Portugal and the New Geography of Family Office Investment

Handling the wealth of ultra-high-net-worth individuals and their families is fast emerging as one of the most dynamic forces in the start-up ecosystem.

Family offices, as they are known, are now reshaping what gets funded and where significant capital flows.

Unlike traditional wealth management firms that serve a broad client base, family offices focus exclusively on the needs of one or a limited number of families.

Their primary goal is to manage, grow, and transfer wealth across generations, while also addressing the complex financial and personal affairs of these families.

Portugal, unsurprisingly, has proved to be a popular investment centre for them as they seek to wisely invest for the future.

And the fast-evolving shifts in geopolitics, global trade alliances and technological breakthroughs have seen them become increasingly diverse – pivoting into sectors such as AI, climate tech and fintech.

They are also happy to cross borders and are on the alert for new innovation hubs that can deliver both growth and resilience.

Thanks to Portugal’s Golden Visa residency-by-investment pathway, its relatively stable political environment, and the introduction of the Tax Incentive for Scientific Research and Innovation (IFICI), also known as the NHR 2.0 tax regime, the country is welcoming a new wave of family wealth.

The IFICI (NHR 2.0) tax regime offers targeted tax benefits to attract high-value international investors, entrepreneurs, and innovators.

It’s a new chapter for Portugal—and family offices are taking notice.

Chris Marson is CEO of the RTi Family Office. He explains: “Portugal’s open-door policy to investment is hard to resist.

“It is a fast-growing nation which is proactively seeking foreign investment in order to boost its economy and has a host of tax incentives to ensure it achieves its goals.

“In terms of wealth management for family offices, it creates an opportunity for diversification. Portugal is forecast to outperform the likes of Germany, France, the UK, and parts of North America, according to the latest GDP predictions for the next three years and recently received an A+ economic rating.

“Portugal is bringing so much new talent, innovation, and investment, creating an attractive place for high-net-worth individuals and family offices.”

Family offices tend to take a blended approach to investing across multiple sectors.

Which is where Portugal’s alternative investment funds – replacing real estate as a route to a Golden Visa – have become so appealing.

The technology sector, too, has seen rapid expansion, propelled by the emerging potential of artificial intelligence (AI).  

Key drivers in Portugal’s economic growth – tourism and hospitality, renewable energy, tech, media and international events, and healthcare – are attracting the attention of investors.

Media and international events are an important part of the platform on which Portugal showcases its unique offering. Take its recent success in securing joint hosting duties for the FIFA World Cup in 2030 as just one example.

The Portugal Investment Owners Club and vehicles like the Portugal Future Fund are emerging as vital conduits, connecting international family offices, private equity groups, and ultra-high-net-worth individuals to vetted opportunities in Portugal’s most promising sectors.

Paul Stannard, chairman and founder of the Portugal Investment Owners Club and Portugal Pathways, explained: “Portugal has created a unique environment for like-minded people to create sustainable investments in key sectors of its economic strength.

“It allows value-creators and highly qualified talent to prosper through a combination of tax incentives, quality of life, and investment.

“We produce a Golden Visa investment fund index for Portugal of over 30 regulated alternative investment funds that have already secured over €7 billion in investment from Golden Visa investors.

“There are a number of funds that are focused on these key sectors that are driving Portugal’s future, offering the opportunity of diversification of portfolios for investors.”

Portugal’s Golden Visa programme does not allow real estate investments, which are also performing strongly, and is now improving productivity through innovation, resilience, and future-proof investment opportunities.

Paul Sheedy, special advisor at the Portugal Future Fund, an alternative investment fund approved for Golden Visa in Portugal, added: “Discerning investors are well-positioned to support Portugal’s economic growth and strategic innovation through targeted investments in key sectors.

“The broader outlook is clear. Portugal is in a good place and is now becoming a key player in demonstrating how to attract talent and investment and a rising European hub for growth, stability, and opportunity.

“An investor attractiveness report by EY (Ernst & Young) found that 77% of global executives anticipate an improvement in Portugal’s investment attractiveness over the next three years, surpassing expectations for the wider Eurozone (67%) and the UK (59%).”

Portugal’s Golden Visa residency by investment programme continues to attract non-EU investors.

By committing a minimum of €500,000 to Golden Visa-approved alternative investment funds, investors—and their eligible family members—can apply for residency. They can also potentially obtain Portuguese and EU dual citizenship after five years, provided they meet legal requirements.

Golden Visa holders gain the right to live, work, and study in Portugal while enjoying visa-free travel across 29 Schengen countries. Maintaining residency requires a minimum stay of seven days per year in Portugal.

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About Portugal Pathways

Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on luxury property, wealth management, and tax optimisation, including post-NHR tax regime planning, as well as private healthcare, IFICI tax incentive applications, money transfers and bespoke relocation solutions to enhance life and investments in Portugal.

About Portugal Future Fund

The Portugal Future Fund strategically invests in key sectors, driving growth and innovation across Portugal. Approved for Portugal’s Golden Visa residency-by-investment, it offers a unique opportunity for impactful and rewarding participation.

About Portugal Investment Owners Club

The Portugal Investment Owners Club, or P Club for short, is a unique investor membership community designed for discerning individuals, families, and organisations committed to exploring and capitalising on life in Portugal and enjoying money-can't-buy experiences and exclusive events.

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Disclaimer: The information on the Portugal Pathways and Portugal Investment Owners Club (P Club for short) websites and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice. Golden Visa investments need to be held for 6 to 7 years to allow for permanent citizenship/passport in the EU.

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