Investment regulation – Portugal


Holding restrictions

Portuguese Law No. 102/2003 confirms the abolition of limits on foreign ownership of Portuguese companies.

However, when a shareholder intends to increase, directly or indirectly, the control over 10% of the voting rights in the following types of company, pre-approval of holdings is required as indicated:

Company typeApproval required from

Banking institution

Portuguese central bank (Banco de Portugal –

Insurance company

Instituto de Seguros de Portugal (ISP – ASF Instiucional)

Investment advisor and parent company of regulated stock exchange or multilateral trading facility (MTF) company

Portuguese Securities Market Regulator (Comissão do Mercado de Valores Mobiliários – CMVM institutional portal)

Disclosure requirements

For details of the local domestic disclosure requirements, please refer to the Disclosure Requirements.