INVESTINPORTUGAL RIGHT PLACE. RIGHT TIME. CLEAN ENERGY 2017 PORTUGUESE TRADE & INVESTMENT AGENCY IN SAN FRANCISCO PORTUGUESE GOVERNMENT
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1 INVESTINPORTUGAL RIGHT PLACE. RIGHT TIME. CLEAN ENERGY 2017 PORTUGUESE TRADE & INVESTMENT AGENCY IN SAN FRANCISCO PORTUGUESE GOVERNMENT
2 Same time zone as UK and Ireland Nearest European country to the US and Canada 1 hour difference from Central European Time 3 hours difference from Moscow 3 hours difference from São Paulo Note: In reference to UTC hours YOUR ATLANTIC GATEWAY TO EUROPE
3 GLOBAL COUNTRY Leading member of the Community of Portuguese Speaking Countries - CPLP 250 MILLION PORTUGUESE SPEAKING CONSUMERS Portugal is a Member State of the European Union, a founding member of the EUROZONE and part of the EU Single Market. A platform to serve Europe, with a strategic position to access key worldwide markets. Portugal and the US have a double taxation avoidance agreement and complementary FATCA.
4 GREAT QUALITY OF LIFE You will find that Portugal is not only a good country to invest in but also a great place to visit and live in: safe, sunny, with unique nature, rich historical heritage, great gastronomy, leisure and cultural amenities, and high quality healthcare facilities. Portugal is the World's and Europe's Leading Destination Source: World Travel Awards Portugal is 14th in The Travel & Tourism Competitiveness Index Million Tourists 1 in 2016 (+9.8% than 2015). 1 Resident and non resident hotel guests. Source: INE, 15th February Portugal is 10 th Country with Lisbon is the World's the Best Weather and Climate. Leading City Break Destination. Source: The Huffington Post, Aug Source: World Travel Awards Best European Country to visit. Source: USA Today Average Temperature at noon: 77ºF (Summer) and 60.8ºF (Winter). Algarve is the Best Place in the World to Retire. Source: Forbes, Retire Overseas Index (2014). Lisbon is in The Guardian's and in Lonely Planet's 2017 top list. Porto is the European Best Destination for the 3 rd time. Source: European Best Destination, Lisbon is the 2 nd Best City to Invest. Source: Financial Times, (2014). Portugal is the 3 rd most peaceful country in the World. Source: Global Peace Index 2017 Portugal has the 9 th Best Medical Assistance. Source: IMD World Competitiveness Yearbook 2017 (Out of 63 countries)
5 ECONOMIC KEY FIGURES 3% GDP INCREASE 2017-Q2 compared to 2016-Q2 > 40% PORTUGUESE EXPORTS AS PERCENTAGE OF GDP (2016) TOP 5 CLIENTS PORTUGUESE INTERNATIONAL TRADE IN GOODS & SERVICES 2017-Q1 $Million % Total 2017-Q1 1 Spain 4, France 2, Germany 2, United Kingdom 1, United States of America 1, % UNEMPLOYMENT RATE (Sept. 2017) 20% EXPORTS TO US GROWTH 2017-Q1 compared to 2016-Q1 0.9% INFLATION RATE (July 2017) 4.4% INVESTMENT GROWTH EXPECTATION until 2019 (annually) 0.9% RISE IN EXPORTS (Historic high)
6 INVESTMENT TRACK RECORD 1,750 Mn Euros 2015 INDUSTRIAL INVESTMENT PROJECTS SUBMITTED TO AICEP 700 Mn in auto sector 2015 BOSCH, HUTCHINSON, RENAULT, VW, CONTINENTAL, FAURECIA, PSA, BORGWARNER 140 Mn Euros in aerospace SUPPLY CHAIN: EMBRAER, LAUAK, ACITURRI, CAETANO AERONAUTICAL, MECACHROME, OGMA/THALES/EDISOFT HIGHEST EUROPEAN RATE OF POSITIVE INVESTMENT INTENTIONS 59 NEW FDI PROJECTS IN 2016 (a 25.5% increase, from 2015) EY Portugal Attractiveness Survey 2017 M&A OPERATIONS MARUBENI, ALTICE, FOSUN, VINCI, STATE GRID, APOLLO, COHORT, LA CAIXA, ARAUCO, YILDIRIM, LONE STAR FUNDS AGRO-FOOD: AMY S KITCHEN, SUNDROP, DRISCOLL S LIFESCIENCES: VIFOR PHARMA, ROCHE TOURISM: SCENIC LUXURY CRUISES & TOURS, SIX SENSES, MINOR GROUP, W HOTELS 15 th LESS RESTRICTIVE COUNTRY (FDI) The Global Competitiveness Report (138 countries)
