1. Seven Districts Will Be Under Yellow Warning Due to Maritime Conditions

Seven districts in Portugal will be under a yellow warning from the Portuguese Institute of the Sea and the Atmosphere (IPMA) due to predicted maritime agitation between Monday, February 24th, and Tuesday, February 25th. The districts that are expected to be affected by the extreme conditions are Porto, Viana do Castelo, Lisbon, Leiria, Aveiro, Coimbra, and Braga, where waves may reach heights of four to five meters.

The warning will be in effect from 9:00 AM on February 24th until 3:00 AM on February 25th. This follows a previous yellow warning on Saturday, which affected 12 districts, with 10 due to maritime agitation and two (Guarda and Castelo Branco) due to snowfall.

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2. A Speed Dating Initiative That Will Bring Together Senior Citizens and Students Looking for Housing

The Nova University of Lisbon is organizing an Intergenerational Speed Dating event on February 26th to address the housing crisis and loneliness. The initiative aims to connect senior citizens with vacant rooms and students looking for accommodation in Lisbon. Unlike traditional speed dating, the event focuses on fostering dialogue between older adults and young students, with the goal of matching them as housemates to combat both housing difficulties and loneliness among seniors.

The event is part of the 1/4 network, which connects those working to combat the housing crisis with those in need. In addition to providing students with housing opportunities, the event seeks to promote reflection on housing challenges for youth, active aging, and the benefits of intergenerational living. Note that it is also linked to the exhibition “The Grandmother Came to Work,” showcasing social entrepreneurship in Cascais.

With limited spaces for 20 students and 20 seniors, the event will be hosted by Fernando Alvim, Cremilde, one of the “grandmothers,” and student José Catalão. Conversations will be supplemented with music by DJ Estamina. The event will take place at the Faculty of Social and Human Sciences at Nova University from 3:00 PM to 5:00 PM, with online registration available.

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3. Portugal Has Two of the 100 Best Cafes in the World

Portugal is now home to two cafés ranked among the “100 Best Cafés in the World,” with The Folks, in Lisbon, securing 74th place and 7g Roaster, in Vila Nova de Gaia, placing 29th.

The Folks, which opened in 2022, quickly became a key player in Lisbon’s specialty coffee scene, offering beans sourced from cities like Amsterdam, Berlin, and Barcelona, alongside popular brunch dishes such as Eggs Benedict and avocado toast. It has since expanded to five additional locations in the city, including Alfama, São Bento, and Belém. On the other hand, 7g Roaster in Vila Nova de Gaia, which earned 29th place, is not only a café but also a specialty coffee roasting company, offering high-quality coffee paired with brunch and other menus.

With their placements, both The Folks and 7g Roaster have helped elevate Portugal’s reputation in the global coffee industry. The “100 Best Cafés” list, compiled through public votes and expert panel selections, features renowned cafés from across the world, and Portugal is now proudly represented alongside global hotspots like Australia, the USA, and Malaysia.

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4. The Albuquerque Foundation Opens a New Ceramics Museum in Sintra 

The Albuquerque Foundation opened a new museum in Sintra with one of the world’s most important collections of Chinese porcelain. Located in Linhó, 30 minutes from Lisbon, the collection, founded by engineer Renato Albuquerque, includes over 2,500 pieces from the Ming and Qing dynasties, as well as imperial porcelain. The inaugural exhibition, “Conexões,” features approximately 20% of the collection, highlighting the historical connections between the East and West. The foundation’s president, Mariana Teixeira de Carvalho, emphasizes the goal to rotate exhibitions, offering fresh perspectives on the collection through various curators.

Upon arrival, visitors will encounter a mix of traditional and contemporary architecture. The Albuquerque family’s former vacation home houses the museum’s shop, restaurant, library, and suites for artistic residencies. In addition, two modern buildings host the first two exhibitions. “Conexões”, which exposes Chinese porcelain from the 16th to the 18th century, focuses on the cultural exchanges between the East and the West. Note that the collection includes pieces like a Ming Dynasty wine jug shaped like a dancing woman and a Qing Dynasty crab-shaped terrine. The exhibition is organized thematically, rather than chronologically, with themes such as “Life in the East and West” and “Spiritual Kingdom.”

