Recently, however, Portugal has become the place to be for tech agencies, and that is coming as a surprise to many.
So, what’s causing the tech community to abandon Silicon Valley in favour of Portugal’s crystalline shores?
The next big thing in tech - and, for many if not most industries, business - is Web3, the next-generation form of online interaction with cryptocurrencies and virtual reality at its heart. Portugal has a thriving business community and a climate that’s both progressive and friendly in terms of Web3 and crypto regulations.
As a result, entrepreneurs searching for the perfect location to establish their companies as part of a supportive and dynamic business environment are landing in Portugal.
Why companies are choosing Lisbon
Lisbon has always been the hub of activity in Portugal. It has a greater population than anywhere else in Portugal, and already attracts more expats and digital nomads than any other location in the country. Recently, however, Lisbon has also been gaining a reputation as a thriving hub for tech and crypto.
As the host of Web Summit, the world’s largest tech event annually, Portugal plays host to tens of thousands of tech professionals and enthusiasts every year. Lisbon was also named the “World’s Most Important Crypto Hub” by Greenfield, a European crypto investment firm. This has only furthered the capital’s reputation as a go-to destination for techie entrepreneurs.
Add to Lisbon’s tech scene its existing status as a thriving centre of culture, boasting a vibrant social scene and a rich, extensive history, and it’s unsurprising it’s proving so popular. The city offers a high quality of life on all fronts and can now count a dynamic tech ecosystem as one of them. Now for businesses and individuals with an interest in blockchain and crypto, Lisbon is a great place to call home.
Boosting the Portuguese economy
Portugal has been putting a lot into attracting investors and entrepreneurs. A lot of foreign agencies and companies take advantage of Portugal’s Non-Habitual Residency scheme, which allows qualifying professionals, entrepreneurs and retirees a ‘window’ to live tax-free or at a tax reduction for ten years.
As a result, Portugal has attracted around 10,000 non-habitual residents, and that number is growing year-on-year. This pours a considerable amount into the Portuguese economy, but increasingly, tech companies are further increasing their contribution by becoming a Portuguese-registered company and offering competitive salaries to local talent. Given the current cost of living crisis Portugal is enduring and the difficulties created for native Portuguese residents because of towering property and rental prices, it can only be a good thing that the tech community are looking to call Portugal home. And, more than that, they are happy to invest in the people who have called it home longest.
If you’re looking to take advantage of all that Portugal has to offer and make a move yourself, get in touch with Blacktower Financial Management Group - we can help you navigate the financial aspects of such a move, and juggling cross-jurisdictional regulations.
Get in touch with us on (+351) 214 648 220 or email us at email@example.com.