Portugal now pushing to attract UK expat talent and investment

Portugal is looking to grab talented UK expat entrepreneurs as well as potential investment now that Brexit is a certainty.

The Portuguese government has set up a task force focusing on attracting investment and expat professional talent planning to leave the UK once Brexit is a done deal. The country is looking to snare British companies pondering a move to Europe now that there’s no going back on the 2016 referendum result.

Many London-based companies are now seriously investigating a move to continental Europe, including those in the financial sector who’re unsure of the EU divorce’s effect on the rules of business and the UK as a leader in the sector. For Portugal, an increase in foreign investment will ease its still ongoing transition from its 2014 debt crisis-based international bailout, but the EU member state still needs economic growth.

The country has always been a popular destination for British would-be expat retirees seeking a refuge from cold British winters and ever-increasing costs, although how long-stayers will fare once the UK is finally out of the EU is uncertain. A good number of UK incomers already have business interests in Portugal, with attracting more SMEs as well as larger companies and entrepreneurs seen as a positive move as regards ongoing growth.

At present, the state’s task force focus will be on direct foreign investment, using a strategy of promoting factors which differentiate it from other EU business destinations. Human resources and the country’s geo-economic position giving an ease of travel between Europe, America, Africa and the UK are all being pushed as reasons for a corporate move, and low rents along with a reasonable cost of living are expected to draw expatriate talent to its cities.