14 Business Visas for Global Entrepreneurs: The Ultimate Guide

By taking your business offshore, you can legally save on taxes. 

Moreover, there are more than a few countries around the world that will offer you a second residence in exchange for setting up your business in their jurisdiction.

Receiving residency simply for starting your business in a more business-friendly country is the ultimate win-win situation. 

Some countries will require that you hire a specific number of locals, invest in only certain industries, or that you put a minimum amount of capital into a local bank business account. 

Before settling on any one country, it’s good to get a feel of the options that are available to you. 

Whatever your needs and preferences, we’ve done the homework for you. Nomad Capitalist has the world’s largest database of up-to-date information on tax, residence and citizenship, banking, and corporate structures in over 100 countries.

Want an actionable holistic plan to expand your business and generate wealth? Set up a call with us today and go where you’re treated best.

1. Belgium Business Visa

At the heart of the European Union sits Belgium a country where you can incorporate a business and obtain residence and an eventual passport quite easily. 

However, you should be aware that Belgium’s business visa is only an option if you genuinely want to set up and run a company there. In other words, putting a couple of hundred euros in a bank account there and forgetting all about it won’t cut it.

The expectation is to establish a legitimate Belgian company with a comprehensive business plan. Your business plan will also need to undergo a stringent approval process.

It’s not easy, and foreign investors get rejected all the time. That’s because this is a highly desirable EU country, and they can afford to get picky about the people they let in. 

And with a real Belgian company come real taxes. The corporate tax rate is 25%, and if you want residence (along with all the perks that it offers), be prepared to pay. 

So, given its tax rates, how is Belgium a smart financial move? 

For starters, the business you would run in Belgium doesn’t need to be your main or primary business. You can structure your corporation in a way that you would only pay tax on your Belgian income, but not your global earnings. 

Keep in mind, however, that if you want to continue living in Belgium, your business will need to turn a profit – this is a condition that your annual residency renewal depends upon.

Additional requirements for obtaining Belgian residency through business incorporation include: 

1. Your company must have a college-educated director, which can either be you or someone else you hire. 
2. You must invest at least €6,200 upfront if you have a business partner or €12,400 if you set up a company by yourself. 
3. You should expect to spend approximately €150,000 in the first year on your business, which includes processing fees, legal costs, property rental, and employee salaries. 
4. You should register as a tax non-resident if you don’t want to report or pay taxes on your foreign earnings in Belgium. You’ll need to demonstrate that the centre of your social and economic life is outside of the country.

Additional benefits of Belgian residency or citizenship include the allowance of dual citizenship and a minimal in-country residency requirement of a few months per year, provided some time is spent elsewhere in Europe.

The quality of life in Belgium is very high, and the country has a welcoming attitude towards other nationalities. Brussels is an international city and is at the heart of European business. Universities in Belgium are very internationally oriented, and students can even follow courses in English.

All of this makes Belgium a prime location for anyone looking for a great place to live and do business in Europe. You can read more about Belgian residence and citizenship here to further help you decide if the Belgium business visa should be on your list of offshore options.

2. Colombia Business Visa

One place you may have never considered is Colombia. But it should be on your radar because it boasts one of the strongest markets and most vibrant cultures in South America today.

Anyone looking to start a business can get the added benefit of a second residency in Colombia with as little as US$25,000 in capital, which you can spend immediately on your company.

This residency option is officially called the Colombia Business Visa. The Colombia Business Visa is a temporary residence visa with a light physical residency requirement of having to visit the country at least once every six months. 

Additionally, if you meet the physical residency condition and a basic Spanish and Colombian history knowledge requirement, the timeline to naturalization is ten years.

A Colombian passport is much better than it used to be and will grant you visa-free access to over 139 countries. Besides having unlimited access to all of Central and South America, a Colombian passport will allow you visa-free access to all of the countries in Europe’s Schengen Area, as well as traditionally difficult countries like Russia.

Even better, Colombia also allows dual citizenship, meaning you will not have to renounce your current citizenship to become a citizen.

