Portugal removes Liechtenstein from its ‘black’ list

For many years, Liechtenstein has pursued a consistent strategy of tax cooperation and implementation of international standards in the area of taxation. This clear path has also led to the removal of various restrictions in recent years, contributing to the long-term success of Liechtenstein as a business location. Unrestricted market access is of fundamental importance for Liechtenstein companies and service providers.

Portugal has now updated its list of non-cooperative jurisdictions and removed Liechtenstein from the list. The reason given is that Liechtenstein is not included in the list of non-cooperative countries and territories adopted by the Council of the European Union. Many years of efforts at the political and technical level, as well as by financial centre associations, have contributed significantly to this result.

Liechtenstein’s removal from the list of non-cooperative jurisdictions took effect on 6 September 2025 and will become effective on 1 January 2026. As a result, Portugal will no longer apply numerous discriminatory tax measures against Liechtenstein. The effects of the list affect both natural and legal persons resident in Liechtenstein and persons in Portugal with investments in Liechtenstein.

In particular, removal from the list leads to the elimination of increased withholding taxes and special charges on investment income for private individuals. It also results in the removal of deduction restrictions on operating expenses and restrictions on the taxation of capital gains.

This positive development makes cross-border investments and services significantly easier and strengthens economic cooperation between Liechtenstein and Portugal.