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€672 million transferred from Portugal to shady offshores

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A total of €30Bn has been transferred to offshores in the past three years of which €672 million was sent over the past 12 months to tax havens considered dubious by the EU.

The total amount is the equivalent of 15% of Portugal’s GDP. Between 2016 and 2018 the amount transferred to tax havens rose 67% compared to the previous three years when between 2013 and 2015 €18 million was transferred overseas.
The figures published by Jornal de Negócios and Jornal Económico are based on data provided from the banks annually to the tax authorities known as Form 38.
The amount is equivalent to three times the National Health Budget and 15% of Portugal’s GDP which according to figures supplied represented €201Bn in 2018.
Data shows that 113,875 transfers were made to offshores, 11,571 more than in 2017 and 22,308 more than in 2016.
Switzerland is the offshore of choice with €3.7Bn transferred to Swiss banks last year, followed by Hong Kong (€1.2Bn), United Arab Emirates (€776 million), Bahamas (€355 million) and Panama (€304 million).
The Ministry of Finances states that the Government has tried to improve transparency and the scrutiny of these operations by cross checking data between the tax authorities and the Bank of Portugal including the publication of statistics on transfers to the offshores in question.
This month it was revealed that €630 million of lost taxes was transferred to tax havens by Portuguese companies.


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