Latest news and stories about regulation in finance in Portugal for expats and residents.
The strategic plan aims to strengthen the impact of initiatives aimed at priority groups: children and young people, primarily through schools, and the adult population.
Certification in financial literacy will be aimed at specific projects and content.
Público highlights this Wednesday, March 17, that the NHS reform is now two years old but problems persist: there are fewer repeated exams, but visits to health centres to resolve bureaucracy continue. The newspaper lists the advantages and disadvantages of the new NHS organisational model pointed out by ULS managers, according to a study by the Health Regulatory Authority. Jornal de Notícias reports that two-thirds of Portuguese people have life insurance, though this figure was previously higher. The daily states that over 7.6 million people in Portugal are covered by some type of life insurance, which includes protection in the event of death or use as an investment product. Correio da Manhã headlines the 10,000 euro pension of Mário Centeno, former Governor of the Bank of Portugal, who is retiring at 59. Negócios writes that the Bank of Portugal's consultants are all eligible for retirement. It notes that Governor Álvaro Santos Pereira has signalled his intention to end this role within the financial supervisor and says that Centeno's retirement may have been the first in a cycle of negotiations. Currently, there are five bank executives in that position. In Diário de Notícias, one of the highlights is precisely Centeno, who says in an interview that his future is still open. You can also read the news about a study by the European Union Drugs Agency, according to which cocaine consumption is increasing in Portugal and the rest of Europe, while ecstasy is in sharp decline. Read the DN for this Wednesday, March 18, here.
Haitong (formerly BESI) has until the end of April to agree to pay around 200,000 euros to prevent the State from entering its capital. This is due to a mechanism created by the Pedro Passos Coelho government over ten years ago, which allowed banks to be fiscally compensated by the State for...
The Constitutional Court faces internal conflict as recent rulings validate CESE charges for natural gas companies, directly contradicting a previous plenary decision that deemed the tax unconstitutional.
The Portuguese Communist Party (Partido Comunista Português or PCP) and the Left Bloc (Bloco de Esquerda or BE) are calling for government regulation and price fixing for fuel and food. Leaders Paulo Raimundo and José Manuel Pureza criticized the “obscene profits” of large companies during a protest in Lisbon, citing speculation linked to Middle East tensions. Consumers should note that these parties are also pushing for an extraordinary tax on large corporate profits.
The Portuguese Communist Party (PCP or Partido Comunista Português) is a Marxist‑Leninist party founded in 1921 out of the revolutionary trade‑union and anarcho‑syndicalist movement, becoming the Portuguese section of the Comintern in 1923. Banned after the 1926 coup, it went underground and became a central force of resistance to the Estado Novo dictatorship, organizing clandestine unions, anti‑fascist struggle and supporting the colonial liberation movements. After the 1974 Carnation Revolution, the PCP was pivotal in land reform, nationalisations and embedding social rights in the 1976 Constitution, especially in the Alentejo and Setúbal regions where it has long been very strong.
Today the PCP is a smaller but still influential party rooted in the CGTP trade‑union confederation and local government, holding a handful of Assembly seats and one MEP in the Left group. It advocates a “patriotic and left‑wing alternative”: defence of workers’ rights, public services and national sovereignty, strong criticism of EU and NATO constraints, and support for socialist countries and anti‑imperialist causes.
José Manuel Pureza is the national coordinator of the Left Bloc (Bloco de Esquerda), the party quoted in the story. In the article he is cited criticizing the president’s stance on the labour package, so his comments reflect the party’s public position on that policy.
Prime Minister Luís Montenegro has promised to use regulatory power to prevent fuel price speculation as costs at some stations again exceed two euros per liter. Energy Minister Maria da Graça Carvalho stated that while the market is tense, Portugal has not yet reached an 'energy emergency' that would trigger more drastic measures. Drivers should note that the government plans to release 10% of strategic oil reserves to help stabilize the market, though taxi federations are already requesting extraordinary support.
Luís Filipe Montenegro Cardoso de Morais Esteves (born February 16, 1973, in Porto) is a Portuguese lawyer and center‑right politician who has served as Prime Minister of Portugal since April 2, 2024. A long‑time member of the Social Democratic Party (PSD), he is the leading figure of the post‑Troika generation of Portuguese conservatives. Montenegro was elected to the Assembly of the Republic in 2002 for the Aveiro district and remained an MP for 16 years, becoming PSD parliamentary leader from 2011 to 2017 during the bailout and austerity period under Prime Minister Pedro Passos Coelho. He was a prominent defender of strict austerity measures, arguing in 2014 that “the life of the people is no better, but the life of the country is a lot better,” a phrase that has followed his public image since. After an unsuccessful leadership bid against Rui Rio in 2020, Montenegro won the PSD leadership in 2022. He then forged the centre‑right Democratic Alliance (PSD–CDS‑PP and allies), which won a plurality of seats in the 2024 legislative election. Refusing to partner with the far‑right Chega, which he has called “often xenophobic, racist, populist and excessively demagogic,” he formed a minority government as head of the XXIV Constitutional Government on April 2, 2024. His first government fell in March 2025 after a no‑confidence vote linked to a conflict‑of‑interest affair, but fresh elections saw the Democratic Alliance increase its seat share, allowing Montenegro to return as prime minister leading the XXV Constitutional Government. His importance to Portugal lies in attempting to re‑center the traditional centre‑right after the crisis years, defending liberal‑conservative economics and EU alignment while drawing a sharp line against formal cooperation with the radical right, thus shaping how Portuguese democracy manages its new multi‑party era.
