Portugal is shifting into high gear for a sensational return to Formula 1.
Prime Minister Luís Montenegro has confirmed the country has “everything ready” to bring the sport back to the Algarve International Circuit in Portimão. The track previously staged F1 races in the pandemic-disrupted seasons of 2020 and 2021.
With MotoGP already secured for 2025 and 2026, the government views Formula 1 in 2027 as the next logical step—reinforcing Portugal’s growing reputation as a stage for world-class motorsport.
Montenegro acknowledged that while “these events require financial effort from the state”, they “yield a return - direct and intangible - that makes them genuinely worthwhile”.
The Algarve circuit, famed for its steep gradients and blind crests, has been hailed by drivers as a thrilling “roller-coaster” of a track.
The challenge, however, is securing a place on Formula 1’s tightly packed calendar, which is capped at 24 races. With rivals such as Turkey, South Africa, Argentina, and Thailand also pushing for inclusion, Portugal may need innovative solutions—such as rotating slots—to clinch its comeback.
Portugal’s Wider Event Ambitions
Portugal’s sporting calendar is set for another landmark with the 2030 FIFA World Cup, which it will co-host with Spain and Morocco. The tournament—approved by FIFA in December 2024—will be the first in history to span three continents: Europe, Africa, and South America.
The competition will involve 20 stadiums across 17 cities: 11 in Spain, six in Morocco, and two in Portugal (Lisbon and Porto). To mark the centenary of the World Cup, the opening matches will take place in Uruguay, Argentina, and Paraguay, before the action shifts to Europe and Africa.
But Portugal’s global appeal extends beyond sport. The nation has become a heavyweight in the international events scene, from technology summits to cultural festivals. According to the International Congress and Convention Association (ICCA), Portugal ranks ninth worldwide and seventh in Europe for hosting conferences and conventions.
A Hub for Tech and Culture
Lisbon plays host to the renowned Web Summit, one of the largest technology gatherings on the planet. The 2024 edition drew more than 71,000 attendees and over 3,000 exhibiting companies.
Other highlights include the Estoril Conferences, which bring Nobel Prize winners and global leaders together to discuss international challenges, and the Boom Festival in Idanha-a-Nova, celebrated worldwide for its cultural impact and sustainability focus.
Economic Impact and Investor Confidence
Portugal’s rise as a destination for international events has been bolstered by strategic policies. Since the launch of the Portugal Events Programme by Turismo de Portugal in April 2023, more than 238 applications for associative and corporate events have been processed.
Lisbon has also emerged as a powerhouse for conferences, ranking just behind Vienna in 2024, with nearly 300 international events hosted across the country.
Paul Stannard, Chairman and Founder of Portugal Pathways and the Portugal Investment Owners Club, highlighted the trend:
“Portugal has seen growth in media and international events such as the Web Summit, Portugal Investment Owners Club investment forums, and the IFA Global Conference 2025 that will bring over 2,000 of the world's leading advisors in tax and investment to Portugal this year.
“Lisbon was named one of the top three worldwide destinations last year for congresses and conventions by the International Congress and Convention Association.
“This, in addition to a thriving tourism industry, thanks in part to its strategic location on Europe’s Western edge, gives investors a great opportunity to be a part of Portugal’s continued rise.”
Beyond events, Portugal’s economy has been buoyed by sectors such as fintech, digital assets, healthcare, and hospitality, which have fuelled strong GDP growth over the past five years.
Stannard added:
“Portugal has created a unique environment for like-minded people to be able to create sustainable investments in key sectors of the country’s economic strength, allowing value creators as well as highly qualified talent to prosper through a combination of tax incentives, quality of life, and investment.
“It’s no surprise that a recent report from Ernst & Young on Portugal’s competitiveness found that investor confidence was at an all-time high compared with the Eurozone and the UK.
“Portugal is clearly charting a bold path forward - seeking to secure F1 back in the Algarve in 2027, while building on its performance in international event rankings.
“With high-level support, targeted incentives, and a strategy of diversity, the country is becoming an increasingly magnetic location for organisers and investors alike.”
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.
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.
