The United States has become the third-largest source of foreign direct investment (FDI) in Portugal, moving ahead of both China and the United Kingdom.
Data from the Bank of Portugal shows that US investment increased by 149.3% between 2019 and the end of 2025. This marks a rise from €6.7 billion at the beginning of 2019 to €16.8 billion by the close of last year.
This upward trajectory has been supported by a series of major transactions and commitments from US firms. Among them are Lone Star Funds, which is in the process of finalising the sale of Novo Banco, and KKR, which acquired Greenvolt. Additional investments have come from companies including Goldman Sachs, Westlake Corporation, Visteon and UPS.
The technology sector also continues to play a prominent role. Major players such as IBM, Amazon Web Services, Google and Microsoft have established a strong footprint in the country.
Notably, Microsoft announced towards the end of last year that it plans to invest approximately $10 billion in data centre infrastructure in Sines.
Sector-wise, the largest inflows of US capital have been directed into banking and insurance, alongside the manufacturing industry.
Despite the rapid growth of US investment, Spain remains the leading source of FDI in Portugal, with €30.7 billion, while France ranks second at €18.8 billion—just ahead of the US.
Paul Stannard, founder and chairman of Portugal Pathways and the Portugal Investment Owners Club, said: “Where growth thrives, so significant investment follows.
“Portugal is well-placed, well-connected, welcoming to investors and has a strong labour force. The key ingredients to fuel economic growth.
“We are not surprised the US has so significantly increased its FDI and we expect to see it continue to rise over the years to come.”
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 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 (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.
