Changes to Article 57 of the Income Tax Code
The government has made it a requirement that Portuguese Tax Residents declare their financial assets and interest held in jurisdictions with favourable tax regimes on their annual tax declaration starting from 2024 :
Article 57. 7 — Taxpayers subject to IRS (Income Tax) must mention in the declaration referred to in paragraph 1 the following assets they hold in countries, territories, or regions with clearly more favourable tax regimes:
a) Property rights over real estate located therein;
b) Automobiles, boats, or aircraft registered therein;
c) Amounts held in deposit accounts or securities with entities headquartered or domiciled in those jurisdictions or with branches located therein;
d) Shares, quotas, and capital parts in entities headquartered or domiciled in those jurisdictions;
e) Participation units and similar securities in collective investment organizations, alternative investment organizations, or venture capital investment organizations managed or administered by entities headquartered or domiciled in those jurisdictions or by branches located therein;
f) Bonds and other securities issued by entities headquartered or domiciled in those jurisdictions;
g) Loans and other loans granted to entities headquartered or domiciled in those jurisdictions or to branches located therein;
h) Insurance or rental contracts with entities headquartered or domiciled in those jurisdictions or with branches located therein;
i) Assets or amounts held through partnerships and fiduciary structures, in which the taxpayer is a beneficiary, registered therein or managed or administered by entities headquartered or domiciled in those jurisdictions or by branches located therein.