7 FIRST CLASS LOGISTICS 7 INTERNATIONAL AIRPORTS 22,000,000 Miles/year 11,000,000 tons CARGO/year 10 SEAPORTS SINES DEEP SEA WATER PORT 1,918 Mi MOTORWAY LENGTH 6# IN MOTORWAY DENSITY, OECD
8 SEAPORT LOGISTICS EXAMPLE: SINES Port of Sines: main direct lines to distant markets (Connection to other ports by feeder). MEDITERRANEAN SERVICE Bremerhaven, Le Havre, Felixstowe Hamburg, Rotterdam Antwerp, Sines, Istambul, Gemlik, Aliaga. LION SERVICE Ningbo, Shanghai, Xiamen, Yantian, Chiwan, Sines, Le Havre, Rotterdam, Antwerp, Dunkirk, Felixstowe, Valencia, Port Klang, Singapore. USNAT SERVICE Valencia, Gioia Tauro, Napoli, La Spezia, Sines, Boston, New York, Baltimore, Norfolk, Savannah, Charleston. US GULF SERVICE Barcelona, Gioia Tauro, Napoli, La Spezia, Valencia, Sines, Port Everglades, Vera Cruz, Altamira, Houston, Cristobal. CALIFORNIA EXPRESS Gioia Tauro, Civitavecchia, La Spezia, Valencia, Sines, Cristobal, Balboa, Long Beach, Oakland, Vancouver, Seattle. WAX 3 Valencia, Sines, Tangier, Abidjan, Lome, Lagos, Cotonou, Dakar. SOUTH AMERICA EAST COAST Antwerp, Rotterdam, Hamburg, Bremerhaven, Le Havre, Sines, Rio de Janeiro, Santos, Montevideo, Buenos Aires, Rio Grande, Navegantes, Itaguai. MEDCANADA SERVICE La Spezia, Barcelona, Valencia, Casablanca, Sines, Montreal.
9 BUSINESS FRIENDLY ENVIRONMENT EASE OF DOING BUSINESS Ease of Doing Business: 21 st (The Global Talent Competitiveness Index out of 118 countries) Best Countries for Business: 19 th (FORBES 2016 Ranking - out of 139 countries) Global Competitiveness Index: 46 th (World Forum Economic 2016/2017 out of 138 countries) Labor Reform: increased the duration of fixed-term contracts, reduction of severance pay, new lay-off rules; Female Labor Force: 5 th (IMD World Competitiveness Yearbook out of 63 countries) Ease of Hiring Foreign Labor: 9 th (The World Economic Forum out of 136 countries) Time to Set up a Business: less than 1 hour; Time to Start a Business: 6 th (The Global Competitiveness Report out of 138 countries) Days to Start a Business: 4.5 (IMD World Competitiveness Yearbook out of 63 countries) No. of Procedures to Start a Business: #3 (The Global Competitiveness Report out of 138 countries) No. of Procedures to Start a Business: 25 th (IMD World Competitiveness Yearbook out of 63 countries) Major public services are online and several legal obligations have been eliminated, simplified MULTI-CULTURAL Portugal is TOP 4 in Cultural Openness (IMD, 2013); Portugal is very open to foreign cultures: high availability of international schools, safety record and quality of life attracts expatriates; As a result, Portugal was ranked #2 (out of 38) in the Migrant Integration Policy Index 2015 (MIPEX III), scoring 75 out of 100
10 INTERNATIONAL BENCHMARKING Portugal has been improving its competiveness and is the 46 th most competitive country worldwide (out of 138) with positive contribution in: Technological Readiness Innovation Infrastructure Source: World Economic Forum s Competitiveness Ranking Doing Business Report 2016/17 (190 Countries) UK Germany Portugal France Spain 7th 17th 25th 29th 32nd Best Countries for Doing Business Ranking 2017 (139 Countries) UK Portugal Germany France Spain 5th 19th 21st 26th 29th Global Competitiveness Report (138 Countries) AVAILABILITY OF LATEST TECHNOLOGIES RANK UK DE FR PT ES 7th 16th 17th 22nd 40th FIRM-LEVEL TECHNOLOGY ABSORPTION DE UK PT FR ES 12th 9th 29th 33rd 53rd FDI & TECHNOLOGY TRANSFER UK DE PT ES FR 13th 17th 19th 27th 28th QUALITY OF SCIENTIFIC RESEARCH INSTITUTIONS UK FR DE PT ES 2nd 9th 11th 25th 38th UNIVERSITY-INDUSTRY R&D COLLABORATION UK DE FR PT ES 6th 8th 32nd 36th 57th
