Increased Transfers to Tax Havens: A Record-Breaking EUR 8 Billion in a Single Year
The United Arab Emirates (UAE), Switzerland, and Hong Kong have once again emerged as the top destinations for funds transferred from Portugal, according to data recently released on the Finance Portal. This trend represents an increase of over 1 billion euros compared to 2023, with a total of 131,000 transfers made by more than 17,000 clients.
These global wealth hubs continue to attract Portuguese investors due to their favourable tax regimes, strategic investment opportunities, and attractive residency or citizenship programs.
Switzerland, Hong Kong, and the UAE offer low or zero personal income taxes, strong banking secrecy laws, and robust financial services sectors. This makes them attractive for wealth preservation and tax optimization by international investors, including those from Portugal.
The UAE, in particular, has seen a surge in demand for its Golden Visa programme, issuing over 150,000 visas recently. Hong Kong has also reactivated its Capital Investment Entry Scheme, attracting investors seeking residency, business opportunities, and educational access for their families.
As global centres for finance, commerce, and investment, these jurisdictions provide access to international markets, stable political and economic environments, and a wide range of financial products and services.
Portugal's Golden Visa programme, which encourages non-EU investors to transfer significant funds into investment funds or ventures, also contributes to the flow of funds to these global financial centres. Investors often use accounts or investment vehicles based in Switzerland, Hong Kong, and the UAE to manage and transfer these funds efficiently.
Last year, the amount of funds transferred to tax havens reached 8 billion euros, with the majority going to the top three jurisdictions. While no new information about the number of transfers or the total amount of funds transferred was provided, it is clear that these destinations continue to play a significant role in Portugal's financial landscape.
These global financial centers, such as Switzerland, Hong Kong, and the UAE, continue to draw Portuguese investors due to their attractive business environments, offering low taxes, strong banking secrecy, and lucrative investment opportunities. Portuguese investors manage and transfer funds efficiently using accounts or investment vehicles based in these financial hubs.
