Portugal has gained fresh recognition from the international financial community, with S&P Global upgrading the nation’s sovereign credit rating from A to A+.

The ratings agency, which assesses countries on their fiscal management, stability, and overall economic performance, highlighted Portugal’s strong record of external deleveraging as a key driver behind the improved rating.

Despite global uncertainty in trade and geopolitics, S&P said Portugal has maintained steady growth and robust economic fundamentals. It also pointed out that the country is expected to be largely shielded from the effects of the EU–US trade deal, with its strength in tourism and a continued focus on debt reduction helping to counterbalance possible Eurozone tariff challenges.

While Portugal faces higher defence spending commitments and a slight slowdown in 2025, the agency noted: “Portugal's debt as a share of GDP will continue to decline, albeit at a slower pace during 2025–2028.” Growth is forecast to pick up again in 2026, supported by stronger private investment, before settling between 2027 and 2028.

Longer-term confidence is also being reinforced by major infrastructure spending. Just last month, the government announced a €4 billion programme to modernise and expand its ports, with private investment expected to cover around 75% of costs over the next decade.

Paul Sheedy, international advisor to the Portugal Future Fund, an alternative investment fund eligible for the Golden Visa, said: “We have already seen significant investment coming from around the world this year from individuals who want to take advantage of the strong opportunities and lifestyle that Portugal offers.

“We have seen that particularly in markets such as media, technology, healthcare, luxury living, and tourism and hospitality.”

Reflecting its renewed confidence, S&P has shifted Portugal’s outlook to stable from positive, indicating that it expects the government to maintain fiscal discipline and steady economic management in the years ahead.

Investor sentiment is currently at record highs. A survey by international consultancy EY found that 84% of entrepreneurs intend to expand or set up operations in Portugal, compared with 72% in the Eurozone and 69% in the UK. Moreover, 77% of global executives believe Portugal’s investment appeal will improve over the next three years, outperforming expectations for the Eurozone (67%) and the UK (59%).

Paul Stannard, Chairman and Founder of Portugal Pathways and the Portugal Investment Owners Club, commented: “Portugal is uniquely positioned as a safe and stable investment destination with its vibrant culture and growing international reputation for investment and relocation.

“For HNWIs, affluent families, and institutional investors, the combination of economic stability, tax incentives, and market growth projections in key sectors of its economy makes Portugal a compelling proposition.

“There has been a clear uptick in interest in the past year for Portugal’s Golden Visa and the new Tax Incentive for Scientific Research and Innovation (IFICI), also known as the NHR 2.0 tax regime, which was launched at the beginning of 2025.”

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About Portugal Investment Owners Club

The Portugal Investment Owners Club, or P Club for short, is a unique investor membership community designed for discerning individuals, families, and organisations committed to exploring and capitalising on life in Portugal and enjoying money-can't-buy experiences and exclusive events.

About Portugal Pathways

Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on luxury property, wealth management, and tax optimisation, including post-NHR tax regime planning, as well as private healthcare, IFICI tax incentive applications, money transfers and bespoke relocation solutions to enhance life and investments in Portugal.

About Portugal Future Fund

The Portugal Future Fund strategically invests in key sectors, driving growth and innovation across Portugal. Approved for Portugal’s Golden Visa residency-by-investment, it offers a unique opportunity for impactful and rewarding participation.

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Disclaimer: The information on the Portugal Pathways and Portugal Investment Owners Club (P Club for short) websites and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice. Golden Visa investments need to be held for 6 to 7 years to allow for permanent citizenship/passport in the EU.

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