D2 vs Portugal Golden Visa: Which One to Choose?

The Portugal D2 Visa and the Golden Visa are different programs for obtaining EU residency. Each has unique eligibility criteria and varying financial requirements.

Also known as the Startup Visa, the D2 targets entrepreneurs, business owners, and independent service providers, enabling them to establish or expand their ventures in Portugal. 

In contrast, the Portugal Golden Visa program revolves around investments. It allows individuals to obtain Portuguese residency by making substantial financial commitments, such as cultural and artistic donations and investment funds.

Unsure which Portugal visa option best aligns with your goals? To help you make an informed decision, we created this expert guide that highlights the differences between the D2 vs Portugal Golden Visa.

Here’s what we’ll cover below:

• An overview of the D2 vs Portugal Golden Visa
• The core differences between the two visas
• A comparison of the application process
• Factors to consider when choosing either one of the visa

Portugal Golden Visa vs D2: An Overview

What is the Portugal D2 Visa?

Also known as the Immigrant Entrepreneur or the Freelancer Visa, the D2 Visa Portugal is designed for non-European Union (non-EU) citizens seeking to either start a new business in Portugal or extend their existing business to the country.

The Portuguese government created this residency visa to attract foreign capital and increase external resources and investments to boost the Portuguese economy. 

The Portugal D2 Visa grants you temporary residency in Portugal. With it, you’re eligible to invest in an existing Portuguese company.

Portugal’s D2 Visa has two distinct categories: The entrepreneur route and the independent service provider route. The entrepreneur route suits those wishing to start a new business or extend an existing one into Portugal. In contrast, the independent service provider route is designed for those offering services to local or global clients.

Issuance

If you are a non-EU/EEA/Switzerland freelancer, entrepreneur, or independent service provider, you can apply for a Portuguese D2 Visa.

Key benefits

• Business opportunities in the European market: With the Portugal D2 Visa, you can start a new business in Portugal, invest in existing businesses, or engage in entrepreneurial activities there. Portugal’s prime location in Europe allows entrepreneurs to network conveniently with other countries in the European market.
• Visa-free travel within the Schengen Area: D2 Visa holders have the same travel rights as European citizens. They can freely enter and travel to 29 countries in the Schengen Zone without an additional visa.
• Family reunification: The Portugal D2 Visa often allows for family reunification, meaning your family, including your partner, children, parents, or dependent siblings, can join you in Portugal. This means you could all enjoy life in a country that ranked seventh in the Global Peace Index and has a strong economy, and your children would be able to attend Portuguese schools.
• Pathway to permanent residency and/or Portuguese citizenship: After five years of legal residency in Portugal, you may become eligible to apply for permanent residency, which includes passing a basic Portuguese language test.
• Residency rights and access to services: With the temporary residency permit, you and your family will have access to Portuguese state healthcare, and your children can enroll in the public education system, ensuring essential services for your family’s well-being.

What is the Portugal Golden Visa?

The Portugal Golden Visa, officially known as the Golden Residence Permit Program, enables non-EU citizens to obtain a residence permit through qualifying investments in the country. Established in 2012, this initiative was designed to attract foreign investment and enhance Portugal’s appeal.

This program offers a five-year residency by investment, allowing investors and their families to live, work, and study in Portugal. Investment options include capital transfers, job creation, and investments in Portuguese businesses, providing flexibility for various investor profiles.

The Portuguese Golden Visa is an effective pathway for non-EU investors, offering a legitimate means to gain residency while engaging with Portugal’s dynamic market and culture.

Issuance

The Golden Visa is for non-EU citizens interested in obtaining temporary residency in Portugal through significant investments.

Key benefits

• Family reunification: A major benefit of the Golden Visa is that your dependent family can be included in the application. This means your family can also enjoy the same freedom of opportunities and a second residence in Portugal.
• Attractive investment options: The Golden Visa offers several attractive investment options, including donations, capital transfer, venture capital fund opportunities, job creation, and research activities. Investors can choose the option that best suits their financial goals and preferences, including affordable investments starting from €250,000.
• Visa-free movement within the Schengen Area: Golden Visa holders can freely enter and move within the 29 Schengen countries without needing an additional visa.
• Pathway to permanent residence permit and Portuguese citizenship: Once you have lived in Portugal for five years, you may become eligible to apply for permanent residency and Portuguese citizenship (after passing a basic Portuguese fluency test), which will enable you to get a Portuguese passport.
• Low physical presence requirement: The Golden Visa program typically has a minimum stay requirement in Portugal (14 days every two years), making it accessible to investors who do not want to live in the country full-time.

