INFORMATIVE NOTES

NOTAS INFORMATIVAS

Communication Depart.
+351 913 018 632
marisa.afonso@martinezechevarria.com
1
 INDEX

Impact of the new consumer rights regime within the real estate purchase Page 3
and sale of real contact

Remote work and remote workers in Portugal Page 5

Golden Visa – the program continues Page 7

“Desirable” Portugal Page 9

Professional support recommendations on real estate transactions Page 11

COP 26 – The urgency of a new climate paradigm Page 13

After the State Budget Page 17

Trends for the future in terms of consumption Page 20

Treasury Support line for micro na small companies Page 22

The furure of money and payments Page 24

Telework – Is it a Yes answer? In what context?... Page 26

Bem-vindo de novo Page 29

Re-open EU

2
Impact of the new consumer rights regime within the Real Estate purchase and sale contrats

Decree-Law No. 84/2021 of 18 October (hereinafter “Decree-Law”) transposed into Portuguese law
the Directive (EU) 2019/771 which aims to contribute to the smooth functioning of the internal market
by ensuring a high level of consumer protection and the Directive (EU) 2019/770 which aims to amend
aspects related to the provision of digital content and services.

In this article, we aim to highlight the impact of the new legal regime applicable to consumer
protection within the scope of the purchase and sale of real estate. So the Decree-Law will apply
whenever the seller is a professional and the purchaser is a consumer in the purchase and sale of
immovable property, which is defined in the Decree-Law as “urban buildings for residential purposes,
which is understood to mean any building incorporated into the ground, with the land that serves as
its back yard, and any movable item attached materially and permanently to the building”.

Therefore, the Decree-Law has extended the legal guarantee period to 10 (ten) years, which means
the vendor/professional will be bound to the consumer concerning the defects in the structural
construction elements of the property sold during that period, and keeping the 5 (five) year period
unchanged for the remaining nonconformities of the property.

3
Regarding the burden of proof, it is up to the seller/professional to prove that the possible invocation
by the buyer of a “lack of conformity” of the property within the guarantee period did not exist,
otherwise it will be presumed that the lack of conformity existed at the time of delivery of the property.

By way of example, property will be presumed not to be in conformity when (i) the professionals’
description of the immovable property does not correspond to the physical reality of the property or
does not have the qualities that the professional presented to the consumer as a model; and (ii) it is
not fit for the purposes for which properties of the same type are habitually used.

Considering the above, the elimination of a deadline for the consumer/buyer to report a possible defect
results in the Decree-Law allowing the buyer’s right to be exercised at any time as long as it is within
the warranty period. Once the defect or lack of conformity of the property is invoked, the
purchaser/consumer is entitled to have the property restored, free of charge, by repairing or replacing
it, or by reducing the price or terminating the contract, unless this proves to be impossible or
constitutes abuse of rights, under the general terms.

Notwithstanding the fact that the deadline for reporting the defect may be made at any time within
the warranty period, the rights of the buyer must be exercised within a period of 3 (three) years,
counted from the report of the defect, under penalty of forfeiture. The deadline is only suspended (i)
during the period between the communication of the lack of conformity to the professional until the
conclusion of the repair or replacement operations; and (ii) during the time period during which the
attempt of out-of-court settlement of the consumer dispute opposing the consumer to the
professional persists.

The matters listed above, included in the Decree-Law, are applied to contracts from January 1, 2022,
the date in which the legal diploma will ente into force.

4
 There are many who dream of being able to associate the possibility of traveling with their
professional activity. The so-called Plan B of life that could become a real Plan A, that is, we can
manage to live wherever and however we want without work being a limitation.

The pandemic brought changes, helped to make employers’ minds more open to the perspective of
telework. There really are jobs and circumstances where it is possible to work at a distance, not just a
few kilometres away, but even thousands of kilometres!

In this context and by 3 Portuguese nationals, the research site Remote Europe was created. The
project came alive to concentrate all pertinent information regarding this topic in a single space. Thus,
it is possible to find in this platform several possibilities and opportunities for remote work
– https://remote-europe.com/. All opportunities listed allow access to candidates who live in any
country in the world.

Portugal is one of the best countries in Europe for those looking for this type of regime: live, spend a
few months or just a few weeks. The climate, the sea, the lifestyle, the accessible technology, attract
many digital nomads. Another issue is related to the incentives and benefits that the country offers to
this type of workers: various possibilities of establishing residence in the country for Europeans and
third state nationals, tax incentives, for example the regime of non-habitual residents, among others,
various spaces and solutions for coworking and coliving and now a greater focus on providing easy
and integrated information.

5
The Nomad List is an international website that highlights the best places to live, work and travel as a
remote worker. The Top 5 on this list includes the cities of Lisbon, Porto and Madeira Island, all in
Portugal. In fact, Lisbon appears in first place, as the best city in the world to live, work and travel as
a remote worker. In reality, the nomad community in Portugal is growing, mainly, but not exclusively,
in major cities. Other places of interest are those close to the sea and close to other existing and
installed communities of digital nomads.

“Digital nomads also seek to meet their own community, investing in the sharing of experiences, in
the tips that they transmit to each other and in the comfort of knowing that they are part of a kind of
“fraternity” that adheres to the same type of life, which is, without a doubt, comforting”, highlights
a national publication.

