Filipa Pinto Carvalho, co-founder of RedBridge Lisbon, says in an interview with Lusa that changes to the Nationality Law have played a role in slowing some investment decisions from the United States.
Set up four years ago, RedBridge is a community of entrepreneurs, professionals and investors that is establishing itself as a platform between Portugal and the US.
Asked whether she feels that tense geopolitical relations between US President Donald Trump and Europe have had an impact on this community, Pinto Carvalho – who is also co-founder of AGPC and Here Partners and vice-president of ANJE – says they have not.
“From the perspective of the RedBridge community itself, I do not feel there was that impact; in fact, I think quite the opposite,” says Pinto Carvalho, who was taking part in the SIM Conference in Porto, an event organised by Startup Portugal.
RedBridge “was created to bring Lisbon and Silicon Valley closer together, which is why there is this very strong connection to California,” and “there has been a strong trend of people from California coming to Portugal” that has not eased, she adds.
“My experience, both at RedBridge and at AGPC, the law firm that is essentially where I come from and what I do, has been advising foreign clients on coming to Portugal or investing here,” she explains.
Asked what makes Portugal attractive to Californians, Pinto Carvalho highlights the balance “between seeking a different lifestyle”, while still being in a central location from which they can connect with other capitals and continue to do business. She adds that “there is also activity for those who are more connected to the startup and technology sector”.
She also notes that “there is a feeling of a flourishing energy in this ecosystem here in Portugal; I am often told it looks like Silicon Valley 30 years ago”.
Americans started coming to Portugal because they were "very attracted by policies like the 'golden visa' and the NHR [Non-Habitual Resident] regime, and I think that served as a factor in sparking interest."
“In fact, I would even say that now I see more Americans genuinely willing to invest in startups here and to get involved in the ecosystem than perhaps a few years ago,” she continues. “So I am confident that this is the beginning of a trend that will grow.”
The conflict in Iran has also not affected the arrival of Americans in Portugal, but the changes to the Nationality Law have generated “uncertainty and insecurity”, she says. “I would say that this has been a factor that has put the brakes on investment decisions,” Pinto Carvalho acknowledges.
“My experience is even more with AGPC, with my firm, because we advise these clients on making investments here. A large share of our clients are from the US,” she notes, adding that “there is great frustration with this announcement” of changes to the Nationality Law and how it affects people.
This is because “there is a sense of a breach of contract that the State had with these investors”, who maintained residency in Portugal and “could be eligible for citizenship after five years”, she says.
Now, the new law has extended that timeframe. “Whether these new investors will go ahead with investments or hold back in the face of these changes, the coming months will tell,” Pinto Carvalho says.
On RedBridge itself, she stresses that the club has been growing. “We already have cases of investment that have taken place between American investors and Portuguese projects because they met at RedBridge,” she says.
At this year’s annual event in San Francisco, RedBridge is working with the San Francisco consul, AICEP, Startup Portugal and Unicorn Factory, and will be bringing several founders. Details will be announced on 28th May at the Crossing the Bridge event, where they will discuss how founders scale to the US.