D2 Visa vs Golden Visa Portugal Differences

1. Purpose

The main difference between the Portugal D2 and the Golden Visa is the purpose. The Portugal D2 Visa is primarily intended for individuals who want to engage in entrepreneurial activities in Portugal. It is designed for those looking to start a new business, expand their existing business, or invest in entrepreneurial ventures within the country.

On the other hand, the Golden Visa is an investment-based residency program designed for foreign citizens who wish to obtain temporary residency in Portugal by investing in the country.

2. D2 vs Golden Visa eligibility criteria

The Portugal D2 Visa requirements are:

• The acquisition of a Portuguese company
• Having a pre-existing company abroad
• Intending to open a branch in Portugal or proposing a comprehensive business plan for a new company in Portugal

The applicant for the Freelancer Visa will be required to demonstrate their business’s potential economic and social contributions to Portugal.

To be eligible for the Portuguese Golden Visa, individuals must:

• Be a third country national (this means non-EU, non-Swiss, or non-EEA nationals)
• Be able to prove the source of their investment funds (there’s a minimum investment of €250,000)
• Have a criminal record certificate proving the absence of conviction in a crime punishable in Portugal for 1 year or more
• Spend a minimum of 14 days in Portugal for each two years (this is called the stay requirement)

3. Required time spent in Portugal

The D2 Visa requires you to live in Portugal for most of the year to maintain your residency permit. The rule is that you spend no more than six consecutive months or eight non-consecutive months outside of Portugal for the duration of your residence permit. Sometimes, longer periods of absence may be permitted for professional or force majeure reasons.

The Golden Visa Program, on the other hand, has more lenient stay requirements compared to the D2 Visa, making it attractive to individuals who aren’t planning on living in Portugal full-time. Holders of the Golden Visa must spend 14 days in Portugal for each two years. However, it’s important to note that while there are no stringent stay requirements, you must maintain your investments in Portugal and meet the program’s renewal criteria to keep your residency status valid.

So, deciding between a D2 Visa and Portugal’s Golden Visa is essential to factor in your travel needs. Opting for the Golden Visa allows you the convenience of a mere seven consecutive days of stay in the country. In contrast, the D2 Visa might be the better fit if your business demands frequent travel since it mandates a continuous presence in Portugal. Your decision should ultimately align with your unique situation and the purpose of your stay.

4. D2 vs Golden Visa investment requirements

The D2 Visa doesn’t have a minimum investment amount. But, to qualify, the applicant must have a solid business plan and demonstrate “proof of means of subsistence.” Usually, this implies having sufficient funds for at least 12 months, equivalent to the Portuguese minimum wage. This income needs to come from a business you started or a business you bought.

To qualify for Portugal’s Golden Visa, an investment must be made. Applicants can invest in a venture capital fund or private equity fund, scientific research, and Portuguese cultural projects. These qualifying investments for the Golden Visa applications usually range between €250,000 and €500,000. There is a 20 percent discount for an investment in Portuguese arts and national cultural heritage projects in one the nation’s “low density areas.”A low density area is an area that has fewer than 100 inhabitants per square km and/or a per capita GDP of less than 75 percent of the national average.

5. Tax requirements

Although the Non-Habitual Residency (NHR) program has phased out for new applicants, both visa holders can apply for the Portugal’s New NHR, also known as the Tax Incentive for Scientific Research and Innovation, which offers similar advantages. Individuals must earn income in scientific research, tourism, IT, and audiovisual production to qualify.

For D2 Visa holders, maintaining residency in Portugal and providing proof of accommodation, such as a rental contract or property purchase, is essential. Hiring an accountant familiar with the Portuguese tax system is advisable, as establishing a Portuguese limited company (LDA) involves annual corporation tax and social security contributions.

In contrast, Golden Visa holders are not required to reside in Portugal and will not be considered tax residents unless they choose to relocate. If they do move, they will only be liable for Portuguese taxes on local income and can also initiate the benefits of the new tax regime when they settle in Portugal.

D2 vs Portugal Golden Visa Application Processes

D2 Visa Portugal application process

To apply for the D2 Visa, the following steps should be taken:

1. Gathering the necessary documents
2. Acquiring a Portugal taxpayer identification number (NIF)
3. Opening a business bank account and transferring funds to it
4. Securing long-term accommodation in the country through either purchasing or renting a property for a recommended minimum duration of one year, even if an early termination clause is included
5. Applying online via either VFS or the E-Visa Portal

You’ll submit your documents, including your business idea, to the Portuguese Consulate or VFS in your jurisdiction.

