Portugal delists Hong Kong, Liechtenstein, and Uruguay from its tax blacklist.
Portugal has issued Ordinance No. 292/2025/1 on 5 September 2025, introducing changes to the list of jurisdictions considered to have privileged tax regimes under Ordinance No. 150/2004.
Ordinance No. 150/2004, of 13 February, published, for all legal purposes, the list of countries, territories, or regions with clearly more favourable tax regimes, which was last updated by Ordinance No. 309-A/2020, of 31 December.
The new measure removes Hong Kong, Liechtenstein, and Uruguay from the blacklist.
Entities resident in jurisdictions that remain on the list face specific tax implications in Portugal. These include a 35% withholding tax on dividends, interest, and royalties, as well as the exclusion from the participation exemption regime.
The changes will take effect from 1 January 2026.
