Banco Montepio Sees Deposits, Loans Growing in Next Three Years
Portugal's oldest bank sees deposits and credit growing about €4 billion ($4.6 billion) in total in the next three years, Chief Executive Officer Pedro Leitao said in an interview in Lisbon. Demand remains strong in sectors including tourism and housing, he said.
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Yahoo
3 hours ago
- Yahoo
Flying to Portugal in August? Airport strikes could derail your summer holiday plans
Travellers heading to Portugal this summer are being warned to expect weekend delays and cancellations as airport staff strike across the country throughout August. Aircraft servicing, baggage handling and check-in teams are walking out every weekend this month over low pay, unpaid night shifts and parking disputes following British-owned Menzies Aviation's takeover of Groundforce operations. Airports in Lisbon, Faro and Porto, as well as Madeira, Porto Santo and the Azores, are all affected, with disruptions impacting flights during the height of the summer season. Travellers advised to check before flying The UK Foreign, Commonwealth & Development Office (FCDO) has cautioned that the collective action over weekends in August could lead to significant delays. Portugal's airports managing company ANA has issued similar advice, warning that several airlines – including state-owned carrier TAP – are likely to be affected. Passengers should be ready for more weekend disruption as soon as tomorrow, with the third of the five planned strikes set to begin: 15 to 18 August 22 to 25 August 29 August to 1 September Flights have already been delayed and cancelled The strikes have caused chaos at Portugal's busiest airports. On the first weekend, Lisbon's Humberto Delgado Airport scrapped more than 70 flights. The second wave from 8 to 11 August brought more headaches with eight flights to Lisbon cancelled. Long delays also held up departures. According to union sources cited by Lusa News Agency, around 25 flights left without passengers' checked bags, too. The standoff has sparked a bitter public feud between Menzies and the Metallurgical and Related Industries Union (SIMA), which represents the striking employees. Related Self-service bag drops and electronic tags: Why airlines are now less likely to lose your luggage EU to ban airlines from charging extra for hand luggage: What does this mean for passengers? 'We were forced into this situation by the intransigence of the current management, represented by its vice-president Rui Gomes, who opted for confrontation instead of dialogue, refusing solutions that respected workers' rights and the interests of the country,' SIMA leader Carlos Araújo said in a statement earlier in August. 'In the middle of the high tourist season, Menzies and TAP have chosen to turn their backs on their professionals, customers and all those who visit Portugal, with an arrogant, irresponsible and calculated attitude.' Meanwhile, Menzies said plans were in place to keep operations running and insisted the company respects the law and workers' rights. A spokesperson for Menzies told Lusa that the union '[insists] on promoting a distorted narrative based on unfounded allegations.' Chaos reigns across European airports Portugal's strikes are just one part of a summer of disruption across Europe. Italy endured a four-hour nationwide airport strike on 26 July, after earlier walkouts forced 73 flight cancellations in one day across Milan, Venice and Naples. Spain has already seen disruption from Volotea's crew and pilots, who staged a strike on 26 July, affecting flights to more than 100 destinations. Now, from 15-17 August, airports across Spain expect more delays, as more than 3,000 workers at Azul Handling – part of the Ryanair group – have planned a walk-out at 12 airports. The strikes are expected to continue weekly through December. But few strikes have had the impact of those in France. Air staff strikes in July forced airlines to cancel thousands of flights, affecting more than 1 million passengers. Ryanair CEO Michael O'Leary slammed the strikes as 'holding European families to ransom' and called for EU action to protect travellers. Related Ryanair baggage handlers call strikes at Spanish airports from August: How will it affect my flight? Ranked: These are the best airports in Europe for punctuality and passenger experience Holidaymakers heading to Portugal or elsewhere in Europe are advised to leave extra time at airports, monitor announcements from airlines and expect delays at major hubs. With strikes coinciding with peak-season travel, this summer's ongoing disruptions serve as a reminder of how quickly holiday plans can be blown off course.
