PORTUGAL TRENDS AND DEVELOPMENTS Contributed by: Francisco Lino Dias, Ricardo Reigada Pereira, Sofia Nogueira Leite and Tamara Martins da Fonseca, PLMJ
Changes to the asset management law The asset management regime was approved in April 2023. This constituted a significant amend - ment to the national legal framework governing collective investment and management compa - nies. It established a distinction between large and small management companies, depending on the amount of assets they manage. More than a year later, an amendment was approved to clarify that large management companies can invest more than the legally required own funds, to the extent this investment is related to their main activity and there are measures against conflicts of interest.
Repeal of measures introduced by the “Mais Habitação” programme concerning the legal framework for the operation of local lodging establishments • The extraordinary contribution to local lodg - ing (formerly set at 15%) was revoked. • The determination of the vetustez (deprecia - tion) coefficient applicable to local lodging establishments for the purposes of assessing the Municipal Property Transfer Tax (IMI) was revoked. • Registrations will no longer have a term (which was previously limited to five years, renewable for equal periods). • The general suspension of new registrations for local lodging in apartments and accom - modation ( hospedagem ) establishments within autonomous units of buildings has been lifted. • There will be no re-examination of registra - tions in 2030.
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