What makes Colombia really stand out as a destination for entrepreneurs, however, is its business culture. Colombia’s consistent economic stability over the past few years has been noticed by foreign investors and expats worldwide.

The country was named one of seven emerging markets worth investing in by Fortune Magazine, and the World Bank has ranked it as one of the best economies in Latin America based on the short amount of time it takes to start a business there.

The start-up scene in Colombia has been moving forward at an impressive pace, thanks in part to a large number of engineering and computer science graduates and postgraduates in the country that affords entrepreneurs access to the second-largest skilled labor workforce in Latin America.

This growing technology ecosystem is further benefited by Colombia’s low taxes and great incentives, making Colombia a major competitor for offshore operations.

And then, of course, there is Colombia’s vibrant culture, beautiful people, breathtaking nature, good weather, great cost of living, organic and diverse food, the awe-inspiring Amazon jungle, modern skyscrapers, pristine coastline, numerous museums, historic neighborhoods, modern shopping malls, sophisticated restaurants, electric nightlife, and so much more.

The list truly does go on. No wonder things are going so well for Colombia. You can learn more about Colombia’s residence and business visa program here.

3. Panama Business Visa

Panama also has a brilliant Business Investor visa, which unlocks a world of business and tax-saving opportunies.

Here are the requirements: 

1. An initial investment of at least US$160,000 is required, which can either be placed into an existing Panamanian company or used to establish a new one. 
2. Your new venture should create at least 5 full-time jobs for Panamanians. 
3. This visa is renewable after 2 years, which is when you can request permanent residence. 
4. Within 5 years of permanent residence, you can apply for naturalisation. You’ll need to have Spanish language skills, knowledge of Panamanian history, and attend an interview. 

Aside from having one of the easiest pathways to citizenship for entrepreneurs in the Americas, it also offers you many of the same benefits that Colombia boasts. 

For our full guide on Panama residency and citizenship, click here. 

4. Portugal Business Visa

Many people don’t know about this gem, but Portugal has an excellent visa program aimed at non-EU entrepreneurs looking to set up or invest in a business in the country.

Portugal’s D2 visa, also known as the Immigrant Entrepreneur Visa, offers non-EU/EEA/Swiss entrepreneurs, investors and self-employed professionals a chance to start a business in Portugal. It also allows them to relocate their business or invest in an existing business in Portugal.

A D2 visa holder is granted a two-year temporary residence permit, which can be renewed for another three years. After five years of legal residency, you may apply for permanent residence or citizenship.

No official minimum investment threshold exists for the D2 visa. Although, it’s suggested that small or medium-sized companies have between €3,000 to €5,000 to get approved. Moreover, there are no conditions regarding job creation or yearly profitability, making the D2 a flexible option for entrepreneurs looking to establish an EU corporate base.

Nonetheless, depending on your business or investment plan, you’ll need to demonstrate adequate financial proof that your investment or business is viable and offers social, cultural or economic benefits to the country’s economy.

Applicants must also prove they have the financial means to live in Portugal for a year, regardless of their business structure or income.

They can do so by showing a bank statement with a balance of at least €11,480. This threshold is based on the minimum wage set by the Portuguese government, which is €820 per month (or €11,480 per year) for 2024.

There are several other requirements to fulfill depending on your D2 visa motive, which we have discussed in detail in our Portugal D2 Visa Quick Guide.

5. Hungary Business Visa

Hungary is a country in the European Union that’s extremely welcoming to foreign investment, especially when it comes to setting up new businesses. 

With a workforce that is highly educated and that speaks English proficiently, plus its many industrial sites, Hungary is best suited to business owners who are looking to set up manufacturing businesses and similar enterprises. 

With a central location in a rapidly emerging area of Europe, the Hungarian business visa becomes even more appealing. 

Here are the key points of the program: 

1. Non-EU citizens can obtain Hungarian residency by establishing a local company.
2. The minimum amount required for initial business capitalization is €50,000.
3. Remember to factor in legal and professional fees of approximately €30,000.
4. You’ll need to provide proof that you’ve legitimately obtained all of the funds necessary for the investment. 
5. You’ll also need to prove that you have a clean criminal record and an outstanding international reputation. 
6. You’ll initially be granted temporary residence for 1 year, which can be extended for another 2 years. Subsequently, you’ll be granted permanent residence for 5 years, provided you maintain the business investment. 

