Victoria Associates

07/10/2025

Introduction: The Non-Discrimination Principle in Investment Protection

The National Treatment (NT) and Most-Favoured-Nation (MFN) clauses are central pillars of Portugal’s bilateral investment treaty (BIT) practice, designed to ensure that foreign investors are not placed at a disadvantage compared with domestic or third-country investors. Although both standards pursue the objective of non-discrimination, their formulation and interpretation in Portuguese treaties reveal a deliberate evolution, balancing openness to foreign capital with the preservation of regulatory autonomy.

Early Treaty Practice: Separate Standards and Capital-Importing Context

In Portugal’s early generation of BITs, concluded throughout the 1990s, NT and MFN obligations were generally articulated in separate provisions.

01/08/2025

Portugal has built an extensive and sophisticated investment treaty programme, reflecting decades of engagement with international partners to foster cross-border investment and economic cooperation. Through its network of Bilateral Investment Treaties (BITs) and multilateral agreements, Portugal offers a consistent and reliable legal framework that guarantees substantive protections and procedural rights to foreign investors. These treaties typically ensure: Fair and Equitable Treatment (FET)...

14/07/2025

Portuguese Supreme Court Rejects Venezuela’s Immunity Claim in Landmark ISDS Ruling (Gold Reserve)

In a pivotal decision (Proc. 108/24.7YRLSB.S1), the Portuguese Supreme Court upheld the recognition of a multi-million-dollar ICSID Additional Facility arbitral award against Venezuela, rejecting the State's claim to jurisdictional immunity.

The Court found that Venezuela had expressly and tacitly waived such immunity by consenting to arbitration under the Canada-Venezuela BIT and through subsequent settlement agreements.

The judgment reinforces key principles in international investment arbitration, affirming that State immunity cannot be used to frustrate the recognition of arbitral awards.

Read the full analysis on how this case strengthens Portugal’s profile as an arbitration-friendly jurisdiction and contributes to ISDS jurisprudence.

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Venezuela Gold Reserve - Portuguese

Portuguese Supreme Court Rejects Venezuela’s Immunity Claim in Landmark ISDS Ruling In a pivotal decision (Proc. 108/24.7YRLSB.S1), the Portuguese Supreme Court upheld the recognition of a multi-m…

14/07/2025

Portuguese Supreme Court Rejects Venezuela’s Immunity Claim in Landmark ISDS Ruling In a pivotal decision (Proc. 108/24.7YRLSB.S1), the Portuguese Supreme Court upheld the recognition of a multi-million-dollar ICSID Additional Facility arbitral award against Venezuela, rejecting the State's claim to jurisdictional immunity. The Court found that Venezuela had expressly and tacitly waived such immunity by consenting to arbitration under the Canada-Venezuela BIT and through subsequent settlement agreements. The judgment reinforces key principles in international investment arbitration, affirming that State immunity cannot be used to frustrate the recognition of arbitral awards. Read the full analysis on how this case strengthens Portugal’s profile as an arbitration-friendly jurisdiction and contributes to ISDS jurisprudence....

Portuguese Supreme Court Rejects Venezuela’s Immunity Claim in Landmark ISDS Ruling In a pivotal decision (Proc. 108/24.7YRLSB.S1), the Portuguese Supreme Court upheld the recognition of a multi-m…

03/11/2024

We would like to share that our team (Duarte G Henriques, João Nuno Frazão, Ricardo Ragageles Vigário and Rita de Carvalho) authored the Portugal Investment Treaty Arbitration report for Global Arbitration Review (GAR), which has just made this Guide publicly available.

The report provides an in-depth look at Portugal’s framework for investment treaty arbitration, covering amongst other issues:
- Bilateral Investment Treaties (BITs) and key protections for investors
Portugal’s adherence to ICSID and award enforcement mechanisms
- Recent shifts toward sustainability in treaty provisions
- The impact of EU law on Portugal’s approach to intra-EU arbitration.

This analysis positions Portugal as an arbitration-friendly jurisdiction within the EU, appealing to investors seeking stability and alignment with European standards.

For those interested in Portugal’s legal landscape and foreign investment climate, this resource is now accessible to the public. You can check the Guide here:

GAR (Global Arbitration Review) is the world's leading international arbitration journal and news service. GAR provides breaking news, daily updates and in-depth monthly features covering international arbitration in countries around the world. GAR also features guest commentary and articles from th...

