Notes on matters that arise regularly in our work. They do not constitute legal, tax or investment advice.
Investor categorisation is one of the few points of securities law with immediate and verifiable practical consequences. It is worth understanding what stands on each side of the line.
Two proposals with the same asset, the same price and the same thesis can carry completely different risk profiles. The difference lies in the structure, and the structure is the part that almost nobody reads.
These are two different transactions, with different consequences for the seller and for the buyer. The choice between them tends to be made late, once it has already shaped the negotiation.
These texts describe the general framework applicable in Portugal at the date of publication. Legislation changes. Each particular situation calls for its own advice.