Investment Landscape in Portugal 2025-2026
Portugal remains a significant destination for foreign direct investment (FDI) within the European Union, characterized by its political stability, strategic geographical position, and membership in the Eurozone. As of 2025 and moving into 2026, the investment landscape has transitioned away from traditional residential real estate speculation toward high-value sectors such as technology, renewable energy, and collective investment vehicles.
The Portuguese government maintains various incentives to attract international capital, though regulatory frameworks have tightened to prioritize economic sustainability and job creation. For foreign nationals, understanding the distinction between passive investment and active business operations is essential for both legal compliance and residency eligibility.
Key Investment Pathways
Following the legislative changes introduced in late 2023 (the "Mais Habitação" package), the pathways for investment-based residency have been restructured. Foreign investors typically choose between the Golden Visa (ARI) for capital-based residency or the D2 Visa for active entrepreneurial projects.
Residency by Investment (Golden Visa)
The Golden Visa remains active but excludes direct or indirect real estate acquisitions. Current eligible categories include:
- Investment Funds: A minimum contribution of 500,000 EUR ($540,000 USD, Jan 2026) in collective investment entities, such as venture capital funds (Fundos de Capital de Risco), focused on the capitalization of Portuguese companies.
- Scientific Research: Investment of at least 500,000 EUR ($540,000 USD, Jan 2026) in research activities conducted by public or private scientific institutions.
- Cultural Heritage: A minimum of 250,000 EUR ($270,000 USD, Jan 2026) for the recovery or maintenance of national cultural heritage.
- Job Creation: Creation of a minimum of 10 permanent jobs, or an investment of 500,000 EUR ($540,000 USD, Jan 2026) for the incorporation or increase of share capital of a Portuguese company that creates or maintains at least 5 permanent jobs.
Entrepreneurship and Business (D2 Visa)
The D2 Visa is designed for foreign nationals who intend to open a business or a branch of an existing company in Portugal. Unlike the Golden Visa, there is no fixed minimum investment amount defined by law; however, the business plan must demonstrate economic viability and relevance to the Portuguese economy. Most consultants suggest a starting capital of at least 5,000 EUR ($5,400 USD, Jan 2026) to 10,000 EUR ($10,800 USD, Jan 2026) to show serious intent to the authorities.
Strategic Sectors for Investment
Portugal has identified several priority areas for economic growth where foreign investors may find streamlined administrative processes or specific tax benefits:
- Renewable Energy: With a goal to produce 80% of its electricity from renewable sources by 2026, investment in solar, wind, and green hydrogen projects is highly supported.
- Information Technology: Known as a "Tech Hub," Portugal offers the "Tech Visa" program for companies looking to hire highly qualified international staff.
- Blue Economy: Sustainable maritime activities, including biotechnology and sustainable fishing, are supported by the Directorate-General for Maritime Policy.
- Tourism Infrastructure: While residential real estate is restricted for Golden Visas, commercial investment in hotel rehabilitation and tourism-related services remains a strong sector for standard FDI.
Practical Steps for Investors
To initiate any investment in Portugal, foreign nationals must complete several administrative prerequisites. Failure to follow these steps can result in delays or the rejection of residency applications.
- Obtain a NIF (Número de Identificação Fiscal): This is the Portuguese tax identification number. Non-EU/EEA residents may require a local fiscal representative.
- Open a Portuguese Bank Account: Most investment-based visas require funds to originate from or be transferred to a domestic account to prove the capital's entry into the country.
- Legal Due Diligence: It is recommended to engage a local lawyer to verify the compliance of funds or business structures with the Agency for Integration, Migration and Asylum (AIMA).
- Registration with the Commercial Registry: If starting a company, registration must be completed through the Conservatória do Registo Comercial.
Taxation and Exceptions
The tax landscape for investors has evolved with the introduction of the "IFICU" (Tax Incentive for Scientific Research and Innovation) in 2024, which replaced the previous Non-Habitual Resident (NHR) regime for many new arrivals. This regime provides a 20% flat rate on employment or self-employment income for specific high-added-value professions for a period of 10 years.
Investors should note that corporate income tax (IRC) in mainland Portugal is generally 21%, plus local surtaxes. However, the Autonomous Region of Madeira offers a significantly lower corporate tax rate of 5% for companies operating within the International Business Centre (IBC), subject to specific job creation requirements.
Exceptions for Nationalities: There are currently no general bans on specific nationalities for investing, but individuals from countries subject to international sanctions may face increased scrutiny or banking restrictions during the KYC (Know Your Customer) process.