The second exhibition, “A Mão Sempre Presente,” features work by American artist Theaster Gates, known for his critical exploration of economic, political, and racial issues. Gates’ installation, set against the porcelain collection, contrasts black ceramic tiles with the white porcelain, representing the cultural divide. His work connects with the imperfection and history of the Albuquerque collection, inviting reflection on the past. Mariana Teixeira de Carvalho explains that Gates’ work raises questions about the historical context in which these pieces were made and challenges the audience to consider what should not be repeated from history. The exhibitions will be open until August 2026.

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5. Don’t Know How to Ride a Bike? You Can Now Take Free Class in Arroios

In Arroios, the “Let’s Pedal” program offers free bike classes starting March 8th, designed to teach people how to ride and promote safe bike usage. The initiative, organized by the Arroios Parish Council, aims to encourage daily cycling with an increased number of bike lanes in the city. Classes will be held at the parish’s sports center, near Mercado do Forno do Tijolo, and will run almost every month, excluding April, August, and December.

The full schedule is available online, allowing participants to easily sign up and join the community initiative to embrace cycling. This program provides a great opportunity for beginners to gain confidence and skills while cycling in a supportive environment. Note that the classes will continue through May, June, September, October, and November, with registration opening on February 26th.

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6. Comporta Will Have Three New Luxury Real Estate Projects

The construction company ACA strengthened its presence in Comporta with three luxury developments, totaling 131,000 m² of construction and valued at over 120 million euros. These projects (Sublime Comporta Villas, Comporta Beach & Golf Resort, and NUMA Hotel Rural in Grândola) highlight ACA’s commitment to quality, sustainability, and innovation in luxury tourism. The company aims to combine high-end construction with environmental respect, utilizing methods that preserve the local ecosystem in this environmentally sensitive region.

The Sublime Comporta Villas project merges the charm of rural Alentejo life with proximity to the sea, featuring 43 luxury villas surrounded by pine forests. The development prioritizes privacy and nature, offering villas with private pools, gardens, and sizes between 350 and 575 m². Comporta Beach & Golf Resort, next to the Troia golf course, promises to transform 62,500 m² into a luxury destination, with a 5-star hotel, villas, and extensive leisure facilities. Meanwhile, the NUMA Hotel Rural in Grândola, on the other hand, focuses on rural tourism, with villas designed for exclusivity, sustainability, and comfort, alongside dedicated spaces for dining and wellness.

Note that ACA’s ability to execute these complex projects in challenging regions reaffirms its leadership in the construction sector. These projects bring luxury to Comporta while promoting sustainable tourism. As such, they contribute to the region’s international recognition and reinforce its status as a prime tourist destination.

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7. Portugal’s New Incentive System for Startups

The new incentive system for startups introduces three types of fixed-value vouchers (10,000, 30,000, and 60,000 euros) to support micro, small, and medium-sized enterprises, including startups across mainland Portugal. This initiative, part of the “Acelerar a Economia” (Accelerate the Economy) program, focuses on stimulating the ignition, investment, growth, and internationalization of the country’s most innovative business ecosystem, with an emphasis on SMEs and academic startups. The financial support provided by the three vouchers is non-refundable, and applications are managed by the National Innovation Agency (ANI), with detailed conditions posted on their website, where applicants can find information about eligibility, funding amounts, and the required documentation.

The Voucher Deep Tech, offering 60,000 euros, aims to strengthen deep tech companies in Portugal, enabling them to participate successfully in international initiatives. The funding supports a range of activities including intellectual property strategy, legal and negotiation support for investments, prototyping, and system-level demonstrations. Companies must not have previously received support from specific European Union programs, such as Horizon 2020, and should not have secured over 500,000 euros in venture capital funding. Another support program, the Voucher Go to EIC Accelerator, provides 10,000 euros to help startups apply for the European Innovation Council’s Accelerator Instrument, covering essential services like pitch deck creation, video production, and graphic design.

Last but not least, the Start from Knowledge Program offers 30,000 euros to startups founded by individuals connected to higher education, such as researchers or faculty members. This funding aims to encourage the transfer of scientific and technological knowledge into the national business sector. It supports activities such as business preparation, participation in programs for ignition and acceleration, marketing strategy development, and research projects. To qualify for these supports, companies must be legally established, with their tax and social security situations regularized, and they must present positive financial status. Applications are evaluated by a designated technical team, with funding decisions made within 30 working days and results communicated within five days.

