
Brugge said they have signed the 26 year old until 2026.
That fee breaks the Belgium record for an incoming player of €11.74m which Standard Liege paid when it bought back defender Zinho Vanheusden in 2019.
It also breaks Brugge’s two-day old club record of €10 million to sign Nigerian defensive midfielder Raphael Onyedika from Danish club Midtjylland on Aug 28.
At the start of August, Brugge also set the Belgian record for biggest transfer fee received when they sold striker Charles De Ketelaere to AC Milan for a reported €35 million.
Yaremchuk, who has 39 international caps, enjoyed four productive seasons in Belgium with Gent before moving to Lisbon where he only appeared twice in the league last season.
This season he has appeared three times as a substitute in Champions League qualifying, most recently as a substitute in the first leg as Benfica eliminated Dynamo Kyiv in the playoffs.
Brugge kick off their Champions League campaign at home to Leverkusen on Sept 7.
The group also includes Atletico Madrid and Porto.