Top 10 Tax Havens to which residents of Portugal transfer their money

Portugal residents transferred 9.4 billion euros to tax havens - Portugal Business News

Financial News Europe - Portugal residents transferred 9.4 billion euros to Tax Havens between 2022 and 2025, that is an increase of 16.4%. Here are the Top 10 Tax Havens to which residents of Portugal transfer their money and the main sources of funds sent from Portugal to Tax Havens, according to Portugal´s Tax Authority:

Here are the Top 10 Tax Havens to which residents of Portugal transfer their money:

1 - Switzerland

Switzerland ranks No. 1 Tax Haven to which residents of Portugal transfer their money according to Portugal´s Tax Authority.

Switzerland received a third of the amount transferred from Portuguese bank accounts to tax havens, namely 33.6% of the total , that represents a total amount of 3,166 million euros between 2022 and 2025.

2 - Hong Kong

Hong Kong ranks 2nd Tax Haven to which residents of Portugal transfer their money according to Portugal´s Tax Authority.

Hong Kong received a large amount transferred from Portuguese bank accounts to tax havens, namely 22.2% of the total, that represents a total amount of 2,088 million euros between 2022 and 2025.

3 - United States - Territories considered to be tax havens

Territories considered to be tax havens in the United States rank 3rd Tax Haven to which residents of Portugal transfer their money according to Portugal´s Tax Authority.

Territories considered to be tax havens in the United States received a large amount transferred from Portuguese bank accounts to tax havens, namely a total amount of 879 million euros between 2022 and 2025.

4 - United Arab Emirates (UAE)

The United Arab Emirates rank 4th Tax Haven to which residents of Portugal transfer their money according to Portugal´s Tax Authority.

The UAE received a large amount transferred from Portuguese bank accounts to tax havens, namely a total amount of 767 million euros between 2022 and 2025.

5 - Singapore

Singapore ranks 5th Tax Haven to which residents of Portugal transfer their money according to Portugal´s Tax Authority.

Singapore received transfers from Portuguese bank accounts to tax havens, namely a total amount of 475.9 million euros between 2022 and 2025.

6 - Macau

Macau ranks 6th Tax Haven to which residents of Portugal transfer their money according to Portugal´s Tax Authority.

Macau received transfers from Portuguese bank accounts to tax havens, namely a total amount of 314.9 million euros between 2022 and 2025.

7 - Mauritius

Mauritius ranks 7th Tax Haven to which residents of Portugal transfer their money according to Portugal´s Tax Authority.

Mauritius received transfers from Portuguese bank accounts to tax havens, namely a total amount of 239.5 million euros between 2022 and 2025.

8 - Cape Verde

Cape Verde ranks 8th Tax Haven to which residents of Portugal transfer their money according to Portugal´s Tax Authority.

Cape Verde received transfers from Portuguese bank accounts to tax havens, namely a total amount of 157.0 million euros between 2022 and 2025.

9 - Liechtenstein

Liechtenstein ranks 9th Tax Haven to which residents of Portugal transfer their money according to Portugal´s Tax Authority.

Liechtenstein received transfers from Portuguese bank accounts to tax havens, namely a total amount of 141.9 million euros between 2022 and 2025.

10 - Egypt

Egypt ranks 10th Tax Haven to which residents of Portugal transfer their money according to Portugal´s Tax Authority.

Egypt received transfers from Portuguese bank accounts to tax havens, namely a total amount of 106.6 million euros between 2022 and 2025.

What are the main sources of funds from Portugal that transfer money to Tax Havens?

The main sources of funds from Portugal that transfer money to Tax Havens, namely from 18,244 originators, comprise 9,629 individuals and 8,615 companies and other legal entities.

87% of the amount transferred from Portuguese bank accounts to Tax Havens originates from commercial entities, representing a total of 8.209 billion euros.

The amount transferred from Portuguese bank accounts to Tax Havens by individuals represents a total of 1.194 billion euros.

The largest share of of the amount transferred from Portuguese bank accounts to Tax Havens in 2025 relates to treasury management transfers which include transfers made to balance accounts to centralize liquidity or optimize business funds, general fund movements where the originator and the final beneficiary are the same entity or person, and the transfer of money between different banks that does not represent the payment of a commercial invoice.