11 TOP UNIVERSITIES 18,500 students MINHO 32 R&D facilities 11 Schools AVEIRO 32,000 students 60 R&D facilities 15 Schools 47,794 students 82 R&D facilities 18 Schools 20,000 students 41 R&D facilities 9 Schools PORTO LISBON NOVA UNIVERSITY Source: Conselho de Reitores das Universidades Portuguesas CATHOLIC UNIVERSITY EVORA COIMBRA ALGARVE 14,000 students 23 R&D facilities 16 Schools 14,000 students 16 R&D facilities 20 Schools 24,000 students 40 R&D facilities 12 Schools 8,119 students 12 R&D facilities 5 Schools 9,700 students 7 R&D facilities 7 Schools
12 GREAT TALENT Students graduated 1 by field in 2014/2015 Electricity and Power Metallurgy and Metalworking Chemistry and Chemical Process Technology Other Engineering and Technical Skills Environmental Protection Technology Materials 88,625 Graduates Students enrolled 1 by field in 2014/2015 Electricity and Power Metallurgy and Metalworking Chemistry and Chemical Process Technology Other Engineering and Technical Skills Environmental Protection Technology Materials Technology Especialization Program Master's Undergraduate Undergraduate+Master's combined program Engineering and Manufacturing Industries Source: DGEEC (2016) LISBON 1 Engineering and non-engineering programs included. 76,892 GRADUATES (2015/16) 14,743 ENGINEERING GRADUATES (2014/15) NORTH CENTER 28,987 5,303 ALENTEJO ALGARVE 25,740 5,632 16,301 3,191 2, , The English Proficiency Index 2016 (72 countries) English proficiency 15 th EF English Proficiency Index for Companies 2016 (40 countries) Workforce English 8 th Proficiency IMD World Competitiveness Yearbook 2017 (63 countries) Availability of qualified engineers 11 th Language skills meeting enterprises needs 12 th Flexibility & adaptability 10 th University Education 17 th Science in Schools 20 th Public Expenditure on Education 10 th IMD World Competitiveness Yearbook 2017 (63 countries) Management Education 12 th
13 COST COMPETITIVE PORTUGAL EU SOURCE Monthly Minimum Wage Eurostat, AICEP, 2017 (PT) [Only applicable to 22 EU countries] Hourly labor cost Eurostat, 2015 (whole economy excluding agriculture and public administration) Office rent 27.7 /sqf/year 42.2 /sqf/year Office space across the world, 2014 Cushman & Wakefield Industrial land cost 4.8 /sqf/year 7.6 /sqf/year Industrial space across the world, 2011 Cushman & Wakefield Electricity cost / kwh / kwh Annual consumption: MWh 1 st semester 2015, DGEG Corporate Income Tax 21.0% 22.1% Statutory CIT rate, 1 st semester 2017
14 LABOR REGULATIONS WORKING HOURS COMPENSATION Regular working hours 8 daily working hours 40 weekly working hours Comp Time +2 hours a day 50 hours a week Increase limited to 150 hours/year Under collective agreement : +4 hours a day 60 hours a week Increase limited to 200 hours a year Annual Paid Vacation National Holidays business days Guaranteed Monthly Minimum Wage Social Security Contributions Night time work Overtime Limits: a) 175 or 150 hours/year (depending on the company s size). The annual limit might be increased to 200 hours/year by Collective Bargaining Agreement; b) 2 hours per working day. 557 EUR (mainland Portugal 14 months/ year) 23.75% Employer 11% Employee 25% additional charge (between 10:00pm and 7:00am) + 25% for the first hour % per hour thereafter on a business day + 50% for each hour on a mandatory or extra day off, or on public holidays
