Portugal employment visas in 2023
Only non-EU / EFTA citizens are required to secure a work visa in order to work in Portugal. Healy Consultants will assist our Clients by preparing the visa application and submitting it to the Portuguese authorities. Our fee for this service is €2,950 for the first employee, €1,950 for the second employee, €950 per employee thereafter. To date, we enjoy 100% visa approval record.
- After Portugal business formation, non EU/EFTA entrepreneurs willing to reside in Portugal shall be required to obtain an entrepreneur visa and a residence permit (both valid one year, then 2 years after 1st renewal):
- Documents required include: i) a valid passport ii) a certificate of incorporation or evidence of investment activities iii) travel insurance iv) a certificate of deposit covering for planned expenses and v) an extract of judicial record;
- Foreign investors can also apply for a golden visa if they make investments worth i) €500 thousand in real estate property, ii) €1 million in equity, or if they iii) create minimum of 10 jobs.
- Employers willing to hire a Non EU/EFTA national are required to submit their employment offer to the Institute for Vocational Training and Employment. On approval, the employee applies for a work visa at the Portuguese Consulate. The application can only be lodged after Portugal company formation;
- The employer should submit a copy of the employment contract drafted according to template;
- Documents to be submitted by the employee include i) approval document by IEFP ii) a valid passport iii) an extract of judicial record iv) copy of the employment contract v) proof of travel insurance and vi) a return travel ticket.
- This visa is issued for up to 3 months for the purpose of either tourism or short-term business;
- Documents required are i) a valid passport ii) bank statements to prove that the entire trip is covered iii) travel insurance iv) proof of accommodation and v) a document declaring purpose of the visit.
Corporate banking options in 2023
Healy Consultants Group assists our Clients with corporate bank account opening in Portugal. Our experienced banking team will i) liaise directly with multiple Portuguese banks ii) prepare all documentation and submit the same to the bank and iii) attend the bank interview on your behalf. Find below more information about Portugal business banking.
Portuguese business banking
- As an EU member, Portugal offers a modern banking system and one of the world’s most advanced inter-banking networks;
- Portuguese banks offer advanced financial products including i) electronic banking ii) internet banking iii) credit and debit cards and iv) corporate and personal financing facilities;
- Preferred local banks in Portugal include i) Banco Comercial Português ii) Caixa General de Depositos and iii) Novo Banco. Foreign banks provide limited customer service outside Lisbon and Porto;
- Some of our Clients looking to trade internationally may prefer global banks incorporated in Portugal, including i) Barclays ii) BNP Paribas iii) Deutsche Bank and iv) Citibank;
- Most banks in Portugal will allow our Client to open a corporate bank account through a Power or Attorney (PoA) so they do not need to travel to Portugal to sign banks forms. However, our Client must courier the original signed forms to Portugal within 30 days of account opening;
- Each foreign director and bank signatory of a corporate bank account in Portugal must first obtain a personal income tax in Portugal before signing bank forms. This, however, does not make the signatory liable for taxes in Portugal.
Healy Consultants Group Portugal banking services
- Healy Consultants Group will be pleased to open a Portugal corporate bank account for a resident or non-resident company without our Client needing to travel. It is a time-consuming task, and Healy Consultants will shelter our Client from the associated administrative challenges;
- Following incorporation of our Client’s company, Healy Consultants Group will contact multiple top-tier banks in Portugal to secure multiple corporate banking options, and we will share the same with our Client for consideration;
- Once our Client settles for their optimum bank, based on location, tariffs and charges and international presence, Healy Consultants Group will, through a PoA, proceed to open a corporate account for our Client’s company;
- Thereafter, Healy Consultants Group emails our Client the bank forms for signature and courier back to Portugal. Upon receipt of the originals, the bank proceeds to activate the account;
- If, at any point during the account opening process, our Client is required to travel to Portugal to visit the bank branch, Healy Consultants Group will aggressively negotiate with the bank for a waiver. If the Client must travel, Healy Consultants will refund our Client €950;
- If our Client is not comfortable with a Portugal corporate bank account, Healy Consultants can open an international corporate bank account outside Portugal with top tier banks with excellent internet banking services;
- Refer to this web page to understand our guaranteed multi-currency corporate bank account solutions, or your money back;
- Portuguese banks continue to tighten corporate bank account opening procedures, their internal compliance departments completing more thorough due diligence of Clients. Consequently, our Clients should expect the bank account approval period to take up to four weeks.
Considerations for Portugal corporate bank account opening
- If our Client prefers international banks, Healy Consultants Group highly recommends i) Deutsche Bank ii) BNP Paribas and iii) Santander for Portugal corporate bank account solutions. These solutions allow Clients to reduce the risks and costs associated with corporate banking in Portugal;
- However, for quick corporate account opening solutions and ease of local transactions in Portugal and within Portuguese-speaking Africa, Healy Consultants Group recommends local banks including i) Caixa Bank (CGD) ii) Novo Bank and iii) Banco Atlantico;
- To open a corporate account, Portuguese banks will require i) a valid passport ii) a proof of address iii) a Portuguese tax identification code iv) a certificate of incorporation for the company and v) a declaration of beneficial ownership.
Trade finance in Portugal
- If required, Healy Consultants Group will also assist our Clients secure trade finance services in Portugal including i) bank guarantees ii) letters of credit iii) finance against trust receipt and iv) document against payment and against acceptance;
- To secure trade finance, local businesses must submit i) a detailed business plan ii) evidence of low-risk assets to serve as collateral iii) resume and qualifications of business owners iv) last three years audited financial statements and v) risk assessment evidence through strength and weaknesses analysis (SWOT);
- Banks’ acceptance to extend trade finance to a business largely depends on how strong or appealing the Client’s company profile is, and the bank’s appetite for the Client’s business;
- Healy Consultants will help our Clients obtain corporate finance in the form of a loan, overdraft or simply preferential credit terms;
- Some Portuguese banks also provide adjusted trade finance solutions including i) possibility of short or long-term financing ii) extended payment deadlines and reduced collection periods and iii) financing production and exporter payments.
Exchange controls and other regulation
- Portugal does not have exchange controls. However, similar to other Eurozone countries, monetary transfers over €12,500 must be notified to the Portuguese Central Bank, to prevent money laundering activities;
- The Portuguese Government does not restrict or limit currency holdings in Portugal or foreign exchange supply for residents or non-residents;
- Portuguese and foreign companies are permitted to hold any currency with Portuguese banks and free repatriation of capital and profits is allowed.