It is important to continue to develop tax solutions and a specific social protection access system to
better integrate these workers, as well as improve the national network of coworking spaces.
According to the 2021 Expat Insider report, Portugal is the European country with the best ranking,
occupying the fifth place in a list of 59 countries. More specifically, our country is ranked in the top
ten in three of the five indices evaluated: quality of life (3rd place), ease of installation (9th place) and
cost of living (9th place).

From the point of view of establishing short and/or long-term residence, each country has its own rules
for receiving foreigners who intend to settle for work. However, with regard to travel inside the
European Union, the Council of the EU and the European Parliament reached, in December 2020, an
agreement on changes in the European visa system to increase security in the Schengen area,
increasing the possibility of access to short-term and residence permits — necessary for digital nomads,
making sure they are available to those who are really looking for them and fulfil the needed
requirements.

Portugal and the Portuguese are hospitable by nature, soul and principle. We are made of many things
and known for many things, not just fado and custard tarts (which are great)!

6
The legislative change regarding the qualification of Investments to obtain the Residence Permit trough
an Investment Activity – Golden Visa – published in Decree-Law No. 14/2021 of February 12th, will
come into force on January 1st, 2022.

This change introduces some alterations to the current regime and will affect applications that are
submitted after the date of entry into force of the aforementioned Diploma.

The changes are essentially based on the increase in the amounts of minimum capital investment, as
well as the introduction of limitations in the geographical areas allowed for real estate investment for
housing purposes, by promoting inland investment and as such encourage urban requalification and
the cultural heritage.

Thus, as of January 1, 2022, the main differences will be as follows:

1. Transfer of capital (bank deposit, acquisition of public debt instruments of the Portuguese
State, acquisition of securities or other participations) will have a minimum amount of
€1,500,000.00;
2. The transfer of capital invested in research activities carried out by institutions integrated in the
national scientific and technological system, will have a minimum investment amount of
€500,000.00;
3. The acquisition of participation units in investment funds or venture capital funds aimed at
capitalizing companies, goes from a minimum investment of €350,000.00 to €500,000.00;
4. The transfer of capital for the constitution of a national commercial company, with the creation
of 5 permanent jobs, or for the reinforcement of the share capital of an already constituted
national commercial company, with the creation or maintenance of 5 jobs, increases the
minimum investment amount required to €500,000.00.
7
That said, it is important to emphasize that the minimum investment amount for the acquisition of
real estate will not change, maintaining the amounts of € 350,000.00 and € 500,000.00, for
rehabilitation or not, respectively, keeping also, the benefit of reducing this minimum investment
value by 20% if the property is located in an area of low population density.

One of the most significant changes in the scope of real estate investment is related to properties
intended for housing purposes, and its acquisition is only eligible to obtain the “Golden Visa” if they
are located in the autonomous regions of Azores and Madeira islands or in certain inland areas of the
country – https://files.dre.pt/1s/2017/07/13400/0373103734.pdf.Interior.

Nevertheless, properties intended for services, commerce and tourism, such as offices, shops, tourist
apartments, aparthotels and similar, in any part of the country remain eligible for investment under
the aforementioned terms.

Real estate investment funds have been an alternative to the real estate sector, given that this type of
investment allows foreign investors to remain eligible to obtain the Golden Visa, as a way of continuing
to invest in assets located on the coastline and metropolitan areas of Portugal, without resorting to
direct investment in residential real estate assets.

It should also be noted that all renewal processes or requests for family reunification will be
safeguarded, even if requested after January 1, 2022, already under the aforementioned amendments.

All the benefits inherent to obtaining the Golden Visa remain unchanged, namely the extension of the
visa to their household (spouse, children, dependent ascendants and official legal partners), as well as
the possibility for the holder to apply for Portuguese citizenship after 5 years. We take the opportunity
here to highlight the practical success in terms of nationality processes submitted by our offices in
Portugal to Clients who have obtained the Golden Visa, who have already seen their Portuguese
nationality granted.

Considering the changes arising from Decree-Law No. 14/2021, of February 12, it can be said that the
Golden Visa continues to be a very appealing regime.

8
At every corner there will always be an opportunity… on the current days Portugal is no exception to
this statement; on the contrary!

Portugal has all the raw materials to continue to be a desirable area, from North to South. Appealing
labour costs and a secular history are some of the attributes that provide Portugal with advantages, in
terms of competitiveness, to entice anyone that wishes to invest.

It is in areas such as medicine, engineering, technology and industry that we are often referred across
borders. NASA itself makes use of components made in Portugal, not to mention the major car brands,
which continue to contract with companies in located in Marinha Grande area and other locations in
the country, to manufacture parts and equipment for this industry.

We have everything so Portugal can remain desirable in the upcoming years, despite the economic
crises that, cyclically, have been interfering in the path of development. One of these crises, which
shook the international economic and financial sector, took place between 2008 and 2013, and was
overcome with Portugal having to request a rescue and financing packages from the European
Commission, the European Central Bank and the International Monetary Fund. Although this crisis has
left some wounds in the country, everything indicates that the foundations to sustain investments and
investors from the four corners of the world have been strengthened.

