Unprecedented initiative with representation from the Bank of Portugal, CMVM and the Government aims to improve young people’s financial education
An unprecedented initiative in Portugal is taking ministers and officials from regulatory bodies into schools, with the aim of strengthening financial literacy among young people. The project includes the participation of the Bank of Portugal, the Portuguese Securities Market Commission (CMVM) and members of the Government, seeking to bring students closer to essential concepts for responsible money management from an early age.
The initiative is part of a broader national strategy to promote financial education, recognising that many economic decisions with lifelong impact begin to take shape during school years. Topics such as saving, personal budgeting, credit, investment and financial risks are addressed in a practical manner, using everyday examples familiar to students to facilitate understanding.
For the entities involved, this initiative is particularly relevant in a context of increasing complexity of financial products and greater exposure of families to credit and financial markets. The Bank of Portugal and the CMVM argue that a more financially informed population is better prepared to make informed decisions, prevent situations of over-indebtedness and identify inappropriate financial practices.
The direct involvement of ministers and regulators sends a strong institutional signal regarding the importance of financial literacy. By bringing these figures into classrooms, the Government aims to highlight this area as an essential competence for economic citizenship. The expectation is that the programme will help to form more responsible, critical and better prepared young people to face future financial challenges.
Preliminary data from Statistics Portugal (INE) show performance above the European average, driven by domestic demand and private consumption
The Portuguese economy once again stood out in the European context by recording growth of 2.4% in the third quarter, according to preliminary data released by the National Statistics Institute (INE). This performance places Portugal among the fastest-growing economies in the euro area, during a period marked by economic slowdown in several Member States and an international environment that remains uncertain.
According to INE, the positive evolution of Gross Domestic Product (GDP) was mainly driven by domestic demand, with particular emphasis on private consumption. Households maintained relatively robust consumption levels, benefiting from improvements in the labour market, gradual increases in income and greater price stability compared to the inflation peaks recorded in previous years.
Investment also contributed to economic growth, supported by the implementation of projects financed by European funds, namely under the Recovery and Resilience Plan (PRR). This flow of investment has had an impact on areas such as construction, the energy transition and business modernisation, strengthening the productive capacity of the national economy.
In contrast to Portugal’s performance, several euro area economies continue to face significant challenges, including sluggish growth, weak consumption and the prolonged impact of high interest rates. In this context, Portugal’s results reinforce the perception of economic resilience and a more balanced growth trajectory.
Despite the positive data, experts warn of the need for caution in the coming quarters. Developments in the international context, the monetary policy of the European Central Bank and the ability to maintain investment momentum will be determining factors for the sustainability of growth. Even so, the figures now released confirm that the Portuguese economy has managed to position itself above the European average, consolidating its recovery.
Global mobility, dispersed assets, and a tax challenge that requires timely planning
We live in a context where international mobility is part of everyday life for many Portuguese families. Some work in Germany, others have retired in Portugal after a career in Switzerland, some have children studying or living in Spain, and others hold real estate assets in countries such as the United States or Brazil. This geographical dispersion, seen as natural in daily life, becomes a real challenge when the time comes to organise succession.
Few matters generate as many practical problems, conflicts between heirs, and tax surprises as successions with international elements. The issue is not only the value of the inheritance, but above all the lack of planning.
The first critical point is the tax residence of the deceased. Many assume that nationality is the determining factor, but in most cases it is tax residence that defines which country has the right to tax the succession. A Portuguese citizen resident abroad may be subject to succession and tax rules that are completely different from those in Portugal.
Secondly, it is important to understand where the assets are located. Real estate, bank accounts, shareholdings or financial investments may be spread across several countries. Each jurisdiction may apply its own rules, require specific declarations and, in some cases, levy separate taxes on the transfer of those assets.
In Portugal, there is no classic inheritance tax as in many other countries. However, Stamp Duty continues to apply, namely to the transfer of assets located in national territory, when the heirs are not spouses, partners in a de facto union, descendants or ascendants. This seemingly simple detail often catches many heirs by surprise.
When countries such as France, the United Kingdom, Spain or the United States come into play, the scenario becomes more complex. Some of these countries apply high inheritance taxes, with progressive rates, and there are not always conventions to avoid double taxation in inheritance matters. The risk of paying tax twice is real and frequent.
