{"id":48751,"date":"2024-01-21T07:57:34","date_gmt":"2024-01-21T12:57:34","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=48751"},"modified":"2024-01-21T08:01:17","modified_gmt":"2024-01-21T13:01:17","slug":"portugal-is-calling-entrepreneurs","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/portugal-is-calling-entrepreneurs\/","title":{"rendered":"Portugal is Calling Entrepreneurs"},"content":{"rendered":"
Just last month, I wrote an article asking the question: Is Portugal Becoming Anti-Expat?<\/a><\/p>\n My take, at that time, was that Portugal still had many visa options available and was definitely still open to expats. But, with the removal of the Golden Visa real estate investment option and elimination of the NHR tax regime, they were no longer offering the same sweetheart deal as before.<\/p>\n The reason for these changes were two-fold:<\/p>\n Fair enough on both counts. But the absence of these programs left somewhat of a vacuum. The discontinuation of the NHR tax regime made a move to Portugal substantially less tax-friendly for expats and, by axing the popular real estate investment option, the Golden Visa was now more expensive and ultimately less attractive for expats.<\/p>\n Thankfully, Portugal did not choose to rest on its laurels and do nothing. Rather, they\u2019ve come up with some new strategies to attract expat investment, specifically aimed at professionals and entrepreneurs. They include the HQA Visa, the \u201cNHR 2.0\u201d tax regime, and an expedited countdown to citizenship.<\/p>\n <\/p>\n The HQA Visa for Highly Qualified Activities is a fast-track visa option for business professionals, entrepreneurs, investors, and SMEs. It\u2019s also a much lower-cost option than the Golden Visa and is aimed at professionals who are willing to invest in a startup business concept. It\u2019s been around since 2019, but is seeing some renewed (and well-deserved!) interest since the Golden Visa changes of 2023. Here are all the pertinent details:<\/p>\n As an Active participant, you will be involved in a business incubation program, where you work in partnership with a local Portuguese university and set up a company in Portugal. What\u2019s really crazy about this program is that you don\u2019t have to come in with a business idea. They are looking at the quality of the applicant themselves, and the expertise they bring to the table to provide strategic direction and contribute to business growth.<\/p>\n If you aren\u2019t wanting to be involved in the day-to-day operations but are still wanting to take part, you have the option to invest in eligible projects to qualify for the HQA Visa. Keep in mind that the HQA Visa is not meant to be just a cheap way to get residency in Portugal. You need to be entrepreneurially-minded, have a professional background and, obviously, be willing to invest in a startup business Portugal.<\/p>\n The required investment in this program comes in at US$175,000. This is significantly cheaper than all Golden Visa options.<\/p>\n By law, the government is required to either approve or deny your application within 30 days. If everything goes smoothly, you could have your residence permit within 3 months.<\/p>\n Your first residency permit is for two years, which you can extend for another three years. After five years, you have the option to apply for permanent residency and citizenship.<\/p>\n The HQA Visa strikes a nice balance between Portugal\u2019s other visa options. If you are looking for many of the benefits of the Golden Visa with a smaller investment, definitely check this one out. Want to learn more about the HQA Visa option? Here are some helpful resources you can check out:<\/p>\n <\/p>\n While the old NHR tax regime may have retired, Portugal\u2019s new NHR tax regime (which some refer to as NHR 2.0) will still allow you to enjoy some pretty great tax benefits, including:<\/p>\n In addition to higher (although still favorable) tax rates, the criteria to qualify for the new NHR tax regime has also been changed. Only individuals with the following qualifications<\/a> are eligible NHR 2.0:<\/p>\n It is clear that the new NHR 2.0 tax regime, alongside the HQA Visa, is very much geared towards fulfilling Portugal\u2019s goal of specifically attracting entrepreneurs and professionals.<\/p>\n <\/p>\n Bureaucracy can often get in the way when it comes to completing residency and citizenship processes in a timely fashion. It can add months and even years on to your timeline depending on how backed up or just plain inefficient government is at processing applications.<\/p>\n That is why I love this recent move<\/a> Portugal made to allow residents to start counting down their five years to citizenship from the date they apply<\/em> for residency, rather than the date they receive approval<\/em>.<\/p>\n Why did they do this? Because they got so backed up, the time between residence application and approval had stretched to two or more years! The government, recognizing this was massively extending the time to citizenship, through no fault of the applicant, amended the law this month with a new rule making this change.<\/p>\n It is refreshing to see a government recognize where it\u2019s coming up short and making the appropriate changes to make things right. This is a massive win for expats considering Portugal as they get to enjoy a condensed timeline to citizenship, as well as for the Portuguese government, as it will definitely attract more investment to the region with this change.<\/p>\n <\/p>\n While the changes made to Portugal\u2019s Golden Visa and NHR tax regimes in 2023 looked to be a severe blow to the country\u2019s competitiveness for expats, I think it is pretty clear that the government is still working hard to attract foreign investment and high-quality immigration to Portugal.<\/p>\n With the HQA Visa, the Golden Visa, and the many other available visa programs, there is truly something available for everyone. And, if you are able to qualify under the new NHR 2.0 tax regime, you can still get some excellent tax benefits. The cherry on top of the sundae is the expedited countdown to citizenship. Who knew there could be benefits to government incompetence? Perhaps they should get on the phone with the Canadian government and teach them a few things!<\/p>\n Want to stay on the up and up with offshore strategies and trends? Subscribe to Escape Artist Insiders magazine today!<\/a> Delivered straight to your inbox every month, you\u2019ll get insights and advice from experience offshore experts that you won\u2019t find anywhere else. Start planning your offshore journey \u2013 subscribe now!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Just last month, I wrote an article asking the question: Is Portugal Becoming Anti-Expat? My take, at that time, was that Portugal still had many visa options available and was definitely still open to expats. But, with the removal of the Golden Visa real estate investment option and elimination of the NHR tax regime, they […]<\/p>\n","protected":false},"author":705,"featured_media":48756,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"yst_prominent_words":[39833,39836,39839,2529,39831,39838,39841,39835,39830,39840,39837,39832,39829,39701,39700,4263,39834,2131,3953,2376],"acf":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.escapeartist.com\/wp-content\/uploads\/2024\/01\/1-2.jpg","_links":{"self":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts\/48751"}],"collection":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/users\/705"}],"replies":[{"embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/comments?post=48751"}],"version-history":[{"count":1,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts\/48751\/revisions"}],"predecessor-version":[{"id":48757,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts\/48751\/revisions\/48757"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/media\/48756"}],"wp:attachment":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/media?parent=48751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/categories?post=48751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/tags?post=48751"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/yst_prominent_words?post=48751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
HQA Visa \u2013 An Expedited Pathway for Entrepreneurs<\/strong><\/h2>\n
Active and Passive Options<\/strong><\/h3>\n
Required Investment<\/strong><\/h3>\n
Fast-Track Timelines<\/strong><\/h3>\n
Benefits<\/strong><\/h3>\n
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New NHR 2.0 Tax Regime<\/strong><\/h2>\n
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Citizenship Countdown Starts from Application Date<\/strong><\/h2>\n
Keep Portugal on Your Radar!<\/strong><\/h2>\n