Furthermore, turning a profit can help you offset the mandatory social security contributions and the other taxes that you’d be liable to pay on your business in Hungary. 

Another benefit of setting up a company here is the relativly low corporate tax rate (currently 9%)p. 

So, what are some of the other benefits of Hungarian residence? For starters, being a resident in this country will enable you to invest in any EU country freely, open up EU bank accounts and purchase real estate. 

Furthermore, you can apply for citizenship once you’ve been a resident for a period of eight years. That doesn’t guarantee you’ll get it, but if you do get approved, you’ll get your hands on a highly valuable European passport. 

So, what are you waiting for? Huge swathes of expats have already uncovered Hungary – and Budapest specifically – as a great place to live. We’ve even listed it as one of our favorite cities in Europe.

An alternative to setting up a business in Hungary is obtaining Hungarian citizenship by descent. Of course, this only applies if you have actual Hungarian ancestry. 

6. Turkey Citizenship by Investment

As part of its Citizenship by Investment (CBI) program, Turkey offers two main options for foreign investors. Either you opt to invest in real estate, or you go down the business route. 

While the vast majority go for the real estate option (and there are definitely great property deals to be had), the entrepreneurship route could be interesting to aspiring business owners. 

The main point of this route is to create jobs. 

It doesn’t matter if you want to move a part of your already existing business to Turkey or if you want to set up a brand new operation, you’ll need to meet this program’s requirements:

1. Create at least 50 jobs for Turkish citizens. The total cost of employing one minimum salaried job is nearly US$604 (in 2024). 
2. You should also consider all of the administrative costs of setting up and running a business.. 
3. Only people seriously interested in running a legitimate business for the long term should apply. This is because you’ll need to either run the business yourself or hire someone to do so for you. 
4. There is no predefined minimum investment sum to qualify for residence and eventual citizenship in Turkey under this program’s job creation route. 
5. You don’t need to physically reside in Turkey to take advantage of this entrepreneur program. 
6. Bringing your family under the same investment is entirely possible – your spouse and dependent children are free to join you in obtaining residence and a Turkish passport. 

All things considered, if you’ve always wanted to set up a company abroad and your business could benefit from affordable Turkish labour, or if you need to outsource some of your current operations to a cheaper country, Turkey has what you need.

In terms of timeline, the entire process of getting Turkish citizenship by investing in a business takes about three to four months and is rather easy. Read more about citizenship by investment in Turkey here.

7. Lithuania Business Visa

Lithuania is yet another European country where you can set up a business and get a residence permit as part of the deal.

In fact, Lithuanian residence by way of investing in a business is one of the easiest to obtain in Europe, with no excessive requirements and not that much red tape either. 

However, we wouldn’t recommend Lithuania for just any kind of business. If you would like to run a service-based business or something in retail, we don’t see much potential in this Baltic country.

However, ​​businesses with a regional or global focus, particularly those offering professional or B2B services, are likely to find Lithuania advantageous. 

Of course, location-independent companies can also benefit from being located in Lithuania, thanks to the country’s flat 15% corporate tax, which is comparable to Ireland’s 12.5%. 

Unlike neighboring Latvia, which requires significant annual tax payments to maintain residency, Lithuania adopts a more flexible approach to tax monitoring. 

As long as it’s clearly an active company and you pay some tax annually, you’ll be able to continue to enjoy the benefits that a Lithuanian residence offers. 

Interested? You’ll be glad to know that the process is actually very simple:

1. The company will need to have at least €29,000 in equity, conduct business in the country for at least six months, and employ a minimum of three Lithuanian citizens or permanent residents with an average Lithuanian salary.
2. Applicants must demonstrate a connection to Lithuania, either through residency or other means, such as a lease agreement. While physical presence is often preferred, authorities are quite flexible about this requirement. 
3. Citizenship is available to those who have resided in Lithuania for a minimum of 10 years. However, you should keep in mind that the country doesn’t allow dual citizenship in most cases. 