9
One of the many opportunities and where there has been high growth relates to opportunities in the
Coworking and Coliving Spaces sectors. The latter is a housing concept that is growing in major cities
worldwide and, according to a study, Portugal is the most attractive European country for this segment
of the real estate market. It is shared by thousands of young people, expatriate workers, researchers
or professionals in the beginning of their careers, looking for a space where they can live without
contractual obligations and perhaps find others who nurture the same interests and ways of being.

Portugal is currently the seventh country in the world with the best level of English proficiency,
according to the EF English Proficiency Index (EF EPI) report – which analyses data from 2 million non-
native English speakers in 112 countries and regions.

The results of the Portuguese exams were this year better than the results of Sweden (8th), Finland
(9th) and Croatia (10th). In a ranking led by the Netherlands for the second year in a row, Portugal
comes only behind Austria (2nd), Denmark (3rd), Singapore (4th), Norway (5th) and Belgium (6th). A
total of 625 points achieved by the Portuguese, the best result ever, after having entered the strict
group of countries with “high proficiency” in English for the first time.

It is important to continue to set goals focused on growth and expansion, offering real investment and
development opportunities, both personal and professional, attracting those who are already looking
for us and others, those who visit and end up staying.

10
Portugal continues to attract foreign property investment and the market is increasingly active and
bustling.

Nevertheless, it is important not to take hasty decisions and all real estate transactions should continue
to be handle with the utmost care and attention. For this reason, it is highly recommended to contact
a Lawyer and an official real estate agent, before entering in any real estate transaction.

These two professionals have complementary tasks and together they guarantee the security of your
investment.

The real estate agent carries out prospecting actions and collects information’s to find the property
desired by the client. In addition, he leads promotional actions, namely through publicity to ensure
that the business occurs more efficiently, quickly and at the best price.

The lawyer, on the other hand, leads the procedures necessary for the legality of the business,
preparing the contracts, analysing the documents, scheduling the deeds, advising and acting legally
on behalf of the Client, along with other tasks, powers and acts that the law determines that can only
be done by lawyers with active registration in the Bar Association and by solicitors registered in the
Solicitors Association.

Due to the duty of independence and technical autonomy, the lawyer cannot perform the real estate
agent tasks, being forbidden, for example, to search for potential buyers for a property or to do
advertising actions for real estate promotion.
11
On the other hand, the real estate agent does not have the competences that the law determines to
belong to the lawyers, and for this reason cannot receive powers of attorney from Clients, nor can
prepare legal documentation or contracts (not even filling in the blank spaces in pre-prepared drafts).

This is a matter of great importance because, according to the law, the practice of legal acts by
someone without legal authorization is a criminal offense punishable with a prison sentence of up to
one year or a fine of up to 120 days (article 7 of Law no. 49/2004, of August 24th).

In addition, the promotion, disclosure or publicity of acts of lawyers or solicitors is an administrative

offence, punishable by a fine, when carried out by persons not authorized to do it (article 8 of Law no.
49 /2004, of August 24th).

The Courts are increasingly aware[1] and the Bar Association has also stated to have the priority to
fight the non-authorized legal practice, and the number of administrative proceedings carried out on
this is growing exponentially.

For these reasons, it is recommended that all the professionals act with special attention and
synergistically, always prioritizing the full satisfaction of each Client’s interests and strict compliance
with the law.

12
After a 12-month delay due to the pandemic, tens of thousands of climate experts and activists gather
for the 26th Conference of the Parties to the United Nations Framework Convention on Climate
Change, known as COP26. The conference is taking place during the first two weeks of November
2021.

The Conference of the Parties (COP) of the United Nations Framework Convention on Climate Change
(UNFCCC) is an annual conference held in late autumn since 1995. It is essentially a formal negotiating
session for countries to move forward with its climate commitments and actions.

In Glasgow, groups of activists and official representatives used their creativity to draw the attention
of those arriving to call for an end to polluting sources. Who still doesn’t know the video released by
the United Nations in its campaign “Don’t choose extinction”? If you haven’t seen it, see it
here: https://www.youtube.com/watch?v=RvRkypY-zJ4

The Paris Agreement, reached at COP21 in 2015, is the crown jewel of the UNFCCC process, as it
gave the world its first universal global agreement on climate change. The Paris Agreement now
provides the framework and guidance for the annual COP negotiations.

The COP26 is thus of extreme importance at the global level as it represents the moment for
stakeholders around the world to collectively fight against the climate crisis, but this COP in particular
comes at a particularly critical time. Climate has risen to the top of the global agenda, with the UN
Secretary General calling the recent report by the Intergovernmental Panel on Climate Change a “red
code for humanity”.
13
Given the devastating climate impacts we have seen this year – droughts and forest fires, severe floods
and sea level rise – countries need to step up their efforts in terms of climate impact reduction. This
COP represents a deadline for countries to submit new and improved nationally determined
contributions (PADs) for 2030 – the pledges made by countries every five years in the Paris Agreement.
A successful COP26, marked by strong country commitments, will be critical to keeping within reach
the Paris Agreement target of limiting warming to 1.5°C above pre-industrial temperatures.

In one of the first meetings, the president of the summit, Alok Sharma, reinforced the requests of the
Secretary General of the United Nations for the world to eliminate the use of coal.