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8. Portugal Is the Fourth Highest Consumer of Renewable Energy in the EU

Portugal was the fourth-largest consumer of renewable energy in the European Union in 2023, with 63% of its electricity consumption coming from renewable sources. Only Austria, Sweden, and Denmark had a higher share of renewable energy consumption. According to Eurostat (the European statistics office), renewable energy sources accounted for 45.3% of total electricity consumption across the EU, marking a significant increase of 4.1 percentage points from the previous year, the largest annual growth in renewable energy consumption since 2004.

The growth in renewable energy consumption was largely driven by wind and hydropower, which together accounted for more than two-thirds of the total renewable electricity generation. Wind power contributed 38.5%, while hydropower represented 28.2%. Solar energy followed, contributing 20.5%, with solid biofuels and other renewable sources representing 6.2% and 6.6%, respectively. The EU’s expansion of solar and wind energy in the last decade has been a key factor in this rise. Solar power, in particular, has seen rapid growth, jumping from just 7.4 terawatt-hours (TWh) in 2008 to 252.1 TWh in 2023.

As mentioned, in addition to Portugal, other EU countries like Austria, Sweden, and Denmark also consumed a high proportion of renewable energy, with renewable sources making up 87.8%, 87.5%, and 79.4% of their electricity consumption, respectively. Conversely, countries like Malta, the Czech Republic, Luxembourg, and Hungary had lower shares of renewable electricity, with Malta at just 10.7%. Based on current trends, 2024 is expected to see another record year, as Portugal’s renewable energy production reached a historic 36.7 TWh, meeting 71% of the national electricity consumption.

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9. Portuguese President Insists That Europe Must Be Involved in the Ukraine Negotiations

Marcelo Rebelo de Sousa, the Portuguese President of the Republic, emphasized that Europe must be involved in the negotiations to end the war in Ukraine, pointing out that, overall, Europe has contributed more than the United States. Speaking from Recife, where he was visiting Brazil, he stressed that the war is not just an European conflict but a global one, and Europe’s security is at stake. He argued that the absence of Europe from discussions between the world’s major powers would disrupt the balance of global power.

In addressing the meeting convened by French President Emmanuel Macron, which includes European heads of government and NATO leaders, Marcelo refrained from making specific predictions but expressed a clear stance: the world without Europe would be poorer, and Europe must have an active role in shaping decisions regarding the war. He warned that agreements on the conflict should not happen without Europe’s presence, as much of what exists globally owes its existence to European contributions.

Regarding Portugal’s absence from the meeting, the President explained that it was a decision based on the involvement of the five largest European economies and countries like Denmark, due to its unique position on the matter. He reiterated Portugal’s loyalty to its allies and partners, expressing that Portugal and Europe deserve the same loyalty in return. His remarks also rejected negotiations “on the sidelines” of Europe or Ukraine, highlighting his concern about the potential breakdown of alliances.

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10. The Chinese Move Forward with Historic Investment in Sines, Portugal – A Battery Factory That Could Represent More Than 4% of GDP

After three years of discussions, the Chinese company CALB is making a “historic investment for the green economy in Portugal,” valued at around two billion euros. The company will build a state-of-the-art lithium battery production facility in Sines, which is expected to create 1,800 direct jobs. Once fully operational, by 2028, the factory could represent more than 4% of Portugal’s GDP, potentially surpassing the economic impact of the Volkswagen Autoeuropa factory. This investment is a major step in supporting the transition of the European automotive sector to electric vehicles.

The CALB factory will have an initial production capacity of 15 GWh, with plans for expansion to 45 GWh in three years. The company’s goal is to position Portugal at the forefront of electric vehicle battery production in Europe, aligning with its commitment to innovation and environmental leadership. As such, the factory’s role is seen as vital in meeting the growing demand for clean energy solutions in the European electric mobility sector, contributing to energy security, economic growth, and sustainability.

Note that the project is one of the largest foreign investments in Portugal in recent decades. The official launch will take place in Lisbon on February 24, 2025, with the Minister of Economy presiding over the ceremony. CALB’s decision to invest in Portugal is largely driven by the exceptional logistical advantages of the location, offering a deep-water port and a major rail transportation platform for goods. Despite earlier concerns about political tensions, the government has assured that the project remains on track, with no indication that CALB is reconsidering its investment.