Read more about starting a business in Lithuania here. 

8. Latvia Golden Visa

As a neighbour of the aforementioned Lithuania, Latvia is another Baltic country that has a pretty interesting proposition for entrepreneurs in search of European residency.

So, what’s the main appeal of Latvia? Here are the highlights:

1. The application process is efficient, with residency typically granted within 2-3 months. 
2. It’s one of the cheapest ways to gain European residence for business investors. You’ll only need to invest €50,000 if the company’s turnover is less than €10 million a year. The investment will need to be doubled if the company earns more than that. 
3. You’ve got choices. You can either create your own company, or you can invest in an already existing Latvian company and become a shareholder. 

Beyond these key points of Latvian residence by business investment, there are a few quirks as well. 

The main catch is that if you form a company, you must pay at least €40,000 in tax per year to retain your residence. 

If you do the math, the total investment for a period of five years, for example, is a minimum of €250,000. And, suddenly, Latvia is no longer a ‘dirt cheap’ proposition.

Still, lots of investors choose to go the business investment route in Latvia. Most probably  opt-in because a €50,000 investment to bring your entire family to Europe is a good price to pay.

And, if you’re running a legitimate business with a decent turnover, the €40,000 in annual tax shouldn’t be a hard feat. 

Read more about starting a business in Latvia here. 

9. Singapore EntrePass Visa

Singapore is very strict about whom they allow to get residence. It simply has an overabundance of investors, expats and internationals of all varieties to feel the need to not welcome just anyone.

However, for many foreign entrepreneurs, the lure of Singapore is simply too strong to resist. Luscious food, a multicultural environment and a central Asian location are the main benefits of setting up shop in this Asian nation.

Plus, it’s one of the best residences (and eventual citizenships) to have in the world. In addition to an exceptionally strong passport, it also has territorial taxation which means that you can structure your global assets in ways that benefit you directly. However, all this comes with one big caveat: Singapore does not allow dual citizenship.

So, what does an entrepreneur do to gain permanent residence in Singapore? We won’t lie and tell you the process is quick or cheap. 

Quite the contrary.

You used to be able to open up an ice cream shop, employ a few locals, claim their permanent residence and call it a day. But, not anymore.

The requirements are much more stringent now for each of the three routes into the country.

First, you’ve got the Singaporean entrepreneurship visa called the EntrePass. Here are the main eligibility criteria:

1. People of any nationality can apply. 
2. The program is geared towards serial entrepreneurs, high-calibre innovators and experienced investors only. No beginners will be accepted. 
3. You must either already have a new company (less than 6 months since incorporation) or intend to set one up after you’re approved for the EntrePass.
4. It will take approximately 2 months to process your application. 

And whereas there is no minimum sum that you must have to start your Singapore company, there is a checklist of criteria. The more of these you tick off, the higher your chances of getting approved: 

1. You have secured at least US$100,000 in funding from a government-recognised venture capitalist (VC) or business angels.
2. You’re part of a government-approved incubator or accelerator.
3. You have a vast business network and an entrepreneurial track record.
4. You hold intellectual property that delivers a significant competitive advantage to your business.
5. You have a research collaboration with the Institute of Higher Learning or another research institute in Singapore.
6. You have achieved exceptional milestones in your area(s) of expertise, and are able to prove it. 
7. You have a positive track record of investing in businesses. 

If you get approved, you’ll need to jump through a considerable amount of hoops to renew your residence annually, including meeting an annual spending sum figure and employing a minimum amount of people. 

Don’t fancy having to do all that? Then your second option to gain entry to Singapore is the Employment Pass. 

While this program is mostly geared towards skilled workers, you can set up a company and hire yourself as the director.

Keep in mind that:

1. It’s not cheap to run Singaporean companies. Local directors must be hired, and an annual audit must be conducted. 
2. Singapore is no tax haven. All businesses pay 17% tax on their worldwide income. You’ll be expected to show a business profit, which will also be taxed. 
3. You must pay yourself a salary of about US$100,000. This will be subject to local income and social security taxes. 