The Portugal D2 Visa processing time is up to 60 days. If approved, you will be issued a four-month Portugal D2 Visa to travel to Portugal to apply for temporary residency.

Golden Visa application process

To apply for the Golden Visa, you’ll have to follow the steps below:

1. Gathering the necessary documents
2. Decide on which investment you will move forward with
3. Acquiring a Portuguese taxpayer number (NIF)
4. Opening a Portuguese bank account and transferring funds to it
5. Completing your fund investment
6. Once you have made your qualifying investment and have your paperwork ready, you will submit your pre-application online to AIMA (the immigration authorities).
7. After analyzing your pre-application, AIMA will provide you with available dates for the biometrics appointment.

After your biometrics, your investment visa will be approved by AIMA (the former SEF, Portuguese Immigration and Border Service) in around six months.

It’s important to note that Golden Visa applicants can open a Portuguese bank account to transfer their investment funds.

D2 vs Portugal Golden Visa Cost Comparison

The main financial considerations of a D2 Visa application are operating your business, which will largely depend on your business plan (consider costs such as business licenses and insurance), as well as the cost of relocating to Portugal and getting accommodation (which will likely cost at least €600 or €700 depending on which city you in live in). You’ll also need health insurance until you receive your residence permit and can access the public healthcare system. This could cost around €400. Then, there is the consular fee of around €90.

Your biggest expense for the Portugal Golden Visa will be the investment itself, starting from €250,000. If you relocate to Portugal, you’ll also have to factor in the cost of relocation, accommodation, and health insurance. The fees involved in applying for the Golden Visa are much higher than for the D2 (and other residency visas), totaling roughly €6,000 for a single applicant. That’s why qualifying applicants can open a Portuguese bank account to make financial transfers.

Permanent Citizenship Through D2 vs Portugal Golden Visa

The Portugal D2 Visa and Golden Visa offer holders the possibility of obtaining permanent residence and Portuguese citizenship after five years.

Please note that if you want to obtain citizenship, you may have to pass the Portuguese language test.

D2 vs Portugal Golden Visa: Which residency-by-investment route to choose?

The Portugal D2 Visa is the right choice for you if:

• You plan to start and manage a business or invest in an existing one in Portugal
• You have a well-defined business plan outlining your investment and job creation goals
• You are willing to reside in Portugal for a significant portion of the year to manage your business actively

The Portuguese Golden Visa is the right choice for you if:

• You have a substantial amount of capital to invest in one of the Portugal
• You want to obtain European residency but do not necessarily plan to live in Portugal full-time. The Golden Visa allows for occasional visits.
• You want to have a solid backup plan for your future, whether for personal, financial, or geopolitical reasons, and the Golden Visa provides a stable residency option in Portugal, which is part of the European Union.

Why Choose Us?

Global Citizen Solutions is a boutique residency and citizenship-by-investment company focused on finding the right investment, citizenship, or residency program for individuals across the world.

With offices across the globe and over 50 years of combined experience in immigration, law, and investment, Global Citizen Solutions delivers unmatched guidance for getting the D2 Visa and the Golden Visa.

Global Citizen Solutions also reduces the hassle and stress of attaining your visa. The process is supported by our innovative Be System®, which provides real-time visa updates. In addition, our trusted legal experts ensure your application goes through smoothly.

Our experienced lawyers navigate the entire process, handling bureaucratic intricacies and legal matters. We also have a locally rooted real estate division, ensuring a seamless transition to your new home.

Contact us today for a free consultation to see how we can understand your objectives and help you move towards becoming a global citizen.

Frequently Asked Questions about Portugal's D2 vs Golden Visa

What are Golden Visas?

Golden Visas, also known as investment visas or residency by investment programs, are immigration programs offered by various countries to attract foreign investors, entrepreneurs, and high-net-worth individuals.

These programs typically grant permanent residency or citizenship to individuals who make substantial financial investments in the host country.

What are the alternatives to the Golden Visa for Portugal?

Portugal offers several alternatives. The D7 Visa, for instance, allows non-EU nationals of any age to live in Portugal on their own passive income. The Portugal D2 Visa is a residence visa designed for freelancers, entrepreneurs, and independent service providers seeking to open a company in Portuguese territory.

