The search for Richard Chapelow, 29, had been called off last week on Wednesday after more than two weeks of fruitless scouring.
His body was spotted by a passerby this past Saturday and was taken to Beja Hospital for a post-mortem.
Mr. Chapelow went missing on Monday, 20 August, after being flung into the water from a banana boat being pulled by a speedboat.
He was part of a group of 10 Britons enjoying a day at the dam, and was on holiday as a guest of Jon Hunt, the founder of the Foxtons estate agency, who owns a villa in Portugal.