Maria da Graça Carvalho, the Energy Minister, is a Portuguese engineer and politician affiliated with the Social Democratic Party (PSD) who has served as a Member of the European Parliament and held government roles connected to science and higher education policy. Her work on research and EU policy can affect funding and regulation that matter to professionals and students living in Portugal.
This article discusses how consumers can save money on their electricity bills by utilizing simulations provided by the energy regulator. It emphasizes the importance of understanding energy costs and exploring available options to reduce expenses.
The article discusses significant updates to the Portugal Golden Visa program, effective February 18, 2026. It outlines new rules that will impact eligibility and investment requirements for foreign investors seeking residency in Portugal. Key changes include adjustments to the types of investments accepted and potential increases in minimum investment amounts. The article emphasizes the importance of understanding these updates for prospective applicants, as they may affect the attractiveness of the program. For detailed information on the specific changes and their implications, readers are encouraged to consult the full article.
Update: New Investment Categories Introduced
Recent developments indicate that the updated Golden Visa program will introduce new investment categories, including options for sustainable energy projects and technology startups, aimed at attracting a broader range of investors.
The energy transition is a critical issue that must be prioritized in economic, industrial, and climate policy discussions. It is essential for sustainable development and addressing climate change.
The Energy Services Regulatory Authority (ERSE) has mandated that electricity and gas suppliers must allow affected customers to split their bills into manageable payments. This decision follows a consultation process and aims to alleviate financial pressure on those impacted by Storm Kristin. Suppliers are required to issue a credit note before sending a second bill to customers who opt for this payment plan.
The PSD parliamentary group has tabled a bill to amend TVDE rules so that taxis can operate under TVDE, caps on dynamic fares would be removed, vehicles such as tricycles and quadricycles could be used, and passengers could be subject to ratings. The proposal would further blur the regulatory distinction between traditional taxis and app-based ride-hailing, increase fare volatility through unconstrained dynamic pricing, and broaden the fleet types competing on platforms. Key implications include questions over safety, insurance and enforcement for non‑standard vehicles, the effects of passenger ratings on access and fairness, and the need for regulatory safeguards to protect drivers and consumers.
The Government has altered the governance model for European funds, removing the statutory right to appeal decisions by fund managing authorities. The change, approved by the Council of Ministers on 9 January but not yet published in the Diário da República, is presented as a simplification intended to make fund administration clearer and more effective. While the amendment may speed up decision-making and reduce administrative burdens, it eliminates a direct procedural remedy for beneficiaries and stakeholders — including SMEs, NGOs and expat nationals — and raises questions about accountability, transparency and conformity with national and EU administrative-law protections. Key issues to monitor are the final text published in the Official Gazette, any alternative oversight or review mechanisms that are put in place (internal review, ombudsman, monitoring committees or judicial review), and the potential for legal or political challenges that could arise if ordinary remedies are perceived as insufficient.
The Portuguese securities regulator (CMVM) says it did not open ongoing supervision of Oeno's wine investment fund because there were no interested investors to trigger that stage of oversight. Fund Box, the authorised manager and distributor of the fund, asserts it fulfilled its regulatory and contractual duties. The situation highlights a regulatory gap where authorisation to market a product did not lead to formal supervisory measures in the absence of subscriptions, raising questions about oversight triggers and responsibilities among managers, distributors and the regulator.
Around 48,000 taxpayers benefited for the first time from a new incentive allowing a 5% deduction of declared domestic work expenses from personal income tax (IRS), yielding an average benefit of €109 per taxpayer. Taxpayers must declare domestic worker salaries by 2 March 2026. The measure is aimed at encouraging registration of domestic workers, reducing undeclared employment and slightly easing household tax burdens, with implications for household finances and expatriates working in the country.
The Court of Auditors has criticised the Government for failing to update the Code of Mutual Associations, leaving a regulatory and supervisory gap that jeopardises financial stability and the protection of Montepio members. The audit highlights weaknesses in oversight of mutual banking structures and calls on the Government to enact legal and regulatory reforms urgently to close the supervision gap and reduce risks to depositors and members, including expatriate stakeholders. The ruling frames the omission as a systemic threat requiring targeted reform of governance, prudential rules and supervisory resources.
