FUNDOS (1 de janeiro 2026)

dez25 As Macao steps into 2026, the city is rolling out two landmark legal reforms that promise to reshape its financial landscape. Designed to align the city with international standards and attract global capital, the reforms mark one of the most significant overhauls of Macao’s financial regulation in decades Words by Tony Lai Photography by As Macao ushers in 2026, the city is not only turning a page on the calendar but also turning a corner in terms of its development. Two landmark legal reforms, the new Investment Funds Law and a revised Fiscal Code, come into effect in January, reflecting the city’s determination to align with international financial standards and attract capital from both domestic and international markets. The goal is clear: to position Macao not just as a tourism and entertainment hub, but as a credible player in the global finance and business landscape. The Investment Funds Law (Law No. 11/2025), which replaces the Decree-Law No. 83/99/M enacted in 1999, si...

 dez25 Bruno Almeida and Daniel de Senna Fernandes of Riquito Advogados begin a series of insights based on the ‘watershed moment’ of Law 11/2025 coming into effect, highlighting private funds’ operational flexibility and regulatory framework As Macau modernises its financial sector, foundational finance-related legal frameworks have undergone significant yet understated reforms. While the changes appear minor at first glance, they hold transformative potential. A prime example is the unequivocal introduction of private funds. Background For nearly 25 years, Macau’s fund regulatory framework (rooted in Decree-Law 83/99/M) recognised only public investment funds. The incoming Law 11/2025 (the Investment Funds Law), effective January 1 2026, fundamentally transforms this landscape by introducing the first comprehensive private fund regime in Macau’s regulatory history. This development positions Macau as an emerging destination for institutional-grade wealth management and alternativ...