Portugal removes Jersey, Isle of Man and Uruguay from blacklist

30 December 2016, the government published Decree 354-A/2016 to exclude Jersey, the Isle of Man and Uruguay from Portugal’s list of tax havens. It entered into force on 1 January 2017.

It was stated that Jersey, the Isle of Man and Uruguay are all members of the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes. Jersey and Uruguay are rated as “largely compliant” and the Isle of Man as “compliant” in respect of practical implementation of the Global Forum’s information exchange standard.

Uruguay has a tax treaty in force with Portugal that facilitates exchange of information for tax purposes, while Jersey and the Isle of Man both have Tax Information Exchange Agreements (TIEAs) in force with Portugal. All three jurisdictions have also joined the OECD’s Multilateral Competent Authority Agreement for the Common Reporting Standard.