Firm Profile > Raposo Bernardo > Lisbon, Portugal

Raposo Bernardo
1050-118 LISBON

Projects and project finance Tier 2

Both lenders and borrowers instruct Raposo Bernardo on a range of project financing matters; the team has seen a recent increase in EU investment into infrastructure projects in Portugal. Clients count on the 'great technical knowledge' of practice co-heads Nelson Raposo Bernardo and Joana Andrade Correia through the full life-cycle of projects. Major recent matters have included advising on the financing of road construction, oil and gas, LNG, wind farms and hydroelectric dam projects.

Practice head(s):

Nelson Raposo Bernardo; Joana Andrade Correia


‘There are some characteristics that give Raposo Bernardo & Associados a unique character, but the one that I most appreciate is its ability to unlock difficulties and resolve issues.’

‘Undoubtedly, Nelson Raposo Bernardo stands out. I also highlight Joana Andrade Correia; she is a very complete lawyer with a work capacity that is rare to see.’

‘ Proactively provides value, frees us from problems in a safe way and especially gives us support to develop projects and businesses knowing that we have secure, flawless legal support.’

‘Nelson Bernardo accompanies all of our projects at least in the design phase and then he is always up to date and intervening whenever necessary. He is aware of all changes in the way of developing projects and the legislative innovations that matter most. This makes him unique among his peers because he is a true business lawyer and project maker.’

‘Joana Andrade Correia is one of the most methodical and quickest lawyers to deal with matters that I know, which is fundamental in a project team, and with a unique ability to establish relationships / bridges between the varied interests of each party. Quickly leads the negotiation process and it is normal to receive compliments about the structuring of the stages of a project. Her work capacity is incredible. An exemplary lawyer in terms of dedication and professionalism. Highly recommended.’

‘They bring together all the essential qualities to be our preferred legal partner, from being experts in the knowledge of project financing matters and in the language of this sector that is so unique, to being the society I met until today that presents works with more rigor and quality, respects deadlines and commitments. They are serious, ethical and honest from the work done to the fees and the relationships they establish with us and with the opposing parties.’

‘Its projects area and also the energy area is still one of the most respected in the country. I can also point out that they are very agile in the response time, they are very proactive, they are prepared to globally support any project, whatever its size and even several at the same time. They are very ethical, very respected and know the language of the renewable energy sector and projects very well. I recommend Raposo Bernardo for the extraordinary ability to negotiate with the authorities, with banking and with business partners, because they know in depth the technical language of this sector which really makes a difference.’

‘Nelson Raposo Bernardo is an indispensable lawyer for any complex operation involving projects, infrastructures, renewable energies, financing, purchase and sale of companies, creation of vehicle companies, etc. He has the qualities of great lawyers, an excellent negotiator, with impressive legal know-how, very shrewd and quick to react to any setback, with a very cordial and highly ethical approach.’

Transport Tier 2

The transport and logistics group at Raposo Bernardo handles a variety of work pertaining to aviation and maritime law, including financing transactions, as well as aviation, cruise and cargo ship insurance matters. The practice stands out as a go-to destination for leading companies in the cruise sector; engagements range from assistance with cargo claims, regulatory and contractual issues, to employment matters and dispute resolution. Joana Andrade Correia is experienced in aviation finance and leasing, and managing associate Júlio Martins Júnior has relevant experience in cross-border matters.

Practice head(s):

Joana Andrade Correia; Júlio Martins Júnior


The quality of Raposo Bernardo & Associados is knowledgeable of all legislation and regulations pertaining to aviation. They are aware of clients’ business, which facilitates our relationship. They also demonstrate enormous resilience in the course of a more complicated subject. Joana Andrade Correia, leader of the department, stands out.’

‘We have been using Raposo Bernardo’s services for two years now and so far we are very satisfied. The service provided is very high, and it is on the same  level as any international law firm specialised in aviation Law.’

‘We work with several departments of Raposo Bernardo, but the basis of our relationship is with the department of transport, especially Aviation. Raposo Bernardo is lucky enough to have Joana Andrade Correia leading this department, one of the best lawyers I know in aviation. She has a way of doing super sophisticated advocacy. She knows everything there is to know in relation to national, European and international aviation regulations. She is extremely sharp, with a reasoning that goes straight to the point and manages to solve what would seem impossible at first.’

The team is extremely knowledgeable of the transport sector, covering aviation, shipping, cruises, roads and railways. Joana Andrade Correia is an international expert in cruises and very reputable with freight forwarders and maritime transport and shipping companies.’

The quality of the service provided is exceptional. The team’s capabilities are many, with a special emphasis on: absolute mastery of the transport area, focus on providing clients with the best results, adequate response to our needs, clarity in the answers, practical and problem-solving spirit. I think that all these elements clearly distinguish Raposo Bernardo & Associados in the market.’

Raposo Bernardo gives us the best legal support not only in maritime / cruises but also in aviation, where I also consider them excellent. Joana Andrade Correia knows everything there is to know about our sector, how a cruise ship works, the complexity of transactions and the specificity of terms and language. She is extremely determined and combative and is completely aligned with the objectives we set as clients. She is an excellent negotiator.’

Energy and natural resources Tier 3

Raposo Bernardo is retained by engineering companies, contractors, investment banks and promoters in a variety of energy and natural resources matters. Leading the practice are Nelson Raposo Bernardo and Júlio Martins Júnior, who both demonstrate extensive expertise in project financing and development, as well as licensing issues and energy-related M&A.

Practice head(s):

Nelson Raposo Bernardo; Júlio Martins Júnior


‘The quality of the service provided is very good. The main characteristics of the team are: excellent knowledge of the renewable and fossil energy sector; focus on problem solving; work capacity; ability to improvise, to react quickly and to resolve issues in very short timeframes.’

‘Nelson Raposo Bernardo is extremely charismatic and very pleasant to deal with. He has in-depth knowledge of the energy sector.’

Among others, there are two characteristics at Raposo Bernardo & Associados that captivate me a lot: the certainty and the quality of the work they undertake. Nelson Raposo Bernardo stands out. He is charismatic, intelligent, resilient, experienced and proactive. He is a brilliant arguer and speaker, knows how to delegate and create teams that later, according to his culture, will work alongside him. I also highlight Júlio Martins Júnior, who is extremely efficient at delivering results with the client in mind.’

‘Raposo Bernardo is an authority in the energy sector and their opinion is respected in the market. Lawyers are able to foresee the difficulties and possible blockages of each project and act quickly; they analyse everything in great detail and with extreme rigor. They have a culture of proactivity and are always available to help.’

‘Nelson Raposo Bernardo leads the department. In addition to his impressive legal and energy knowledge, he stands out for his dynamism and sense of leadership. He has significant international experience in the energy sector, both in Europe and in Africa. Júlio Martins Júnior is always available and very diligent.’

