Yoga teacher Kim Fletcher, 33, and her fiancee Danny Johnson, 34, died on Sunday at Zambujeira do Mar in the country’s southwest.
Former hip hop musician Danny swam out to try to save Kim as she got carried away by a dangerous rip tide.
He is believed to have reached her but they both drowned despite the efforts of surfers who tried to rescue them.
The couple, from Stoke-on-Trent, had a four-year-old daughter, Aveyja, and also cared for Kim’s daughter from a previous relationship, Maicee, 15.
An online crowdfunding campaign has already raised its £8,000 target less than 24 hours after being created to go towards “funeral costs and help for the two bereaved children”.
A message signed by “The Danny & Kim Team” encouraging donations described the couple as “two of the most loving open and peaceful people to have ever graced the planet.”
It added: “Their home had a open door and they created a space where everyone was welcome.
“Danny and Kim were two free spirits and set off together for a holiday in Portugal.”
The page adds that while the “exact details are yet to be known, reports say Kim got into trouble whilst swimming in the sea.
“Danny spotted her by the rocks and went out to rescue her. It seems Danny made it to Kim, but they never made it back.
“Bodyboarders noticed the couple were in trouble and tried to help, and returned their bodies to shore, where CPR attempts were made but to no avail.
“A Portuguese military helicopter recovered the bodies.
“The heroic actions of Danny are only to be expected. He adored Kim as she adored him.
“This tragic event has shocked our whole community and leaves two young children without their parents.”
‘YOU’LL BE MISSED’
The more than £8,300 raised so far will also go towards “a memorial bench in Danny and Kim’s name”.
Wellwisher Laurna Booth, among the many donating money, paid tribute to the couple, saying: “The love you shared for each other and life was so true.
“The way you loved your beautiful children was amazing. You will be missed by everyone.”
Lisa Kai added: “Kim was my best friend for 15 years. My heart is shattered into a million pieces.”
Kim and her partner, who made a name for himself around a decade ago as a member of North Staffordshire hip hop group The Gar, were on a spiritual retreat in Portugal.
Local bodyboarder Joao Mendes told earlier this week how he helped bring their bodies out of the water after the alarm was raised around 2.30pm on Sunday and made an unsuccessful attempt to save them with CPR.
He said one of two friends they were with on the beach witnessed the drama unfolding.
Joao added: “The corner where the woman was swimming is very dangerous because there’s a rip tide.
“People who don’t know the ocean sometimes go there because it’s an area with a bit more water where there appear to be less waves.
“If there had been lifeguards around they would probably have warned her to stay away but the lifeguard service at the beach finished last month.
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“I had finished a bodyboarding session around 40 minutes earlier and raced down to the sea after being alerted while I was having lunch.”
Deb Jackson, whose yoga practice Kim taught at, said overnight in a message to pupils: “Their love and kindness is known by many of our yoga community. They were shining stars and I will miss them terribly.
“Think of Kim and Danny and their beautiful souls having flown away to move on to better things.”