15 INFRASTRUCTURE Spain Portugal OECD Hungary Czech Rep. Poland France Germany Infrastructures QUALITY 1 Infrastructures HEALTH 1 Percentage of fiber connections over total broadband, June % 6.7% 6.5% 17.9% 17.3% 16.8% 1. Source: IMD World Competitiveness Yearbook 2017 (Out of 63 countries) 29.7% 29.1% Connectivity IMD World Competitiveness Yearbook 2016 (60 countries) Communications technology meets business requirements UK Portugal Ireland th 7 th 7 INTERNATIONAL AIRPORTS Portugal mainland and islands Portugal has 10 airports with connections to over 160 domestic and international destinations. France 130 Czech Rep Air Transport 28 th 16 th Germany Roads 9 th Spain th Poland th Hungary Internet Bandwidth Speed per Internet User (kbps) 2016 Report Railroad Ports QUALITY of: 29 th
16 INVEST IN PORTUGAL CLEAN ENERGY
17 TARGETS AND OBJECTIVES Where we aim to be in 2020 NATIONAL ACTION PLAN FOR RENEWABLE ENERGY 2020 Free competition, price transparency and fully deregulated energy markets Reduction of energy consumption by 25% and Government consumption by 30% Reduction of emissions of greenhouse gases Diversify primary energy sources: reduce fluctuations of commodities prices. Reduce oil dependence: biofuels and public transportation might represent an important impact Support internationalization of enterprises mainly focused on high-tech renewable sources. Source: Portuguese Government RCM nº 20/2013
18 TARGETS AND OBJECTIVES In 2013, the Portuguese Government went even further by increasing the targets for renewable energy NEW 2020TARGETS Weight of Renewable energy In Final energy consumption 2020 Targets (as defined in 2010) 31% (5 th highest in the EU) 2020 Targets (new Resolution of Council of Ministers 2013) 34.5% In Electricity 55.3% 59.6% In Climate control 30.6% 35.9% In Transportation 10% 11.3% Source: Action Plan for Renewable Energy Sources under EU Directive 2009/28/CE (
19 % Swedwn Latvia Finland Austria Portugal Denmark Slovenia Estonia Romania France Lithuania Spain Germany Greece Italy Bulgaria Ireland UK Poland Netherlands Slovakia Czech Rep. Cyprus Hungary Belgium Luxemburg Malta TARGETS AND OBJECTIVES Targets (Directive 2009/28/CE) % OF RENEWABLE ENERGY IN FINAL ENERGY CONSUMPTION With a goal of 31%, Portugal has taken on the 5 th most ambitious goal in the EU 27 for renewable energy Source: Directive 2009/28/CE (
20 TARGETS AND OBJECTIVES Electricity Production - Targets Breakdown per Energy source Portugal Renewables 28% 46% 60% Fossil fuels 72% 54% 40% MW Increase in Production capacity (MW) Portugal Water 978 3,401 Wind 3, Solar Biomass Hidroelétrica Hydroelectric Biomassa Geotérmica Geothermal Eólica Wind Solar Marés, ondas, oceanos Seas, oceans and waves Source: Portuguese Government RCM nº 20/2013
21 KEY DRIVERS IMD World Competitiveness Global Innovation Index 2017 Portugal has achieved installed capacity from renewable sources of 13,324 MW in September 2016 Yearbook 2017 (63 countries) Renewable Energies 13 th (127 countries) Environmental Performance 7 th From 500MW in 2004 to 5,266 MW in Sep 2016 Optimize current unused hydro potential Already achieved: 463 MW in Sep 2016 Promote a diversified policy on other RES: 2 industrial clusters Portugal is TOP 3 in the EU with highest installed capacity per capita Target: to reach 5,300 MW in 2020 Already achieved 6,835 MW in Sep 2016 Implement the 10 hydro projects of the National Hydro Plan + 6 upgrades Target: 8,940 MW in 2020 Target: to reach 720 MW in 2020 Portugal is the 9 th European country with the largest installed capacity in solar thermal energy 250MW biomass 250 MW wave 100MW biogas Biomass 2020 target: 769 MW Source: Portuguese Government Department of Energy and Mining (DGEG