I highlight the sincerity in the opinions they give us, they are transparent and clear. They are compliant in terms of deadlines. I also really like their ability to always find a legal and adequate solution to problems. Nelson Bernardo is an outstanding lawyer, with fantastic qualities at all levels.’

‘Raposo Bernardo’s team always focuses on the relevant issues. It always ends up being our preferred law firm for energy matters. I highlight their attention to detail, proximity to the client, depth of analysis and the extreme rigor. In addition, they have exceptional contacts in the energy and financial sector, which has opened doors for us in project finance.’

‘The faces of the department are Nelson Raposo Bernardo and Júlio Martins Júnior. Nelson is an excellent negotiator with all parties. He is an extraordinary business lawyer and technically very good. Júlio has an impressive practice in our sector and that is why we have trusted him for many projects and he has managed to resolve issues quickly and effectively. He is a good negotiator.’

Banking and finance Tier 4

The banking and finance team at Raposo Bernardo undertakes transactional and regulatory work and is divided into sub-groups: asset, corporate and trade finance, investment banking, NPLs and compliance. The group is adept at handling cross-border matters, receiving instructions from an impressive roster of international clients. Managing partner Nelson Raposo Bernardo is the key point of contact in the team; project finance, syndicated lending and international credit operations are some of his areas of expertise.

Practice head(s):

Nelson Raposo Bernardo


They are unique in the way they solve problems and do not complicate things. It is a law firm with a strong focus on delivering results, and that anticipates the difficulties and problems in each project.’

‘Raposo Bernardo stands out for the extreme depth of analysis and rigor of reasoning and conclusions; ability to take controlled risks, and find new solutions to complex problems; the general level of knowledge of the team is extraordinary.’

‘Nelson Bernardo is one of the most charismatic, gifted and the most brilliant lawyers in the market. He uses his international experience to advise on any subject or provide legal opinions; he is simply brilliant and often innovative.’

Raposo Bernardo & Associados has proved to be an increasingly important partner in the activity of our group. I am particularly impressed by their extreme dedication to clients’ business and the presentation of solutions that are tailored to our needs. They don’t try to sell us general drafts that they’ve used a thousand times.’

‘Nelson Bernardo is our preferred contact for all banking matters. He has extensive experience and is a lawyer of the highest legal quality. He is an expert and very resilient in the face of the adversities that we face at times.’

‘What we want when we hire a law firm is that it provides a service with the highest quality, that lawyers are well aware of the legal regimes applicable to our activity, respect deadlines, report everything to us in a clear and transparent manner, and are serious. We find all of this at Raposo Bernardo & Associados.’

‘Nelson Bernardo is a lawyer with infinite knowledge of banking, finance, M&A and projects. For me and most of the people who work with him, he is considered one of the best lawyers in legal terms. He is a person with unsurpassed availability and work capacity and with a stunning practical spirit, who finds solutions where we only see problems.’

It is a firm with a quality above average and has a strong focus on banking and financial law. They distinguish themselves by treating each case as if it were the only one, giving 100% attention to clients’ concerns, they are very dedicated, always available and provide practical solutions. In addition, they are very quick to respond.’

Capital markets Tier 4

Raposo Bernardo fields a cross-practice team, which combines expertise in equity and debt capital markets deals, banking and project finance. International banks and funds seek the department's advice on securitisation transactions and asset financing. Nelson Raposo Bernardo is the key point of contact.

Practice head(s):

Nelson Raposo Bernardo


‘Absolute focus on generating results and adding value to our business and activity. Transparent and honest relationship, with excellent relations between the team of lawyers and our in-house teams. Nelson Raposo Bernardo is a true leader for his spirit and personality. The work undertaken in the area of capital markets involves contacts with banks of various types, national and international. Any securitisation is always a complex and time-consuming project, but he handled the transaction from start to finish. It could not have gone better!’

I would like to point out, as well as other qualities of service in particular, the speed, rigor, certainty and security that they transmit. I cannot fail to highlight Nelson Bernardo. What sets him apart is his quick and very perceptive reasoning ability and negotiation skills. There is nothing in the legislation concerning capital markets that he does not dominate. Having him in charge of a negotiation or a contract or any other matter is clearly a guarantee of success.’

I couldn’t be happier with the quality of Raposo Bernardo’s services. They are very professional, rigorous, meticulous, and are always well prepared. Nelson Raposo Bernardo is an extraordinary lawyer.’

All lawyers are very good technically. They have in-depth knowledge of legislation pertaining to financial services and capital markets. I also highlight their qualities in terms of contacts and negotiation with several parties, including CMVM, Euronext, national and international banks, financial advisors, etc. All matters are dealt with a matter of urgency but the team is able to provide efficient and detailed advice.’

‘Nelson Bernardo stands out as a lawyer with extensive experience in the capital markets. He is a legal encyclopaedia, very practical and has great negotiation skills.’

‘Nelson Raposo Bernardo is one of the best lawyers I have worked with.’ 

Commercial, corporate and M&A Tier 4

Raposo Bernardo acts for investment banks, international funds and domestic and international companies in a range of corporate and M&A mandates. Nelson Raposo Bernardo is experienced in cross-border transactions and corporate restructuring. He jointly leads the department with Joana Andrade Correia, whose sector specialisms include the aviation, tourism, energy and pharmaceutical industries.

Practice head(s):

Nelson Raposo Bernardo; Joana Andrade Correia


‘What makes Raposo Bernardo a unique law firm is its overwhelming service capacity, its technical ability and the excellent strategic legal advice. They are able to provide sufficient general information through well-constructed and pertinent memos for our activity, putting us on the right path to what is truly important.’

‘Joana Andrade Correia is an extraordinary lawyer, always very well prepared, and has great knowledge of corporate and M&A transactions. She is always available and has our full confidence in all types of matters in this area. She fights to get the best results.’

‘We may have more than one hundred projects a year and an average of 300 hours of work per month with Raposo Bernardo, but they always get it right. I highlight two partners: Nelson Bernardo and Joana Correia. Nelson Bernardo stands out for his intelligence, legal knowledge, work capacity, availability, brilliant leadership, team spirit and international experience. Joana Correia is also a lawyer with an impressive, intelligent, safe and proactive approach; she solves all problems with an impressive precision and rigor.’

‘They are highly professional, extremely knowledgeable in the practice of international Mergers & Acquisitions, very organised, innovative and always proactive.’

‘Nelson Raposo Bernardo is a superb lawyer.. I also have to highlight another partner, Dr. Joana Andrade Correia, with the same level of professionalism and an incredible ability to reverse apparently negative situations in the client’s favour.’

‘Raposo Bernardo is sophisticated in its approach and in all the services it provides; innovative in the way it solves complex problems and a leader in defining interpretations and trends in discussions on legal matters. The team knows our business beyond the law and adapts to our needs. Lawyers provide quick responses and are proactive.’

