Portugal History, Economy, and Culture

Located on the Iberian Peninsula of Europe, Portugal is a nation with a rich history of discovery and seafaring, under Prince Henry the Navigator, King John II, and Vasco da Gama encouraging and engaging in global travel to new lands, establishing an empire and monopolizing trade (such as spices).

Portugal has developed into an increased and diversified service-based economy since becoming a part of the European Union. Resulting from a strong rebound in Portugal’s private consumption and export, the country overcame the economic slump attributed to the 2008 global financial crisis. Portugal’s GDP increased to 2.5% in 2017; however, the unemployment rate has remained disappointingly high.

Portugal itself has an estimated population of only 10.8 million, mostly Roman Catholics, but has left an indelible mark on culture and architecture in a world that now has over 300 million Portuguese speakers. Portuguese cuisine is diverse and influence by its former empire, including dry cod, grilled sardines, and caldeirada, a potato-based stew made from different types of fish. Some of the best-known Portuguese wines are Vinho Verde, Port, Madeira, and Moscatel.

2021
April 2Good Friday
April 4Easter Sunday
April 25Liberty Day
May 1Labor Day / May Day
June 3Corpus Christi
June 10Portugal Day
August 15Assumption of Mary
October 5Republic Implantation
November 1All Saints’ Day
December 1Restoration of Independence
December 8Feast of the Immaculate Conception
December 25Christmas Day
  • CRL
  • S.A. (Sociedade Anónima)
    • S.A., Sociedade Aberta
    • S.F., Sociedade Fechada
  • Lda. (Limitada)
    • Unipessoal Lda.
  • SGPS (Sociedade Gestora de Participações Sociais)
  • Corporate Tax: 21% (in mainland)
  • Income Tax (Lowest Marginal Rate): 14.5%
  • Income Tax (Highest Marginal Rate): 48% + 11% social security
  • VAT/GST/Sales Tax: security 23% (standard rate), 13% or 6% (standard rate)
  • CAIXA ECONÓMICA MONTEPIO GERAL, CAIXA ECONÓMICA
  • BANCÁRIA, S.A. (Local Bank)
  • BANCO BPI, SA (Commercial Bank)
  • BANCO CTT, SA (Commercial Bank)
  • BANIF – Banco de Investimento (Commercial Bank)
  • BEST – Banco Electrónico de Serviço Total, SA (Commercial Bank)
  • BNI – Banco de Negócios Internacional  (Commercial Bank)
  • Banco ActivoBank, SA (Commercial Bank)
  • Banco Atlântico Europa, S.A. (Commercial Bank)
  • Banco BAI Europa, SA (Commercial Bank)
  • Banco BIC Português, SA (Commercial Bank)
  • Banco BNP Paribas Personal Finance, SA (Commercial Bank)
  • Banco Bilbao Vizcaya Argentaria (Portugal), SA (Commercial Bank)
  • Banco Comercial Portugues (Commercial Bank)
  • Banco Credibom, SA (Commercial Bank)
  • Banco Efisa, SA (Commercial Bank)
  • Banco Finantia, SA (Commercial Bank)
  • Banco Invest, SA (Commercial Bank)
  • Banco L.J. Carregosa, SA (Commercial Bank)
  • Banco Madesant – Sociedade Unipessoal (Commercial Bank)
  • Banco Português de Gestão, SA (Commercial Bank)
  • Banco Português de Investimento (Commercial Bank)
  • Banco de Investimento Global (Commercial Bank)
  • Banco Rural Europa (Commercial Bank)
  • Banco Santander Consumer Portugal (Commercial Bank)
  • Banco Santander Totta (Commercial Bank)
  • Banco de Investimento Imobiliário (Commercial Bank)
  • Caixa Geral de Depósitos, SA (Commercial Bank)
  • Credit Suisse (Commercial Bank)
  • Haitong Bank (Commercial Bank)
  • Montepio Investimento, SA (Commercial Bank)
  • Novo Banco dos Açores, SA (Commercial Bank)
  • Novo Banco (Commercial Bank)
  • Abanca Corporación Bancaria, SA, Sucursal em Portugal (Foreign Bank)
  • BNP Paribas (Foreign Bank)
  • BNP Paribas Securities Services – Sucursal em Portugal (Foreign Bank)
  • Banco de Caja de España de Inversiones (Foreign Bank)
  • Banco Primus (Foreign Bank)
  • Banco do Brasil AG (Foreign Bank)
  • Bank of China (Foreign Bank)
  • Bankinter, SA – Sucursal em Portugal (Foreign Bank)
  • Banque PSA Finance (Foreign Bank)
  • Barclays Bank (Foreign Bank)
  • Caixa – Banco de Investimento (Foreign Bank)
  • Citibank  (Foreign Bank)
  • DEXIA CRÉDIT LOCAL (Foreign Bank)
  • Deutsche Bank  (Foreign Bank)
  • Edmond de Rothschild Europe (Foreign Bank)
  • FCE Bank PLC (Foreign Bank)
  • IBERCAJA BANCO, (Foreign Bank)
  • ING BANK NV (Foreign Bank)
  • ITAÚ BBA INTERNATIONAL LIMITED (Foreign Bank)
  • ONEY BANK  (Foreign Bank)
  • RCI Banque Sucursal Portugal (Foreign Bank)
  • St. Galler Kantolbank  (Foreign Bank)
  • TOYOTA Kreditbank GmbH (Foreign Bank)
  • Volkswagen Bank GmbH (Foreign Bank)
  • WIZINK BANK SA (Foreign Bank)

Aadmi can support you with your expansion to Portugal. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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