The Best 3 Startup Visas in Latin America for Every Entrepreneur
Authored by Paula Vazquez
Latin America is a fast-growing startup region and one of the most promising markets in the world. It's a perfect place for launching a new business venture, whether it's B2B or B2C. This area offers plenty of opportunities for every kind of entrepreneur and startup enthusiast alike, but it also comes with its fair share of challenges and pitfalls. Here we tell you all you need to know about the main hubs: Chile, Brazil and Nicaragua.
Chile Visa Tech
Chile’s economy is promising as it ranks very high on the Human Development Index, and, moreover, by being close to Antarctica it also has breathtaking landscapes that attract tourism. In 2017, the government launched a new visa permitting entrepreneurs, tech talent, and investors to acquire it in only 15 days. This has attracted a lot of foreign capital and positioned Chile as a leading global technology capital. Visa Tech’s objective is to streamline the process of obtaining a work visa in Chile and to simplify hiring processes for local and overseas companies in the tech field and/or related to the Start-Up Chile Program.
- What does the Chilean startup ecosystem look like? Its ecosystem is constantly supported by the government by policy and law innovation and is now worth $661 million of dollars. Also, Startup Chile Program offers equity-free grants to attract entrepreneurs from all over the world and also mentoring workshops, co-working spaces, and access to investors. This program has worked with over 2,200 startups that have conquered many markets and sold more than $2 billion dollars around the world.
- Which sub-sectors are thriving in Chile? The first, AI, Big Data & Analytics, will continue to grow with the new National AI Policy that intends to be Chile’s roadmap to adopting these kinds of systems. Another one is Fintech since there was an increase of 60% from 2019 to 2021 in this subsector. Finally, the Agtech & New Food field is also thriving with unicorns such as NotCo.
- Why startup a business in Chile? Chile is one of the most stable economies in Latin America and has a friendly cost of living. Nonetheless, one of the most attractive reasons is their Tax policies as they have free trade agreements with more than 30 countries and Double Taxation Avoidance Agreements.
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Chilean residency permit - Application assistance in English
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Full Service$ 175 - $ 228
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Full Service$ 240 - $ 312
Photo: Olga Stalska, Unsplash
Brazil Investor Visa (Entrepreneur)
Brazil is a regional leader in an economy with a GDP in 2020 of $1.43 trillion dollars, and in a land of opportunities of 8,515,767 km², its government has aimed to attract more investment and support startup initiatives. This way, the permanent residency visa or visto permanente is only granted to entrepreneurs who want to live in Brazil and also invest in productive activities. They also must have the will to hire or train specialized Brazilian employees. The investment quantity should be at least 200,000 USD. You can bring your dependents and spouse by including them in your application and providing proof of enough funds for subsistence.
- Why startup a business in Brazil? Brazil houses the South-American headquarters of giants such as Google, Uber, and Airbnb which attracts a lot of economic activity and investors. Moreover, 66% of investors come from outlands, and it is the %1 oil producer in Latin America.
- What does the startup ecosystem look like in Brazil? Sao Paulo is currently booming in economic growth and it concentrates 12 of 20 Brazilian unicorns. It has several Venture Fundings, incubators, and accelerators. It is valued at $49 billion of dollars. Also, the startup scene has great support from the government and has modified paperwork and invested in accelerators. For instance, now you can open a company in 5 days.
- What sub-sectors are currently thriving in Brazil? Fintech and Proptech are currently the most prosperous fields in Brazil.
- What are the capital and funding options for startups in Brazil? The government of Brazil runs around 20 programs to support the startup ecosystem. For instance, InovAtiva was created by the Ministry of Economy to accelerate, connect and mentor startups in the national territory. Another initiative was created with Desenvolve SP, or the bank of entrepreneurs, to offer enterprises affordable credit options.
Photo: Agustin Diaz Gargiulo, Unsplash
Nicaragua Entrepreneur Residency Visa
Another option in Latin America with a start-up visa in Nicaragua. You can apply for temporary residence on the basis of the Entrepreneur Residence Visa and, therefore, plan to do entrepreneurial activities. An interesting fact about Nicaragua is that it ranks among the highest in Gender Equality. Here you can know more about the requirements and documents for this Nicaraguan Visa.
- What are the capital and funding options for startups in Nicaragua? The government of Nicaragua encourages foreigners through tax benefits if the business is related to forestry, agriculture, Free Trade Zones, Electricity generation from renewable sources, exploration and exploitation of mines, fisheries, and aquaculture industry, Hydrocarbons, and Tourism.
- Can I obtain Nicaraguan citizenship with this visa? Yes, you can obtain Nicaraguan citizenship after residing for four years in the country with any visa.
Best Insurance Plans for Digital Nomads in 2022
Many digital nomads are either self-employed or independent contractors, and, therefore, are often not covered by traditional insurance policies. To begin, there are two types of insurance: health insurance and travel insurance. Health insurance addresses the need for regular checkups and care, whereas travel insurance also deals with incidents that may take place during travels. How much coverage you need depends entirely on your risk tolerance and where you go, if you practice risk sports, if you want to have children, if you have previous conditions and several other factors. Some of our members opt for the lowest coverage required to enter the countries they visit, since it may be cheaper to pay for a series of major expenses out of pocket than to pay for policies as long as you are in the right countries. On the other hand, others argue that higher insurance coverages are totally worth the money for the security they provide. It is also not uncommon for people to end up with a medical bill larger than they can handle while they are abroad due to not having insurance. Nonetheless, due to the pandemic, many countries are now requiring visitors to carry insurance policies that cover COVID-related expenses. We have gathered a series of 6 options for your trips this 2022 through research and community interviews and reviews. We hope this is helpful for choosing the best insurance for your unique nomad lifestyle.
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Setting up a new business is exciting, frightening, and challenging as well as an incredible experience for every entrepreneur. Choosing the correct visa for launching or working on your startup can be a key step in your entrepreneurship path. The following list contains six visa options that can help you set up a new business in America's startup ecosystem. Remember you can browse more start-up visas in other regions at visadb.io.
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