What are the investment options for the Portuguese Golden Visa

The Portuguese Golden Visa program offers various investment options. Some of the most common are donations, investment funds, and investing in a business with job creation, and stocks.

Real estate (property purchases, hotel redevelopment schemes, investment in a hotel or commercial property that’s being redeveloped) and depositing capital into a Portuguese bank account (known as the capital transfer route) were discontinued as investment options in October 2023.

Is Portugal getting rid of the Golden Visa?

The Portuguese Golden Visa program is not ending. However, certain investment types, such as real estate investment and capital transfers, will no longer be available.

Since real estate investments were discontinued, the most popular investment has been to subscribe to an investment fund, such as a venture capital fund or a private equity fund.

Can I work in Portugal with a D2 Visa?

Yes, you can live, run a business, and work in Portugal after getting a residence permit based on the D2 Visa.

What is the D2 Visa Portugal minimum investment?

There’s no minimum investment capital set for the D2 Visa, but you must prove that you have adequate financial resources to support yourself (and any family members you include in your application) for one year.

Is there an income requirement for the D2 Visa?

The financial requirement for the D2 Visa typically involves demonstrating that you have the necessary capital to establish or invest in a business, as well as sufficient financial means to cover your living expenses in Portugal.

What is the difference between the D2 Visa and the D7 Visa in Portugal?

The D2 Visa, also known as the Freelancer Visa or Startup Visa, is designed for non-EU citizens seeking to either start a new business in Portugal or extend their existing business to the country.

The D7 Visa, also known as the Passive Income Visa or Retirement Visa, is for allows non-EU nationals to live in Portugal provided they have a source of stable passive income.

What are the alternatives to the D2 Visa?

One alternative to the D2 Visa is the D7 Visa. Also known as the Passive Income Visa, it allows non-EU citizens to apply for residency in Portugal, provided that they have a reasonable passive income.

To qualify, you need to meet minimum passive income requirements of earning a sufficient passive income above the Portuguese minimum wage (€870 per month).

How do I get an Entrepreneur Visa in Portugal?

To get an Entrepreneur D2 Visa, you must be starting a business in Portugal or buy an already working business or its share. There is no minimum investment threshold for the D2 Visa, but you must prove you have finances or a venture capital funds investment to start and operate your business.

How can I convert a D2 temporary residence permit into EU citizenship?

The D2 Visa is a temporary visa with a limited validity period. It’s a stepping stone to a longer-term residency permit in Portugal.

Here’s how it works:

• Temporary residence permit: After entering Portugal with your D2 Visa, you must apply for this permit within four months at AIMA (the Portuguese immigration office). This permit is typically valid for two years.
• Renewals: You can renew your permit every two years if you demonstrate you’re still running your business and meeting the residency requirements (like spending enough time in Portugal).
• Permanent residence and citizenship: After five years of legal residency in Portugal, you can apply for permanent residence or Portuguese citizenship.

Which Portuguese business sector can I start a company in with the Entrepreneur Visa?

Unlike some programs, the Portuguese government doesn’t restrict applicants by industry, allowing you to capitalize on your existing skills and interests to pursue business opportunities that suit you. Some sectors that might be a good fit for an Entrepreneur Visa startup include tourism, technology, e-commerce, renewable energy, oil production, or professional services if you have specialized skills to offer.

D2 Startup Visa vs Golden Visa in Portugal: Which is best?

Having a Golden Visa requires only a 7-day consecutive stay in the country. Conversely, with a D2 Visa, you must remain in Portugal continuously unless your business obligations necessitate travel.

Due to this requirement, we believe that the Golden Visa would be more advantageous for most individuals compared to the D2 Visa.

How does the residency requirement for the D2 Visa differ from the Portugal Golden Visa?

The D2 Visa requires more time spent in Portugal than the Golden Visa. Golden Visa holders are required to spend 14 days every two years in Portugal. The D2 Visa has a minimum stay requirement of at least four months during your first year and six months throughout the subsequent years.

Can family members join under both the D2 Visa and Golden Visa programs?

Yes, both the D2 Visa and Golden Visa programs offer the option of family members joining the main applicant in Portugal through the family reunification process.

Do both visas allow access to Portugal’s healthcare and education system?

Yes, once you obtain residency status, you will have access to Portugal’s healthcare and education system, as well as visa-free access to other countries in the EU.

Are there any restrictions on property ownership with the D2 or Golden Visa?

There are no restrictions on foreign property ownership in Portugal.