‘I highlight two great lawyers. Nelson Raposo Bernardo is intelligent and a very perceptive leader. He is very experienced in M&A transactions, has impressive international experience and is extremely dedicated to the client. Joana Andrade Correia is always one step ahead in matters. She is very focused on solving challenges.

Employment Tier 4

In addition to providing day-to-day advice to an array of clients, Raposo Bernardo is also adept in labour disputes, disciplinary proceedings and work accident cases. Ana Cláudia Rangel heads the employment department, and combines expertise in dispute resolution and labour law. Recent engagements saw the senior associate advise on restructuring and hiring processes.

Practice head(s):

Ana Cláudia Rangel


Raposo Bernardo is efficient in solving the issues and problems that we present them with. They provide swift responses. In addition, they demonstrate a permanent willingness to support us and have in-depth knowledge of labour laws and procedures, working closely with unions and other employment lawyers.’

‘Ana Cláudia Rangel is a very solid lawyer capable of handling the most complex matters with relative ease. She is always available. These are characteristics that we highly value. She is extremely reliable and has great experience in the sector.’

‘Raposo Bernardo is very well prepared, both on a practical and academic level. They provide safe advice and are quick to respond to our constant requests. Ana Cláudia Rangel is a great lawyer. She is available, effective and solves problems.’

Ana Cláudia Rangel is very focused and objective in dealing with issues, she always has a word of comfort in more delicate situations that involve some difficult decisions.’

‘It  is a firm that is always up to date and warns us of everything we have to take into account, be it legal news or mere notices of important dates and facts. The quality of the service is excellent. Ana Cláudia Rangel provides extremely reliable advice. She is experienced in employment matters, including unions and labour litigation. She is very methodical and available.’

Raposo Bernardo is a law firm that manages to create affinity and professional ties that last for a lifetime. Ana Cláudia Rangel leads the employment department and is an excellent professional. For reasons known to all of us, this was an atypical year for lawyers in all areas who had to adapt to new realities and concepts, which Raposo Bernardo overcame with success and distinction.’

EU and competition Tier 4

Merger control issues are a core area of focus for the EU and competition department at Raposo Bernardo. Typical mandates also include abuse of dominance matters, compliance issues and proceedings before the PCA. Leading the practice is Mafalda Contumélias Baptista, who is knowledgeable in European regulation and acts for clients in regulated industries.

Practice head(s):

Mafalda Contumélias Baptista


‘Raposo Bernardo is genuine, transparent and does not deceive. Its culture is guided by quality and hard work. They don’t rest until they solve the problems at hand.’

‘For the area of competition, I would like to highlight Mafalda Contumélias Baptista, who I consider to be an exceptional lawyer, with great knowledge of competition law, the functioning of the market and European legislation applicable to the aviation sector.’ 

‘We have worked with Raposo Bernardo for over five years. Not only do we appreciate the professionalism of the team but also their flexibility to support us in various legal areas.’

‘They have a fantastic legal service in the area of competition and European legislation. They have a very well prepared team of lawyers and consultants, with extensive experience in our sector and with specialists accredited by the Portuguese Bar Association. In addition, they have an international view of law and business and are very sophisticated. I also highlight their professionalism, their effectiveness and the results they manage to achieve, always fulfilling the client’s goals.’

‘I would like to highlight Mafalda Contumélias Batista. As the regulatory framework for competition is constantly changing, it is impressive how she and team are always up to date. She always demonstrates a solid mastery of technical aspects, combined with a commercial and practical approach to the most complex issues.’

‘Thinking about their main qualities, I emphasise the maximum attention to the client, their dedication and commitment to achieve the best results, and their always positive and optimistic attitude. Mafalda Contumélias Baptista is extremely efficient.’

‘In the competition and European law team, I would like to highlight Mafalda Contumélias Baptista, who has been managing our affairs with great success.’

Insolvency and restructuring Tier 4

Ana Cláudia Rangel leads Raposo Bernardo's restructuring and insolvency team, which has advised on large operations for leading companies in sectors including distribution, construction, healthcare, life sciences and tourism. Senior associate Rangel is recommended as 'a lawyer with great quality'.

Practice head(s):

Ana Cláudia Rangel


I have the best opinion of Raposo Bernardo’s work, which has a very high quality. The secret was just one, they know very well how these processes work, they bring together lawyers specialized in each area and the next is work and perseverance. These are just two of its main qualities, which together with the very long experience in this area, which comes from having many restructurings on hand, the dynamics that contribute to things happening and developing, especially in the most complicated phases of a restructuring, and very important, a winning and leadership mentality.’

‘I highlight the person in charge of this area, Ana Cláudia Rangel, who has all the qualities of an excellent lawyer, with enormous quality, very experienced, capable of leading any restructuring process, even with many parties and interlocutors, has enormous patience and a great capacity to generate consensus and get everyone to agree and sign the restructuring agreements.’

‘The quality of the service is very good, I would say excellent. It is often above our best expectations. The skills that most impress me are the ease in understanding even what we need and in responding to our requests. Being very clear is also a very important quality and availability. Whether during the week or even on weekends we can always count on them. This has a lot of value.’

‘I work mainly with Ana Cláudia Rangel and I am very satisfied. She is a lawyer with great quality, very experienced and knowledgeable in all the secrets of restructuring and insolvencies, in addition to litigation and labor matters. I recommend you with great distinction for being a lawyer of great quality, also an extraordinary human being, with a great capacity to understand our needs and respond.’

‘What makes us turn to Raposo Bernardo & Associados is precisely the high quality of its legal services, the guarantee of a serious, rigorous, flawless work, on time and in accordance with the commitments assumed.’

‘In this area, the qualities I highlight are: deep practical knowledge, complete mastery of the restructuring procedure, experience, proactive attitude, efficiency and effectiveness with good results in sight. I am very satisfied and I recommend the company with great pleasure, for us they have been an indispensable partner.’

‘The area of restructuring and insolvency is led by Ana Cláudia Rangel, who does it with skill and a lot of capacity. I value her quality of experience, knowledge of the mechanism of the restructuring procedure, self-confidence, security and the ability to dominate the subject and reassure us.’

Intellectual property Tier 4

The IP practice at Raposo Bernardo acts for a diverse client roster of aviation, automotive, engineering, tourism and pharmaceutical companies. Core areas of activity for the team include trade mark and patent prosecution, as well as judicial oppositions. Serena Argente Escartín advises on the entire spectrum of IP rights, including disputes and agreements.

Practice head(s):

Serena Argente Escartín; Maria Sirec


‘Of all the skills I value the most I would like to highlight the way they perceive what we need and what we want in each situation. Raposo Bernardo’s lawyers are professional, rigorous, available and achieve excellent results.’

