You’re thinking about moving to Portugal but aren’t sure which visa fits your plans and goals. The Golden Visa VS D2 Visa both offer you a route to citizenship and a passport after five years. However, the two programs are quite different in terms of eligibility, investment requirements, and lifestyle conditions. Picking the right program depends on the applicant’s financial situation, long-term goals, and personal preferences. It’s crucial to understand each program’s unique benefits and what you’ll need to do before you decide.
This article will compare the two programs, exploring their respective benefits and requirements in detail.
Definition
What is a Golden Visa VS D2 Visa?
The Portugal D2 Visa offers entrepreneurs, freelancers, and independent service providers the opportunity to live and work in Portugal[1]. The Portuguese government introduced this visa to attract external resources and investments to stimulate economic growth. It is exclusively available to non-EU/EEA/Swiss citizens who wish to establish a new business, relocate an existing one, or invest in an existing Portuguese business. While less popular than the D7 Visa and Golden Visa, the D2 Visa provides a practical pathway to permanent residency and citizenship for individuals seeking to work independently in Portugal.
The D2 visa has two main types: One for entrepreneurs who want to start a business or grow an established one in Portugal and another for independent workers who offer services to clients in Portugal or around the world.
What is a Portugal Golden Visa?
The Portugal Golden Visa program is designed primarily for investors and offers residency through qualifying investments, such as capital transfers or business ventures. This visa option is ideal for individuals seeking a fast-track route to residency with flexibility in terms of physical presence requirements, as it only requires a stay of seven days per year in Portugal.
D2 visa Vs. Golden Visa
The Portugal D2 Visa differs from the Golden Visa, as each caters to specific investors. These two programs are part of Portugal’s residency-by-investment initiatives, aimed at attracting foreign capital to boost the economy while offering residency in exchange. Although they differ in structure and target audience, both share the goal of driving economic growth through foreign investment. Here’s a comparison between both programs:
Purpose
The key difference between the Portugal D2 Visa and the Golden Visa lies in their purpose. The D2 Visa is tailored for entrepreneurs aiming to start, expand, or invest in business ventures within Portugal. The Golden Visa, on the other hand, is an investment-focused residency program, allowing foreign nationals to obtain temporary residency by making qualifying investments in the country.
Eligibility Criteria
The eligibility criterion is a key difference between the two programs. The main requirements for obtaining a D2 visa include the acquisition of a Portuguese company, having a pre-existing company abroad, opening a branch in Portugal, or proposing a comprehensive business plan for a new company in Portugal. Additionally, self-employed persons, independent or liberal professionals who want to work in Portugal and already have a work contract or a written work proposal, can apply for a D2 visa. Freelancers and digital nomads can also apply if they prove that they offer differentiated services that are relevant to the country and demonstrate their business’s potential economic and social contributions to Portugal.
On the other hand, to be eligible for a Golden visa requires being a third-country national (non-EU, non-Swiss, or non-EEA nationals). Applicants should prove the source of investment funds, which is a minimum of €250,000. They should have a clean criminal record certificate proving the absence of conviction for a crime punishable in Portugal for 1 year or more.
Stay requirement
The D2 Visa stipulates that applicants reside in Portugal for most of the year to keep their residency. This means they need to stay in Portugal for over six months in a row or a total of eight non-consecutive months each year. In contrast, the Golden Visa offers more flexible stay requirements, making it ideal for individuals who do not plan to live in Portugal full-time. Golden Visa holders should only spend 14 days in Portugal every two years. However, they must maintain their qualifying investment and meet the rules to renew and maintain their residency status.
Choosing the right option depends on the applicant’s travel needs. The Golden Visa is ideal for those seeking minimal residency obligations, requiring just seven consecutive days annually. Meanwhile, the D2 Visa is better suited for individuals whose business activities require staying in Portugal most of the time.
Investment requirements
The D2 visa does not require a specific minimum investment amount. Applicants do need to show a substantial business plan and prove they can keep themselves financially afloat, usually equivalent to the Portuguese minimum wage for a minimum of 12 months. The application is assessed based on the economic, social, scientific, technological, or cultural relevance of the investment, offering job creation in Portugal as a pertinent benefit. A strong business plan showing the potential for economic development and sustainability is important for gaining approval.
To qualify for the Portugal D2 Visa, applicants must prove they can financially support themselves for a year. The main applicant[2] needs €9,870 annually, with an additional €4,935 for a spouse and €2,962 per dependent child. For example, a family of three (a couple with one child) would require approximately €17,767 per year.
To qualify for a Golden Visa, applicants must invest in Portugal, by contributing to a venture capital fund, private equity fund, scientific research, or cultural projects, with amounts ranging from €250,000 to €500,000. The investment must be maintained for at least five years.
Tax requirements
Non-EU citizens applying for the D2 Visa[3] must either appoint a Tax Representative in Portugal or opt to receive notifications from the Portuguese Tax Authority via the tax authority portal (Portal das Finanças) or an official electronic mailbox. Establishing a Portuguese limited company involves annual corporation tax and social security contributions[4].
On the other hand, Golden Visa holders may not automatically be considered tax residents if they do not stay in Portugal for more than 183 days per year, which can be a tax advantage for some.
Application process
Applying for the D2 visa requires fulfilling the following steps:
- Gathering the necessary documents[5]
- Obtain a Portugal Taxpayer Identification Number (NIF).
- Open a business account and transfer funds to it.
- Secure long-term accommodation in Portugal by renting or purchasing a property (recommended duration: at least one year).
