Welcome to Portugal
If you are reading this text it is most likely because we have met at a conference and you somehow have an interest in Portugal. In some cases someone has passed along this brochure or you are just curious.
Portugal is one of the best small countries few people know about or one of the best countries of the European Union that most people have limited information on or hardly heard about.
Some relevant data as per international rankings of competitiveness: 25th position on the “Ease of Doing Business” study by the World Bank;13th out of 137 countries on quality of infrastructure according to the World Economic Forum.
Tourism is growing by 10% a year since 2012. Portugal has been considered one of the best tourist destinations of the world and Lisbon the one of the best cities for visiting or living. GDP growth for 2017 is expected to be 3%.
From an investor’s point of view Portugal offers a highly skilled work force combined with operating costs that are roughly half of the average Western European countries.
Basic corporate tax rate (CIT) is 21%. It can be aggravated when profits exceed 7,5 or 35 million Euros. On the other hand a plethora of incentives for foreign direct investment is widely available: SIFID for investment in R&D, Patent Box for IP, RFAI for a number of investments, Job Creation and Contractual Taxes under the Portugal 2020 program and exemption or reduced corporate income tax (CIT) rates for Portuguese Investment Funds. The incentives vary from full exemptions or reductions up to 50% of the regular CIT rate, to tax credits and carry forward, to exemption of certain specific taxes and levies as it is the case of real estate investments in tourism and urban rehabilitation.
Portugal has some universities ranked within the 40 best in Europe, a good R&D infrastructure, a state-of-the-art internet and telecommunications network and excellent air and maritime connections with the rest of the world.
You should also consider that Portugal has been consistently ranked in the top five most secure counties in the world. You can walk around and live everywhere safely; if you take basic, common sense precautions there arefew chances of being victim to a violent crime or even to be robbed.
We are also one of the most liberal countries. There is complete religious freedom and yet the State is laic. Marriage between persons of the same sex is permitted since 2010. Portuguese registrars will marry anyone of any nationality. Adoption by same sex couples is legalized since 2016, LGBTQQI individuals enjoy equal rights.Drug use and possession of small quantities of any drug is decriminalized since 2001, although consumption is not permitted in the streets and public places. Sexual intercourse between consenting adults, irrespective of being moneyed or not is none of the State’s business. Otherwise drug trafficking and sexual exploitation and pimping in general are crimes.
The broader picture: anyone is welcomed, no restriction whatsoever for foreign investment, ownership of companies or property. You can buy, sell, trade or encumber just as any other Portuguese resident. Once you become a resident you have full access to the Serviço Nacional de Saúde (national health system) ranked 14th in Europe for its coverage (above the UK and Spain) by the Euro Health Consumer Index. Extra private health cover can be bought for as little as 500,00 euros a year.
Last but not the least, if you are considering to come and live in Portugal instead of just investing you may benefit from the favorable tax regime applicable to non-habitual Portuguese residents for tax purposes (“NHR” or “RNH” in Portuguese) and of the ARI (Investor’s Visa Program or Golden Visa). Full exemption of tax on most of foreign sourced income, reduced taxes on most of local income.
For those outside the EU needing a Visa, immediate access to free circulation within the European countries of the Schengen Treaty a road to permanent residency and after 6 years of residence Portuguese citizenship from as little as € 350,000.00 Euros per family.
On top of all this, 61% of the population speaks a foreign language, which is basically 90% of the young adults being English the preferred language, but some Portuguese also speak French and most understand and are able to communicate in Spanish and other languages such as German, for example.
We are the go-to lawyers and through the professionals with whom we usually work with, your one-stop-shop for anything rlated to Portugal. We are lawyers but also polymaths and pride ourselves on becoming the trusted advisors for Portugal of our Colleagues and Clients.
Please do visit Portugal and reach out. We guarantee it will be worth your time.