22 KEY DRIVERS Energy Efficiency IMD World Competitiveness Yearbook 2017 (63 countries) Energy Infrastructure 14 th Adequate and Efficient Skills Set a 20% energy efficiency improvement target by 2020 Launched one of the world s first National Electric Mobility Networks Portugal s objective is to promote the coverage of its territory by intelligent networks, combining them with more efficient management of the existing networks. With an investment of 1 billion Euros, intelligent networks shall be responsible for creating 3,000 jobs and will allow the integration of charging of electric vehicles and decentralized microproduction. Source: Portuguese Government Department of Energy and Mining (DGEG
23 SUCCESSFUL PROJECTS The 5 th largest wind Farm in Europe Alto Minho wind farm 120 turbines over 5 smaller farms, 240MW of installed capacity, output of 600 GWh/year, enough to supply 160,000 homes and prevent emissions of 500,000 tons CO 2 /year. ALTO MINHO WIND FARM
24 SUCCESSFUL PROJECTS National platform for electric cars in 2011 Portugal pioneered the launch of the National Electric Mobility Grid, an integrated mobility model based on renewable energy: it allows the supply of electric vehicles through a charging card. Energy R&D Technology Partners Find more at
25 SUCCESSFUL PROJECTS Leader in intelligent networks The INESC Computers and Systems Engineering Institute is a leader in Mobile Energy Resources for Electricity Grids, the largest EU-backed research project in the field of intelligent grids. Évora was a pilot-city for intelligent grids and an international benchmark - by the end of 2010 the world heritage city s customers were hooked up to the InovGrid. The technology has now expanded to the rest of the country, making it the standard. Évora Find more at
26 SUCCESSFUL PROJECTS Portuguese Pilot Zone The Portuguese Pilot Zone (PPZ) includes an area of 124 sq mi. It is a delimited maritime space, under national jurisdiction, with depths between 100 and 300 feet. Investment opportunity for foreign investors in the wind and wave energy: - Commercial Stage Injection of up to 250 MW PILOT ZONE Managing and Licensing Entity Source:
27 SUCCESSFUL PROJECTS OWC Pico 400 KW Wave Power Plant The OWC Pico Power Plant is located in the Pico island, the largest of the Central group of Azores. Pico OWC was built as the European Wave Energy pilot plant, co-funded by the EU, in order to demonstrate the technical viability of wave energy in a small island grid. The site of the OWC plant was chosen due to the high energy levels on the Pico North coast, which in addition offers several "shoreline gully" rocky formations, which have a natural energy concentrating character. Total annual production of 45 MWh was achieved in 1450 hours of operation. Source:
28 Source: AICEP SUCCESSFUL PROJECTS Betting heavily on wind power: 2 industrial clusters ENEOP Wind Cluster - Viana do Castelo Ventinvest wind cluster Aveiro, Viseu and Porto Industrial cluster provides turn-key wind farm equipment. Estimated investment: 1.75 billion Fully operational: 2100 jobs Exports: 200 million/year CO2 reduction: 1 million tons/year. Estimated investment: 500 million including wind farms (400MW). Investment in industrial cluster: 66 million (Portuguese industrial capacity and German technology from Repower Systems). Fully operational: 1327 jobs Exports: 60% of output/year.
29 SUCCESSFUL Making the news all around the world, in May 2016 Portugal ran solely on renewable energy for 4 days straight (107 hours from 6:45 am, May 7 th until 5:45 pm, May 11 th ). In 2016, 64% of total energy consumption was provided by renewable energy sources, up from 48% in Of these 64%, 33pp was provided by hydroelectric sources, 24pp wind, 5pp biomass and 1.6pp solar. 10% of energy produced in 2016 was exported to Spain. On January 2 nd, 2017, 58% of total energy consumption was provided by wind turbines.
