Why is Everyone Talking About “Plan B” Residency Options and Do You Need One?

Why is Everyone Talking About “Plan B” Residency Options and Do You Need One?

First off, what exactly is a plan B citizenship? A “plan B citizenship” refers to having a second citizenship as a backup option in case problems or inconveniences arise with one’s primary citizenship. This can be for various reasons such as political instability, business purposes, economic downturn, or personal safety concerns (among other things). Having a plan B citizenship can provide an individual with more opportunities and options for travel, work, and residency. Some countries offer extremely innovative “Plan B” type programs – for example Portugal has the HQA Visa Program where an individual has a pathway to citizenship in exchange for supporting the formation of a research backed innovative business in Portugal.

Entrepreneurs may consider having a plan B citizenship as a way to protect themselves and their business interests in case of political or economic instability in their home country, or to simply gain access to a new market for their business interests. When an entrepreneur gains access to the European Union for example, they open up a new market that would have been significantly more challenging to crack with no status. Additionally, having a second citizenship can provide access to a wider range of business opportunities and can provide more flexibility for travel and immigration for team members.

In addition, having a plan B citizenship can also provide access to healthcare, education and other benefits, as well as a sense of security and peace of mind. There can be fantastic tax benefits that accompany secondary residencies and corporate ventures abroad (we will discuss these below).

Furthermore, having a second citizenship can also provide a way to diversify one’s assets and financial holdings, which can be particularly important in times of economic uncertainty.

Lastly, some countries have more favorable business and tax laws, having a citizenship in one of these countries can make it easier to operate and grow a business, or to invest in property or other assets. Portugal’s non habitual resident (NHR) scheme grants preferential tax treatment to new residents of Portugal. The structure grants eligible applicants a flat 20% tax rate on Portuguese income.

If the thought of expanding your current venture(s) to Europe is appealing, or if you’ve been thinking about obtaining a “Plan B” residency option for your family, the Portugal HQA Program is an excellent option worth exploring. You can learn more, request  information about the program, or schedule a meeting with our team here.

About Empowered Startups
Empowered Startups is an Innovative Startup Incubator and foundry headquartered in Vancouver, British Columbia, Canada. With offices in Canada, France, and Portugal, we train/mentor/ and network entrepreneurs to successfully launch new businesses in diverse markets. As a foundry we also conceive, build and launch our own products and solutions. Empowered Startups is recognized by the Canadian Government as a designated start-up business incubator and is known internationally for growing ideas into sustainable businesses using both a virtual and on-site model. Our training tools and mentorship are used and recognized by leading global university labs, Startup incubators, and innovation hubs. Apply for our programs online at empoweredstartups.com

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The Empowered Startups HQA Visa Program Has Been Featured in the Government of Portugal’s Latest AICEP Newsletter

The Empowered Startups HQA Visa Program Has Been Featured in the Government of Portugal’s Latest AICEP Newsletter

The Empowered Startups HQA Visa Program has been featured in the Government of Portugal’s latest AICEP newsletter. The AICEP newsletter and blog features information about government programs, business trends in Portugal, awards, economic news, and more.

The article is related to Empowered Startups’ HQA Visa Program Demo Day for entrepreneurs participating in the program. The event took place in September at Parque do Alentejo de Ciência e Tecnologia (PACT), at the University of Evora. The event facilitated an exciting environment of discourse and cross pollination of ideas between entrepreneurs and faculty and staff from the University and PACT, including Vice Dean Paulo Quaresma and PACT President, Dr. Soumodip Sarkar.

AICEP Portugal Global is an independent public entity of the Government of Portugal, with the goal of attracting foreign investment to Portugal and supporting the internationalization of Portuguese companies into the global economy.

Empowered Startups, an international foundry and business incubator with a focus on research backed innovation, brought its first project to Portugal in 2019. Since that time, the Program has grown steadily and attracted the attention of The Ministry of Territorial Cohesion which has recently encouraged Empowered Startups to grow the Program more rapidly and expand its reach, thereby introducing innovation and investment into a growing number of regions within Portugal. For its part, Empowered Startups has expressed its commitment to cultivate investment, transformation, and constructive collaboration in Portugal’s thriving innovation space.

To apply for the Portugal HQA Visa Program, please request more information on our website.

Photo by Empowered Startups

Reuters Reports That Portugal Likely to Scrap Much-Criticised ‘Golden Visa’ Scheme

Reuters Reports That Portugal Likely to Scrap Much-Criticised ‘Golden Visa’ Scheme

Reuters Reports That Portugal Likely to Scrap Much-Criticised ‘Golden Visa’ Scheme

News outlet Reuters is reporting that Portugal could be ready to scrap their Golden Visa program.

Speaking at Lisbon’s Web Summit, Europe’s largest tech event, Portugal’s Prime Minister Antonio Costa said several visa schemes offered by Portugal were currently being re-evaluated and the golden visa was one of them.

“(It) probably has already fulfilled the role it had to fulfil and, at this moment, is no longer justified to keep it”, Costa told reporters.

We don’t love to speculate but CBI and RBI have been under fire recently and have been heavily criticized for sending house prices and rents up, and the European Commission has called for the end of such national schemes.