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A moderate earthquake measuring 4.7 on the Richter scale shook the Lisbon metropolitan area February 17, 2025 at 1:24 PM. According to the Portuguese Institute of the Sea and Atmosphere (IPMA), the epicenter was located approximately 14 kilometers west-southwest of Seixal. The tremor was felt in various regions, from Central Portugal to the Algarve, prompting concern but causing no reported casualties or significant structural damage.

While there were no reports of casualties or critical infrastructure failures, the earthquake prompted precautionary evacuations in several schools and health centers in Seixal. Officials confirmed that operations in these facilities resumed after structural assessments to ensure safety for students, staff, and patients. Residents across Lisbon reported feeling the tremors, with some experiencing swaying furniture and brief power fluctuations.

Lisbon’s Preparedness for Seismic Events

In response to the event, Lisbon Mayor Carlos Moedas reassured residents that the city is well-prepared for earthquakes and potential tsunamis, stating “We have not received any emergency requests, but we are aware that many people have called seeking information.” He highlighted Lisbon’s infrastructure and preparedness measures, which include 86 designated emergency meeting points and the Aviso LX early warning system. These can be accessed via SMS by sending ‘AvisosLx’ to 927 944 000.

Moedas also outlined earthquake preparedness efforts that have been carried out in recent years, including reviewing the structural integrity of more than 1,400 buildings, the distribution of over 2,500 emergency kits, and training 700 engineers in anti-seismic resistance. These initiatives aim to minimize damage and improve emergency response times in the event of a major earthquake.

The Baixa Pombalina district, known for its historical architecture, remains a primary area of concern due to its pre-modern construction techniques. The mayor confirmed that ongoing evaluations are being conducted to assess the seismic resilience of older buildings, while modern developments are being built with strict earthquake-resistant standards.

Earthquake Felt Beyond Lisbon

President Marcelo Rebelo de Sousa acknowledged feeling the quake at his official residence in Belém. Citizens reported feeling windows rattle and chandeliers sway, although no major damage was recorded. According to IPMA, the tremor reached a maximum intensity of V on the Modified Mercalli Scale in Sintra and Almada, while weaker tremors were recorded in municipalities as far as Coimbra and the Algarve.

Despite initial concerns, geologists have stated that this earthquake does not indicate an increase in seismic activity. Geologist Filipe Rosa explained that the tremor occurred within the Eurasian tectonic plate rather than at its border with the African plate, where stronger earthquakes are more likely. This distinction suggests that, while tremors are expected in the region, they do not necessarily signal a heightened risk of a major earthquake in the near future.

Seismic Activity in Europe

The earthquake in Lisbon follows recent heightened seismic activity in other parts of Europe, including a 5.3 magnitude tremor near Santorini, Greece. European Facilities for Earthquake Hazard and Risk (EFEHR) has identified several high-risk urban areas prone to seismic events, including Athens, Bucharest, Istanbul, and Naples. These regions are historically known for their vulnerability to seismic activity due to their proximity to tectonic fault lines.

The Lisbon earthquake also serves as a reminder of Portugal’s seismic history, with the most devastating event occurring in 1755. At that time, an estimated 8.5–9.0 magnitude earthquake struck the region, which triggered a massive tsunami and widespread destruction. While modern engineering and emergency preparedness have significantly improved, authorities stress the importance of continued awareness and readiness.

Lisbon’s emergency response framework includes regular earthquake simulation drills carried out by the Firefighters Regiment, as well as ongoing public awareness campaigns about self-protection measures. City officials encourage residents to familiarize themselves with designated emergency meeting points and ensure their homes and workplaces are as earthquake resistant as possible. Lisbon’s emergency meeting points and additional earthquake preparedness resources can be found on the city’s official website.

Authorities continue to monitor the situation and will issue further updates if necessary.

1. Portugal’s Tourism Revenue Soared 10.9% to €6.6 billion in 2024

In 2024, Portugal’s tourism sector experienced a strong surge, with total revenue rising by 10.9% to €6.669 billion, while accommodation revenue reached €5.128 billion. The increase was largely driven by a 4.8% growth in non-residents’ overnight stays, alongside a 2.4% rise in resident stays. Overall, the total number of overnight stays increased by 4%, totaling 80.3 million for the year. December saw 1.9 million guests (+3.6%) and 4.2 million overnight stays (+2.9%), generating €313.8 million in total revenue and €222.5 million in accommodation revenue, highlighting a robust performance in the sector.

