If you’re reading this from the United States, you’ve probably heard of Tyson Foods. It’s one of the world’s largest food companies and has chosen Lisbon to open a technology center and boost the company’s growth in Europe.
Scheduled to open in May, the new tech hub will play a major part in establishing systems, people, and processes to support the company’s international services, spurring more than 200 jobs, and driving the food market forward with technology and innovation.
But, after a year of record-breaking foreign investment, when Portugal more than doubled its pre-pandemic record, there’s another reason why this investment is so important: it proves that both Lisbon and Portugal are emerging on the global stage as a welcoming and top-skilled tech hub.
Emerging talent and international accessibility
According to an interview from Eco, Lisbon stood out from other European cities due to “emerging talent, very good support structures, and quality of living”. Additionally, it presented the US-based company a “safe workplace” and “international accessibility”.
A well-educated and English-speaking workforce, a less competitive environment, and financial incentives are some of the other reasons why Portugal is getting recognition as an investment haven, especially in the startup scene.
International entrepreneurs, for instance, are granted access to several tax benefits, including the Non-Habitual Resident Regime (NHR), a 20% flat rate on taxes for the first 10 years, and the exemption from paying taxes on foreign income. The Tech Visa is another option, addressed to companies that wish to attract specialized workers from anywhere outside the Schengen area. Finally, one of our best alternatives is the Startup Visa: a residence visa for entrepreneurs who want to open or move their company to Portugal.
Portugal 2030 and life beyond startups
Over the past few years, this support structure has been turning the Portuguese startup scene into one of the most thriving ecosystems in Europe. In a ranking from Rows, 50 Portuguese companies have shown steady and fast growth since 2020, having raised 1.2 billion dollars in funding and a combined valuation of 6 billion dollars.
When it comes to life beyond startups, grants and incentives from the European Union present the best opportunities for funding to help businesses grow. That is the case of Portugal 2030, the new Multiannual Financial Framework for 2021-2027, and a follow-up on Portugal 2020. With an emphasis on digitalization, innovation, and sustainability, PT2030 is designed to support economic and social development.
If you have any further questions on funding and financial incentives, our partners at ESTRATEGOR can help with that!
What if we flip the coin?
It can’t all be good news though, can it? Well, the cost of living in Lisbon or Porto, especially at this time of turmoil in Europe, might be as expensive as elsewhere in Western Europe. Bureaucracy can be disappointingly slow too and that’s another drawback. But that’s not a reason to worry.
We know how important your time is, so you can rely on our team of experts to bring you solutions and commitment.
Feel free to tell us about your plans and we’ll be your gateway to live and invest in Portugal!