30 Source: AICEP KEY PLAYERS BOSCH EDP RENEWABLES MARTIFER SOLAR Worldwide HQ and Competence Center for thermo-technology division: Solar; Heating; Water efficiency. Leading wind player worldwide #1 hydro developer in Europe Ranked as Best Electric Utility Worldwide in 2010 and 2011 Global player in the PV Sector: Project & Business Development; EPC, via our 360º PV turnkey solution model; Specialized O&M Service business unit; Distribution, via MPrime Brand.
31 KEY PLAYERS EDPR entered the US Market in 2007 by acquisition of Horizon Wind Energy LLC EDPR NA is headquartered in Houston, TX Has since doubled wind-power production One of world s largest wind-power producers US is EDPR s biggest market in installed capacity and production Operating more than 4 GW and over $11 billion in assets in North America
32 KEY PLAYERS
33 BUSINESS OPPORTUNITIES Offer Wide, professional ecosystem of companies operating in all energy value chains National Research Laboratories Universities Qualified Professionals Equipment & Services Companies Manufacturing Companies Industrial Clusters Portugal offers investment opportunities based on: - Stable regulatory framework - Highly skilled technicians - Competitive export capabilities Solar Energy Energy Efficiency in Buildings Smart Grids Smart Meters Electric Mobility Offshore Energy Source: Ministry of Economy
34 BUSINESS OPPORTUNITIES Public Sector Opportunities through direct investment in ESCO (equity or debt) or setting up energy funds A national framework for establishing EPC between ESCO and Public Administration bodies and services 11,000 energy feeding points in public buildings across Portugal More than 800 GWh of energy consumption in the Public Administration Smart Buildings Open and integrated platform that allows to manage buildings performance in a dynamic approach with users GeoSOL Information system and monitoring of the solar park Mapping of solar potential in urban areas Registration of professionals, equipment and solar installations Energy certification of solar installations Monitoring and prediction of thermal and electrical production Source: Ministry of Economy
35 Source: Ministry of Economy BUSINESS OPPORTUNITIES Energy Investment in Portugal INVEST ENERGY FRAMEWORK TARGETS OPPORTUNITIES SOLAR New solar energy technologies (CSP) Micro & minigeneration and solar thermal Synergies with the industrial cluster Micro & minigeneration: 320 MW Other PV: 140 MW Solar CSP: 50 MW Solar Thermal: 11.8 million sqf Solar Photovoltaics: Total pending from tenders: 120 MW New additional power : 441 MW Solar Thermal: 11.8 million sqf HYDRO Venture with local promoters on strengthening or developing existing capacity Large dams: 3,299 MW Small-scale Hydro: 40 MW Large Dams & Small-scale Hydro: Total pending from tenders: 1,064 MW New additional power : 3,339 MW WIND Onshore Wind Synergies with international promoters to exploit capacity in the pipeline. Development of R&D and wind energy industrial clusters Offshore Wind: Technology demonstration projects in the 250 MW Operating Pilot Zone for Renewable Energies Wind Farms: 808 MW (25 MW offshore) Wind Farms: Total pending from tenders: 900 MW New additional power : 808 MW BIOMASS Investment opportunities to develop thermal forestry biomass power plants Power plants & cogeneration: 84 MW Biomass Power Plants: Total pending from tenders: 71 MW New additional power : 84 MW
36 Source: Ministry of Economy BUSINESS OPPORTUNITIES Energy Investment in Portugal INVEST ENERGY WAVE FRAMEWORK TARGETS OPPORTUNITIES Pilot zone for projects in 3 different phases: concept demonstration, precommercial and commercial Demonstration projects Existing connection to the grid Investment up to 12 MW PUBLIC SECTOR SMART BUILDINGS National framework for establishing EPC between ESCO and Public Administration bodies and services Open, integrated platform that allows the management of building performance in a dynamic approach with users Smart city projects 30% of energy savings - Opportunities in the Public Sector through direct investment in ESCO (equity or debt) or setting up energy funds - ESCO Projects: 500 GWh 11,000 energy feeding points in public buildings across Portugal - More than 800 GWh of energy consumption in the Public Administration Smart meters: 6M units Geo
37 BUSINESS OPPORTUNITIES Transposition of the European Parliament and Council Directive 2009/28/EC : Possibility of including the energy produced in Portugal (e.g. photovoltaic) by a foreign company in the share of renewable energy of the country of origin of the investor Wind sector (wind turbines): - Gear boxes - Base frame (cast steel) - Nacelle cover - Cables (medium voltage) - Automation/controllers Blue Energy (Ocean) - Cables - Engineering Source: AICEP
38 INVESTINPORTUGAL INCENTIVES & GRANTS
39 INCENTIVES & GRANTS Incentive instruments were revised, simplified and reinforced. NEW ADDED VALUE PROPOSAL OTHER INCENTIVES PRODUCTIVE INVESTMENT Financial incentives (Portugal 2020) Tax incentives (Investment Tax Code) R&D INVESTMENT Financial incentives (Portugal 2020) Tax incentives (SIFIDE II) HIRING INCENTIVES NON-HABITUAL RESIDENTS Flat rate for qualified expatriates Source: Portuguese Government.
