew the visa. However, for this they must reside in Portugal for at least six months per year. After five years of continuous residence, they can apply for permanent residency or citizenship, and their status will no longer be linked to their business.

Excellent choice for entrepreneurs in Dubai

Small and Medium Enterprises (SME) Composition 94% All businesses within Dubai; they also constitute an amazing 97% All businesses in Portugal responsible for approx. 58% of turnover and 82% of investment.

Both Dubai and Portugal provide government financial support to SMEs, the former through its National SME Schemewhile the latter directly through its government.

Trade between the UAE and the EU is also a bright spot for entrepreneurs, with the trade balance between the two economic giants averaging close to $53 billion In the past few years.

D2 offers excellent financial advantages as an entry point into the EU, as Portugal has lower average operating costs than the rest of the EU.In fact, it is 38% Below the French market, this saves even more money.

Low operating costs also allow Dubai entrepreneurs to shift part of their operations to Portugal, as the average salary of highly skilled workers in Dubai (71,743 euros per year) is much higher than that of Portugal (39,200 euros per year), almost 46% higher, to provide more context.

UAE and Portugal already have Double Taxation Agreemententrepreneurs can arrange taxes in the most favorable way, saving money for the company.

To learn more about the D2 or other immigration routes to Portugal, visit www.savoryandpartners.com Or email contact@savoryandpartners.com.

Savory & Partners is a multi-government accredited agency providing citizenship by investment services in more than 20 jurisdictions, including Europe, and was the first to receive all five mandates from the Caribbean Islands government Agency license company. To date, it has issued second passports for more than 4,000 citizens with a 100% success rate.

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For more information, please email contact@savoryandpartners.com. You can also call +971 04 430 1717 or send a WhatsApp message to +971 54 440 2955.

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SourceSavory & Partners