The average revenue per available room in December grew by 5.9% to €38.2, while the average daily rate rose 6.4% to €97.4, with Lisbon leading at €118.0. Lisbon accounted for 23.9% of the total overnight stays, showing a 2.6% increase, including a 3.4% rise in non-resident stays. Cities like Vila Nova de Gaia and Ponta Delgada stood out with remarkable increases of 13.3% and 12%, respectively. The fourth quarter saw even more growth, with overnight stays rising 4.7%, driving a significant rise in revenues, with total revenue up 11.7% and accommodation revenue up 12.1%. Note that this continued growth reflects Portugal’s thriving tourism industry, which remains a key driver of the national economy.

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2. Portuguese Airports See 18% Increase in Passengers in 2024

According to the National Statistics Institute (INE), in 2024, Portuguese airports experienced an 18% surge in passenger traffic, with 70.4 million passengers and 4.7 million in December alone, marking a 3.9% increase compared to the same month in the previous year. Daily averages hit historical highs, with approximately 78,000 passengers disembarking in December, a 2.8% rise from the previous year. The total number of commercial flights increased by 12%, reaching 245,900, while cargo and mail handling surged by 14.2%, totaling 254.8 thousand tons. It seems safe to state that these figures reflect Portugal’s resilient air travel sector, which is being able to drive growth amid global challenges.

For comparison, the United Kingdom led as the top country of origin and destination, with increases of 1.4% in disembarking and 1.3% in boarding passengers. France, Spain, Germany, and Italy maintained their positions, despite some decline from France. Note that these results highlight Portugal’s continued attractiveness as a key European hub, not only for passengers but also for cargo, reinforcing its position within the global aviation network. The year’s growth reaffirms Portugal’s role as a strategic and resilient player in the European and global air transport market.

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3. Portuguese Government Increases Investment in Green Bus Fleet

The Portuguese government increased the investment in zero-emission buses by 137 million euros, raising the total for the zero-emission bus fleet to 227 million euros. This funding, part of the Recovery and Resilience Plan (PRR), aims to expand the fleet, purchasing 390 additional buses, bringing the total to 861 by 2026. Note that the initiative also includes installing charging and refueling infrastructure nationwide, covering both metropolitan areas of Lisbon and Porto, as well as several municipalities across the country.

The government prioritizes clean transport and sustainable infrastructure with an average 15-month timeline for the production, delivery, and installation. Municipalities and intermunicipal communities throughout the country are set to benefit, ensuring broader access to zero-emission buses. Lisbon, Porto, and several smaller municipalities, including Albufeira, Coimbra, Braga, and Viana do Castelo, are included in the scope. The expansion supports accessibility to mobility as a right, aiming to leave no one behind in low-demand areas.

Ministers highlight strategic decisions to apply European funds effectively, with Maria da Graça Carvalho, the Portuguese Minister for Energy and the Environment, emphasizing the importance of efficient use for tangible results. The initiative forms part of a broader push for cleaner, greener transport solutions, ensuring that Portugal is on track to meet its environmental goals through sustainable investments and infrastructure developments.

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4. António Costa Sees Concessions Made to Russia Before Peace Negotiations as Unacceptable

At the Munich Security Conference, the President of the European Council, António Costa, stressed that only Ukraine can define when there are conditions for negotiations and rejected imposing concessions before negotiations. He warned that a “comprehensive peace” must not simply be a “ceasefire” or “reward the aggressor” but should guarantee that Russia ceases to be a threat, particularly to Ukraine and Europe’s security. Costa emphasized that such peace must ensure Russia “no longer poses a threat” to “international security.”

He further stated that the European Union will continue to “support Ukraine on all fronts” and will be “stronger, better, and faster” in its efforts to build a defense in Europe. Costa pointed out that the Russian threat is not limited to Ukraine but extends to Belarus, Moldova, Georgia, and the Baltic States, highlighting how it impacts “democratic systems” and “critical infrastructure.” He reiterated that the EU fully assumes its “responsibilities” in the peace process and that “there will be no credible and successful negotiations” without both Ukraine and the EU.

Reflecting on the EU’s evolution since the 2022 invasion, Costa noted that the Union has become a “new geopolitical European Union.” He explained that the EU accelerated its expansion into the Western Balkans and began negotiations with Ukraine and Moldova, while also reducing its dependence on Russian energy in a “huge collective effort.” Costa concluded that “peace without defense is an illusion,” promising that the EU will act collectively to ensure lasting peace, security, and defense.