‘They are able to provide assistance in relation to the protection of brands, covering registrations and oppositions.’

We place our total trust in Raposo Bernardo & Associados to protect our assets. This work requires a great deal of expertise in this sector and the area in question. Raposo Bernardo is the right legal player for this purpose, guaranteeing the success and added value that we were looking for in the market.’ 

‘Serena Argente is our main point of contact. She is extremely diligent, professional, very dedicated and practical.  In addition, we would also like to highlight her brilliant performance in negotiations.’

‘Raposo Bernardo & Associados honours deadlines and results. The team has extensive knowledge of all matters pertaining to intellectual property, such as trade marks and patents. They also have an important presence at the Alicante Institute, which manages the brands at the European Union level.’

It provides an impeccable service. Maria Sirec is great in proceedings related to patents oppositions.’

The unique quality that distinguishes this law firm is its total commitment to client’s objectives. We trust them with the registration, management and defence of our brands and IP rights. The qualities we value most are precisely the ability to always achieve the best results, helping us meet our goals and add value to our business.’

Public law Tier 4

Raposo Bernardo offers legal advice in the fields of public procurement, contracts, concessions and PPPs. Of particular note, the team, which predominantly acts for private sector clients, has extensive experience in motorway and railway concessions. Administrative litigation is also another key area of activity. Practice head Manuel Esteves Albuquerque is often involved in cross-border matters.

Practice head(s):

Manuel Esteves Albuquerque


‘They deal with everything from advice, public tenders, public contracts, adjudications, complaints and administrative litigation. Most importantly, they achieve excellent results.’

‘Manuel Esteves de Albuquerque has a vast knowledge of all matters of public law and is always available to listen to us.’

I understand that what makes them unique is the ability to offer an impeccable legal service at a price that cannot be considered expensive. This results from Raposo Bernardo’s culture of honesty and transparency, created by its founder and which has been transmitted to all lawyers.’

‘Manuel Esteves Albuquerque is the lawyer who stands out in the department. He is extremely experienced in public tenders, administrative actions and PPPs.’

‘Manuel Esteves de Albuquerque’s technical competence, vast experience and negotiation skills deserve to be mentioned. He is an excellent team coordinator, is able to prioritise and assign tasks and responsibilities, which facilitates the relationship with clients.’

‘The main capabilities of the team are based on a  its knowledge and relevant experience.’

‘Manuel Esteve de Albuquerque is a very confident and assertive lawyer in his approach to matters, adamant in defending rigor and our interests before any other public party. He is very good at managing teams.’

‘I can’t think of a single quality that makes Raposo Bernardo is very professional, organised, and proactive. The public law team is able to assist with large-scale issues and projects.’

Real estate and construction Tier 4

Raposo Bernardo advises a range of clients, notably real estate agents and investment funds, on sector-related transactions. The team is well versed in the purchase and sale of real estate assets involving offices, hotels and industrial property. Leading the department is Manuel Esteves Albuquerque, who has a good track record in real estate and construction mandates in Portugal and abroad.

Practice head(s):

Manuel Esteves Albuquerque


‘Raposo Bernardo & Associados stands out for its proximity and availability and for the diversity of areas in which it specialises. We are very satisfied with the high quality service they provide us over the years and we intend to continue to count on this team with whom we have a fantastic relationship.’

‘Manuel Albuquerque is a very methodical lawyer who addresses every detail. It is very easy to work with this lawyer, who gives us great confidence both in the analysis of our matters and in the arguments at contract negotiation meetings.’

The quality of the advice is impeccable, having never been in a situation where the best solution has not been reached, whether in terms of investment / acquisition, or sale.’

‘Manuel Esteves de Albuquerque maintains a record of excellence in the analysis of legal issues, producing very complete opinions that point out the optimal solution for each case.’

‘Raposo Bernardo has the ability to solve unusual problems and are always very available. They stand out from other law firms that work in the sector for the quality of the services they provide and for the way they work in all the work we request.’

‘Manuel Esteves commands a great team and is an expert on the legislation applicable to our sector of activity.’

Manuel Albuquerque leads a department with a dedicated and very competent team, which provides the highest quality of services. What sets them apart is the impeccable legal preparation to address each issue.’

‘Lawyers are specialists in all aspects of commercial property, construction and procurement, development, property litigation and estate management, which is excellent. It is so easy to talk with them since they speak the same language.’

TMT Tier 4

Raposo Bernardo advises a client base of telecoms and IT companies. Regulatory telecoms advice is a noted strength, as is its assistance to the IT sector on the EU funding legal framework. 'A lawyer of the highest technical, professional and personal level', Mafalda Contumélias Baptista heads the team.

Practice head(s):

Mafalda Contumélias Batista


‘What I can say is that we are extremely satisfied with Raposo Bernardo’s work. As the main quality: the solidity and security of legal advice. Elements that distinguish it from other law firms I know: professionalism, proximity and great knowledge of the legal area, regulation, contracts, etc. They never failed me in terms of deadlines, commitments or in certainty of the work done.’

‘I am very happy with Mafalda Baptista’s work, it came to give a new dynamism. She is a very responsible lawyer, who does a very serious job, with great technical detail, which is crucial in our area. She knows our business well and that makes it easier.’

‘In this area of TMT the obvious lawyer to highlight is Mafalda Contumélias Baptista. She dominates this area deeply, relates with the players of the environment with an incredible facility. She is very precise and safe in the work she does, diligent, always available and ready to help us. For us she has become an indispensable lawyer and I recommend her 100%.’

‘The quality is above our expectations. They are specialists in technologies and telecommunications.’

‘The person in charge of the department stands out, Mafalda Baptista, who is extremely diligent, always with everything organized, has an above-average knowledge of technology and systems, which facilitates the job, is very assertive and effective.’

‘The main qualities are the great commitment and focus on providing the best legal service and achieving the results we want. They don’t rest until they get the best result that we indicated. And in the midst of it all they are still very fast, which for us is extremely important.’

‘I work more directly with a lawyer of the highest technical, professional and personal level, Mafalda Contumélias Batista. Solves any issues or doubts, we always ask for her advice on more complex issues and she, who has enormous experience in our sector, never fails us, is always available and with great quality and clarity clarifies what we need.’

‘Mafalda Batista is very competent and works with great rigor, which always gives us a lot of confidence. She has extensive local and international telecommunications experience and is always up to date.’

Dispute resolution Tier 5

Raposo Bernardo acts for a diverse client roster of domestic and international companies from several sectors, such as aviation, construction, real estate, pharmaceuticals and insurance, among others. The team handles litigation and arbitration proceedings, showcasing extensive experience in corporate and shareholder disputes. Ana Cláudia Rangel specialises in dispute resolution, and is knowledgeable in insolvency and labour law.