He announced the Global Clean Energy Transition Declaration, a commitment to end investments in
coal and eliminate its use by 2030 in major economies and by 2040 in other countries. The document
also seeks to increase usage and ensure a fair transition to cleaner energy.

The pledge was signed by 77 parties, including countries like Poland, Vietnam and Chile, which
promise to do away with coal for the first time. Alok Sharma said this would help propel the world to
reduce and eliminate emissions and that even more can be done through the establishment of alliances
and coalitions.

However, the declaration did not have the participation of major coal funders such as China, Japan
and South Korea, although they committed last year to eliminate external financing for coal generation
by the end of 2021.

Meanwhile, another alliance that seeks to accelerate the elimination of coal in a sustainable and
economically inclusive way has gained new members, which includes seven countries and 14 financial
institutions.

The governments of South Africa, France, Germany, the United Kingdom and the United States,
together with the European Union, have announced an ambitious new long-term Fair Energy Transition
Partnership to support South Africa’s decarbonization efforts.

US President Joe Biden and European Union Commissioner Ursula Von de-Leyen attended virtually to
officially introduce the partnership.

14
Main issues to be addressed at Cop26

Ambition

All parties to the Paris Agreement were asked to submit updated 2030 pledges (NDCs) by COP 26.
However, current climate commitments still contemplate the prospect of a 2°C increase in global
warming by the end of the century, which would result in catastrophic climate impacts. Every fraction
of degree of heating makes a significant difference. The extreme weather we witnessed all over the
world was caused by 1.1°C above pre-industrial levels. At 1.5 °C – the temperature that many scientists
consider the upper limit of the Earth’s safe zone – hundreds of millions of people will experience
devastating heat waves, droughts, severe weather and sea level rise, and the extinction of an
overwhelming number of species of animals and plants.

It is therefore imperative that COP participating countries close the gap between the current emissions
trajectory and one that would limit warming to 1.5°C. South, Kenya, Bhutan improved their 2030
PADs last year. Several other countries, including China, Russia and Australia, have not submitted new
NDCs or, their updated pledges are no stronger than previous ones. These countries will be und er
pressure to act during COP26.

Finance

At COP15 in Copenhagen (in 2009) and again at COP21 in Paris (2015), developed economies pledged
to mobilize $100 billion annually in public and private financial support by 2020 to help developing
economies chart a sustainable course and dealing with the impacts of climate change. Unfortunately,
it is estimated that climate finance from rich countries to developing economies is still about $20
billion short of its $100 billion pledge. While many developed economies have increased their
contributions – including President Joe Biden’s recent announcement that the United States estimates
$11.4 billion a year through 2024 – there is still a deficit. In response, Germany, Canada and the UK
have published a new report focused on meeting the $100 billion-a-year target, which they estimate
will be reached by 2023 at the latest.

At this conference, the richest nations must demonstrate solidarity and renewed commitment to meet
the climate finance goal they set more than a decade ago. Without progress on climate finance,
developing economies will not have the resources they need to accelerate their transition to clean,
sustainable and climate-resilient economies.

15
Adaptation

As countries grapple with the increasingly devastating impacts of climate change, adaptation will tend
to be the main focus of COP26. “Climate adaptation” refers to the changes that communities will
need to make in response to increasing climate impacts. Strategies for adapting and building resilience
vary widely, from building roads in areas prone to flooding to restoring mangroves to protect
vulnerable coastlines from hurricanes. The UN Secretary General is calling for at least 50% of climate
finance to be devoted to helping the most vulnerable countries adapt to the effects of global warming,
those who are suffering the most devastating consequences of the climate crisis and who have done
little to cause it.

Finalize the Paris Rulebook

Countries are expected to finalize the rules necessary to implement the Paris Agreement (often referred
to as the “Paris Rules Book”), including agreements on common approaches to carbon markets,
transparent national reporting on emissions and common timeframes five years for the submission of
updated NDCs.

According to a United Nations report, air pollution currently causes 7 million deaths per year. According
to the data revealed, 5 air pollutants that contribute to global warming and have a harmful impact on
human health and the ecosystem stand out: PM2.5, ground-level ozone, black carbon and methane.

Last Thursday, discussions focused on initiatives to accelerate the global transition to clean energy.
Several companies that have plans to reduce emissions will find financing. To reach the commitment,
there are guidelines for the companies involved. The guidelines are science-based and “aim to achieve
zero net emissions by 2050, and a commitment to interim targets for a 50% reduction by 2030 and
up to 25% over the next five years”.

Over the past decade, 40 times more money has been used for destructive practices than for forest
protection and sustainable agriculture. At COP26, the commitment signed by more than 30 financial
institutions foresees to change this situation. US President Joe Biden announced that his country is
committed to ensuring the maintenance of biodiversity, protecting indigenous lands and reducing the
risk of disease. The US government’s proposal is to support the recovery of 200 million hectares of
forests by 2030.

It would be interesting if all the world’s powers came together in order to make a difference more
quickly: World, Countries, Companies, Society and each one of us.

16
At the end of each calendar year there is always a lot of expectation about the changes to the tax
system that can be introduced in the State Budget Law.

This year is no exception and after the presentation of the document in the Assembly of the Republic,
we started analysing its content and how the proposed changes could impact the activity of our clients.

