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For a decade, Portugal’s Non-Habitual Resident (NHR) regime was the reason wealthy retirees and remote earners moved to Lisbon and the Algarve. That door closed on 1 January 2024. In its place sits something narrower, sharper, and far more interesting to people who build and back companies: the Incentivo Fiscal à Investigação Científica e Inovação, or IFICI, widely known as NHR 2.0.
Deep tech tests your patience on purpose. The science takes years to prove. The first revenue arrives late. The temptation is to read that as a flaw in the asset class. After investing through the cycle, I read it as the source of the edge.
The fastest way to dismiss European tech is to put it next to American tech and read the price tags. By that measure Europe loses. European startups raised about $44 billion in 2025, while the US poured roughly $177 billion into tech in the first nine months of the year alone.
Portugal is once again at the center of a heated political debate — and if you hold a Golden Visa, are pursuing naturalization, or are advising clients who are, you need to pay close attention.
Even broad U.S. equity exposure is more concentrated than many realize. By late 2025, the 10 largest companies represented almost 40% of the S&P 500, and big tech alone accounted for roughly 36% of the index. That is a big concentration in a small number of companies, and a meaningful share of that valuation is tied to continued enthusiasm around AI.
Today’s global C-suite doesn’t “relocate.” They rebase strategically. CEOs, CFOs, CTOs and Managing Directors are running international teams, revenue streams, and innovation hubs across multiple markets.
IFICI is Portugal’s new tax regime (0% foreign income tax | 20% flat local income tax) replacing NHR, and it’s attracting major interest from founders, investors and global professionals. But qualifying depends on doing the right thing, in the right order.
Today’s global C-suite doesn’t “relocate.” They rebase strategically. CEOs, CFOs, CTOs and Managing Directors are running international teams, revenue streams, and innovation hubs across multiple markets.
For over a decade, SaaS was the undisputed king of venture capital. Predictable revenues, scalable distribution, and clean metrics made subscription software the safest growth story in tech. Then came AI – and with it, a structural break that many founders and investors are still underestimating.
Yesterday’s election delivered a result that matters beyond party politics — especially for anyone following Portugal’s policy direction and the ongoing uncertainty around citizenship rules and the Golden Visa.
Beyond financial investment, Ventures.eu offers comprehensive support to its portfolio companies, including assistance in IT, legal, financial services,
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