Finally, there is another relatively new program that can lead to residence in Singapore called Tech Pass. It’s very similar to EntrePass but is geared toward leaders and innovators within the tech industry. 

So, it’s up to you to pick from these three options and make your Singapore business and residence a reality. As always, the Nomad Capitalist team can help you navigate the process. 

Read more about setting up a business in Singapore here. 

10. South Korea D-8 Investor Visa

South Korea is a country that is not just heating up; it’s probably the hottest country on the Asian continent. 

Its music, food and culture in general, is something that has exploded onto the global stage in recent years. It’s no surprise that investors are increasingly seeking ways to get a slice of that economic success pie. 

Luckily, there is an opportunity for foreigners to get permanent residency in South Korea if they’re looking to invest in a local business.

However, it’s not as easy as it was just a decade ago. 

Now, as the number of expats in South Korea tops 1 million, residence permits are much harder to come by.

The visa in the spotlight is called the D-8 Investor visa, and it requires a minimum investment of approximately KRW 100,000,000 ($76,832). It will also need to be an actual profit-generating company for your residence permit to get extended. 

The South Korean program is somewhat of a hybrid visa as it combines investment and entrepreneurship. 

This means that your business doesn’t need to be as innovative as for, say, the UK or the Singapore business visas. You could open up a restaurant or some sort of ‌a lifestyle business and thrive in South Korea.

Meanwhile, if you have an earth-shattering start-up idea that you think you could use to conquer the world, we would recommend taking it elsewhere. Since countries are wrestling for people to bring these ideas to them instead of their neighbors, you need to play your cards right. 

Read more about investing in business in South Korea here. 

11. North Macedonia Entrepreneur Visa

The North Macedonian entrepreneur visa program is so under the radar that ‌government bureaucrats don’t even have a set procedure for it. 

That often makes for the best investment opportunities — ones that haven’t already been seized upon by thousands upon thousands of investors from around the world.

Despite its visa program being quite unknown, the country itself has been gaining traction over the last decade. It’s a beautiful country on the Balkan peninsula, dotted by mountains and the pristine waters of Lake Ohrid. 

So, what does it have in store for entrepreneurs? 

For starters, as an EU candidate country, North Macedonia offers visa-free access to the entire Schengen Area. While full EU membership is still pending, this opens up significant travel freedom for citizens and residents. 

And when it comes to obtaining a passport, North Macedonia is one of the fastest countries in the world to let you do that. Within a few years, you could not just have a residence in the country but citizenship as well.

But don’t forget the business investment aspect of this. While North Macedonia is a slightly more obscure country on this list, and you would assume that it would give you some concessions, they do actually expect you to run a legitimate business.

You will need to have a presence “on the ground”, form a company, as well as put at least €400,000 into a local business bank account. Furthermore, you’ll need to hire ten local people full-time. 

All that said, it shouldn’t be a problem if you’re genuinely interested in taking advantage of the many opportunities that this emerging country offers, one that is among the most business-friendly countries in Eastern Europe. 

To sweeten the deal even more, its tax regime is also highly favorable, with a flat 10% corporate tax. 

All in all, setting up shop might take some time and quite a bit of research, but if you’re set on giving North Macedonia a go, we’re sure it will be worth your while. We can also deal with the bureaucracy on your behalf – feel free to reach out to the Nomad Capitalist team.

Read more about operating a business in North Macedonia here. 

12. Bulgaria Business Visa

Did you know that Bulgaria is a member of the European Union and the Schengen zone? Or that Bulgarian residence could mean you’re free to traipse all over the continent with just an ID card? 

It may come as a suprise, but these are all true and only the tip of the benefits’ iceberg for foreign entrepreneurs

If you’re eager to unlock Europe and are willing to give Eastern Europe a chance, Bulgaria is as good a place as any. 

Sitting at the confluence of the west and the east, the new and the old (ex-Soviet), Bulgaria is a really interesting proposition for foreign investors seeking to reap the benefits of its EU status, affordable labor and its geographic location, among others. 

We wouldn’t necessarily recommend going for citizenship by investment in Bulgaria, as that will cost you at least half a million euros and take years. 