Practice head(s):

Ana Cláudia Rangel


‘The team of lawyers is phenomenal and we couldn’t be happier. Ana Cláudia Rangel is focused on achieving the best result on behalf of the client.’

‘I have not been able to find a law firm that is so genuine, transparent and does not deceive. What I notice is that they don’t rest until they solve the problems at hand.’

‘Ana Cláudia Rangel is a very experienced, determined, combative lawyer, with impressive argumentative ability, very organised and proactive. She has become our go-to lawyer for everything that is judicial litigation and more complex arbitrations.’

Raposo Bernardo’s lawyers are distinguished by their professionalism, effectiveness and the results they achieve. Raposo Bernardo has solid experience in all forms of dispute resolution in Portugal.’

‘Cláudia Rangel is an excellent negotiator; she is proactive, dedicated and shows incredible attention to detail.’

What makes them different from any other society is their ability to listen and understand our concerns, presenting the best solutions appropriate to our sector of activity, which gives us security. In addition, I would also like to add the technical capacity of lawyers, with a high level of legal and sectorial expertise.’

‘I believe that they have unique characteristics that differentiate them in the market, such as valuing clients individually, in addition to being highly professional, efficient in the way they solve problems and effective in the results they achieve.’

‘The work in the litigation area is coordinated by Ana Cláudia Rangel, who is an outstanding lawyer and inspires great confidence. She has a lot of experience in dispute resolution and conflict resolution. In addition to all this, she is very dedicated and has a solid and consistent academic background.’

Tax Tier 5

Raposo Bernardo's tax practice is led by 'very committed professional' Carlos Santiago. A range of multinational companies instruct the team, including the wider firm's banking clients; contentious and non-contentious tax matters feature in the team's recent work.

Practice head(s):

Carlos Santiago


‘Raposo Bernardo & Associados’s tax department is the best I’ve worked with. By simplifying the issues in question and being able to resolve issues quickly, without rounds or round answers. Go straight to what matters and very quickly always present us with 2 or 3 solutions for each problem or fiscal situation.’

‘Raposo Bernardo & Associados’ tax department is very homogeneous and of high quality. It is led by Carlos Santiago, who is a very committed professional, with a lot of experience and who solves problems without delay. He is always available to clarify and provide immediate advice, without the need to study the subject.’

‘They know how to be in a meeting, no matter how tense, without wavering and know how to resolve with constructive proposals and high added value. Given the area in question, I would say that the ability to resist pressure is one of the qualities that strongly distinguishes them, but also their great international appetite and the various offices they have in several countries allows them to know better, and act locally, in relation to the tax law of these countries from Portugal.’

‘What distinguishes Carlos Santiago from his peers is the serenity he imparts to us in his legal advice, which is always complete and definitive. There is never anything left to be solved or solved in an uncertain way.’

‘I classify the service provided as excellent, on two levels: resolution and prevention of tax incidents, which translates into outstanding monitoring of this area, which is so sensitive for companies in general. I would also like to highlight the deep technical knowledge, which is always up to date in an area that is constantly changing and requires continuous updating / training by lawyers.’

‘What distinguishes Raposo Bernardo is in fact the excellent team, and in the case of tax matters it is precisely for this reason, for being a very cohesive and high level team led by Carlos Santiago. In fact, the tax team is very solid in terms of tax know-how and offers very practical advice, highly valued by us. In any situation it purges the unnecessary and focuses on the essential.’

‘Raposo Bernardo & Associados’s tax department is distinguished by its quick response and mastery of tax issues, allowing it to make timely decisions. They are very methodical and strict in their indications, leaving no room for doubt. We have maximum confidence in the representation of our company before the tax authorities.’

‘I would like to highlight Carlos Santiago for the sensible approach with which he addresses each fiscal issue, which is very conservative in relation to the scenarios presented, revealing an adequate study of the matters in question. He has a rigorous technical knowledge that allows him to coordinate complex operations from the fiscal point of view.’

Raposo Bernardo is a full service law firm recognized by its ability to combine the strength of the advocacy tradition with the most modern and advanced technology with the aim of providing the greatest benefit to our Clients.

We believe that in order to provide top level legal support it is essential that our teams of lawyers, in addition to high technical skills, and an in-depth knowledge and understanding of our Clients’ activities and projects have as well as a sharp sensitivity to their specific way of conducting business.

The cooperation culture existing between all members of our teams is the same cooperation culture we maintain with our Clients. This spirit of collaboration and closeness makes it possible to create strong and trusting relationships, and thus achieve the best outcome. It is also with that purpose in mind that we specialize in the matters, projects and in the specific activities of each one of our Clients. Because each one of them reveals its specificities and only a focused support tailored to the needs of each Client allows us to offer all the best services.

We are aware of the Clients’ needs and what they value most. We do everything in order to exceed their best expectations. That is why we differentiate by making available specific and individualized solutions thus guaranteeing that Clients can gain the best benefit from our services. That being the case we make some important commitments such as each Client having more than one partner coordinating their issues or the guarantee of maintaining the same team during the execution of a project without rotations and changes that could harm the continuity and execution of the works. We also know that our Clients like to benefit from our services in different jurisdictions.   That is why we have put in place a very advantageous system allowing benefiting of the conditions practiced in the jurisdiction with the lower values, independently of the jurisdiction in which the Client requests our services.

We keep a permanent and intense internal training and refresher training activity which we believe is essential so that our teams are always at the forefront of the most advanced and sophisticated practices in the international legal market.

With full independence we keep working relations with law firms all over the world, being totally available to partnership for providing services to the benefit of our Clients’ projects.

After more than 25 years we renew our commitment to combine experience and tradition with innovation, modernity and sophistication through pragmatic advice that adds value to our Clients, always maintaining the same ability to respond fast and rigorously and a culture of full availability and cooperation.

Focus in tailor-made service

For our firm the Client is at the heart of our work. To achieve the Clients’ satisfaction when dealing with its matters is one of our main objectives. To exceed its best expectations is one of our main goals. That is why we maintain a very close relationship with all our Clients and try to know in detail their activity and the market in which they act.

Quality and rigour in the services provided

We provide our Clients top quality services and for that purpose we work with the utmost rigour. The results provided to our Clients are the best indicator. We are fully aware that the speed in the answer is essential and we are used to work under time pressure and to anticipate the agreed deadlines.

Innovation to the benefit of the Clients

Apart from the tradition we are proud of, we seek for the most innovating procedures and solutions to the benefit of the Client. For such purpose we permanently invest in training and in technology in order to increase the efficiency of our services.

Professional Ethics

All our procedures, practices and culture are based in transparency and ethics. An ethical attitude and behaviour is essential in order to meet the Clients’ expectations and to ensure the quality of our services. This same ethics is always present in the relationship with our colleagues and the market in general.

Global Services

We provide specialized services in all areas of law to all the industry sectors. We also provide services for several other jurisdictions, especially for Portuguese-speaking African countries, either through our network of local partners or our specialized desks.