Forbes
a day ago
- Forbes
Portugal Golden Visa: Americans Benefit From Key Court Ruling In 2025
Aerial view of Poiso forest, Madeira Island, Portugal. getty The Portugal golden visa program has become a top choice for Americans seeking residency abroad, and recent constitutional rulings have further strengthened the program. In 2024, Forbes named Portugal the best golden visa program for investors because of the speed towards citizenship, coupled with the minimum requirement of spending two weeks in the country every year. Like every other EU golden visa, holders have access to free movement in all 27 EU countries and the Schengen area beyond, but Portugal also offers a great healthcare and education system, and social services. When Spain closed its program, both Portugal and Greece were big winners. For example, Greek government figures highlighted a monthly increase in American applications from 302 to 383 by November 2024. (Greece has one of the fastest golden visa processes, granting residency within 60 days.) By June 2025, the Portuguese government had seen a 72% increase in approvals, with Americans being the main recipients, according to information from the country's Agency for Integration, Migration, and Asylum, AIMA. The government approved a record number of applicants, 4,987 more than the previous year. Portugal's golden visa program has raised more than $7.2 billion (€7 billion) since it was created in 2012, and most participants have been Chinese, Brazilian, and U.S. nationals. Non-Europeans can apply for fast-track residency through various options in Portugal, including a minimum $525,000 (€500,000) investment in eligible funds. The program allowed people to apply for citizenship five years after enrolling in the golden visa program. Vida Capital is a Lisbon-based golden visa fund that has seen an immense increase in American interest in gaining Portuguese citizenship over the past year—a 571% increase in traffic from the U.S. in the first half of 2025 compared to the first half of 2024. Since 2019, the foreign population in Portugal has almost tripled to 1.6 million, which accounts for about 15% of the total population, as per Portugal's Agency for Integration, Migration and Asylum. In June 2025, the government announced plans to toughen up on how people gain residency, and it was unclear how that would impact the golden visa program. For example, the government voted to extend the period required for a foreigner to obtain citizenship to as many as 10 years from the current five (reduced to seven years for individuals hailing from the so-called Community of Portuguese Speaking Countries, such as Brazil). The government also voted on introducing a need to really understand the Portuguese language and culture before acquiring a passport. Vida Capital has seen a 116% bump in U.S. traffic since the government announced citizenship these changes in June. The Constitutional Ruling Favours The Portugal Golden Visa Program The Portuguese constitutional courts this week blocked several proposals of the upcoming Foreigner's Law that the government was planning to introduce namely that all immigrants to the country would have to undergo a two-year waiting period before bringing family members to Portugal and limiting reunification to spouses and minor children. The court upheld the rights of golden visa applicants and added that AIMA must continue processing golden visa family reunification applications under the existing favorable rules. Alex Ohnona, co-founder of Vida Capital said, "the constitutional court's ruling this week actually strengthens the case to move forward now. It signals that golden visa investors will maintain their special status, including family benefits, regardless of broader immigration reforms." Tomás Assis Teixeira, a partner at CCA Law in Porto, agreed that the ruling reinforced the golden visa status. "The Court notably didn't challenge the privileged treatment of golden visa holders compared to other visa types, and specifically preserved full family reunification rights for golden visa investors, including spouses, children, and dependent parents. This demonstrates Portugal's commitment to maintaining the programme's competitive advantages." Joana Mendonça, General Counsel of Global Citizen Solutions, a consultancy specializing in residency and citizenship by investment, added that "by upholding differential treatment for investors and skilled professionals, the court has confirmed that strategic economic policy objectives can coexist with constitutional equality principles when properly structured." The Arguments For And Against A Golden Visa Program Golden visa programs allow non-nationals to gain citizenship or residency in a country through investment. Critics argue that golden visas allow applicants to bypass residency requirements that apply to the rest of the population, such as language proficiency and the need to be in a country for a specific duration before applying. Many EU countries have closed their programs because critics also argue that they sometimes enable corruption, money laundering, and tax evasion. Advocates argue they bring in outside investment, injecting much needed foreign capital into a country's economy. Another reason golden visas are seen as divisive is that one of the ways that many golden visa programs offer residency is in exchange for investment in real estate. Analysts and incensed locals see these as one of the main contributing drivers of increased property prices. In 