3 Reasons Why Portugal Is A Nest For The Future

Article by Viv Europe - Official Legal and Relocation Partner to KipperTree

25 09 2023

Read the full article here.

Portugal is not particularly known, or was not known, by its technological prowess. However, everything changed when the Web Summit landed in Lisbon. Since then, the country has attracted tech companies like never before. Let’s get into why investors think Portugal is a nest for the future and what has changed.

The region is finally getting its due recognition, and the government has worked hard to aid the process. The result? More than 600 million in foreign investments in a single year! Let’s find out how that happened.

We’ll discuss how things have changed, what this means for expats and investors, and where Portugal is headed. There are more than just a few perks, so buckle up and happy reading! 

What has changed in Portugal in recent years?

Helping small startups and other businesses alike blossom in Lisbon and pretty much everywhere: the IT folks out there knew long before the pandemic that one could work in the comfort of home. This meant adaptable work hours and still performing at a consistent level.

Let’s say you are working in IT in the US; if the wages are already appealing. If they are to likely rise, evaluating and adapting to the post-pandemic market – imagine having the same wage, while living in a place that is sunnier, more pacific, and way cheaper. That’s exactly what fellow Americans are doing!

If, for some reason – seasickness, the boredom of small islands, or anything else – you aren’t quite that interested in living in a smaller area, you may want to look at the various IT hubs in Lisbon: that’s right!

There’s a great culture of networking and a lot of capital being invested daily by venture capitalists. Big tech enterprises are interested in the quality of the work and the relatively low amount of investment needed.

Mercedes just arrived in Lisbon, Google is following, and Amazon is said to be quite inclined to develop their gigantic company by adding Lisbon to the list of cities contemplated by their network of algorithm creation.

As for this article, I will not speak in code – pun intended. But instead, provide clear information to those who are interested in working in Portugal in IT, and how exactly they can do it.

What makes Portugal a nest for the future? 

Now that you know what has changed over the years, we’ll get into why this has happened. Here are the top 3 reasons:

Ideal Location 

Since 1986, Portugal has been part of the European Union and is known as a very stable country. Conducting business transactions with the country has always been relatively easier thanks to the compliance of regulatory measures like the GDPR.

Furthermore, Portugal is located at the crossroads of Europe, Africa, and the United States of America. The geographical location makes it easier to have access to larger markets and maintain strong links with key trading partners.  

The country has embraced digital transformation and has implemented numerous initiatives to support innovative businesses. This includes tax incentives and funding programs. 

Lisbon’s Facilities

Being a favourable location for futuristic companies, the capital city has developed tenfold to cater to investors’ growing needs. When the Web Summit was hosted in Lisbon, thousands of entrepreneurs and investors flocked to the capital. As a result, we’ve seen infrastructural advancements at ports, airports, and highways, making it easier for companies to get tasks done.

In case you didn’t know, Web Summit is one of the world’s leading business conferences. With over 70,000 attendees from 160 countries, it’s an event that shouldn’t be missed. It is taking place again this year (November 2023), and we’re already thrilled! 

This entire ecosystem has led many companies to feel welcomed into the tech hub that Lisbon has built a name for. As a result, Portugal has become increasingly recognized for its technological advancements and is now seen as a key player in the European tech industry. 

Tech Visa Portugal

Excited to get here with the correct visa? Read the full article here and learn about how highly skilled professionals are entering the Portuguese market to benefit from the movement.