40 PRODUCTIVE INVESTMENT SCOPE FINANCIAL INCENTIVES New products or services; New production methods or processes; Innovation must be at least nationwide (non SME). TAX INCENTIVES Investment projects with positive impact on innovation and jobs creation. ELIGIBLE EXPENSES Tangible Fixed Assets: machine, equipment and buildings; Intangible Fixed Assets: software, technology transfer; Training expenses. Tangible Fixed Assets: machine, equipment and buildings; Intangible Fixed Assets: software, technology transfer. NATURE OF SUPPORT MAXIMUM SUPPORT Loan: 30% of eligible expenses as an interestfree loan; 8-years reimbursement period; Cash Grant: Loan conversion of up to 60% of the incentive depending on the performance of the project. 30% Base rate Corporate Income Tax Credit from 10% up to 25% of eligible investment; Tax benefits up to a 10-year period after the conclusion of the investment. Exemption from Municipal Property Tax, Municipal Tax and Stamp Tax Transactions. Financial grants combined with tax incentives, applied to the same expenses may not exceed 25% of the eligible investment (tax credit + cash grant + loan interest saving). For projects located in Lisbon and Algarve regions, only investments in new activity are eligible up to a limit of 10% of the eligible investment. 10% to 25% Source: Portuguese Government.
41 R&D INVESTMENT FINANCIAL INCENTIVES TAX INCENTIVES SCOPE Investment in R&D activities to develop new products/services or new production methods or processes. ELIGIBLE EXPENSES Costs with technical staff dedicated to R&D activities; Acquisition of services from third parties, including technical and scientific assistance and consulting; Purchase of scientific and technical instruments and equipment (depreciations during project); Costs associated with patents registration and acquisition. NATURE OF SUPPORT Base Rate: 25% of eligible expenses; Bonuses: up to +60 pp according to project scope and company size; Cash Grant: up to 1,000, of incentive; For incentive amount that exceeds 1, , 25% as an interest-free loan and 75% as cash grant. Corporate Income Tax Credit: Base rate: 32.5%; Incremental Rate: 50% of the increase in expenses incurred during that period compared to the average from the previous two fiscal years, up to 1,500, MAXIMUM SUPPORT Financial grants combined with tax incentives, applied to the same expenses may not exceed: 80% of Gross Grant Equivalent for Industrial Research Projects; 60% of Gross Grant Equivalent for Experimental Projects. Source: Portuguese Government.
42 HIRING INCENTIVES INTERNSHIPS TARGET Unemployed aged between 18 and 30 (inclusive), with a qualification level 3. Unemployed aged over 30 and under 45, if registered for at least 12 months at an employment center. FINANCIAL GRANT In EUROS CONDITIONS Qualification High-school Graduate (Level 3) Meal Allowance Work Insurance Salary Support* Total Monthly Support Monthly support for Total Salary. Duration: 9 Months* Vocational High-school Graduate (Level 4) Post High-School Education (Level 5) Bachelor Degree (Level 6) Master Degree (Level 7) ENTITY IN CHARGE Public Employment Service (IEFP). PhD (Level 8) * General rule Source: Portuguese Government. * General rule
43 HIRING INCENTIVES CONTRATO EMPREGO PROGRAM TARGET Unemployed people (registered at employment center for at least 6 months). Unemployed people aged under 29 or over 45, if registered for at least 2 months at employment center. FINANCIAL GRANT One time support* depending on contract type: Permanent contract** Fixed-term contract (minimum of 12 months) * Three payments ** Obligation to maintain the contract for 24 months Source: Portuguese Government. 3, , CONDITIONS This measure is not cumulative with the Exemption of Social Contributions. There are three calls during the year: February, May and October. ENTITY IN CHARGE Public Employment Service (IEFP).
