Can Foreign Investors Access Portugal 2030 Investment Incentives?

Portugal has been attracting international entrepreneurs and investors interested in developing projects in
Europe, particularly in sectors such as tourism, industry, renewable energy, technology, healthcare, real
estate, defence and other strategic areas.
One of the most frequent questions asked by foreign investors is simple: can an international investor
access Portugal 2030 incentives?
The answer is: yes, in many cases they can — but not automatically.
Access to public incentives in Portugal depends on how the project is structured, the promoting entity, the
location, the sector of activity, the size of the company, the applicable regulation, the licensing
requirements, eligible expenditure and the criteria defined in each call.
For this reason, before assuming that a project may receive public funding, it is essential to analyse its
eligibility and structure the entire operation correctly.
At Lisboa Investments, we support international investors and entrepreneurs in the assessment, structuring
and preparation of investment projects in Portugal, including the analysis of public incentives, optimisation
within the applicable criteria, combination with advantageous financing lines, assessment of eligibility
requirements and definition of the application strategy.
This article explains what foreign investors should know about access to Portugal 2030 and other
investment support instruments in Portugal.
What is Portugal 2030?
Portugal 2030 is the main European funding framework available in Portugal to support investment,
innovation, competitiveness, sustainability and territorial cohesion.
Although it is associated with the 2021–2027 programming period, the programme was formally approved
in 2022 and its practical implementation extends beyond 2027. This means that many approved projects
will have later execution, payment and closure deadlines, with eligible expenditure generally able to be
framed until 31 December 2029, without prejudice to the specific rules of each call.
In practice, Portugal 2030 represents a relevant opportunity for companies and investors seeking to
develop projects with economic impact in Portugal. The programme mobilises around 23 billion euros in
European funds and is oriented towards priorities such as innovation, digital transition, business
competitiveness, sustainability, energy efficiency, decarbonisation, skills, employment, inclusion and
regional development.

Its implementation is carried out through 12 programmes, including thematic and regional programmes,
which distribute support according to areas of activity, regions, strategic priorities and investment
typologies.
This means that there is no single rule applicable to all projects. Each call defines its own conditions,
including:
 entities that may apply;
 eligible sectors and Portuguese economic activity codes;
 regions covered;
 eligible expenditure;
 minimum and maximum investment amounts;
 support rates;
 merit criteria;
 application deadlines;
 execution obligations.
For this reason, incentive analysis must be carried out call by call. More than simply asking “what funds are
available?”, investors should understand which call is the right one, whether the project is eligible and how
it should be structured to become competitive.
Portugal 2030 in numbers: status available as of 10 May 2026
As of 10 May 2026, the most recent official Portugal 2030 execution data available was reported as of 31
March 2026.
According to those figures, Portugal 2030 had already reached more than 12.3 billion euros in approved
funding and more than 3.8 billion euros in executed funding. Payments to beneficiaries exceeded 4.1
billion euros, including advances.
In relative terms, for every 100 euros of funding programmed for 2021–2027, 53.6 euros had been
approved and 16.8 euros had been executed. In addition, 33.9% of approved funding had already been
paid to beneficiaries.
The programme was also in an active phase of opening opportunities: 1,341 calls had been launched, with
17,637 million euros of funding put out to tender. For 2026, the Annual Calls Plan forecast 220 calls and
around 3.9 billion euros to support projects between January and December 2026.
For international investors, these figures are relevant for three reasons:
 they confirm that Portugal 2030 is already in a significant approval and execution phase;
 they show that calls and opportunities were still expected throughout 2026;
 they reinforce the importance of timing, as eligibility depends on specific calls, deadlines and rules.
These figures do not mean that support is automatic. On the contrary, they show that access to public
funding requires preparation, technical framing and the ability to present a solid project at the right time.
Can a foreign investor apply directly?
In many cases, the central issue is not the nationality of the investor, but the structure of the promoting
entity and of the project.
A foreign investor may benefit from incentives in Portugal when the project is developed through an eligible
entity, usually a company established or to be established in Portugal, that meets the requirements defined
in the applicable call.
This means that an international investor may structure a company in Portugal to develop an eligible
project, provided that the company meets the necessary criteria.