And, in fact, there were several proposals for changes that it would be important to reflect on.

For instance, the proposal to encompass the capital gains on equity considered speculative. The
Government intended that the capital gains on equity held for a period of less than 365 days would
be subject to mandatory inclusion. More, it was expected that the inclusion would only be mandatory
when the taxpayer has taxable income, including the amount of the capital gain, is equal to or greater
than the limit value of the last echelon for the IRS tax.

This proposal was (very) dubious in its constitutionality as it can lead to unjustified differences in
taxation between taxpayers, with serious prejudice to the principle of equality.

In connection with this measure, it was also proposed the split the taxation echelons into IRS tax.
Above all, it was important to reflect on the new last level echelon of the IRS, which would be reached
with only €75,009.00. In other words, according to the Government’s view, materialized in the
proposed amendments to the IRS Code, any household with a taxable income above €75,009.00 is so
rich that the application of a rate of 48% is justified.

17
At the level of the IRC, it was proposed the extinction of the obligation of special payments on account
(PEC). The PEC is an advance on account of the tax due and is calculated based on the turnover of the
previous tax period. It is evident that this advance entailed several cash constraints for the companies.
Firstly, because it is calculated based on the turnover, assuming that it would be constant over the
years. However, there are many companies, especially in the real estate sector, in which the activity is
characterized by years of investment (construction) followed by years of income (sale of the finished
construction). In these situations, in investment years, companies had to advance a tax to the State
that was already known not to be owed, reducing their investment capacity and, in extreme cases,
their solvency.

With regard to IRC, an increase from 50% to 85% of the limit of deduction from taxable income of
earnings from contracts that have as their object the termination or use of industrial property rights,
which implies the exemption of these taxation income of up to 85%.

Finally, there are other facts, because omitted, also imply some reflection. In this context, we highlight
the fact that the regime applicable to non-habitual residents has not undergone any change, which is
undoubtedly to be welcomed.

However, the truth is that the proposed State Budget Law did not receive the approval of the Assembly
of the Republic. Therefore, these proposed amendments will not be implemented for the time being.

In some countries, such as the United States of America, such a circumstance – not approving the
Budget – would lead to the paralysis of public services. In fact, in these circumstances, the possibility
of incurring expenses is seriously compromised, so the country, in practice, stops.

In Portugal, there will not be a similar situation. What the Law determines is that the State Budget Law
in force remains in force (in this case, the one approved for the year 2021), but under a regime of
twelfths.

The calculation of the twelfths must be carried out with reference to the amounts established in the
budget maps that specify the expenses. The duodecimal regime is thus materialized through the
monthly setting of the available funds. In this context, it is responsibility of Directorate-General for the
Budget to establish the necessary guidelines for the application of the twelfth regime, which are
disclosed and publicized on its website.

Finally, although on a separate note and to be developed at an opportune time, we cannot fail to note
that the G20 reached an agreement in principle to subject multinationals with turnover above €750
million to be subject to a tax equivalent to the IRC of, for the less, 15%.

18
According to available information, the mechanism, to be adopted by 2030, follows the guidelines of
the OECD, of a system based on two pillars and that addresses the fiscal challenges generated by the
digitization and globalization of the economy.

The first pillar establishes that the volume of the residual profit of the companies (which remains after
the country where they are headquartered has collected the tax corresponding to 10% of the profit)
will be shared among the countries where the companies operate, while the second pillar determines
a 15% minimum tax for companies with a turnover above 750 million euros.

Due to the complexity of the topic, we will soon dedicate an exclusive informative note, in greater
detail.

Martínez-Echevarría Ferreira & Rivera has at your disposal professionals with the technical capacity to
help you find the solution that best suits your personal, professional or business situation so that you
can properly structure your business, economically, regulatory and fiscally, your activity.

19
In 2030, aboard a spacecraft seems to be that……

We are not going to talk about any premiere, but we would like to share with you the results of some
studies carried out within the scope of consumption and advertising perspectives in the future at the
level of companies and their use of increasingly digital platforms.

In terms of digital communication and advertising trends, the consultants WGSN and the Brazilian RTB
House summarize the 5 main trends: Voice Ads, Video Content, Advertisements with context and
Presence on platforms.

According to this study, the future of networks is voice, content in audio format facilitates the
relationship that is intended to be established with the final consumer. On the other hand, the use of
short and creative videos also has considerable growth potential, which has already been seen in
several campaigns. The more platforms, the more opportunities: Siri, Apple’s voice assistant, streaming
platforms, game consoles, among others.