44 HIRING INCENTIVES EXEMPTION OF SOCIAL CONTRIBUTIONS TARGET Young people looking for first job, aged under 30 years. Long-term unemployed (registered at employment center for more than 12 months). TAX EXEMPTION 50% Exemption from payment of Social Security Contributions [23.75%]: Young people looking for first job: 5 years support Long-term unemployed: 3 years support 23.75% CONDITIONS Exemption only applies to permanent contracts. This measure is not cumulative with the Contrato Emprego Program. ENTITY IN CHARGE Social Security. Source: Portuguese Government.
45 EXPATS TAX REGIME + World Class Talent in Portugal. TARGET Qualified Expatriates in (i) high added-value activities, (ii) scientific, artistic or technical activities, and (iii) upper management positions. INCENTIVES FOR EMPLOYEES Flat rate for Income tax of 20% ENTITY IN CHARGE Tax Authority. (plus 3.5%) for 10 years. 20% Source: Portuguese Government, IMD Report 2013, MIPEX III US PORTUGAL CONVENTION FOR THE AVOIDANCE OF DOUBLE TAXATION: FATCA:
46 TOP SUPPORT We provide free of charge Portuguese Government public service aicep Portugal Global is your one-stop-shop. Close to you, to take you further. INVESTMENT PROMOTION AGENCY ONE-STOP-SHOP AGENCY TRADE PROMOTION AGENCY TOP 1 AICEP was recognized as top investment promotion agency in National/Western Europe in the 2017 Best to Invest Top IPA Awards. Source: Site Selection Magazine. TOP 10 AICEP is one of the Top 10 Investment Promotion Agencies that best responds to requests from investors. Source: World Bank. INFORMATION CONTACTS INCENTIVES & GRANTS LOCATION HUMAN RESOURCES BUSINESS PARTNERS INCENTIVES To help you finding the site that suits your project, AICEP will introduce you multiple location alternatives and will bridge you with utility suppliers. To support in the search of human resources and professional training, bridging contacts with Portugal s employment authorities and schools. AICEP will promote contacts with local suppliers and business partners that add value to your project. AICEP will analyse your eligibility to innovation, R&D, production and employment incentives.
47 SITE SELECTION AVAILABLE INDUSTRIAL LAND The country offers a wide range of industrial areas and ready-to-use business parks, with on-site infrastructures and utilities, private or local Government-owned. Through Global Find, a web based search engine for business locations in Portugal, the following sites are identified: 10,436 plots 4,291 available plots 271 business parks AICEP can assist you with the site selection process. Fact-finding tours are organized to the best suited locations in close contact with local authorities. No Parks 1 Park 2 Parks 3 Parks More than 3 Parks
48 STREAMLINED PERMITTING Smooth setting up AICEP Environmental Authorities Land Management Authorities Regional and Local Authorities Ministries AICEP can help! The Portuguese Government launched an Investment Committee to provide permanent support to investors to facilitate the setting up of their business, mainly by providing assistance in obtaining all the permits and licenses required. This Committee consists of different stakeholders in the areas of zoning, environment, industry, etc., and they all get a global panorama of how their individual decisions impact those of others. As a result, a project timeline is agreed upon: this tool comprises all the licensing process and the legal deadlines are thoroughly monitored, as well as the institutions involved at each stage, which then results in accountability: the outcome is a rapid response from the public administration entities while overcoming procedural bottlenecks and speeding up the process.
49 OVERSEAS NETWORK & FDI SCOUTS
50 INVESTINPORTUGAL RIGHT PLACE. RIGHT TIME. Filipe Costa: Portuguese Trade & Investment Commissioner to the Western USA Olga Benquerença: USA & Canada Head of Investment - Portuguese Trade & Investment Agency
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