Portugal
A former golden-visa darling now recalibrating around a narrower tax incentive regime, where Lisbon's fund-services infrastructure and EU access remain the draw even as the broad-based NHR relocation wave has ended.
Family Offices
40+
Avg AUM
€250M
Regulatory Body
Comissão do Mercado de Valores Mobiliários (CMVM)
Tax Environment
The broad-based NHR regime closed to new entrants in 2024; its successor, IFICI (NHR 2.0), offers a 20% flat rate on qualifying income for 10 years but only for scientific/tech/R&D professionals.
Introduction
Portugal built a decade-long reputation as Southern Europe's most accessible relocation destination for wealthy foreigners, anchored by the Non-Habitual Resident (NHR) tax regime and a real-estate-linked Golden Visa. Both have been substantially narrowed since 2023–2024, and family offices evaluating Portugal today are assessing a fundamentally different, more targeted proposition than the one that drove the prior inbound wave.
Key Numbers
Evaluation
The original NHR regime is closed to new entrants. Its successor, IFICI, offers a 20% flat rate on qualifying income for ten years, but only for scientific, R&D and other priority-sector professionals.
Resources Directory
Key Highlights
EU fund infrastructure
EU member state with a mature fund-administration and custody services ecosystem
Golden Visa still active
Golden Visa remains available via fund, research and cultural-heritage routes (real estate route closed October 2023)
20% IFICI flat rate
IFICI still offers a competitive 20% flat rate for qualifying tech, R&D and scientific relocators
Established MFO presence
Local multi-family offices such as Lisbon Family Office alongside international entrants like Indosuez (2024) and UBS (since 2013)
Frequently Asked Questions
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