20
In the report “Megatrend Analysis: Putting the Consumer at the Heart of Business”, the consultancy
company Euromonitor International, presents the eight megatrends that will influence the consume r
goods market until 2030. Among the main megatrends we highlight, namely:

• Experience More – tendency to look for more experiences;

• Premiumisation – setting priorities, having more products and services accessible to everyone’s
“pocket”, consumers will spend more on the things that mean the most to them while reducing
spending on those less significant things;
• Ethical Living – the consumer starts to give more value to ethical issues and moral values, that
is, purchase options that include concern for the environment, sustainability, animal welfare and
impact on communities and people’s lives;
• Shopping Reinvented – The change in values and easier access to the internet increases the
level of competitiveness;
• Healthy living – Healthy lifestyle habits have become the rule rather than the exception,
consumers take a more holistic view of well-being, including mental and spiritual well-being in
addition to physical well-being. This focus on health and well-being implies a change in lifestyle in
relation to health care, nutrition, beauty, physical activity and self-care in general;
• Connected consumers – Consumers are increasingly connected using computers, smartphones,
tablets, navigation devices, media players and electronic games to interact with digital content;

In this context, and as both technological advances and consumer expectations are developing fast,
the company Ericsson conducted a survey to find out what people expect from technological devices
in 2030 and what will be their impact on our lives. The 10 main trends go through, namely:

Smart Clothing, which help maintain posture and issue health alerts; Défense of privacy, with
increasing care with the “fingerprint” we leave on networks; Protection in the home environment,
with a greater number of surveillance devices to be used at home; Sustainability, intelligent devices
that alert to changes and weather conditions; Home Office, devices that contribute to the use of the
home as an office and increased connectivity between all these different solutions.

We can conclude that in general the future will be increasingly sustainable in environmental, economic
and social terms. All processes involving the creation and promotion of a product and/or service must
therefore integrate these 3 spheres. Adapting to new trends requires the search for reliable solutions
that address sustainability in a holistic way. The important is to bet on the best for the future of
consumers, society and the environment, adding value for everyone.

The information provided in this information note is provided in a general and abstract manner, not
substituting the use of appropriate legal advice for the resolution of specific cases. If you want
additional clarification, please contact us using the available means.

21
The economic impact of the COVID-19 disease outbreak on the tourism sector and the unpredictability
of its duration, justified the creation of a line of financing that acts in complementarity with other
support measures for companies approved by the Government, in order to respond to the temporary
needs of having an operating fund for micro and small companies, safeguarding their full activity and
their capital.

Thus, the Law approving the State Budget for 2021 determined the creation of a treasury support line
for micro and small businesses (MPE Support Line) that are in a situation of business crisis, under the
terms provided for in the Decree-Law No. 6-C/2021, of January 15th, in its current wording.

Consequently, on September 14, 2021, Ordinance No. 192-A/2021 entered into force, which
regulates the Treasury Support Line for Micro and Small Companies, aimed for Micro and Small
Businesses and Entrepreneurs, with PME certification and organized accounting.

This line, managed by IAPMEI – Agency for Competitiveness and Innovation, has an initial allocation
of €100,000,000 to finance treasury needs, in the form of a refundable subsidy, with a maximum
support limit of €75,000 for small business companies and €25,000 for micro companies,
corresponding to the value of €3,000 for each job in the company in the month immediately preceding
the submission of the application, multiplied by three.

The financial support is repaid within a maximum period of 4 years from the date of the respective
contract, including a grace period of up to 12 months and a fixed interest rate of 1.5%.

22
Companies that use this credit line undertake to maintain the number of jobs, existing on October 1,
2020, for a minimum period of 1 year after the granting of the financing, and it is not possible,
during this period, to advance with collective dismissals, dismissals for extinction of the work
position or dismissal due to inadequacy.

The beneficiary entities will also not be able to make distributions of dividends while the grace period
of the loan capital is in force.

As eligibility conditions for beneficiaries, are companies that, at the time of application, meet the
following conditions:

– Start of activity after January 1, 2019 and until September 30, 2020;

– Regularized situation with AT, Social Security, IAPMEI, Banking institutions and Banco Português de
Fomento, SA;

– Not having an entity with headquarters or effective management in countries, territories or regions
with a clearly more favourable tax regime (offshores);

– Do not have financing operations, approved or contracted, within the scope of a credit line or sub-
line with a mutual guarantee created or supported by the Fundo de Contragarantia Mútuo to support
the normalization of the activity of companies, at the date of submission of the application;

– Have made mandatory registration in the Central Register of the Effective Beneficiary (if applicable).

Micro and Small Companies that meet the conditions described above can already submit their
application, from September 15, 2021, in electronic format, drafted and approved by IAPMEI, IP, with
support granted until 31 December 2021.

The information provided in this information note is provided in a general and abstract manner, not
substituting the use of appropriate legal advice for the resolution of specific cases. If you want
additional clarification, please contact us using the available means.

23
We ask those reading this article the following question: how long has it been since you used cash to
make a certain payment? How long ago did you discover that your mobile devices, sports bracelets
and watches, android or iPhone, can make a payment with one touch?!…

Payment through so-called paper money is something that will tend to fall out of use. In other words,
digital money and cryptocurrencies are no longer part of the distant universe of futurology and already
exist in our everyday life. Digital economy giants such as PayPal, already allow their users to pay using
cryptocurrencies, or Tesla — accepting the best known of cryptocurrencies, Bitcoin, as a mean of
payment for their electric vehicles.

The tendency to replace physical money with other forms of payments that do not involve banknotes
or coins was already felt long before the pandemic, but here, too, the health crisis ended up
accelerating its growth around the world. The so-called cashless society was installed for good.

The payment using cards, credit or debit, was, for a long time, the most common form of payment
without physical money. New technologies that allow cashless transactions began to emerge, for
example: mobile phone applications, QR Codes, giftcards, among others.

