Overview
Portuguese law contains no family office category. The question is whether the office carries out regulated activities for third parties. Investment advice, portfolio management and order handling are reserved to investment firms under the Código dos Valores Mobiliários and the Regime Jurídico das Empresas de Investimento approved by Decreto-Lei 109-H/2021, while the management of collective investment undertakings is governed by the Regime da Gestão de Ativos (RGA, Decreto-Lei 27/2023) and CMVM Regulation 7/2023. All are supervised by the Comissão do Mercado de Valores Mobiliários (CMVM). A single-family office that manages the family's own holding and portfolio through its own employees, without holding itself out to the public, generally falls outside these regimes; a multi-family office serving unrelated families needs authorisation, and any lending or payment activity raises Banco de Portugal questions.
The usual architecture is a Portuguese holding company, a sociedade anónima or Lda, that owns operating businesses, real estate companies and a securities portfolio. The SGPS form still exists, but since the 2014 corporate tax reform its tax advantages have been replaced by a general participation exemption: under Articles 51 and 51-C of the IRC Code, dividends and gains on holdings of at least 10% held for 12 months are exempt, provided the subsidiary is subject to corporate tax and is not resident in a listed low-tax jurisdiction. Legislation approved by Parliament on 17 October 2025 and promulgated on 3 November 2025 reduces the general IRC rate to 19% for 2026, 18% for 2027 and 17% for 2028, with 15% on the first EUR 50,000 for SMEs; municipal and state surcharges still apply to larger profits. For illiquid investments and co-investment with friends or other families, the RGA offers alternative investment funds and venture capital vehicles managed by an authorised or registered manager.
For the family, Portugal has no annual wealth tax, although the additional municipal property tax (AIMI) applies to high-value Portuguese real estate. Gratuitous transfers on death or by gift are subject to stamp duty at 10%, but spouses, unmarried partners, descendants and ascendants are exempt, which makes intra-family succession of a Portuguese holding comparatively simple. Portugal has no domestic trust law and private foundations under the Framework Law on Foundations (Lei 24/2012) must serve social-interest purposes, so families combine the holding with shareholder agreements, a family charter, wills that respect forced heirship and, where appropriate, foreign trusts or foundations; trusts can be constituted in Portuguese law only within the Madeira free trade zone.
The non-habitual resident regime closed to new entrants at the end of 2023. Its successor, the tax incentive for scientific research and innovation (IFICI, Article 58-A of the Tax Benefits Statute and Portaria 352/2024), taxes qualifying employment and business income at 20% for ten years and largely exempts foreign-source income, but it is activity-based: a family office role qualifies only if the position and entity fall within the listed categories, so it is not an automatic route for family members. Residence for non-EU families runs through the Residence Permit for Investment (ARI) under Law 23/2007 as amended by Law 56/2023, where property no longer qualifies but a EUR 500,000 subscription to qualifying non-real-estate funds does; since Organic Law 1/2026, citizenship generally requires ten years of legal residence.
Key benefits
- Clear perimeter: a single-family office managing only its own family's assets needs no CMVM licence
- Participation exemption on dividends and capital gains from holdings of at least 10% held for 12 months
- General corporate tax rate falling to 19% in 2026, 18% in 2027 and 17% in 2028
- No annual wealth tax, and close-family transfers on death or by gift exempt from stamp duty
- IFICI: 20% on qualifying Portuguese activity income and broad exemption of foreign-source income for ten years, for those in eligible roles
- Investment residence through the ARI fund route with very light physical presence requirements
- EU and eurozone membership, treaty access and a growing domestic fund industry under the RGA
- Cost base and quality of life that make it practical to relocate a family office team
Requirements
- Define the office's scope: advice, portfolio management or order handling for anyone outside the family requires CMVM authorisation under Decreto-Lei 109-H/2021 or the RGA
- Incorporate the holding (Lda from EUR 1 per quota or SA from EUR 50,000), register with the Commercial Registry and obtain NIFs for all non-resident shareholders and directors
- Meet the participation-exemption conditions in Articles 51 and 51-C of the IRC Code: at least 10% held for 12 months, subsidiary subject to corporate tax and not in a listed privileged-tax jurisdiction
- Establish the place of effective management in Portugal for corporate residence and treaty purposes, with board decisions taken and documented locally
- File and keep current the beneficial ownership declaration in the Registo Central do Beneficiário Efetivo (RCBE) under Lei 89/2017
- Apply AML/CFT requirements of Lei 83/2017; banks, notaries and any regulated family entity will perform full due diligence and source-of-wealth checks
- Classify entities for CRS and FATCA and handle Portuguese reporting of foreign accounts and structures held by resident family members
- Consider CFC rules for low-taxed foreign entities and the specific IRS rules on payments and distributions involving trusts
- For IFICI, register with the competent authority by 15 January of the year after becoming resident and ensure the role and employer meet Article 58-A conditions
Structure designs
Portuguese holding with an embedded single-family office
SA share capital EUR 50,000; Lda from EUR 1 per quota
A holding SA or Lda owns the operating companies and portfolio and employs the family office team. Outside CMVM licensing if it serves only the family, and benefits from the participation exemption on qualifying holdings.
Holding plus RGA alternative investment fund
A fund or venture capital vehicle under the Regime da Gestão de Ativos for private equity, co-investments and real estate, managed by an authorised or registered manager. Suits families pooling capital with partners or wanting a regulated wrapper.