Another common mistake is postponing the drafting of a will or opting for a document that does not have international validity. A will made in Portugal may not produce the desired effects in another country, especially if it does not comply with formal rules or legal limits imposed by local law.
The European Succession Regulation brought some harmonisation within the European Union, allowing the choice of the law applicable to the succession. However, this tool is little known and rarely used strategically, when it could avoid litigation and significantly reduce the tax burden.
From a practical point of view, international succession planning should be seen as a continuous process and not as a last-minute decision. Assessing the structure of the assets, tax residence, location of the assets and the profile of the heirs makes it possible to anticipate risks and make informed decisions.
In conclusion, in an era in which families no longer fit within borders, succession has ceased to be a purely legal or emotional matter. It is a tax and strategic issue, deeply linked to family peace of mind. Seeking specialised advice in good time is not a luxury – it is a responsible way to protect assets and avoid future problems.
The Government has confirmed that the meal allowance for the Public Administration will be updated already in 2026, bringing forward by one year the revision initially planned. The proposal maintains the increase of 0.10 euros, placing the daily amount at 6.10 euros. Despite this, some unions state that the amount is not yet fully defined and continue to push for a more significant update.
According to information released at the end of the fourth negotiation round, the final proposal will only be known at the next meeting. The Ministry of Finance has already confirmed that it will then present a new version of the meal allowance update for 2026. So far, the proposed salary update also remains unchanged: 56.58 euros for remuneration up to around 2,600 euros or 2.15% for higher salaries.
Public sector unions reacted with frustration to the lack of substantial progress. Fesap stressed that the 10-cent proposal is insufficient, describing the increase as symbolic given the current cost of living. For the union structure, the proposed amount does not match the real needs of workers, arguing that the increase should be more significant to offset the widespread rise in prices.
STE also stressed that the amount may still be revised, although it acknowledges that any increase is positive. However, the organisation considers that the initially proposed increase does not meet workers’ expectations and argues that there is room for adjustments during the negotiation process. Meanwhile, the Common Front described the process as “a conversation” without elements of genuine negotiation, warning of a potential rise in social tension.
The update of the meal allowance will have tax implications, as the IRS-exempt amount will also rise to 6.10 euros in 2026, or 6.20 euros when paid by bank transfer. In the case of payment via meal card, the exempt amount is 70% higher, reaching 10.37 euros next year. This change represents a relevant adjustment for workers and employers, who will need to consider the new limits for IRS and Social Security purposes.
These negotiations fall within the multiannual agreement signed in 2024, which provides for salary updates until 2028 and a review of complementary regimes such as SIADAP, travel allowances and the remuneration statute for management staff. With unions considering joining the general strike called for December, the Government now faces the challenge of balancing budgetary sustainability with measures capable of meeting the expectations of Public Administration workers.
Companies that issue invoices on behalf of their suppliers must ensure the existence of a prior written agreement — a legal requirement expressly stated in Article 36 of the VAT Code and in Ordinance No. 363/2010.
Self-billing is the procedure through which the purchaser of goods or services issues the invoice in the name and on behalf of the supplier. This regime is useful in situations where the supplier does not have its own invoicing system or when the buyer centralises the administrative process.
However, this practice is only valid if it complies with very specific legal requirements, namely the existence of a written agreement between the parties.
The obligation of a written agreement is expressly set out in Article 36(11) of the VAT Code (CIVA): – “When the invoice is issued by the purchaser of the goods or services in the name and on behalf of the supplier, there must be a prior written agreement between the parties, defining the transactions to which this procedure applies and establishing the obligation for the supplier to accept the invoices issued in its name.” (CIVA – Article 36(11))
Additionally, Ordinance No. 363/2010 of 23 June, which regulates the technical requirements for electronic invoicing and self-billing, reinforces the same requirement: – “When the purchaser of the goods or services issues invoices in the name and on behalf of the supplier, there must be a prior written agreement between both parties, identifying the parties and the conditions under which the procedure is adopted.” (Ordinance No. 363/2010, Article 4)
Requirements of the self-billing agreement According to the Portuguese Tax and Customs Authority (AT), the self-billing agreement must include, at a minimum:
Full identification of the purchaser and the supplier (name, tax number, address).
