What is Portugal's IFICI tax incentive for start-ups?

Portugal's IFICI tax incentive applies to start-ups that meet specific criteria. To qualify, a start-up must be less than 10 years old, employ fewer than 250 people, and have an annual turnover below €50 million. Additionally, it must not result from a transformation or split from a large company and should not have any direct or indirect majority participation by a large company in its capital. The start-up must also be recognised as innovative or secure external investment. If this condition is not met, it can be addressed through a prior declaration issued by Start up Portugal, provided there is evidence that the company has an innovative business model, products, or services, or a rapidly scalable business with high growth potential.