However, this does not mean that any foreign investment will automatically be supported. The project must
be eligible, competitive and aligned with the programme’s priorities.
Is the investor’s nationality the decisive factor?
In most cases, no.
The decisive factor is not simply whether the investor is foreign or Portuguese. What really matters is:
 where the project will be implemented;
 which entity will act as the promoter;
 the size of the company;
 which economic activity will be developed;
 whether the sector is eligible;
 whether the expenditure is eligible;
 whether the project creates economic value in Portugal;
 whether it contributes to innovation, sustainability, digitalisation or job creation;
 whether it complies with the rules of the applicable call.
A foreign investor who only intends to acquire a passive asset, without creating relevant economic activity,
may have a weaker framework for incentive systems.
By contrast, an international investor seeking to install a production unit, create qualified employment,
develop technology, invest in energy efficiency, launch an export-oriented operation or develop a qualified
tourism project may have a stronger basis for analysis, depending on the applicable call.
The essential question is not: “I am foreign, can I apply?”
The right question is: “Does my project, as structured, meet the requirements to access public funding in
Portugal?”
What types of projects may have a framework?
Portugal 2030 incentives do not support all projects in the same way.
In general, projects with a stronger basis for analysis tend to include some of the following elements:
 productive investment;
 product, process, organisational or marketing innovation;
 creation of a new establishment;
 increase in production capacity;
 diversification of production;
 digital transformation;
 energy efficiency;
 environmental sustainability;
 creation of qualified employment;
 internationalisation;
 research and development;
 connection to national or regional strategies;
 contribution to the economic development of the territory.
This is particularly relevant for international investors seeking to install or expand operations in Portugal,
especially in sectors capable of generating added value, exports, qualified employment or innovation.
Which sectors may be relevant for foreign investors?

Eligibility always depends on the specific call, but there are areas that are frequently relevant for
international investors analysing Portugal as a platform for entry or expansion in Europe.
 tourism and hospitality;
 industry and manufacturing;
 renewable energy;
 energy efficiency;
 technology;
 healthcare and medical devices;
 blue economy;
 agri-food;
 projects with a digital component;
 projects linked to decarbonisation.
However, not all sectors are supported by all programmes. Some calls may exclude certain activities or
limit support to specific investment typologies. Therefore, before moving forward with the financial
structuring of the project, it is necessary to validate the sector framework.
Why is location so important?
Location can significantly influence eligibility and the intensity of support.
Portugal 2030 includes regional programmes, and certain regions or territories may benefit from specific
conditions. In practice, location may influence:
 whether the project is eligible;
 which regional programme applies;
 which support rate may be considered;
 whether additional rates may apply;
 whether the territory is considered a priority;
 whether the operation is aligned with the regional strategy;
 whether there are specific restrictions or limitations.
For example, an industrial project in a low-density territory may have a different framework from a similar
project in a region with lower support intensity. Likewise, a project in Lisbon may have different conditions
from a project located in the North, Centre, Alentejo or Algarve.
For this reason, the location decision should not be made only on commercial or real estate criteria. It
should also consider the impact on access to financing and incentives.
What does it mean to be an eligible company?
To access incentives, the promoting entity must meet specific requirements.
Although these requirements vary from call to call, it is common for the following aspects to be analysed:
 regular legal and tax situation;
 organised accounting;
 financial autonomy;
 capacity to finance the private component of the investment;
 absence of relevant debts to Social Security or the Tax Authority;
 compliance with State aid rules;
 SME classification, where applicable;
 eligible economic activity;
 technical, financial and operational capacity to execute the project.

For foreign investors, this means that capital or an intention to invest is not enough. It is necessary to
create an appropriate corporate structure, with the ability to present, finance, execute and justify the project
before the competent entities.
Should the project be structured before the application?
Yes. This is one of the most important points.
Many investors start by asking what incentives exist. But the more strategic question is different: how
should the project be structured in order to become eligible and competitive?
Structuring should take place before the application and should include:
 definition of the promoting entity;
 choice of location;
 definition of Portuguese economic activity codes;
 analysis of the sector and investment typology;
 business plan;
 financial model;
 identification of eligible expenditure;
 licensing analysis;
 implementation plan;
 demonstration of financial capacity;
 alignment with innovation, sustainability and economic impact criteria.
If this preparation is not carried out in advance, the project may lose eligibility, present technical
weaknesses or fail to achieve a competitive score.
An incentive application should not be seen as an administrative form. It should be the outcome of a well-
built investment strategy.
What mistakes should be avoided?
International investors should avoid common mistakes when analysing incentives in Portugal.
 assuming that public funds are automatically available for any project;
 structuring the project only around the commercial objective, without considering eligibility
requirements, location, CAE codes, eligible expenditure and evaluation criteria;
 moving forward with investments before confirming the rules of the call, since expenditure incurred
before the permitted moment may compromise eligibility;
 underestimating the time required to prepare a solid application;
 preparing financial projections that are unrealistic or misaligned with the promoter’s execution capacity;
 failing to consider licensing from the beginning;
 not clearly demonstrating the economic impact of the project in Portugal.
A project may be commercially attractive and still be poorly prepared for public funding.
Do incentives replace equity?
No.
Public incentives may reduce the investor’s financial effort, but they usually do not replace the need for
equity, bank financing or other funding sources.
In most cases, the promoter must demonstrate the capacity to finance the non-supported component of the
investment and ensure project execution.
For this reason, the financing structure should be considered in an integrated way. A project may combine:

 equity;
 public incentives;
 bank financing;
 private investors;
 investment funds;
 strategic partners;
 credit instruments;
 other financial solutions.
Incentives should be seen as part of a broader financing strategy, not as the sole basis of the project.
How can Lisboa Investments support foreign investors?
Lisboa Investments supports international investors in structuring investment projects in Portugal, with
particular attention to the strategic, financial and regulatory framework.
Our support may include:
 preliminary eligibility analysis;
 identification of relevant programmes and calls;
 project structuring;
 location analysis;
 definition of the financing strategy;
 preparation of the business plan;
 development of the financial model;
 support in defining the corporate structure;
 coordination with local partners;
 preparation for incentive applications;
 strategic support during implementation.
Our objective is to help the investor understand whether the project can be financeable, how it should be
structured and which steps are necessary to increase its credibility before public entities, banks, investors
and partners.
Conclusion: yes, foreign investors can access incentives — but structure is
decisive
Foreign investors can access incentives in Portugal, including instruments framed under Portugal 2030,
provided that the project meets the applicable requirements.
However, access does not depend only on the intention to invest in Portugal. It depends on how the project
is structured, the promoting entity, the location, the sector, the nature of the investment, eligible
expenditure, financial capacity and alignment with the criteria of the call.
For this reason, incentive analysis should be carried out at an early stage, before irreversible decisions are
made regarding location, company incorporation, asset acquisition or supplier contracting.
Portugal offers relevant opportunities for international investors, but the strongest projects are those that
combine strategic vision, financial structure, regulatory framing and real execution capacity.
FAQ
Can foreign investors access Portugal 2030?

Yes. Foreign investors may benefit from incentives in Portugal when the project is developed through an
eligible entity and meets the criteria of the applicable call. The investor’s nationality is not, in itself, the
decisive factor.
Is it necessary to create a company in Portugal?
In many cases, yes. The project will normally need to be developed through an eligible promoting entity,
often a company established or to be established in Portugal, with economic activity, organised accounting
and the capacity to execute the investment.
Are all foreign projects eligible?
No. Eligibility depends on the sector, location, company size, nature of the investment, planned
expenditure, timing, regional framework and specific criteria of each call.
What types of projects are more likely to have a framework?
Projects involving productive investment, innovation, qualified job creation, sustainability, digitalisation,
internationalisation, research and development or relevant economic impact in Portugal tend to have a
stronger basis for analysis, depending on the applicable call.
Does location influence incentives?
Yes. Location may influence eligibility, the applicable programme, the support rate, potential additional
rates and alignment with regional strategies.
Do public incentives finance 100% of the project?
Usually, no. Public incentives normally finance only part of the eligible investment. The promoter must
demonstrate the capacity to finance the private component of the project.
Can I start the investment before submitting the application?
It depends on the rules of the call. In many cases, incurring expenditure before the permitted moment may
compromise eligibility. For this reason, the analysis should be carried out before moving forward with
relevant investments.
How can Lisboa Investments help?
Lisboa Investments supports international investors in eligibility analysis, project structuring, financing
strategy, business planning, financial modelling, identification of relevant programmes and preparation for
incentive applications in Portugal.
Key Takeaway
Foreign investors can access Portugal 2030 incentives when the project is structured through an
eligible entity, complies with the criteria of the applicable call and demonstrates economic impact in
Portugal.
The decisive factor is not only the investor’s nationality, but the quality, eligibility, location, financial
structure and execution capacity of the project.
Planning to Access Investment Incentives in Portugal?
Lisboa Investments supports international investors in assessing eligibility, structuring investment projects
and preparing financing strategies in Portugal.

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