Lisbon is alluring Overseas Tech Entrepreneurs with EU Nationality. Its Government has started a scheme that offers PR and eventual nationality to overseas entrepreneurs. This is for those investing 1 million € in its economy, creating 10 jobs or buying property worth 500,000 €.
The capital of Portugal, Lisbon was hard hit by the economic crisis in Europe. In this period, an estimated 0.5 million individuals exited the nation during 2011-2015. This was due to the increasing unemployment that reached a peak of 18% in 2013, as quoted by the Entrepreneur.
Creation of a flourishing Technology industry is a key policy to the revival strategy of Lisbon. The Government of the city hopes that the new scheme will offer a strong incentive to Overseas Tech Entrepreneurs. They will be attracted to set up offices that will enhance the local jobs. This will also occupy the industrial and office spaces that were vacated in the period of economic crisis. It will also result in spillover effects sparking innovation.
Apart from the enticement of EU Nationality, doing business in Lisbon is crucially cheaper than other tech hubs in Europe. This is inclusive of London, Paris, and Berlin. The fixed costs and salaries here are very high in comparison with Portugal.
In the last 2 years, major MNCs such as Google, Mercedes Benz, Volkswagen, and Zalando have established local IT development centers in Lisbon. So far very few Overseas Tech Entrepreneurs have taken advantage of Lisbon’s visa scheme. A vast majority of the 6, 369 PR allocations have been obtained by overseas investors in real estate.
The supporters of the new visa scheme are hopeful that the applications from Overseas Tech Entrepreneurs will increase. This is especially after the arrival of the giant Tech MNCs.
Y-Axis offers a wide range of visa and immigration services as well as products to aspiring overseas immigrants including Business Visa for Schengen, Study Visa for Schengen, Visit Visa for Schengen, and Work Visa for Schengen.
If you are looking to Study, Work, Visit, Invest or Migrate to Lisbon, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.
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