Diversity and Inclusion

We provide legal services with pleasure and for pleasure. We can´t be any different. That is why we need a well-being environment that is at the same time stimulating and non-discriminating. We are a law firm exempt of any type of discrimination. Nevertheless we develop programs and initiatives promoting diversity and inclusion.

Social Responsibility and Pro bono

We are strongly committed to our social environment. We are aware that everyone will benefit if we have a positive social environment. That is why we do everything within our means in sharing part of what we receive from the community and try to involve ourselves in pro bono and social responsibility activities.

Department Name Email Telephone
Managing Partner Nelson Raposo Bernardo +351 213 121 330
Photo Name Position Profile
Ms Joana Andrade Correia  photo Ms Joana Andrade Correia Partner, Co-head of the Corporate law and M&A department, specialized in corporate…
Mr Manuel Esteves Albuquerque  photo Mr Manuel Esteves Albuquerque Senior associate
Ms Ana Cláudia Rangel photo Ms Ana Cláudia Rangel Head of the Litigation and Arbitration Department, specialized in civil procedural law,…
Mr Nelson Raposo Bernardo  photo Mr Nelson Raposo Bernardo Global managing partner of Raposo Bernardo; head of Banking and Finance; head…


Business environment

Portugal is an open economy, particularly dependent on exports and tourism.

Due to this fact, the pandemic of COVID 19 had a strong impact on the country’s business climate and negatively affected, as in practically the whole world, the economic growth.

It would not be wrong to say that the pandemic and its consequences were the fact with the greatest impact on the way business activity is conducted in Portugal.

This was due to the restrictions imposed by the successive states of emergency that were decreed, among which we highlight the compulsory closure of several economic activities, the imposition of compulsory teleworking in the sectors of activity where this was possible and the restrictions on both internal and external movement.

Despite these constraints, there were sectors that demonstrated notable resilience, of which the construction sector stands out, with activity levels remaining practically unchanged.

If the country’s openness may have been negative during the Pandemic, our belief is it will be one of the main advantages in times of normality.

Being part of the European Union, Portugal is a country with a stable regulatory framework, aligned with the best international practices, particularly open to foreign investment and friendly and welcoming to foreigners in general. Portugal also has a strategic geography to enter Europe and access its important market, an exceptional climate along the year, enabling a top ranked tourism industry and related services very well combined with a much-appreciated gastronomy. These are strong arguments favorable to attracting foreign investment.

The country has high-profile entities and structures in place aimed at supporting and attracting investment, to seize, follow up and capitalize on these opportunities, headed by AICEP, the entity whose responsibilities include promoting the internationalization of Portuguese companies and supporting their export activity, attracting foreign investment, and promoting Portugal’s image. Besides this, there are several entities and organizations of sectorial, regional and local scope, which may also provide important support to those wishing to invest in a specific sector or activity.

Furthermore, in certain regions there are also entities specialized in supporting the incorporation of new companies and businesses – business incubators. The way in which these entities have been carrying out their role has been particularly appreciated by investors who seek for sustainable and long-term activities, which has been determinant for the installation in the country of many start-ups of a technological matrix and BPO services.

The extraordinary professional qualifications of Portuguese staff, internationally recognized, and the ease of expression in foreign languages, are also an attractive factor for the country.

The fact is the way to make an investment in Portugal is not substantially different from the way to make an investment in any other European Union country or in any other Western economy. However, despite the countless similarities, there are particularities of various kinds, legal, cultural, bureaucratic, etc., which make it advisable for any project to be considered and executed with the support of local consultants, namely with the support of local lawyers, as the way to mitigate (legal) risks that any investment project entails.


As a member country of the EU, Portugal adopted the Euro, a strong and most stable currency in relation to others.

In the last 6 years, except for 2017, the inflation rate has always been below 1%, and in 2020 the rate was practically zero, as a direct result of the Pandemic.

Traditionally, the main sectors of activity are construction, tourism & hospitality, and industry.

The industrial sector has a strong export component, based on ancient and best consolidated textile and footwear and the paper pulp industries, along with the high specialized automobile and metalworking standing out.

Particularly in the last decade, the services sector has been assuming a growing role in the economy. Portugal has been chosen as the preferred location for service provision centers (BPO) by numerous entities and has hosted and supported numerous projects in this sector of activity.

The agricultural sector has also been experiencing a new boost, with the production and export of fruit and vegetables, olive oil, with equal emphasis on the wine industry, highly appreciated and internationally accredited. Portugal is also one of the main producers of cork and cork-related products.

Current opportunities & future prospects

Portuguese mergers and acquisitions continue to be heavily driven by foreign investment which last year represented 90.2% of the value of Portuguese transactions and 69.9% in terms of volume.

Cross-border transactions, according to the most recent TTR report, totaled 55 transactions involving foreign companies in the acquisition of Portuguese companies, in the first half of the year, representing a 41.5% reduction compared to the first half of the previous year, already resulting from the COVID-19 pandemic.

And surprisingly, the annual value of M&A transactions in Portugal this year is the highest since 2014 and represents a rise of 8.3% on the total transacted throughout 2019, by having reached around €7bn.

Naturally, the M&A market has been obviously affected by the COVID-19 pandemic. Notwithstanding some deals that were already started in 2019 in sectors such as media or energy (fuel distribution) have been concluded in 2020.

It is foreseeable that the progressive return to normality will lead to an increase in M&A activity both in the number of operation and amounts involved considering the increasing number of opportunities that may arise as a direct consequence of the pandemic.

It is true that one of the main consequences of the pandemic was the decapitalization of companies.

There are therefore many companies, in the most diverse sectors of activity, that would be willing to welcome investment projects that would allow them to reinforce their equity capital.

This is certainly why, even during the pandemic, international funds, private equity houses, family offices, as well as other institutional and private investors, have been consulting us on various investment opportunities and the legal regime applicable to their implementation.

Investment projects and opportunities exist in both the M&A and real estate markets.

Important real estate investment projects have been announced, not only in the main cities, such as Lisbon and Porto, or in the main tourism destinations, such as the Algarve, but also throughout the country, in locations where attractive investment opportunities had not yet been discovered. Also, the origin of the investors is the most differentiated, as India, Brazil, France, the UK, Nordic countries, Israel, among others, have invested in the Portuguese real estate market, which has been considered by numerous sources as one of the most promising in Europe.

The growing number of foreign citizens, many of whom are retired, who have chosen the country as their place of residence, as result of the incentives granted to those who wish to invest or live in Portugal, has not only been an important factor in stimulating the property market, but has also favored the creation of companies in sectors such as hospitality, expatriate services, health services and domestic care.

When talking about investment prospects, it is not possible to forget that the economic recovery measures announced and supported by the EU will certainly create investment opportunities in the infrastructure and construction sectors.

