Portugal Navigates Towards a Clear Destination
Bison Bank Conference Gathers Leaders to Debate the Future of Investment, Focusing on Stability, Digital Innovation, and Venture Capital.
Lisbon, November 4th, 2025 – The “Portugal: Investment by Global Citizens” conference, organized by Bison Bank, became the epicenter of debate on the future of investment in Portugal last Friday, October 31st. The event, held in Lisbon, brought together a high-level panel of experts, investors, and policymakers who, driven by themes of trust, vision, and opportunity, analyzed the country’s trajectory and outlined key strategies for its assertion as a global hub for capital and talent.
The Government’s Vision: Trust and Stability as Cornerstones
The institutional opening was led by João Rui Ferreira, Secretary of State (SE) for the Economy, who conveyed a message of confidence and ambition. The SE highlighted the resilience of the Portuguese economy, noting that the country grew by 2.1% in 2024, above the European Union average, and registered a budget surplus of 1% of GDP in the first half of 2025, with public debt on a downward trajectory.
“What we are doing in Portugal is truly navigating with a clear destination, which is to improve the lives of the Portuguese people, and we can only improve their lives if we bring value to Portugal,” stated the Secretary of State. “Portugal, today, truly inspires confidence in everyone.”
The government official also emphasized three fundamental vectors: trust – anchored in concrete data such as the projected reduction of public debt to 88% in 2026; vision – with Portugal positioning itself as a European hub for innovation and sustainability, where 82% of energy consumed between January and May originated from renewable sources; and opportunity – evidenced by foreign investment stock reaching 200 billion euros in 2024, equivalent to 71% of GDP.
“Today, we have six global unicorn companies and a growing network of tech startups. In 2024, the number of startups in Portugal grew by about 20%, reaching 4,700 companies that already employ 26,000 people and generate a turnover of almost 3 billion euros,” João Rui Ferreira revealed, underscoring the government’s focus on innovation, growth, and internationalization.
The Digital Frontier: The Revolution of Crypto Assets and Tokenization
One of the conference highlights was the intervention by Diogo Mónica, co-founder of Anchorage Digital, the first and only federally chartered crypto bank in the USA. Diogo Mónica asserted that tokenization is the next major, inevitable, and transformative revolution, which will allow a shift from a model of “selling dozens of products to millions of clients, to selling millions of products to millions of clients.”
“ETFs are the first step in the technological revolution of financial markets; the second will be the tokenization of all financial assets,” he predicted, issuing an ambitious challenge: “I propose that here in Portugal, we do something similar. Let’s make Portugal the dominant startup nation and use crypto to do it.”
Diogo Mónica presented data on the growth of stablecoins, indicating they are already the 11th largest holder of United States sovereign debt, surpassing countries like South Korea and Saudi Arabia. “In 2025, we were able to conduct an unlimited number of stablecoin transactions – from one cent to a trillion dollars – in less than one second, for less than one cent, globally, permissionlessly, and instantly,” he explained, demonstrating the disruptive potential of this technology.
Investing in the Future from Portugal: CVVC’s Vision
David Long, Chief Commercial Officer of CV VC (Crypto Valley Venture Capital), the main partner of the conference, highlighted Portugal’s role as an innovation hub. He emphasized that CV VC, a leading Swiss blockchain and crypto company, chose Portugal as one of its seven global hubs due to its strategic geography, strong governmental support, and vibrant culture that fosters startups and attracts capital.
David Long also noted that JP Morgan projects the crypto and blockchain industry to be worth 16 trillion dollars by 2030, a figure CV VC considers conservative. He explained the evolution of the internet (Web 1, Web 2) to the “Internet of Value” (Web 3.0), driven by blockchain and artificial intelligence, which serve as “technological rails” for future innovations. He highlighted the success of Ethereum and Bitcoin ETFs and the growth of stablecoins, emphasized that the new generation of investors prioritizes crypto assets, private equity, and real estate, and pointed out that CVVC directs its investments towards early-stage companies utilizing emerging technologies to solve business problems.