Explicit statement that invoices will be issued by the purchaser in the name and on behalf of the supplier.
Description of the transactions covered (types of goods or services).
Explicit acceptance of the invoices by the supplier.
Term of validity and conditions for termination of the agreement.
Signatures of both parties.
According to Circular Letter No. 30136/2012 from the VAT Directorate (DSIVA), the agreement must also be communicated to the Tax Authority via the e-fatura portal and kept on file for 10 years.
Consequences of non-compliance The absence of a valid written agreement may result in invoices issued by the purchaser not being recognised for tax purposes, which may lead to: – Denial of the right to deduct the VAT stated therein; – Classification as irregular invoicing, subject to fines under the General Regime of Tax Infractions (RGIT).
Self-billing is a legitimate and efficient tool, but it only produces valid tax effects if supported by a prior written agreement duly communicated to the Tax Authority. Companies and professionals must ensure that this document meets all legal requirements, guaranteeing transparency and tax validity in their operations.
ZTLM – Your partner in tax compliance and administrative efficiency.
The 1.0224 coefficient reflects a moderate increase in line with inflation, balancing the interests of landlords and tenants.
The National Statistics Institute (INE) has announced that the rent update coefficient for 2026 will be 1.0224, corresponding to an increase of 2.24%. This figure, calculated based on the average variation of the consumer price index (excluding housing) over the past 12 months, establishes the maximum limit for updating residential and commercial rents next year.
The decision represents a moderate rise compared to previous years, reflecting the stabilization of inflation in Portugal. For tenants, it means a contained increase in housing costs after periods of strong pressure on household budgets. For landlords, the update helps preserve the real value of rents amid rising maintenance expenses and property-related taxes.
The coefficient will be published in the Official Gazette, becoming binding as of January 2026. Experts note that this update aligns with the broader trend of economic moderation and could contribute to greater predictability in the rental market. However, they also caution that balancing tenant protection with incentives for real estate investment will remain one of the main challenges for Portugal’s housing policy.
In an increasingly digital and knowledge-based economy, it is no longer steel, oil, or concrete that define the strength of a company – it is its intellectual capital. Ideas, creativity, algorithms, brands, and patents have become the new raw materials of the 21st century. Yet, despite being the silent engines of economic growth, they remain underestimated, poorly accounted for, and often misunderstood.
Intangible resources – everything that cannot be touched but still holds value – now represent the backbone of the most successful companies in the world. Just look at giants like Apple, Google, or Tesla: what truly sets them apart is not factories or machinery, but protected knowledge, registered innovation, established brand equity, and highly specialized human capital. What appears on their balance sheets is only a shadow of their true worth.
Industrial property as a strategic asset Within this universe of intangibles, industrial property assets (patents, trademarks, designs, models, trade secrets) are particularly relevant because they transform creativity into exclusive rights – and consequently, into economic power. A patent protects a technological invention and grants its holder temporary monopoly over its use; a trademark distinguishes products and services in a saturated market; an industrial design gives aesthetic identity and emotional value.
However, in many companies – especially SMEs – these assets are seen as bureaucratic or secondary. They invest in machinery but not in protecting the innovation that machinery produces. They build a strong brand but fail to register the name or logo. They develop technology but do not document its innovative nature. The result is predictable: stolen ideas, copied brands, and destroyed value before it is even recognized.
The undervaluation that weakens companies The undervaluation of intangible assets is one of the greatest structural weaknesses of the European economy – and particularly the Portuguese one. While in the United States and Asia, investment in intellectual property is seen as a strategy of defense and expansion, in Portugal it is still viewed as an administrative cost. The irony is that, in a globalized world, the absence of legal protection is equivalent to giving away your innovation for free.
Portuguese companies that export technology, design, or differentiated products often compete in markets where industrial property rights are the most valuable currency. A registered patent can make the difference between being purchased or being copied; a well-positioned brand can turn an ordinary product into a symbol of trust; a solid IP portfolio can be the asset that attracts investors and opens doors to financing.
