Sporting director Mike Cave said the club has high hopes for the 21-year-old and believes regular first-team football will be crucial to his development.
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Rego made his senior debut for Benfica as a late substitute in a Champions League victory over Ajax before earning his first league start days later.
The winger previously came through the youth systems at Porto and Famalicao before joining Benfica in 2023.
He signed a five-year contract with Brighton earlier this summer, and the move to Spain's second division is expected to provide valuable experience and consistent playing opportunities.