Portugal: List of tax haven countries updated
Clearstream Banking would like to inform customers that on 30 December 2016, the Portuguese Government updated the Portuguese list of tax haven with effective date
1 January 2017
The existing list, dated 13 February 2016, was amended in order to exclude Jersey, the Isle of Man and Uruguay.
The Portuguese Government justified its decision with the following points:
- Jersey and Uruguay are now considered as largely compliant to the Organisation for Economic Co-operation and Development (OECD) Transparency and Exchange of information for tax purpose assessment while the Isle of Man is considered as compliant.
- In addition, Portugal signed a Tax Information Exchange Agreement (TIEA) with Jersey and the Isle of Man and a Double Tax Treaty (DTT) with Uruguay.
You will find below the revised list as established by Ordinance n.º 345 A/2016, of 30 December 2016.
We remind customers that residents of tax haven countries are taxed at the maximum rate of 35%, unless their country of residence has signed a DTT or a TIEA with Portugal. In such cases, such Beneficial Owners (BO) are eligible for:
- Tax exemption on bonds subject to Law 83/2013; or
- DTT rate on equities.
The 25% or 28% tax rates are not available for such BOs even if they disclose their identity.
Further information
Customers may contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking Frankfurt (CBF) customers using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.