- Submit your application online through either the VFS platform or the E-Visa Portal.
Applicants should submit their documents, including the business idea to the Portuguese Consulate in their jurisdiction. The processing time is up to 60 days, and if approved, the applicant will be provided a four-month Portugal D2 Visa to travel to Portugal to apply for temporary residency.
On the contrary, the process for the Portugal Golden Visa is generally more streamlined. After making the qualifying investment, applicants can proceed with the application without any need to provide proof of accommodation. To apply for the Golden Visa, applicants should follow the below steps:
- Gather the necessary documents
- Decide on which investment they will move forward with
- Acquire Portugal Taxpayer Identification Number (NIF).
- Open a business account and transfer funds to it.
- Complete the fund investment
- Once making the qualifying investment and having the paperwork ready, applicants will submit their pre-application online to AIMA.
- After analyzing the pre-application, AIMA will provide applicants with available dates for the biometrics appointment.
Visa Cost
The main financial considerations of a D2 Visa application include running the business plan, as well as the cost of relocating to Portugal and having accommodation, which costs around €600 or €700 depending on the city they live in. Applicants also need health insurance, which costs around €400, until they receive the residence permit and can access the public healthcare system. Additionally, they have to pay the consular fee which is €90.
The Portugal Golden Visa, on the other hand, has a primary cost associated with the required investment. Additionally, applicants should account for application and processing fees.
Processing time
A Portugal D2 visa can be issued within a two-month time frame. Once an application is submitted with the €90 consular fee, a visa with a 4-month validity period will be stamped onto the passport held by the individual submitting the application.
Applicants must show they have the funds to run their business and sufficient means to live in Portugal, based on the national minimum wage (€820 starting January 2024), which totals around €9,840 annually. Further, there are no requirements for the size or cost of the accommodation to be acquired in Portugal mandated by the visa application procedures. Government fees and health insurance are relatively low compared to other expenses.
A Golden Visa generally has a longer processing time, taking between 8 to 10 months, due to additional checks, including verifying investment transactions and documents.
Renewal process
To renew the Portugal D2 Visa, applicants must meet the minimum stay requirements. In the first year, they should stay in Portugal for at least four months, and for the following years, at least six months. The processing time for the D2 visa can take up to 60 days, and the visa itself is valid for four months. Five years later, they can apply for permanent residence or citizenship if they still live in the country for the required amount of time. The rules are not stringent for Golden Visa holders, as they need to renew their residence permit every two years. They are eligible for permanent residence after five years.
Permanent citizenship
Both the Portugal D2 Visa and the Golden Visa allow holders to apply for permanent residence and Portuguese citizenship after five years.
Which path to pick?
The Portugal D2 Visa is the right choice if:
- The applicant intends to start or invest in a business in Portugal and actively manage it.
- The applicant has a clear business plan detailing the investment and potential job creation.
- The applicant and their family are committed to residing in Portugal for a substantial part of the year to oversee the business operations.
The Portugal Golden Visa is the right choice for the applicant if he:
- He wants to have a good “Plan B” for the future
- He needs to keep the primary residence at some other place
- He is ready to make a major upfront investment in Portugal
| Category | D2 Visa | Golden Visa |
| Intended for | Entrepreneurs | Investors |
| Minimum Investment requirement | No minimum amount | €250,000 |
| Eligibility | Non-EU/EEA/Switzerland freelancer, entrepreneur, or independent service provider | Make a qualifying investment in Portugal |
| Visa Fees | Around €90 | Fund amount plus €775 (online application submission), €7,750 (granting the permit), €3,900 (per renewal) |
| Permanent residency | After 5 years of uninterrupted living in Portugal | After 5 years |
| Stay requirement | At least six consecutive months | Minimum of 14 years every 2 years |
| Rights | Live, work, study, healthcare | Live, work, study, healthcare |
| Family members | Through the family reunification process | Including family member |
| Visa-free access | Schengen Area among other countries | Schengen area among other countries |
The Portugal Golden Visa and the D2 Visa each have their advantages and appeal to thousands of applicants every year. It is worth mentioning that the D2 Visa, which is intended for foreign entrepreneurs who wish to come to Portugal and open a business in the country, is one of the fastest and easiest ways to obtain residence in the European Union. Some benefits of this visa include family reunification and allowing traveling without a visa in the Schengen Area. Also, it can be an economical option in terms of investment and getting citizenship in the EU after all the conditions are satisfied.
But if you want to be more flexible with your time in Portugal and impose a strong “Plan B” for residing in other countries in the future Portugal Golden Visa is probably the right choice.
[1] https://www.portuguese-nationality.com/residency/d2-residence-visa-for-foreigners#:~:text=The%20D2%20visa%20enables%20the,residence%20permit%20after%205%20years.
[2] https://www.portuguese-nationality.com/residency/d2-residence-visa-for-foreigners#:~:text=The%20D2%20visa%20enables%20the,residence%20permit%20after%205%20years.
[3] https://www.portuguese-nationality.com/residency/d2-residence-visa-for-foreigners#:~:text=The%20D2%20visa%20enables%20the,residence%20permit%20after%205%20years.
[4] https://aima.gov.pt/media/pages/documents/f4adf3850c-1715261526/tabela-de-taxas-e-demais-encargos-a-cobrar-pelos-procedimentos-administrativos.pdf
[5] https://aima.gov.pt/pt/empreender/autorizacao-de-residencia-para-imigrantes-empreendedores-startup-visa-art-89-o-n-o-4