24
Several studies indicate that in the year 2023, around 1.3 billion people will make at least one payment
via mobile device. Contactless payments will triple worldwide, combining this form of payment with
transactions carried out via mobile devices.

In Portugal, this cashless reality is not as strongly implemented as in other European countries, however
we are witnessing the massive use of contactless cards due to the pandemic. At the end of 2020, this
technology had grown by 163% in the number of transactions and 271% in value transacted, reaching
a weight of 32% in total card payments, according to data available on the Banco de Portugal website.

The market was prepared for the increase of online and contactless and also for the increase in the
use of home banking and apps. When we talk about cashless payments, we are talking about many
and diverse forms of payment, all of which do not require the presence of physical cash, and which
go far beyond traditional and contactless cards.

All this technology will inevitably lead to the disuse of physical currency, thought it will not cease to
exist because we have different levels of evolution in the various countries of the world. Here too,
pandemics aside, new habits set in and a new normal is created. If it’s easier, more hygienic, equally
safe and faster, then we’re facing the future! Time will always be a unique resource, it cannot be
replaced or accumulated, it must be used in a thoughtful and prudent way, resorting to strategies
– less that increase our productivity.

The information provided in this information note is provided in a general and abstract manner, not
substituting the use of appropriate legal advice for the resolution of specific cases. If you want
additional clarification, please contact us using the available means.

25
It was on March 2, 2020 that the first positive case of infection by SARS-CoV-2 was registered in
Portugal. On March 18, the President of the Republic decreed a state of emergency in Portugal, given
the exceptional situation of public health worldwide and the proliferation of registered cases of
contagion by COVID-19. Three months later, in June, the new coronavirus had already infected 0.32%
of the Portuguese population. We were forced and we found ourselves restricted, closed at home,
respecting the confinements decreed in the last year and a half in Portugal. Other countries, the world
in general, were forced to take similar measures to avoid and minimize contagion. An authentic
LOCKDOWN, an expression widely used by everyone, from 6 to 100, from north to south.

A new reality, a new way of being, a new opportunity, a new mentality (is it?!) – The “tele mode”.

Nevertheless, there are many professions and professionals who had to continue with their daily
routines, without the possibility of Telework, so that the country and the world would not stop. We
speak, as an example, of the Logistics and Distribution of products in the food sector; Public or Private
Services and in the area of Health; Social Communication; Telecommunications; Transportation; even
the simple gas pump used to get us moving. Worldwide, all these people who helped us, and whom
we continue to recognize and thank, had to be extra careful to avoid any kind of contagion, minimizing
the risk of propagation in the physical spaces of companies and in their homes and family core.

26
The need for containment to avoid contagion in work areas in closed spaces, reducing the number of
workers physically present, forcing the carrying out of shifts, alternating days when traveling to
companies, led the President of the Republic and the Portuguese Government to deliberate new
measures such as the obligation to work from home whenever possible. This contingency situation
will be in effect at least until 23:59 hours of September 30, 2021.

A difficult measure to say the least for the sake of a greater good: “Stay Safe While Working From
Home”.

Making use of existing knowledge and technology, turning it more accessible, favouring the digital,
people and companies learned and improved. It was realized that we could speak at a distance, in
many cases with more success and continue to provide the company services to our customers – we
too created our motto: At a distance, but close.

Measures like this became viral in our daily lives, indirectly not only as a working tool to conveniently
develop daily tasks, which will be predominant from this century on. Most companies are committed
to improve their digital tools and the flexibility of their resources and are already aware of what is
about to come in the next years. Currently, achieving full motivation of an employee for the good
development of their daily tasks, and at a distance, is the main objective. Not only does the
remuneration factor count, from the perspective of maintaining all the rights, but also the spirit of
belonging to a certain brand, to a certain project. It is necessary to outline human resources and
communication strategies, betting on a model of hybrid possibilities, a kind of “emotional salary” that
adds to the “traditional salary” and which in the end can add to productivity.

Large brands went public announcing that they “shortened” the work week to 3 or 4 days, others
kept the 5 days, but with the possibility of some being teleworking. There are several models and
studies that seem to indicate that, in the end, nothing remained to be done and that, in some sectors,
even more was done. Why? Because individually everyone has a better quality of life, feeling more
important. “João” is already able to pick up his son from school on Tuesdays and Thursdays, “Miguel”
goes to the gym more often, “Luisa” is happier, calmer and little “Alice” has gained a better quality
of life. And today’s little Alice will be tomorrow’s Miguel, João and Luisa!

There is still a lot to analyse, to discover, and we will certainly return to the topic, as figures involved
in this entire everyday soap opera. At a time when the country is experiencing more deconfinement
measures, we feel the return to offices, but we also feel that many will want to continue working from
home, either every day or in a hybrid regime. It is therefore important to talk about rules, duties and
rights, about the law, more precisely about regulation. Some proposals for regulation of teleworking
were presented in the Assembly of the Republic on September 17th and will be discussed in the week
of October 4th. This request for analysis and regulation opens the way for the approv al of a new legal
framework for telework.