From cost to strategic investment The mindset must change: protection is not spending – it is investing. And investment in industrial property should be seen as an integral part of knowledge management strategy. Today, those who control knowledge control the market. And those who do not protect the knowledge they generate are involuntarily funding someone else’s progress.
This paradigm shift also requires institutional effort. Governments and innovation agencies (such as national IP offices or investment agencies) must simplify processes, clarify costs, and promote education on the importance of these assets. Intellectual property literacy is still very low in Portugal – not only among managers but also among entrepreneurs and technicians. At the same time, universities and research centers should be encouraged to turn their discoveries into transferable patents, not just scientific papers. We must connect knowledge to the real economy, and industrial property is the most direct bridge to achieve that.
The economy of the invisible We live in an era where value is increasingly immaterial. Software is worth more than hardware; design is worth more than material; brand is worth more than product. In this context, industrial property assets are the legal and economic foundation of sustainable growth. They allow innovation to translate into tangible value, ensure that the risk of innovating is rewarded, and give measurable return to talent.
To ignore them is to embrace irrelevance. To recognize them is to open the door to the future.
In short, in the knowledge economy, the invisible is what matters most. And the success of future companies will depend not only on their ability to create, but on their ability to protect what they create – and to turn that protected knowledge into competitive advantage.
Because, ultimately, innovation only has value when it is defended.
Portuguese families breathe a sigh of relief with the pause in rising installments, although amounts remain historically high.
After successive months of increases, mortgage payments in Portugal stabilized in August, following the ECB’s decision to keep interest rates unchanged. This pause has brought some relief to families, who have faced significant hikes over the past two years.
According to data from the Bank of Portugal, the average of new installments remained practically unchanged compared to July, reflecting the stabilization of Euribor rates. However, despite the absence of new increases, costs remain high and represent a significant share of households’ disposable income.
Experts warn that the situation still requires caution. Although there is the prospect of interest rate cuts in 2025, the sustainability of mortgage credit will depend on the evolution of the economy and the ability to maintain employment levels. Many households are still under financial strain, which calls for support measures and close monitoring by the authorities.
For families, stabilization is a positive sign and allows some medium-term planning. However, the future of mortgage credit in Portugal will continue to depend on the balance between European monetary policy, the stability of the banking sector, and the resilience of the national economy.
Environmental, social, and governance criteria gain importance in the strategy of national companies, responding to pressure from markets and consumers.
In recent months, several Portuguese companies have intensified the integration of environmental, social, and governance (ESG) policies into their strategies. The goal is not only to comply with European regulatory requirements but also to increase their attractiveness to international investors who are increasingly focused on sustainability.
According to recent reports, sectors such as energy, banking, and manufacturing are leading this movement, implementing measures ranging from reducing carbon footprints to adopting transparency practices in management. Consumer pressure, as customers increasingly value companies with greater social and environmental responsibility, has also contributed to accelerating this trend.
Financial institutions have also played a central role by prioritizing projects with ESG criteria in access to financing. As a result, companies that invest in sustainability secure more competitive conditions and strengthen their credibility in the market.
According to experts, the adoption of these principles will be decisive for the future of the Portuguese economy. Companies that adapt more quickly will be better positioned to compete globally, attract investment, and respond to the demands of a society that increasingly values responsible practices.
Measure is part of the Government’s commitment to strengthen household income and bring Portugal closer to the European wage average.
The Government has announced an increase in the national minimum wage to 965 euros starting in January 2025, fulfilling the goal set in the income and competitiveness agreement. The measure aims to continue the path of wage appreciation, launched several years ago, and support families facing high living costs.
According to the executive, the increase results from concerted dialogue with social partners, seeking to balance business needs with the urgency of improving workers’ purchasing power. This update will have a direct impact on around 800,000 people, representing a significant reinforcement of disposable income.
Despite the positive nature of the measure, some business associations warn of potential adaptation challenges in sectors with lower productivity. Even so, the Government is committed to supporting companies through competitiveness incentives and training programs.
Experts emphasize that the increase in the minimum wage will also have indirect effects, boosting domestic consumption and stimulating the economy. However, they warn that it is essential to monitor the impact on the labor market and ensure that wage appreciation progresses in line with productivity gains.
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