Lexology Panoramic: Foreign Investment Review 2025

Pedro Gouveia e Melo, Philipp Melcher and Luísa Amaro de Matos signed the Portugal chapter of the Lexology Panoramic: Foreign Investment Review guide, published annually, which compiles insights from specialised lawyers from various jurisdictions on foreign investment review regimes at a global level.

This chapter covers the following topics:

• Legal regime and policy framework: Detailed explanation of Decree-Law 138/2014, which establishes the mechanisms for reviewing and approving foreign investments in strategic sectors.
• Sectors covered: Identification of the areas subject to government review, including critical infrastructure, defence, energy, transport and telecommunications.
• Review procedures: Analysis of the stages of the review process, from the voluntary submission of non-opposition requests to the possibility of ex officio review by the government.
• Evaluation criteria: Factors considered in the decision to block or approve foreign investment, including threats to national security and the provision of essential services.
• Trends and updates: Discussion of possible future changes to the review regime, based on the European Commission's regulatory proposal for a new framework for screening foreign investment in the EU.

The firm's participation in this publication reaffirms our commitment to providing specialised and up-to-date advice on the regulatory framework for foreign investment in Portugal, enabling national and international investors to better understand the demands and challenges of the market.

See the chapter in the annex below.