27
According to data published this Thursday by Eurostat, on average, in the European Union, 12% of
workers were teleworking in 2020. In the capitals of the Member States, the remote modality had a
greater presence: the most significant rises in share of the population employed in telework was
recorded in Brussels, Walloon Brabant and Helsinki. “These regions are followed by the capitals of
Denmark, Germany, Spain, France, Italy, Austria and Portugal”, highlights the statistics company. In
contrast, working from home was less common in the Eastern and Southern regions of the European
Union.

Nowadays teleworking is still recommended, whenever the functions are compatible. We await news
in this area, both at the legislative level and at the social and corporate level. Until then, we offer and
welcome the principle of change, when resulting in a perspective of improvement and learning.

The information provided in this information note is provided in a general and abstract m anner, not
substituting the use of appropriate legal advice for the resolution of specific cases. If you want
additional clarification, please contact us using the available means.

28
It will never be too much for us to continue informing which measures are still being imposed by the
EU and the Portuguese government, in the context of the pandemic caused by the spread of the
COVID-19 virus.

The Ministry of Foreign Affairs makes available on the Portal of Portuguese Communities a leaflet
aimed at travellers to Portugal* with a set of advice for traveling to Portugal so that it can be
programmed and implemented without any hassles. Frequently asked questions** and corresponding
answers are also available.

It is recommended that the decision to travel is based on the guidelines provided by the Ministries of
Foreign Affairs or equivalent in the country of origin. Citizens must remain alert to the existence of
possible restrictions on entry and movement in other countries. It is recommended to frequently
consult the portals of the authorities of the transit countries and the General Guidelines for Travelers
at the Portal of the Communities.

*https://portaldascomunidades.mne.gov.pt/images/GADG/Viajar_para_Portugal__Vers%C3%A3o_51
_01.09.2021.pdf

**https://portaldascomunidades.mne.gov.pt/pt/noticias/faq-s-viagens-para-portugal-conselhos-aos-
emigrantes

29
Entry by AIRPLANE or by SEA, in Mainland Portugal

ALLOWED (Essential and non-essential trips)

Countries of the European Union or of a State associated with the Schengen Area (Liechtenstein,
Norway, Finland and Switzerland), Albania, Saudi Arabia, Armenia, Australia, Azerbaijan, Bosnia-
Herzegovina, Brazil, Brunei, Canada, China, South Korea, States United States of America, Japan,
Jordan, New Zealand, Qatar, United Kingdom, Republic of Moldova, Serbia, Singapore, Taiwan,
Ukraine and the special administrative regions of Hong Kong and Macao.

• RT-PCR test (or similar NAAT test) – 72h before boarding, or Rapid Antigen Test – 48h before
boarding, or valid EU COVID Digital Certificate;
• Children under the age of 12 do not need to present test;
• All passengers must complete the Passenger Locator Card (individually) before departure to Portugal
or on board, available at: https://portugalcleanandsafe.pt/en/passenger-locator-card.

LIMITED, India, Nepal, South Africa (essential trips only)

• RT-PCR test (or similar NAAT test) – 72h before boarding, or Rapid Antigen Test – 48h before
boarding;
• Complete 14 days of prophylactic isolation upon arrival in Portugal;
• Children under the age of 12 do not need to present test;
• Before entering the country, they must register at https://travel.sef.pt.

Azores

ALLOWED (Essential and non-essential trips)

• RT-PCR test (or similar NAAT test) – 72h before boarding, or Declaration of Immunity (for those who
have already had COVID-19, for example), or valid EU COVID Digital Certificate;
• Passengers can take a free test on arrival and wait for the result in prophylactic isolation (between
12 and 24 hours);
• Children under the age of 12 do not need to be tested or to present a test;
• Anyone who does not have a Digital Certificate of vaccination or recovery, extending their stay for
7 or more days, from the 6th day from the date of the first screening test to SARS-CoV-2, must contact
the health authority of the municipality in which they are staying, to schedule a new test;
• All passengers, except holders of the EU COVID Digital Certificate of vaccination or recovery, must
complete a pre-questionnaire, available at https://mysafeazores.com.

30
MADEIRA

ALLOWED (Essential and non-essential trips)

• RT-PCR test (or similar NAAT test) – 72h before boarding, or Vaccination certificate (complete
vaccination schedule 14 days before entering Portugal), or Declaration of Immunity (for those who
already had COVID-19), or valid EU COVID Digital Certificate;
• Carry out a test on arrival and wait for the result in isolation (between 12 and 24 hours until the
result is obtained);
• Carry out voluntary isolation, for a period of 14 days, at home or in an hotel establishment;
• Children under the age of 12 do not need to be submitted to a test or to present any test result;
• Passengers must register at https://madeirasafe.com.

Arriving in Portugal by land, by train

There are no restrictions on movement, except for citizens from India, Nepal and South Africa in the
last 14 days:

• Must comply with a period of prophylactic isolation of 14 days at home or in a place indicated by
the health authorities;
• Before entering the country, they must register at https://travel.sef.pt.

To plan your trip to Europe keeping “Clean & Safe”, the “EU reopened” provides information on the
various measures in place ( https://reopen.europa.eu/pt ), including the requirements for quarantine
and testing for travellers, the EU COVID Digital certificate to help you exercise your right of free
movement, and mobile applications for locating and warning coronavirus contacts. The information is
updated frequently, available in 24 languages and can be downloaded via Google Play and App Store.

31