It is widely known that Portugal has been the first choice for foreign investors in recent years. Initiatives promoted by the Portuguese government, such as the Golden Visa, which started in 2012, as well as other urban development projects, have helped to establish Portugal as an attractive location for foreign investors and companies.
Why is Portugal such a great option for investment? What makes this European country an important touristic and investment destination within the old continent? Why would a businessperson move to Portugal with his/her family? Some of the factors will be described below. Additionally, you can find in this article options for investment that will shine a new impression of Portugal.
1 - Strategic location
Portugal is strategically located where three continents meet - Europe, Africa and North America. As such, Portugal is in the middle of the most important international routes. Lisbon is the European city closest to North America, with five hours difference from New York. At the same time, the time difference between Portugal and Moscow is only three hours.
Living in Portugal will enable fast and easy connections to plenty of destinations, which is a great asset in case you are a businessperson who frequently travels across the world to attend conferences and meetings.
2 - Excellent quality of life
Ranging from food to weather, Portugal is well-known for its high quality of life. It offers a pleasant stay throughout the whole year, with 2.500 to 3.200 hours of sunshine per year, an average of 4-6 hours in the winter and 10-12 hours in the summer (Min: 8 °C and Max: 25-28 °C).
Another important factor contributing to the high quality of life is the safety in the cities. Portugal is rated amongst the safest countries in the world. Its major cities, Lisbon and Porto, offer leisure options for all ages which will please the whole family.
3 - Economic prosperity
At the moment, Portugal provides an optimistic scenario for investors in terms of economy. According to the 2019 report by the Organisation for Economic Co-operation and Development “OECD Economic Surveys Portugal”, “the economic situation in Portugal improved significantly in the last years. Its GDP is back at the pre-crisis level, unemployment rate dropped ten percentage points to 7% since 2013, which is one of the highest reductions amongst the OCDE countries in the last decade”.
Additionally, Portugal offers relatively low cost living and reduced bureaucracy when compared to other European countries. In the last years, foreign investors and companies have made the most of these advantages which helped boost the Portuguese economy.
4 - Infrastructure for any type of business
Portugal is rated amongst the 10 best in the world with regard to road networks. However, it is not just a country with good traveling connections. It also has good banking and telecommunications services. For instance, the capital, Lisbon, has the best fibre optic network in Europe.
Additionally, there are airports located near the city centres of both Lisbon and Porto, modern underground, new hotels and conference centres. All of these factors make traveling and business meetings easier. For all these reasons, tourists enjoy exploring the wonders Portugal has to offer.
5 - Growing opportunities for tourism
Bearing in mind all the reasons mentioned above, it is easy to understand why Portugal is such a cherished touristic destination. The second biggest city in the country, Porto, was elected Best European Destination in 2014, 2016, 2017 and 2020.
Developed along the river, Porto offers unique contrasts between medieval architecture and modern lifestyle. Numerous historical buildings in the city centre have recently been refurbished, which helped develop the tourism industry by increasing the options of places to stay. Many investors took advantage of these projects and moved to Portugal through the Golden Visa Program.
The main sources of economic development in Porto are Tourism and Exports. Porto is amongst the top 5 European cities welcoming tourists, with a rate above 70%. As such, both housing market and accommodation industry in Portugal offer good investment opportunities, specially in Porto and Lisbon.