2023, Portugal removed the part of the program that offered golden visas through real estate purchases, and it was a contributing factor as to why Spain closed its program entirely in April 2025. Spanish Prime Minister Pedro Sánchez said that the vast majority of these visas, 94%, were granted in connection with real estate investments in already strained housing markets. The current surge in American interest stems from many affluent families looking for a Plan B in respect of residency. However, as Forbes noted in 2025, U.S. applicants need to consider the additional cost of application fees, biometrics, and residence card issuance fees, due diligence costs, and renewal fees (every 2 years). Americans would also be liable for double taxation if they were to stay in Portugal for more than 183 days a year. Plus, to obtain actual citizenship, a language level of A2 in Portuguese would be required, as would a clean criminal record. One thing is clear, however. With European programs few and far between, interest in the Portugal golden visa will endure. Indeed, some industry insiders would go further, believing that the ruling might allow for the introduction of more favorable elements that would make it even more attractive. MORE FROM FORBES Forbes Here's How Retirement Visas For U.S. Expats Compare, Based On New Data By Alex Ledsom Forbes What It Means To Be Wealthy In Panama By Alex Ledsom Forbes The Prettiest Village In France, Voted By The French—In Pictures By Alex Ledsom
Yahoo
2 days ago
- Yahoo
Azvalor Iberia FI Significantly Reduces Stake in Elecnor SA by 84.71%
Exploring the Strategic Moves of Azvalor Iberia FI (Trades, Portfolio) in Q2 2025 Warning! GuruFocus has detected 6 Warning Signs with XMAD:TUB. Azvalor Iberia FI (Trades, Portfolio) recently submitted its report for the second quarter of 2025, shedding light on its strategic investment decisions during this period. Azvalor Iberia FI (Trades, Portfolio) is a mutual fund that focuses on undervalued equities within the Spanish and Portuguese stock markets, catering to investors with a long-term perspective. The fund invests over 75% of its assets in equities, with a portfolio primarily composed of Spanish and Portuguese companies listed on secondary markets. The fund adheres to the principles of value investing, seeking companies with sustainable competitive advantages, high return on capital employed, and quality management teams. Managed by Fernando Bernad, the fund aims to achieve satisfactory and sustained returns over time, favoring investors with a long-term horizon. Summary of New Buy Azvalor Iberia FI (Trades, Portfolio) added a total of 5 stocks, among them: The most significant addition was Distribuidora Internacional De Alimentacion SA (XMAD:DIA), with 76,567 shares, accounting for 4.21% of the portfolio and a total value of 2.05 million. The second largest addition to the portfolio was Inmobiliaria Colonial SOCIMI SA (XMAD:COL), consisting of 212,812 shares, representing approximately 2.62% of the portfolio, with a total value of 1.28 million. The third largest addition was Grifols SA (XMAD:GRF), with 71,111 shares, accounting for 1.51% of the portfolio and a total value of 736,000. Key Position Increases Azvalor Iberia FI (Trades, Portfolio) also increased stakes in a total of 6 stocks, among them: The most notable increase was Repsol SA (XMAD:REP), with an additional 192,855 shares, bringing the total to 504,061 shares. This adjustment represents a significant 61.97% increase in share count, a 4.92% impact on the current portfolio, with a total value of 6.27 million. The second largest increase was Melia Hotels International SA (XMAD:MEL), with an additional 160,824 shares, bringing the total to 476,371. This adjustment represents a significant 50.97% increase in share count, with a total value of 3.39 million. Summary of Sold Out Azvalor Iberia FI (Trades, Portfolio) completely exited 3 holdings in the second quarter of 2025, as detailed below: Mapfre SA (XMAD:MAP): Azvalor Iberia FI (Trades, Portfolio) sold all 363,042 shares, resulting in a -2.32% impact on the portfolio. Mota-Engil (XLIS:EGL): Azvalor Iberia FI (Trades, Portfolio) liquidated all 190,117 shares, causing a -1.45% impact on the portfolio. Key Position Reduces Azvalor Iberia FI (Trades, Portfolio) also reduced positions in 5 stocks. The most significant changes include: Reduced Elecnor SA (XMAD:ENO) by 131,489 shares, resulting in a -84.71% decrease in shares and a -5.52% impact on the portfolio. The stock traded at an average price of 20.02 during the quarter and has returned 32.79% over the past 3 months and 66.61% year-to-date. Reduced Tecnicas Reunidas SA (XMAD:TRE) by 136,824 shares, resulting in a -29.47% reduction in shares and a -4.02% impact on the portfolio. The stock traded at an average price of 16.81 during the quarter and has returned 32.13% over the past 3 months and 88.43% year-to-date. Portfolio Overview At the second quarter of 2025, Azvalor Iberia FI (Trades, Portfolio)'s portfolio included 16 stocks. The top holdings included 13.54% in Tubacex SA (XMAD:TUB), 13.16% in Tecnicas Reunidas SA (XMAD:TRE), 12.86% in Repsol SA (XMAD:REP), 12.54% in Prosegur Cash SA (XMAD:CASH), and 8.14% in Allfunds Group PLC (XAMS:ALLFG). The holdings are mainly concentrated in 9 of the 11 industries: Industrials, Basic Materials, Financial Services, Energy, Consumer Cyclical, Communication Services, Healthcare, Consumer Defensive, and Real Estate. This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