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5. Lisbon is Among the Most Valued Cities in the Global Luxury Market

Lisbon, which occupies the 10th position among the cities with the highest growth in luxury property prices, demonstrates notable resilience and attraction in the global real estate market. A remarkable 5.3% increase in house prices has allowed it to surpass major cities like Paris, London, and New York, highlighting its status as a prime destination for international investors. According to the latest Prime Global Cities Index, Lisbon’s performance contributes to the global trend of stabilized property markets, with 34 out of 44 cities showing positive growth. As one of the most sought-after luxury markets, Lisbon remains firmly on the radar of high-profile buyers, reinforcing its appeal within the international investment landscape.

Globally, luxury property prices are seeing significant growth, with Seoul leading the charge at 18.4%, followed by Manila and Dubai. Lisbon’s consistent growth, alongside other major cities, reflects the broader trend of a 3.2% global average increase. Despite the challenges posed by inflation in developed economies, optimism prevails for the year ahead. Experts suggest that potential interest rate cuts could further fuel growth in luxury property prices, with Lisbon remaining a key player in this expansion. As a hotspot for investors seeking high-end opportunities, Lisbon solidifies its role as a top destination and a thriving luxury real estate market in a constantly evolving global landscape.

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6. IMGA CEO Believes That “We Can Have Years of International Investment Inflow Into The Portuguese Market”

International investment is increasingly drawn to Portugal, as evidenced by IMGA’s success in attracting foreign capital through their equity fund. Note that IMGA is the second-largest asset manager in Portugal, with €4.8 billion in assets under management.  With over 90% of the fund’s investors coming from abroad, the firm has helped bring much-needed liquidity to the Portuguese stock exchange. According to CEO Emanuel Silva, the growing international interest, particularly from investors in the U.S. and the U.K., signals a positive trend for the Portuguese market. “We can have years of investment inflows into Portugal,” he confidently states, highlighting the opportunity for growth.

The Golden Visa program has played a crucial role in this influx, with foreign investors eligible for residency by investing in Portuguese funds, particularly in IMGA’s equity fund. As international demand for these investment vehicles rises, IMGA has positioned itself as a key player, capitalizing on Portugal’s increased international profile. Emanuel notes that the country’s improved international rating, coupled with rising attention from prominent global investors, contributes to Portugal’s appeal as a solid investment destination.

In response to this trend, IMGA plans to broaden its portfolio in 2025, particularly through private equity and real estate funds aimed at foreign investors. With international markets eyeing Portugal’s emerging potential, IMGA seeks to further attract foreign capital to boost the local economy. As Portugal becomes more visible on the global investment map, IMGA’s strategic expansion, which is fueled by international interest, ensures continued growth and relevance in the Portuguese financial landscape.

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7. Foreign-Capital-Controlled Banks Represent 60% of the Portuguese System

More than 60% of the Portuguese banking system is controlled by foreign capital, including major banks like BCP, Santander Totta, Novo Banco, BPI, Bankinter, and Abanca, representing both assets and liabilities. Foreign control has strengthened since 2016 when it represented 50%, reflecting a significant rise in investments from Spanish, Angolan, Chinese, and U.S. entities. BCP, for instance, has major shareholders such as Fosun and Sonangol, while Spanish influence, with Caixabank’s acquisition of BPI and Santander Totta’s absorption of Banif, intensifies the foreign presence.

Over the last decade, Spanish capital has grown, accounting for almost 30% of Portugal’s banking system by June 2024. This shift includes notable acquisitions such as the BPI takeover and Bankinter’s expansion. The retreat of Angolan investors, notably Isabel dos Santos’ Santoro group, contrasts with the continued Chinese capital presence, such as Fosun’s majority share in BCP. Despite a decrease in visibility, these investors continue to influence the market, positioning themselves as established stakeholders in the Portuguese banking ecosystem.

The U.S.-based Lone Star holds a 75% stake in Novo Banco, signaling major changes as they prepare for an IPO, which will alter the national banking landscape. Additionally, the sale of Novo Banco, a significant player in the sector, will contribute to reshaping Portugal’s financial dynamics. Note that this ongoing foreign investment in Portuguese banking strengthens the sector’s international ties and signals potential structural shifts and consolidation in the coming years.

