Over the past year, and according to the statistics published by the Tributária e Aduaneira (AT), a total of 16,141 entities transferred money to countries, territories and regions that Portugal classifies as having a more favourable privileged taxation regime.

Of that total, around 8,800 were carried out by individual persons and the remaining (around 7,300) by businesses.

At issue are the transfers and remittances of funds from residents and non-residents to this type of territories and countries and which banks are obliged to report to AT every year through the Model 38 declaration.

According to the data, in 2022 the value of transfers amounted to 7,409,492,216 euros, an increase of 10% compared to the 6,698,118,054 reported in 2021.

Similar to the data last year, Switzerland is the main destination for these transfers, both by residents and non-residents.

Hong Kong emerges – and also unchanged from the previous year – as the second largest destination for these transfers, with around €1.22 billion reported (between residents and non-residents).

This is followed by the United Arab Emirates, to which 533 million euros were transferred, and Singapore, where 441 million euros were transferred.