Caixa Geral de Depósitos has updated its code of conduct to introduce explicit AI guardrails, mandating human review of content produced by artificial intelligence to mitigate algorithmic bias. The move highlights a growing focus on governance and accountability in financial services, while underscoring that many companies still rely on internal policies that are not formalised within their codes of ethics. The change has implications for compliance, consumer protection and how banks integrate AI responsibly into products and communications.
From 1 January 2026 the amendment to the VAT periodicity regime shifts the onus from the Tax and Customs Authority to the taxpayer: rather than receiving an official reclassification, taxpayers must now submit a formal declaration to request a change of periodicity. The declaration should identify the taxpayer (tax identification number and contact details), state the current and requested VAT periodicity classification, give the intended effective date and the legal or factual reasons for the change (for example a change in turnover, accounting regime or business structure), and attach any supporting documents required by the Authority.
In practice the declaration is normally submitted electronically via the Authority’s online portal and must be signed with the appropriate digital signature or authentication method. Before filing, reconcile turnover figures and previous VAT returns so the requested periodicity is consistent with statutory thresholds; indicate whether the change is temporary or permanent; and keep a copy of the submission receipt. Late, incomplete or absent declarations can lead to the Authority maintaining the previous classification, administrative penalties or cash‑flow disruption from an unexpected reporting frequency. For most taxpayers — and especially for expats or businesses undergoing structural change — it is advisable to consult an accountant or tax adviser to check eligibility, prepare supporting evidence and confirm the correct form fields and deadlines on the Authority’s website.
With the Eurogroup set to choose the ECB vice-president on Monday, former Portuguese central bank governor Mário Centeno—one of two front-runners—says there remains a lack of alignment among major EU countries. Speaking to PÚBLICO, Centeno urges reaffirmation of the reasons for his candidacy and signals that political negotiations, policy priorities and regulatory direction will be decisive in the appointment. The comments frame the contest as both a balance-of-power and policy-choice moment for the ECB’s future leadership.
Galp and Moeve have entered detailed talks to combine their refining operations and filling-station networks, a complex transaction that is likely to be lengthy and closely scrutinised. The Portuguese Communist Party has already criticised the proposed deal and the government will have a role in the approval process, raising political as well as regulatory stakes. The transaction will test Brussels’ evolving approach to competition and regulation in the energy sector, with implications for pricing, investment and market structure in Portugal.
Companies are increasingly sensitive to competition issues as competition law enters a phase of expectation and apparent transformation, according to Sara M. Rodrigues, senior associate and co-ordinator of Eversheds Sutherland’s Competition, Trade and Foreign Investment Department. Rodrigues warns that investigations have ongoing consequences and that regulators — and firms — must recognise that processes do not end with the initial investigation conclusion, heightening the need for robust compliance, legal preparedness and attention to reform and enforcement trends.
Maria de Fátima Carioca argues that Portugal needs a substantial overhaul of its labour legislation, saying flexibilisation of labour relations is unavoidable but must not undermine social protections. She warns the proposed new law is not a magic wand for boosting wages — structural reform is required alongside measures to safeguard workers. Her remarks come as the Government prepares a wide-ranging review of labour rules and the social safety net.
A wave of policy and market changes due to take effect in 2026 will raise the cost of housing for Portuguese households and alter incentives across the sector. Measures affecting rents, mortgage lending rules and tax treatment of construction and property are set to impact owners, tenants and prospective buyers, with knock-on effects for affordability, market dynamics and the state budget. The package will reframe public incentives and regulatory risk for investors and households alike, requiring households and professionals to reassess financing, renting and development decisions.
Thirteen years after the US fund Lone Star used a strategy to monetise a state-backed bank stake in Portugal (Novo Banco) — reportedly pocketing about €5bn while exiting without major penalties — South Korea intervened to stop the same playbook from succeeding at a Korean bank backed by public support. The episode highlights divergent regulatory outcomes across jurisdictions: stronger Korean safeguards and political scrutiny protected the public interest and state budget, while Portuguese arrangements enabled a lucrative, low-accountability exit for a private investor. The contrast underscores how supervision, takeover rules and fiscal exposure shape investor returns and public risk in cross-border bank restructurings.
Prime Minister Luís Montenegro uses his customary 1 January Jornal de Notícias article to renew a call for labour reform, urging a ‘winning mentality’ and changes to employment law and regulation. Framed as necessary for competitiveness and job creation, the piece signals his policy priorities and aims to steer public and political debate toward deregulation and legal adjustments. It functions both as a policy pitch and as political positioning ahead of upcoming labour‑market discussions.
