The number of family offices worldwide has surged since 2019. Deloitte projects the global total will have grown from around 6,130 to roughly 9,030 by the end of last year.
Portugal is increasingly named as one of the jurisdictions capturing a slice of that growth.
Some of this interest is being driven by tax changes elsewhere rather than by anything Portugal has done. Since April 2025, the UK has assessed inheritance tax on a residence basis, replacing the old domicile rules that many internationally mobile families had built their planning around. That shift has pushed a number of UK-linked families to look again at where they hold, and eventually transfer, their wealth.
Portugal's succession rules are part of what is drawing that attention. Spouses, direct descendants and ascendants pay no inheritance tax under current legislation. Everyone else pays a flat 10% stamp duty rather than a graduated inheritance tax, a simpler position than many families are used to.
There is also no general wealth tax in Portugal. AIMI, an additional municipal property tax, is the exception, and it only applies above €600,000 for an individual or €1.2 million for a couple, on the value exceeding that threshold.
Tax figures aren't the only consideration for a family office deciding where to locate. Governance and compliance standing matter just as much. Portugal scores above 0.9 on the World Justice Project's Rule of Law Index, ahead of the EU average of 0.79, and ranks 16th out of 50 jurisdictions on the Basel AML Index, ahead of Ireland in 20th place.
That governance picture is matched by growing infrastructure. PwC's Portugal Family Office Location Guide, published in April 2026, details the country's expanding asset and wealth management capability, including a new Asset & Wealth Management Investment Centre offering fund administration, custody and international reporting, with costs the firm describes as competitive.
Income tax is a more nuanced picture. The IFICI tax regime, which replaced the old NHR scheme in January 2025, offers a flat 20% rate on qualifying Portuguese-source income for eligible applicants in scientific research, technology and other designated innovation sectors. It is narrower than NHR, pension income no longer gets favourable treatment, and any family weighing a move needs to assess its own circumstances rather than assume the old benefits still apply.
Paul Stannard, chairman and founder of Portugal Pathways and the Portugal Investment Owners Club, said:
"Families used to think about where they live and how they pass on wealth as separate questions. We're seeing more of them arrive at Portugal by asking both at once."
About Portugal Investment Owners Club
The Portugal Investment Owners Club, or PIO 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 estate planning, wealth management, Golden Visa and tax optimisation, including post-NHR / IFICI tax regime planning, as well as private healthcare, money transfers and bespoke relocation and luxury real estate solutions to enhance life and investment in Portugal
Disclaimer: The information on the Portugal Pathways and Portugal Investment Owners Club (PIO 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.
