Balurca Partners is a boutique cross-border advisory firm with offices in London and Lisbon
Portugal is one of Europe's most open economies for inward investment. AICEP — the government's Trade and Investment Agency — actively supports international companies that choose to establish operations in Portugal, contributing to local employment, innovation, and economic development. The incentive framework exists to make that choice more attractive. It is the institutional reward for a commitment to building in Portugal — and a concrete source of competitive advantage for companies that structure it correctly.
For UK-headquartered companies at Series A, that commitment — properly structured — creates a set of competitive advantages that few of their peers have yet discovered. Here is what the Portuguese ecosystem offers to qualifying companies:
What Portugal offers
R&D tax incentives
SIFIDE — a corporate tax credit of up to 32.5% on qualifying R&D expenditure, with an incremental rate of up to 50% on year-on-year increases. Extended through 2026 and subject to renewal. Administered by AI² (Agência para a Investigação e Inovação), the national body formed in January 2026 by the merger of ANI and FCT.
A Portuguese entity (resident company or permanent establishment) with qualifying R&D expenditure incurred in Portugal. Eligibility is assessed by AI² on a project-by-project basis.
Innovation and growth funding
Portugal 2030 — the active EU co-funded framework running through 2027, covering digital transformation, green economy, and innovation. Successor to PRR for ongoing business grants. Active calls open under specific thematic areas.
A Portuguese operating entity with a qualifying investment project aligned to Portugal 2030 thematic priorities. Applications submitted through official national systems. Balurca assesses fit before any application commitment.
Development finance and co-investment
Banco de Fomento — Portugal's public development bank, offering financing instruments and co-investment for qualifying companies operating in Portugal.
Portuguese operational presence. Instrument availability is subject to current programme cycles, confirmed at the Founder Diagnostic stage.
Tax regime for qualifying individuals
IFICI (formerly NHR) — a selective flat-rate income tax regime for new tax residents in Portugal in qualifying professional roles. Valid for ten consecutive years. Highly selective: requires no previous Portuguese tax residence in the prior five years, a qualifying academic credential, employment or self-employment in a defined eligible activity, and an employer entity that itself meets specific criteria including export thresholds.
Individual eligibility assessed case by case. Registration deadline: 15 January of the year following tax residency. Balurca does not present IFICI as a general benefit — it applies to a defined subset of founders and key hires, and we assess that subset precisely.
Talent and visa routes
Startup Visa and Tech Visa — structured routes for international founders and qualified technical talent to establish or relocate to Portugal, with support from Startup Portugal and AICEP.
Company registration under qualifying structures. Balurca navigates the process and coordinates with specialist immigration advisors.
Institutional investment promotion
Startup Visa and Tech Visa — structured routes for international founders and qualified technical talent to establish or relocate to Portugal, with support from Startup Portugal and AICEP.
Company registration under qualifying structures. Balurca navigates the process and coordinates with specialist immigration advisors.
