The Portuguese government has asked the Assembly of the Republic for legislative authorisation to revise the country’s list of tax havens, proposing the inclusion of Russia and Vietnam in an effort to better align the national list with the European Union’s list of non-cooperative tax jurisdictions.

Portugal’s current list includes 77 countries, territories and regions with preferential tax regimes, while the EU list contains just 10 jurisdictions, Executive Digest reports.

Under the proposal, any jurisdiction classified by the EU as non-cooperative for tax purposes would automatically be added to Portugal’s list.

Russia was added to the EU list in February 2023 after failing to meet commitments on tax governance and international cooperation. Vietnam joined the list in February 2026 because of shortcomings in tax transparency and the exchange of information.

New criteria under review

The proposal also includes changes to the criteria used to determine whether a jurisdiction should be classified as a tax haven.

In addition to the existing benchmark relating to corporate taxation, the government proposes taking into account whether a jurisdiction applies a qualified domestic minimum top-up tax under global minimum taxation rules.

Other risk factors would include tax systems that enable double non-taxation, multiple tax deductions, or tax benefits that are more favourable than those available in Portugal without requiring genuine economic activity or sufficient economic substance.

Authorities would also consider assessments made by the European Union and international organisations in which Portugal participates, including the Global Forum on Transparency and Exchange of Information for Tax Purposes, the Forum on Harmful Tax Practices, and the Financial Action Task Force.

Possible future removals

While the proposal outlines new additions, it does not specify which jurisdictions could be removed from the Portuguese list. That decision would be made later through an order issued by the Minister of Finance.

Several jurisdictions currently remain on Portugal’s list despite no longer appearing on the European Union’s tax haven list, including the United Arab Emirates, Bahrain, Barbados, Fiji, Samoa, and Trinidad and Tobago.

The EU list, first introduced in 2017, is updated twice a year. Its latest revision in February 2026 added Vietnam and the Turks and Caicos Islands while removing Fiji, Samoa and Trinidad and Tobago. The next update is expected in October 2026.

Portugal last revised its own list in September 2025, removing Hong Kong, Liechtenstein and Uruguay, with those changes taking effect on 1 January 2026.

Tax implications

Being included on Portugal’s tax haven list carries significant tax consequences for individuals and businesses.

Financial institutions must report all transfers to listed jurisdictions to the Tax Authority, with the information later published on the Finance Portal.

According to Executive Digest, transfers to listed jurisdictions reached 9.4 billion euros in 2025, up 16.4 percent from the previous year. The total involved 18,244 transfer originators, including 9,629 individuals and 8,615 companies or other legal entities.

Entities connected to jurisdictions on the list may also face higher tax rates, including increased IMI and IMT rates, as well as a 35 percent withholding tax on corporate income, compared with the standard 25 percent rate.

If approved, the government’s proposal would mean future changes to the EU’s list are also reflected more directly in Portugal’s national framework.