Portuguese stash €53Bn in offshores in 2022

 In News, Offshores, Tax

According to a new study from the Fiscal Observatório (Tax Observatory) by Deloitte, the amount that the Portuguese are putting in offshores is double that of deposits made from Spain and Germany per head, rising to €53Bn in 2022.

This amount was the equivalent of 22% of GDP. This puts Portugal ahead of Germany, Spain, Russia and Canada, and is double that of Spain (10.6%) and Germany (9.3%).
According to the report, the majority of the money is in Switzerland (US$33Bn), while US offshores attract US$16Bn.
The remainder was spread around offshores in the rest of the world (US$11Bn). The financial wealth of companies has evolved at the same rate of world GDP, being stable at 10%. Only in the pandemic years did wealth reach 15.5% in 2020 and 14.9% in 2021.