The Investment Capital Ecosystem: The Proven Engine of Growth
The debate on venture capital was deepened with the presentation of studies proving its impact. João Duarte, a professor at Nova SBE, presented findings from a pioneering study in partnership with Investors Portugal, stating that “venture capital not only accompanies growth, it causes growth.” The study reveals that for every 100 million euros invested through venture capital, Portugal’s GDP increases by approximately 1% after 10 years.
The data shows that companies receiving venture capital investment triple their turnover in three years, double their exports, and increase labor productivity by 20%. “There is a causal effect, uniquely and exclusively stemming from venture capital investment intervention. This is the core point of our work,” João Duarte underscored.
Stephan Morais, president of APCRI (soon to be renamed APCI – Portuguese Association of Investment Capital), advocated for the professionalization of the sector and the need to align with international best practices. “The foundation of healthy Private Equity or Venture Capital ecosystems are large institutional investors and Family Offices. A paradigm shift must occur,” he argued.
Stephan Morais revealed that, in Portugal, venture capital-backed companies have 15 times more employees than the average Portuguese company, generate 12 times more turnover than the national average, and 50% of their revenues come from exports. “Portugal has transitioned from a country that had no available capital to invest, to a country where capital is available. Today, we have approximately 10 billion euros in available stock for investment,” he stated.
Banco Português de Fomento: Making Things Happen in the Economy
Gonçalo Regalado, CEO of Banco Português de Fomento (BPF), shared the bank’s transformation over the past ten months, with the “Making Things Happen” brand materializing in concrete results. “We reduced processes that took 49 days to seven days, cut the number of required documents from 27 to five, and created a pre-approved guarantee machine,” he revealed.
The bank has already approved almost 18,000 applications with 5.5 billion euros in guarantees, marking a radical transformation in business support. “We submitted an application to the European Investment Fund for new guarantees of 6.5 billion euros – double that of Greece and Spain. Portugal has become the number one country in the European Investment Fund,” Gonçalo Regalado affirmed.
BPF also announced its role in Portugal’s bid for an artificial intelligence gigafactory, a project bringing together companies such as Renault, Airbus, Bial, Siemens, Nokia, and Microsoft, among others. “When we started, our probability was less than 5%. Today we are well-positioned in the fight for the five European countries that will host these factories,” he revealed.
Co-creating the Future: Public-Private Partnerships and Structural Challenges
Professor António Nogueira Leite (FinProp Capital) addressed the importance of effective collaboration between the public and private sectors for the future of the Portuguese economy. His central thesis argues that this collaboration, based on stable regulation, liquid capital markets, and international best practices, is crucial for materializing opportunities and solving problems.
Nogueira Leite highlighted the need to align strategic priorities, including continuous investment in renewable energies – where Portugal is already a European leader, with 82% of energy coming from renewable sources in 2025, demonstrating the success of clear incentives and stable rules. He also mentioned the importance of a robust digital economy, a strengthened innovation ecosystem, the modernization of infrastructure and public administration, and the maintenance of a functional and transparent legal environment.
Nogueira Leite warned of the “strangulation” of the investment process due to public administration inefficiency and constant regulatory changes, which generate “regulatory risk” and “legal risk” for investors. He stressed that Lisbon has the potential to be a venture capital hub, benefiting from talent, competitive costs, and a growing ecosystem, but this requires stable public policies, talent visas, and adequate tax incentives.
Golden Visas and Attraction of Global Talent
João Mira Gomes, from Henley & Partners, revealed that Portugal is among the world’s top 7 countries attracting millionaires, with an estimated 1,400 high-net-worth individuals (HNWIs) for 2025 (up 62% from 2024), resulting in a net aggregate exceeding 8 billion dollars.