Although the crisis in aviation may have some impact on the already announced construction of the new Lisbon airport, it is certain that investment in the railway network has already been announced as a priority, to improve domestic and international train traffic, and the continued development of port terminals, so that Portugal can continue to exploit the attractions of its cruise ship terminals.

The crisis caused by the pandemic may also provoke a consolidation movement of banks or other financial institutions.

Government support for renewable energy production and the success of the latest auctions of solar energy production capacity may also create investment opportunities in this sector. We cannot forget that the energy sector is essential in the process of decarbonization of the economy and that, in this aspect, Portugal has achieved very important results, such as the consecutive days in which the country only uses energy from renewable sources, with 51% of the energy consumed in the country being from renewable sources in 2019.

Speaking of the energy issue, it is also not possible to forget the country’s bet on electric mobility, a sector that should also be on the radar.

It has been reported by different entities that several international investors, especially investment funds, have been contacting them with the aim of finding real estate assets, such as hotels, office buildings, etc., or companies in which to invest, promoting their renovation or restructuring, to put them in a better competitive situation and promote their sale in the future.

The pandemic may also have created the opportunity sought by sectors such as health, technology, and education, to promote their visibility and attractiveness for foreign investment.

As we have already mentioned, Portugal has been considered a good ecosystem for the creation of new projects, especially technological ones. The living conditions enjoyed in the country, especially in large cities a few kilometers from the coast and beaches, have attracted new generations of entrepreneurs, who have decided to set up their companies here.

The response to the needs of these new projects and of those who work in them has also created opportunities for investment, of greater or lesser scale, in the most varied sectors of activity.

Portugal, with its nearly 10 million inhabitants, is not a large market, but we must not forget that its market is the European Union and that it has privileged relationships with several other markets, namely at Africa. Therefore, it may also be a good platform for marketing products online, a trend that has been assuming an increasingly relevant role during the pandemic and that will most certainly continue in the future.

Legal system

Portugal belongs to the so-called Civil Law legal family.

The administration of justice is the responsibility of the courts, which are independent and decide exclusively based on the law. Their decisions are binding on both private and public entities and prevail over any administrative decision.

Apart from the special jurisdictions, there are two essential jurisdictions: Judicial or Common Courts Jurisdiction and Administrative Jurisdiction. The common jurisdiction includes courts with special competence, such as the Labor Courts.

The courts are organized in several instances, and the decisions of lower courts can be appealed to higher courts, as provided by law.

Final and binding administrative decisions are subject to judicial impugnation.

It is important to bear in mind that many activities are subject to supervision by regulatory or supervisory entities, for example the Securities Market Commission, the Competition Authority, the Energy Services Regulatory Entity, etc. The decisions of these entities can also be appealed in court.

As a member state of the European Union, the rules of European law also apply in Portugal.

Regarding the courts and administration of justice, investors should bear in mind that the resolution of cases is not always swift, especially if there are appeals to higher courts. However, the government has been trying to resolve this situation, which has improved significantly in recent years.

The delay in the judicial resolution of disputes has been an important incentive for the increasing use of mediation and arbitration, especially in private procurement.

The implementation of an investment operation in Portugal must take into consideration, from the initial stages of its conception, the specificities of the national legislation and regulations, the culture, and practices of national institutions, from the courts, administrative entities, to national, regional, or local government entities which may have some intervention/decision in the projects in question, whether in their authorization, in the contracting of incentives, etc.

Therefore, it seems extremely important to us that, although it may seem unnecessary (especially for investors from other member states of the European Union), the hiring of local legal support and, whenever it is necessary to hire other consultants, that the choice falls on consultants with concrete experience of acting in this market.

It is common that, even before the negotiation phase, the parties involved sign a Memorandum of Understanding, which defines the essential terms under which the negotiation will take place, and a Confidentiality Agreement, which protects the information that may be disclosed during the negotiations from indiscriminate disclosure.

Already during the negotiation, it is usual for the investor to make an evaluation of the assets he intends to acquire and of the risks affecting them. It is therefore a common practice to perform a legal and accounting due diligence, whose scope and extent naturally depend on the type of asset in question and the operation that is intended to be implemented.

In this respect, it is important to note that there are several assets, such as real estate, which are subject to mandatory registration and that there are certain activities which require registration with regulatory and supervisory authorities.

Compliance with these registration obligations, as well as other obligations essential to the exercise of the activity in question, must be assessed through due diligence.

Regarding the implementation of the investment, the most common way for foreign investors to proceed is by incorporating companies under local law.

The most common types of companies are the private limited company and the public limited company.

The essential characteristics of these types of companies are as follows:

Private limited company:

  • Minimum number of partners – 1
  • Minimum share capital – EUR 1
  • Liability of members – without prejudice to special situations, the liability of members is limited to the paid-up share capital
  • Management body – one or more managers
  • Supervisory body – not compulsory. However, companies that fulfil certain requirements are obliged to appoint a statutory auditor
  • Representation of share capital – the share capital is represented by quotas, and the ownership of quotas is subject to registration

Public limited companies:

  • Minimum number of shareholders – 5. A single shareholder is allowed in the case of a legal entity
  • Minimum share capital – EUR 50,000
  • Liability of shareholders – without prejudice to special situations, the liability of shareholders is limited to the paid-up share capital
  • The statutory bodies of public limited companies can assume different models, however, as a rule
  • Management body – sole director or Board of Directors, depending on the fulfilment of certain requirements
  • Supervisory body – the company must have a Supervisory Board or appoint a Statutory Auditor
  • Securities – the share capital is represented by shares, which must be registered

Both types of companies are incorporated by means of a formal document of incorporation, whose signatures must be certified in person by a notary or a lawyer. The incorporation of the company is subject to registration at the Commercial Registry Office, and the beneficial owner(s) of the company being formed must be indicated.

As can be seen, in addition to the differences regarding the number of partners and minimum capital requirements, public limited companies are a type of company with greater operating requirements and are therefore usually adopted for larger, more complex projects involving a larger number of partners.

Portugal has adopted a policy of reducing the number of business activities requiring prior licensing.

Nevertheless, there are still many regulated sectors whose exercise requires a prior licensing or registration process. Examples are the banking and financial services sector, telecommunications, insurance, among others.

It is of the utmost importance that foreign investors assess what kind of conditions or restrictions apply to the exercise of the activity in which they intend to invest, so as not to be surprised by situations they did not foresee and did not expect.

Foreign investment restrictions

As we have already had the opportunity to mention, Portugal is a country open to foreign investment and, therefore, does not impose special restrictions on investments made by foreign entities.

There are important foreign investments in sectors such as energy, banking, insurance, telecommunications, transport, etc. And when we refer to foreign investments, we mean not only investments originating in EU countries but also, and above all, investments originating in third countries.

