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Newsletter April 2017

Legal Updates

Employment growth on the second quarter of 2017

A study carried out by Manpower-Group Employment Outlook points out significantly positive expectations with regards to the Employment Growth in Portugal during 2017.

The finance,service, insurance and real estate sectors are expected to register a considerable improvement, with an estimated net growth of 19%. In the Hotel and Restaurant services’ sector, it is expected a 16% growth and an increase of 13% on the wholesale and retail trade sector. Likewise, the Construction Work sector is also expected to keep not too far from these figures, with a projected increase of 12%. The less favorable scenarios, but still with growth estimations, are the ones related to industry and public sectors, with a 2% and 4% estimated rates of growth,respectively.

In general, the framework is positive and favorable, with an estimated employment net growth of 10%, which will have a positive impact on private consumption and a direct impact on the Portuguese economy. Moreover, taking into account the European Central Bank (ECB)’s analysis regarding the behavior of interest rates, we expect a positive effect on the Portuguese GDP growth and, as a consequence, a possible wage increase.

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Portuguese banks in the European money week

The Portuguese Banking Association (APB), jointly with the Banking Training Institute and in partnership with Junior Achievement, was once again part of the European MoneyWeek.

The European Money Week is an initiative of the European Banking Federation that brings together banking associations from more than 30 countries.

This initiative took place from 27th to 31st of March, throughout Europe, and the four largest banks in Portugal, according to their presence on the Portuguese banking market (Caixa Geral de Depósitos, Millenium BCP, Novo Banco and Santander Totta) have participated on the above mentioned initiative. The main goal of thisinitiative wasto highlight the importance of developing financial education in both Portugal and Europe, in order to warn the community to the practice of proper, informed and enlightened behavior, in the moment of their financial decisions, either now or in the future. European Money Week is especially focused on young people, since they will be the future consumers of banking products and services.

Established in 1960, the European Banking Federation is the “voice” of the European banking industry, uniting 32 national banking associations in Europe, representing around 4.500 banks (of small and large dimensions). The European Banking Federation aims to create a single market for financial services within the European Union, in order to boost economic growth.

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Business Updates

320 million to support entrepreneurs

According to the statements of Dr. Pedro Marques, Minister of Planning and Infrastructures, at a hearing in the Assembly of the Republic last March, the Government will launch a public tender for a new Incentive System regarding Employment and Entrepreneurship, with a financial allocation of 320 million euros.

This public tender will have very specific objectives, including the approach between territories and populations, pursued by local action groups and intermunicipal communities.

This Incentive System for Employment and Entrepreneurship is intended to support investment projects of less than 235 thousand euros focused on employment creation, which are able to bring added value to the correspondent territories in which the projects are developed.

From the 320 million, 151 million are destined to low population density areas. This agreement was object of prior negotiations with the CIM and GAL, not being aimed to be implemented on more developed regions.

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Vistos “Gold” para a cultura

On 20.03.2017, a Regulation to obtain residence authorization in Portugal was published, focusing on foreigners that are interested in investing in Culture, on a minimum amount of 250 thousand euros.

The investment may consist on supporting the artistic production sector or on the recovery or maintenance of the national cultural heritage to be carried out by central and peripheral public administration, by public institutes and by entities that are part of the public business sector.

The procedure shall be triggered by foreign individuals or by sole quota holder private limited liability companies (“Sociedades unipessoais por quotas”) registered in Portugal or in any other Member State of the European Union. The request for prior assessment is presented before the Office of Strategy, Planning and Cultural Assessment (GEPAC), which should forward the request to the competent services bodiesin the area of investment.

Once the activity to be financed has been confirmed by GEPAC, the investor may make the investment by means of a bank transfer to the competent body, in charge of the activity. Finally, GEPAC shall issue a declaration attesting the transfer of capital, for the purposes of the issuance of a residence permit for investment activity.

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