Mira Gomes emphasized that digital wealth and crypto assets are becoming a new vector of global wealth. He referred to the Crypto Wealth Report, which points to over 241,000 crypto-millionaires and 600 million crypto asset users globally. Portugal, with its clear tax rules for crypto assets and the pioneering license of Bison Bank Digital Assets, is positioning itself as an attractive destination. He stressed that forward-thinking governments create legislation to attract this fluid investment, and that millionaire mobility is a “new war” between countries for scarce resources.
“Investors dislike unrest. When they make a five-year investment, they want to know that the rules will be the same,” he warned, advocating for the stability of investment residency policies and emphasizing that “agility will be the determining success factor for the countries that receive them.”
The LEGO Strategy: Portugal as a Financial Hub
Jefferson de Lima Matias Oliveira, from PwC, championed the “Portuguese LEGO Strategy” to illustrate Portugal’s potential to position itself as a European financial center, similar to Luxembourg and Ireland. The central idea is that Portugal already possesses the essential “pieces” to build this hub: a dynamic investment market (with fund and asset growth above the European average), a base of quality investors (with emphasis on the flow of American investors and a greater propensity for crypto assets), its position as a gateway to Europe, and leadership in digitalization.
Jefferson de Lima Matias Oliveira mentioned that the Portuguese retail investor already demonstrates crypto asset adoption twice the European average, and there is significant potential for diversification into investment funds. PwC believes Portugal has the conditions to position itself as a jurisdiction with the potential to have 1 trillion in assets under management within 5 to 6 years, comparable to Singapore, which grew from 1 trillion in 2010 to 6 trillion in 2025. “If Singapore did it, Portugal can do it too,” he stated.
A Geopolitical Vision: Tranquility as a Strategic Asset
In a geopolitical analysis, Paulo Portas highlighted Portugal’s resilience and predictability in a volatile world. One of the country’s greatest successes was the reduction of public debt, which is expected to be below the Eurozone average for the first time in 2030. “Whatever happens in the world, Portugal will preserve its fundamentals. Many countries would wish for the tranquility and predictability that Portugal has,” he stated, identifying stability as a distinctive asset.
Portas also highlighted Portugal’s structural factors: “We are Europe’s oldest nation-state with stable borders, without relevant tribal, linguistic, ethnic, or separatist divisions. Very few countries in Europe have a network of relationships and knowledge of Africa, Latin America, and Asia as Portugal does.”
However, he warned of structural challenges that need to be addressed with “commitment, agreement, and constancy,” namely demographics (with a median age of 47), productivity (Portugal has 75% of European productivity per hour worked), and innovation (where Europe has lost ground to China since 2016).
Bison’s Mission is to Create an Ecosystem for “High-Performance Athletes”
António Henriques, CEO of Bison Bank, framed the conference’s purpose: to define a clear direction for the country to serve a new profile of investor.
“Those who invest in Portugal are successful people, they are high-performance athletes. We have to give them the raw material so they can continue to be high-performance athletes,” he emphasized. “Our goal is to unite the various stakeholders to understand what we have, who our clients are, and what products we can offer so that they can continue their successful lives in Portugal.”
António Henriques indicated that Bison Bank doubled its results in 2025, exceeded 6 billion euros in assets under supervision, and serves nearly 7,000 clients in over 125 geographies. “Today is not about talking about Bison Bank, it’s about talking about Portugal. Portugal needs to be aware of its destiny. We all need to understand where we want to go.”
At the closing, António Henriques symbolically awarded prizes for the best interventions: the best question to Negócios editor, Paulo Moutinho (“Does Portugal treat investors well?”), the best suggested change to Stephan Morais (changing from “capital de risco” to “capital de investimento”), the best statement to João Duarte (“venture capital causes growth”), and the quote of the day to Paulo Portas: “Portugal has tranquility.”