The good news is Portugal has done incredible work creating programs that will truly stimulate their economy and  innovation. They have created well thought out programs like the HQA Visa Program which provides EU residency to highly qualified business people when they start a research backed venture in Portugal, as well as the newly announced digital nomad visa.

You can read the full article from Reuters here

 

About Empowered Startups
Empowered Startups is an Innovative Startup Incubator and foundry headquartered in Vancouver, British Columbia, Canada. With offices in Canada, France, the United States and Portugal, we train/mentor/ and network entrepreneurs to successfully launch new businesses in diverse markets. As a foundry we also conceive, build and launch our own products and solutions. Empowered Startups is recognized by the Canadian Government as a designated start-up business incubator and is known internationally for growing ideas into sustainable businesses using both a virtual and on-site model. Our training tools and mentorship are used and recognized by leading global university labs, Startup incubators, and innovation hubs. Apply for our programs online at empoweredstartups.com

Government Support for Empowered Startups’ Portugal HQA Program Featured in Angel Investor, Private Equity, & Venture Capital Publication Link-to-Leaders

Government Support for Empowered Startups’ Portugal HQA Program Featured in Angel Investor, Private Equity, & Venture Capital Publication Link-to-Leaders

Link-to-Leaders – Angel Investor, Private Equity, & Venture Capital Publication Features The Government of Portugal’s Support of Empowered Startups’ Portugal HQA Visa Program

Empowered Startups’ HQA Visa program has recently been featured in Link To Leaders, an online publication that links angel investors, private equity firms, and vc’s to startups and founders with potentially interesting projects. The article highlights how Empowered Startups is working closely with innovative municipalities like the city of Seia, and leading research institutions like the Polytechnic Institute of Guarda to ink long-term partnerships aimed at attracting highly qualified business executives, investors, and entrepreneurs to the area.

The author, Sónia Jerónimo is currently co-founder of GO IT Concept & Ambassador at Fá[email protected] Empreendedorismo in the Municipality of Seia. She was previously Entrepreneur & Board Advisor and passed through Winning as COO and Board Advisory. She is also an ICC certified international coach and mentor at Start-up Lisboa and Start-up Braga.

The article focuses on Empowered’s work and local municipal partnerships with Seia in helping to create a Portuguese Silicon Valley, the “Seia Valley.”

“In Portugal, Empowered Startups operates with the HQA Program – Highly Qualified Activity to attract highly qualified entrepreneurs and professionals, bringing business leaders, entrepreneurs, and subject matter specialists to invest and collaborate in research and development projects with Universities and Polytechnics.”

The author goes on to state, “This partnership is a strong contribution for the city of Seia to constitute a privileged place of choice, to live, work, undertake and to innovate.”

Our HQA team at Empowered is thrilled to be working alongside the Portuguese national government, local administrations, universities, investors, and local startup ecosystems like PACT in Portugal to bring innovative projects and ideas from international entrepreneurs to Portugal.

About Empowered Startups
Empowered Startups is an Innovative Startup Incubator and foundry headquartered in Vancouver, British Columbia, Canada. With offices in Canada, France, the United States and Portugal, we train/mentor/ and network entrepreneurs to successfully launch new businesses in diverse markets. As a foundry we also conceive, build and launch our own products and solutions. Empowered Startups is recognized by the Canadian Government as a designated start-up business incubator and is known internationally for growing ideas into sustainable businesses using both a virtual and on-site model. Our training tools and mentorship are used and recognized by leading global university labs, Startup incubators, and innovation hubs. Apply for our programs online at empoweredstartups.com

Empowered Startups Holds Demo Day for Entrepreneurs in their Portugal Highly Qualified Activity (HQA Visa) Program

Empowered Startups Holds Demo Day for Entrepreneurs in their Portugal Highly Qualified Activity (HQA Visa) Program

September 30, 2022, Evora Portugal – Interntational business incubator, Empowered Startups, have held a demo day for entrepreneurs participating in their Highly Qualified Activity (HQA) Program. The symposium took place at Parque do Alentejo de Ciência e Tecnologia (PACT), at the University of Evora, and saw founders and their research teams showcase research and development projects in the areas of solar energy, fintech, cybersecurity, and health care innovation

The event facilitated an exciting environment of discourse and cross pollination of ideas between entrepreneurs and faculty and staff from the University and PACT, including Vice Dean Paulo Quaresma and PACT President, Dr. Soumodip Sarkar. 

During some of his remarks, Dr. Sarkar shared, “Since I came to know the work of Empowered Startups, I was pretty enthusiastic and wanted to help in whichever way I could. My main goal is to promote an ecosystem of innovation, as a professor of entrepreneurship. I would like to welcome startups promoted by Empowered Startups to set up shop here at PACT and we will provide them with the support that they might need.

Empowered Startups, an international foundry and business incubator with a focus on research backed innovation, brought its first project to Portugal in 2019. Since that time, the Program has grown steadily and attracted the attention of The Ministry of Territorial Cohesion which has recently encouraged Empowered Startups to grow the Program more rapidly and expand its reach, thereby introducing innovation and investment into a growing number of regions within Portugal. For its part, Empowered Startups has expressed its commitment to cultivate investment, transformation, and constructive collaboration in Portugal’s thriving innovation space.

To apply for the Portugal HQA Visa Program, please request more information on our website.