ARI-qualifying fund subscription
EUR 500,000
For non-EU family members seeking residence: subscription to Portuguese non-real-estate collective investment undertakings meeting the ARI conditions. Can sit within the family's wider asset allocation rather than as a standalone purchase.
CMVM-authorised multi-family office
An investment firm or asset management company serving several unrelated families. Requires CMVM authorisation, suitable shareholders and managers, prudential capital, conduct-of-business rules and a full AML framework.
Foreign trust or foundation above the Portuguese holding
For international families: a trust or foreign foundation owns the Portuguese holding to provide succession governance. Requires analysis of Portuguese forced heirship, stamp duty, IRS treatment of trust distributions and RCBE reporting.
Step-by-step process
- 1
Family and residence review
Map family members, current and planned tax residences, the operating business and investment assets, and decide whether the office will serve one family or several.
- 2
Structure and tax design
Choose the holding form, any RGA fund vehicle and the succession layer; test the participation exemption, IFICI eligibility, CFC rules and treaty positions for each family member.
- 3
Governance
Draft articles, the shareholder agreement, a family charter and investment policy, and align wills with forced heirship rules.
- 4
Incorporation and KYC
Obtain NIFs, complete bank and registry due diligence, incorporate the holding, deposit capital and file the RCBE declaration.
- 5
Licences, fund and residence filings
Where needed, file with the CMVM for a fund or multi-family office, and prepare ARI or other residence applications with AIMA and IFICI registration for eligible individuals.
- 6
Substance and operations
Set up offices, hire staff, appoint local directors, open bank and custody accounts, and organise accounting, CRS/FATCA classification and board calendars.
- 7
Annual compliance
IRC returns and statutory accounts, RCBE updates, residence permit renewals, periodic review of IFICI conditions and of the structure as rules change.
Typical documents
- Passports and proof of address for shareholders, directors and beneficial owners
- Portuguese tax numbers (NIF) and, for non-residents, tax representative appointments where required
- Source-of-wealth and source-of-funds evidence for the family and each asset contributed
- Family tree and summary of residences, marriage regimes and existing wills
- Articles of association, shareholder agreement and family charter
- Bank evidence of share capital deposit or valuation of contributions in kind
- RCBE beneficial ownership declaration and structure chart
- For a CMVM application: programme of activities, business plan, governance, fit-and-proper files and AML procedures
- For ARI or IFICI: investment certificates, employment contracts and evidence of qualifying activity
How Legal Wealth helps

Legal Wealth helps families decide how Portugal fits into their wider structure, whether as the base for a holding, a relocated family office team, a residence for some family members, or all three. We work with Portuguese counsel and tax advisers to design the holding and fund layers, test participation-exemption and IFICI conditions against real roles and assets, coordinate CMVM, AIMA and registry filings, and keep beneficial ownership, governance and reporting current. Our approach is compliance-first, discreet and documented at every stage.
Enquire with Legal WealthFrequently asked questions
Does a single-family office in Portugal need a CMVM licence?
Generally not, if it only manages the assets of its own family and holding through its own staff and does not offer services to the public. Investment advice, portfolio management or fund management for third parties, including other families, requires CMVM authorisation.
How are dividends received by a Portuguese holding taxed?
Dividends and gains from holdings of at least 10% held for 12 months are exempt under Articles 51 and 51-C of the IRC Code, if the subsidiary is subject to corporate tax and is not resident in a listed privileged-tax jurisdiction. Other income is taxed at the general IRC rate, 19% for 2026, plus applicable surcharges.
Is the non-habitual resident regime still available?
No, it closed to new entrants at the end of 2023, with limited transitional cases. The IFICI regime that replaced it gives 20% on qualifying employment and business income for ten years and exempts much foreign-source income, but only for people in specified research, innovation, startup or highly qualified roles with eligible entities.
Does Portugal tax inheritances within the family?
Stamp duty of 10% applies to gratuitous transfers, but spouses, unmarried partners, descendants and ascendants are exempt. Transfers to other relatives or third parties are taxed, and Portuguese forced heirship rules can apply to the estate of a person whose succession is governed by Portuguese law.
Can family office principals obtain residence through investment?
Yes. Under the ARI regime, non-EU nationals can qualify through routes such as a EUR 500,000 subscription to qualifying non-real-estate investment funds, company capitalisation with job creation, research or cultural contributions. Property purchase no longer qualifies since Law 56/2023, and citizenship now generally requires ten years of legal residence.
Can a trust be used with a Portuguese structure?
Portugal does not have a general trust law; trusts can be created under Portuguese law only within the Madeira free trade zone. Foreign trusts are commonly placed above Portuguese holdings, and Portuguese tax law has specific rules for distributions and for trusts in listed low-tax jurisdictions, so each case requires advice.
Last reviewed: 2026-10. Requirements, fees and timelines change. Information is general, reviewed on the date shown, and is not legal or tax advice.
Sources
- Portal das Finanças – Estatuto dos Benefícios Fiscais, art. 58.º-A (IFICI)
- Diário da República – Portaria n.º 352/2024 (IFICI regulations)
- RTP – President promulgates decree reducing general IRC rates
- Morais Leitão – CMVM Regulation 7/2023 on the Asset Management Regime
- Mondaq – Family Office Comparative Guide: Portugal







