Government launches Tech Visa for overseas entrepreneurs
In another first to attract overseas investment to Portugal, the government has announced the introduction of the Tech Visa.
Unlike the Golden Visa which aims to attract foreign investment but overwhelmingly is concentrated on property purchases of €500,000 or over, the Tech Visa is a programme aimed at innovative technology companies from overseas, offering its directors and staff visa concession and authorisation of residency to overseas nationals.
Tech Visa will come into force from 1 January, 2019 and overseas entities will have to prove they have a positive liquid balance and turnover.
The Portuguese government has also earmarked €100 million of European Union Investment Funds to help set up the project and provide financial support and grants to support projects in the technology and innovation sectors as part of the Portugal Tech Programme.
The programme is aimed at innovative and technology companies that develop activities in the technology and innovation areas and which aim to take on highly qualified overseas nationals and a list of certified companies will be compiled to that effect.
“The candidate companies (Portuguese wanting to hire overseas staff or overseas companies but registered in Portugal or wishing to relocate to Portugal or open a subsidiary in Portugal) will be evaluated and selected based on various criteria, including being legally registered, having no debts with either the Portuguese tax office or social security, no salaries outstanding, and are not deemed companies being restructured” states a Portuguese government directive.
In addition, the company involved must show that it is in a “positive liquid situation” (i.e., in credit) and show the latest Simplified Company Information (IES) available,” as well as pursuing an activity of producing goods and services which are exportable.”
Also starting in the New Year is the programme Startup Visa which aims to attract startups from India and other countries with innovative technology ideas that entrepreneurs are prepared to develop and grow in Portugal.
A limit of 50% of contracted staff may be contracted at the same time under the rules of the project.