Portugal, like many nations, maintains a “blacklist” of jurisdictions deemed to have more favourable tax regimes, often referred to as “tax havens”. This list is a crucial element of Portugal’s strategy to combat international tax evasion and avoidance, and it carries significant tax consequences for individuals and entities dealing with these jurisdictions.
What is Portugal’s Blacklist?
Portugal’s blacklist is an official list of countries, territories, and regions that the Portuguese tax authorities consider having clearly more favourable privileged tax regimes. This list is unilaterally determined by Portugal, though it can be updated by the government based on various criteria. It is notably extensive, encompassing over 80 jurisdictions, and includes both well-known tax havens and others.
List of Portugal’s Blacklisted Tax Jurisdictions
Note: * represents countries with which Portugal has a double taxation agreement and which are also included in Portugal’s blacklist.
- American Samoa
- Andorra *
- Anguilla
- Anguilla
- Antigua and Barbuda
- Antigua and Barbuda
- Aruba
- Ascension Island
- Bahamas
- Bahamas
- Bahrain*
- Barbados*
- Belize
- Bermuda
- Bermuda
- Bolivia
- British Virgin Islands
- British Virgin Islands
- Brunei
- Cayman Islands
- Cayman Islands
- Channel Islands
- Christmas Island
- Cocos (Keeling)
- Cook Islands
- Costa Rica
- Djibouti
- Dominica
- Eswatini
- Falkland Islands
- Fiji
- French Polynesia
- Gambia
- Gibraltar
- Gibraltar
- Grenada
- Guam
- Guyana
- Honduras
- Hong Kong
- Iran
- Isle of Man
- Jamaica
- Jordan
- Kingdom of Tonga
- Kiribati
- Kuwait
- Labuan
- Lebanon
- Liberia
- Liechtenstein
- Liechtenstein
- Maldives
- Marshall Islands
- Mauritius
- Mauritius
- Monaco
- Monaco
- Monserrat
- Nauru
- Netherlands Antilles
- Niue Island
- Norfolk Island
- Northern Mariana Islands
- Other Pacific Islands
- Palau
- Panama
- Panama
- Pitcairn Island
- Porto Rico
- Qatar
- Qatar*
- Queshm Island
- Saint Helena
- Saint Kitts and Nevis
- Saint Lucia
- Saint Pierre and Miquelon
- Samoa
- San Marino*
- SAR Hong Kong (China)
- Seychelles
- Seychelles
- Solomon Islands
- St Vicente and the Grenadines
- Sultanate of Oman*
- Svalbard
- Tokelau
- Trinidad and Tobago
- Tristan da Cunha
- Turks and Caicos Islands
- Tuvalu
- United Arab Emirates (UAE)
- United Arab Emirates*
- Uruguay*
- Vanuatu
- Virgin Islands of the United States
- Yemen
It is important to note that this list can change, so it is important to consult the most up-to-date official decree from the Portuguese Ministry of Finance for the definitive list.
Conclusion
For individuals and businesses with connections to Portugal, understanding and navigating the country’s blacklisted tax jurisdictions is paramount. The tax consequences can be severe, leading to significantly higher tax burdens and increased administrative complexities. It is highly advisable to seek professional assistance to assess potential exposures, ensure compliance. Reach out to Dixcart Portugal for more information (advice.portugal@dixcart.com).
This is not professional tax advice.