Strategic Debates: The Journey Traveled and Future Opportunities
The conference featured three debate panels that brought together market leaders and experts for an in-depth reflection on the challenges and opportunities of investing in Portugal. The discussions covered everything from the country’s economic recovery journey to the factors driving investment in the present and the outlook for the future, including the real estate sector.
“Portugal’s Investment Journey: Milestones, Impact, and Lessons Learned”: The first panel, with the participation of Emanuel Silva (CEO of IM Gestão de Ativos), Marcello Cavalcanti (Investment Manager at Octanova), Raúl Marques (Executive Board at 3XP Global), and Rita Albuquerque (Head of Primary Markets Portugal at Euronext Lisbon), analyzed Portugal’s remarkable recovery after the financial crisis. Emanuel Silva considered that the bankruptcy, although difficult, “effectively turned out to be somewhat positive” for the economic recovery. Raúl Marques highlighted “budgetary discipline” and the consensus around “sound accounts” as crucial factors for reducing public debt. Marcello Cavalcanti emphasized the role of bank resolution and low ECB interest rates in boosting the recovery.
It was recognized that programs like the golden visas were important “door openers,” as Raúl Marques referred to them, but Rita Albuquerque warned of the need for greater utilization of the capital market, which she considers “underutilized,” to create scale in companies. Participants also stressed the importance of regulatory stability and bureaucratic simplification to maintain investor confidence, with Emanuel Silva cautioning that “money is cowardly” and Marcello Cavalcanti reinforcing that “credibility, as we know, is only lost once.”
“Here and Now: The Real Factors Driving Investment in Portugal”: The second panel, composed of António Mello Campello (Partner at Blue Crow Capital), Nuno Serafim (Managing Partner at 3 Comma Capital SCR), Pedro Falcão (Vice-President of Investors Portugal), and Stephan Morais (Co-Founder and Managing Director at Indico Capital Partners), focused on the current factors driving investment. Nuno Serafim emphasized how Portugal’s political and social stability, in a volatile global context, has been an attraction for high-quality investors, particularly Americans. António Mello Campello expressed concern about excessive dependence on political decisions and regulatory instability, which affect investment.
Stephan Morais advocated for the professionalization of the investment capital ecosystem, aligning it with international best practices and promoting the participation of institutional investors and family offices, with Pedro Falcão agreeing on the need for a “fund of funds” and permanent tax incentives. The discussion also addressed the growing importance of sectors such as technology, renewable energies, and defense, and the need to rethink savings and pension systems in Europe.
“Global Portugal: How to Keep the World Looking at Us”: The third panel, featuring André David Nunes (Chief Investment Officer at Arrow Global Portugal), José Cardoso Botelho (Executive Director, Real Estate Sector), Pedro Lancastre (CEO of DILS Portugal), and Rita Torres-Baptista (Co-Founder of MAR – Tokenized Real Estate), was dedicated to the future of the real estate sector. André David Nunes stated that “since the great financial crisis, Portugal entered the radar of international investors and has not left.” The experts agreed that the country remains an attractive destination, but it is crucial to raise the quality of the offering and invest in infrastructure and services beyond urban centers, as José Cardoso Botelho advocated, and explore new regions, an idea shared by Pedro Lancastre.
Sustainability was pointed out by Rita Torres-Baptista as a crucial factor for long-term value creation, advocating for “selective growth.” Rita Torres-Baptista presented the innovation of real estate asset tokenization as a revolutionary tool to democratize access to investment and increase liquidity, allowing the participation of a wider range of investors. The importance of public-private partnerships and a stable regulatory framework was reiterated as essential for addressing the housing challenge and driving sustainable growth in the sector.
Numbers that Marked the Event
The conference attracted over 400 participants and was supported by main partner CV VC Crypto Valley Venture Capital, and partners 3 Comma Capital, 3xP Global, Blue Crow, FinProp Capital, IM Gestão de Ativos, Indico Capital Partners, Octanova, and PwC, with Jornal de Negócios as Media Partner.