Notwithstanding the above, there are a few sectors that impose specific rules for investment, both by national and foreign citizens. And the compliance with such rules is essential for the success of the investment.

Again, the aspect mentioned in a side-by-side manner and that we believe is important to mention regarding investment restrictions, is related to the rules on transparency about the identity of investors.

In the last few years, Portugal has been adopting rules that facilitate the identification, namely by the authorities, of who are the effective owners of the investments made in the country. This has happened throughout the European Union following the implementation of rules to combat money laundering and the financing of terrorism.

For this reason, besides the fact that all shares are now compulsorily registered and bearer shares are no longer allowed, the so-called Central Register of the Beneficial Owner (RCBE) was created.

The RCBE aims to identify all individuals who control associations, cooperatives, foundations, civil and commercial companies, as well as any other personalized collective entities, subject to Portuguese or foreign law, who carry out an activity or perform a legal act or business in Portugal, which requires a tax identification number (NIF) in Portugal.

Regarding Portugal’s attractiveness, we can refer that, according to the last AICEP report published:

  • The country is situated in a geostrategic position between Europe, America, and Africa.
  • It occupies 21st position (among 141 countries) in terms of Quality of overall infrastructure, according to the World Economic Forum (WEF) Global Competitiveness Report 2019.
  • Ranked 39th (among 190 economies) of Ease of Doing Business ranking in the World Bank’s Doing Business 2020 report.
  • It has risen to 34th position in the ranking (among 141 countries) Global Competitiveness Index 2019 of the WEF.
  • Portugal has a technologically advanced telecommunications infrastructure network. The state-of-the-art fiber-optic network covers most of the territory. The proportion of fiber optic connections in total broadband was 36.8% at the end of 2018, higher than the OECD average (28%), placing Portugal in 9th in the OECD and 4th in the EU.
  • The country offers social stability, attractive labor costs, a good level of labor skills, telecommunications infrastructure, potential to increase productivity and good transport and logistics infrastructure.
  • According to the consultancy firm EY, the country shows a positive evolution in the development of the start-up ecosystem, to encourage foreign direct investment (FDI) and promote the country’s attractiveness.
  • Also of note is the relevance of the tourism sector, which benefits from Portugal’s geographical position, enjoying a Mediterranean climate. According to the World Tourism Organization Portugal (UNWTO World Tourism Barometer-July 2020), in 2019 Portugal was the 20th world market (and 8th in the EU) in terms of tourism receipts and the 15th receiver market for tourists, with 24.6 million arrivals having been recorded.

Portugal is party to numerous agreements on the promotion and reciprocal protection of investments.

These agreements contain binding measures of a bilateral nature, aimed at creating more favorable conditions for investments by investors of one of the signatory states in the territory of the other, ensuring, on a reciprocal basis, the most favorable treatment of investors and a guarantee of full protection and security for investments already made.

The areas typically covered by this type of agreement are admission of investments, treatment of investments, expropriation and investment losses, and dispute settlement.

Portugal has concluded this type of agreement with the following countries outside the EU. : Albania, Angola, Algeria, Argentina, Bosnia Herzegovina, Brazil, Cape Verde, Chile, China, South Korea, Cuba, Egypt, United Arab Emirates, Philippines, Gabon, Guinea-Bissau, Equatorial Guinea, Jordan, Kuwait, Libya, Macau, Morocco, Mauritius, Mexico, Mozambique, Pakistan, Paraguay, Peru, Qatar, Democratic Republic of Congo, Republic of Congo, Russia, Sao Tome and Principe, Senegal, Serbia, Timor, Tunisia, Turkey, Ukraine, Uruguay, Uzbekistan, Venezuela and Zimbabwe.

In addition to agreements to promote and protect investments, Portugal has numerous conventions in place to avoid international double taxation (DTC), following the OECD model convention. As we know, this type of convention is also an important regulatory instrument within the scope of international economic relations.

It should be noted that Portugal’s policy of attracting and maintaining FDI allows foreign investors to benefit from support and benefits (many of which are also available to national investors), which is yet another argument in favor of setting up new projects in the country.

Let us not forget that the European Union’s support programs for economic recovery will allow for the creation of new programs for specific sectors and the maintenance and reinforcement of support that already exists for the main sectors of economic activity and for the qualification of the workforce.

According to recent studies, namely those of the European Central Bank, restrictions on foreign investment in the EU are, on average, lower than those imposed in other OECD countries, and within the EU, Portugal is one of the countries with the fewest restrictions.

It is, therefore, possible to state that in Portugal there are no restrictions on the entry of foreign capital. The guiding principle of the national legal regime is that of non-discrimination of investment on the grounds of nationality.

Therefore, it is not mandatory to have a national partner, nor is it compulsory for the directors of the companies (or parts thereof) to be nationals, nor are there any limitations on the distribution of profits or dividends abroad.

The rules governing foreign investment are like those applicable to domestic investment.

Of course, there are special requirements for specific activities and rules on financial transactions and capital flows, and the restrictions imposed at this level stem mainly from rules aimed at preventing money laundering and terrorist financing.

Key Points

Portugal’s track record

  • Portugal is considered the second-largest power plant in the world
  • The total FDI stock recorded in 2018 in Portugal was USD 135,777 million
  • Attractive investment fields in Portugal (among those with the highest potential for receiving FDI, we can list the following: tourism, biotechnology, the electric and electronics sectors, the new information and technology sectors, parts of the chemical manufacturing sector and the shared services centres – BPO)


  • Prepare to find knowledgeable, young, capable, English speaking, highly adaptable, educated, flexible, productive, innovative and most committed to achievement workforce
  • Recognized experienced senior management

Political stability and safety

  • Portugal’s political stability is “Europe’s rare pleasant surprise”, by Thomson Reuters
  • Portugal has among the lowest crime rates in Europe


  • Strong and diverse multilingual skills – 42% speak two languages (mainly English), and 23% speak at least three languages
  • One of the highest percentage proportion of graduates in math, science, engineering and computing in the EU


  • Fixed corporate tax rate, attractive R&D credits, beneficial holding company location
  • Attractive intellectual property regime
  • Extensive double tax treaty network

Ease of doing business

  • Consistently ranked as one of the best countries in the world to do business, ranked 39th (among 190 economies) of Ease of Doing Business ranking in the World Bank’s Doing Business 2020 report
  • According to the 2010 Global Benchmark Report, Portugal is the 7th country in the OECD with the lowest level of costs and taxes

Strategic localization

  • Gateway to Europe and beyond
  • Free movement of goods and services within EU and its 500 million plus consumers
  • Foreign languages, namely English speaking, and member of EU / Eurozone
  • Large number of cities and regions with proven ability to attract FDI Innovation and BPO platforms
  • Technologically advanced telecommunications infrastructure network – 9th in the OECD and 4th in the EU