Portugal is a small European country that had the virtue of being the world's first real colonial power. Of course, that's only after it was outcompeted by almost all of the other colonizers. It was also the only of the European powers to have been (for a time) ruled by one of its colonies (see Brazil-Portugal Union) and held onto its colonies longer than any other country. Below are some possible PODs in Portugal's history.

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Portugal dominates Iberia

What is so special about the Algarves ?

Portuguese Spain instead of Castillian Spain

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Portugal's King Sebastian I. ... Sebastian the Victorious ?

Portugal becoming part of the British Empire

Portugal not having to compete with the Dutch

Portugal joining Castile instead of Aragon

What is so special about the Algarves ?

Portuguese Spain instead of Castillian Spain

Challenge: Keep Spain and Portugal united

WI - More slaves for Portugal ?

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Portugal becoming part of the British Empire

Portugal keeping some of its colonies

Portuguese Spain instead of Castillian Spain

Effects of no Peninsular War on Latin American Wars for Independence ?

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Portugal holds on to its colonies

Portugal keeping some of its colonies

Duviding the Portuguese colonial empire

Portuguese colonies partitioned by European powers during the Portuguese bankruptcy crisis of the early 20th century

WI: Portugal goes red in 1975

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How would the non-existence of several Atlantic archipelagos influence history ?

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Portugal

List of Countries by POD

Portuguese Timelines and Scenarios

Useful Resources about Portugal