Similar benefits of the passport can be had with just a residence. 

Bulgaria is great for those who want to outsource all or part of their labor overseas. That’s because the Bulgarian workforce is highly educated, can speak fluent English and the average wage in the capital of Sofia is about a thousand euros per month. 

If you were considering Portugal before, but that seemed a touch too expensive, then you can’t go wrong with Bulgaria. 

This country should be of particular interest to those in the tech industry. Tech has been booming in Bulgaria, and there are plenty of highly qualified specialists for hire. 

13. Romania Business Visa

Similar to its neighbor Bulgaria, Romania offers a very good proposition. 

You can get residence and perhaps even a second passport by incorporating a business in Romania, but then again, many European countries offer that.

So, what’s special about Romania in particular?

It’s a quick and relatively cheap way to obtain permanent European residence. You will need to invest a minimum of €150,000 into your company and hire some employees to get going. 

The undefined number of employees makes Romania a better choice for those who aren’t necessarily in need of 10 or more employees (such as the requirement in Bulgaria). 

When it comes to taxes, Romanian corporations pay a profit tax on their worldwide income – that’s a flat 16% in Romania. And while that’s quite a low percentage, it’s certainly not as low as some of the other jurisdictions in Europe. 

The important takeaway for running a tax-optimized business is to use a ‘micro company’ — this isn’t exactly easy to pull off for non-residents, so we recommend having professional guidance along the way. 

Any company with a turnover of less than 1 million euros in the preceding year would qualify to pay reduced tax rates ranging between 1-3%. There is also a dividend tax of 5% that needs to be paid, but it’s a far cry from what Western Europeans are paying.  

So, what sort of business should you create in Romania? 

As there are certain limits to what types of companies can claim tax benefits, we would say that the ideal business to run in Romania is product-based with healthy margins and the need to hire staff locally.

Read more about opening a business in Romania here. 

14. Puerto Rico Act 60

Long-lauded as the ultimate alternative to citizenship renunciation for Americans who are oh-so-tired of inflated tax rates, Puerto Rico offers many business investment opportunities. 

But tread carefully, because it’s not the right option for all people. 

It’s not a “one-size-fits-all” solution, and going to Puerto Rico for residence when you want to do business does come with strings attached. 

Additionally, it’s really not the best of locations for top-level living. 

Scrambling to raise capital, Puerto Rico has done what a lot of other governments have had to do — launch an investment program in exchange for tax incentives and residence status. 

Their main goal is to attract US corporations that are looking to legally optimize their taxes. And because Puerto Rico has a special status with the US, companies are able to cut their taxes by as much as 90%. 

Your company will most likely need to have a physical office on the island, apply for all the tax concessions and go through the bureaucratic motions. 

But, for many, it’s still worth it. 

In terms of hiring, many Puerto Ricans speak English, and the island is just a quick plane ride away from many American cities. Also, you don’t have to renounce your American citizenship to take advantage of the various tax incentives. 

On the other hand, the physical presence requirement for yourself (and your family,‌) puts many people off of life in picturesque Puerto Rico. 

Could you see yourself spending half of your year there? If not, then Puerto Rico may not be for you. If so, then read more about Puerto Rico’s tax incentives here.

14 Business Visas for Global Entrepreneurs: FAQs

Get Your Business Visa Plan B While You Can

From Golden Visas to Business visas to CBI programs – countries are shutting down immigrant investor programs at record speed.

Last year, this list included sixteen countries. This year, it’s fourteen. Who knows how many programs will get canceled by next year?

That’s why it’s imperative to act now and get a Plan B to expand your business and passport portfolio.

Whether you want to live and work in Asia, the EU, the Caribbean, or some other region, Nomad Capitalist can help you. We have the world’s largest database of actionable information on tax, residency, citizenship and corporate structures in over 100 countries.

From billionaires and celebrities to everyday entrepreneurs, we’ve helped over 1,500+ successful clients create their Plans, grow their wealth and increase their peace of mind. 

Sounds like something you’d want to do? Set up a call with us today to go where you’re treated best.