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8. Portugal May Have a Privileged Position to Make a Positive Contribution to Europe’s Green Transition

Portugal’s privileged position to help Europe’s green transition is highlighted by its renewable energy penetration, competitive electricity prices, and valuable raw materials like lithium. The Secretary of State for the Economy, João Rui Ferreira, states that Portugal aligns with the European vision and challenges, reinforcing the importance of strengthening the industrial sector and fostering innovation. The European Commission’s speech on non-negotiable goals echoes the need for urgent action, yet the pace remains open for discussion.

Looking at the Draghi Report and Compass for Competitiveness, the Secretary of State sees Portugal contributing positively to Europe’s green industrial movement. He emphasizes the importance of enhancing the industrial fabric, increasing transformation capacity, and adding value to the economy. Initiatives like the one-billion-euro green industry program, focusing on decarbonization, are already in motion, targeting SMEs to drive transformative growth.

Closing the innovation gap is critical for Europe, and the Secretary of State believes Portugal should lead the technological wave. With a focus on emerging technologies, the government has been accelerating mechanisms such as EU funding. Capital access, particularly for startups, remains an area where Europe lags, but Portugal aims to lead in this space, ensuring it stays ahead in global competitiveness.

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9. Corruption Perception Index: Portugal Achieves Worst Result Ever

Portugal dropped nine positions in the 2024 Corruption Perception Index, reaching its worst result ever with 57 points, a sharp decline from the 61 points in 2023. This slide is attributed to the perception of public office abuse for private gain, notably in scandals like the ‘Operation Influencer’, which led to the resignation of the then Prime Minister, António Costa. Despite ranking higher than Spain and Italy, Portugal shares the 43rd spot with Botswana and Rwanda, marking it as one of the worst performers in Western Europe, with a significant deterioration in evaluations from various sources. Factors like weak law enforcement, nepotism, political favoritism, and insufficient public sector transparency have contributed to the country’s worsened reputation.

The Transparency International (TI) report points to structural issues in Portugal’s anti-corruption strategy, including a lack of political commitment, inadequate public integrity mechanisms, and persistent flaws in enforcement. Note that TI Portugal criticized the sluggish justice system, delays in major corruption trials, and the lack of clarity in anti-corruption strategies, highlighting that while new legal measures exist, their implementation and monitoring are insufficient. Recent scandals, such as the one mentioned above, worsened public perception, leading to a growing connection between politics and business, fueling further distrust.

Thus, TI Portugal demands an effective commitment to reform, including accelerating legal processes, enforcing stricter controls on politicians’ assets, and boosting transparency in public institutions. The organization stresses that enhancing the financial and operational autonomy of bodies like the Transparency Authority and MENAC (National Anti-Corruption Mechanism) is vital for independent, effective action. Although some countries managed to improve their corruption rankings, Portugal faces the challenge of reversing its downward trend to restore international trust and ensure stronger governance in the future.

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10. Government Approves Change to the Organizational Structure of the National Anti-Corruption Mechanism

In line with the last Corruption Perception Index, the Portuguese Government approved a restructuring of the National Anti-Corruption Mechanism (MENAC) with a new organizational law, establishing a three-member Board of Directors to replace the previous single-person leadership. This change aims to revitalize MENAC and enhance its role in combating corruption and making it more visible and effective. Note that the restructuring also includes the creation of a new staff framework, expanding hired personnel beyond just the inspector career. Additionally, Minister of Justice, Rita Alarcão Júdice, emphasized the importance of increasing parliamentary oversight to boost MENAC’s capabilities.

This decision to restructure MENAC is one of several measures taken by the Government as part of the ongoing fight against corruption, which also includes progress on the 32 actions from the anti-corruption agenda. It is relevant to consider that the Minister also highlighted positive results, such as the implementation of electronic processing for criminal inquiries, which has proven effective. The draft bill on the extended forfeiture of assets obtained through corruption is nearing its final stages and will soon be presented to Parliament.

In short, the restructuring of MENAC reflects the Government’s commitment to enhancing its anti-corruption efforts, addressing issues such as procedural delays and the need for greater transparency. But, as it may not be enough, the Minister of Justice noted that a new working group focused on improving procedural speed and tackling dilatory tactics will soon begin its work.

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