19/05/2024

1. Introduction In Portugal's legal scene, there's a noticeable rise in class actions across different areas, to which third-party funders are contributing in a significant manner. Not surprisingly, this contribution has raised questions about the legitimacy of those class actions, including one distinguished scholar who went so far as to consider the phenomenon of third-party funding as "unconstitutional" in the class actions’ domain....

1.      Introduction In Portugal’s legal scene, there’s a noticeable rise in class actions across different areas, to which third-party funders are contributin…

01/05/2024

Excited to announce that I'll be speaking at the International Arbitration Day during the London International Disputes Week (LIDW)! Looking forward to reconnecting with old friends and meeting new ones. Join me there, and let's make it a great event!

Check out the event details here:

LIDW’s International Arbitration Day will ‘follow the arbitration disputes sun’ across key regions and jurisdictions. The event will be hosted across three firms within a very short walk of one another, so that delegates can choose the sessions covering the jurisdictions and regions most relev...

01/03/2024

🌟 Exciting News from Victoria Associates! 🌟
We are thrilled to announce that our name, Victoria Associates, is proudly associated with a landmark transaction in the healthcare sector. It has been an absolute pleasure to assist our esteemed client, SOMAI Pharmaceuticals, in their strategic acquisition of RPK Biopharma, Lda. from Akanda Corp. (an international medical cannabis company).
This significant deal not only reinforces SOMAI Pharmaceuticals' leading position in the global medicinal cannabis sector but also highlights the importance of strategic acquisitions in driving growth and innovation.
Our team at Victoria Associates worked diligently alongside our client to navigate the complexities of this acquisition, ensuring a seamless and successful process. Our dedication to excellence and a client-centric approach were instrumental in facilitating this significant achievement.
We extend our heartfelt congratulations to both SOMA Pharmaceuticals and Akanda Corp on this new chapter. We are proud to have contributed to this journey and are excited to witness the positive impact this acquisition will have on the industry.
A huge thank you to our dedicated team and our partners for their hard work and commitment. This accomplishment is a testament to what we can achieve together.

SOMAÍ Pharmaceuticals Unipessoal LDA ("SOMAÍ"), an EU-GMP European pharmaceutical and biotech company distributing cannabinoid-containing pharmaceuticals

08/01/2024

Over the years, Portugal has witnessed significant developments in its approach to Investor-State Dispute Settlement (ISDS), reflecting broader global trends and policy shifts. This evolving landscape is crucial to understand how the country navigates the delicate balance between attracting foreign investment and safeguarding its regulatory autonomy. Here, we delve into a few key aspects of this evolution, exploring recent developments, ongoing challenges, and the…...

Over the years, Portugal has witnessed significant developments in its approach to Investor-State Dispute Settlement (ISDS), reflecting broader global trends and policy shifts. This evolving lands…

09/09/2023

When selecting a dispute resolution method, the expense of arbitration is a primary consideration. As disputes become unavoidable, parties often first wonder, "What will the financial implications be?" Sometimes, by this stage, it might feel late for such considerations. Surprisingly, many arbitration agreements don't directly address cost concerns. Typically, detailed discussions on this topic emerge only in prominent cases during dispute resolution clause negotiations....

When selecting a dispute resolution method, the expense of arbitration is a primary consideration. As disputes become unavoidable, parties often first wonder, “What will the financial implic…

08/07/2023

Independence and Impartiality of Arbitrators and Artificial Intelligence...

Independence and Impartiality of Arbitrators and Artificial Intelligence

29/06/2023

A victory for Victoria Associates and its clients!

We have just received a decision of a criminal court in Lisbon that acquitted our clients from a multi-million criminal charge brought by a host of distributors across Europe. Our clients had been wrongly accused of a "large-scale" fraud; however, the judge did not concede to a single point of the plaintiff’s arguments.

Moving onwards and upwards, and time to celebrate, just before resuming work first thing tomorrow!!

PS - We would have loved to disclose more details about the case but caution is required to save everyone's reputation, especially that of the plaintiffs that ended up by being completely destroyed by the court judge.



Photo by GR Stocks on Unsplash