NHR dividends/interest from foreign stock market shareholdings (DTA, withholding, tax haven issues)

I see a couple of posts here, and would welcome any comment from people with experience. I’m here as an NHR from October 2023, already filed my first taxes here.

If I have dividend income from stock market investments in Hong Kong, will they be subject to 35% tax as HK is on the Blacklist or will it be tax exempt because HK has a DTA with Portugal and could tax the dividends but doesn’t.

If I have a brokerage account in Jersey, on the tax haven list, and I owns share in white list countries, like Singapore, UK via that brokerage account, then will the fact that the shares are in “whitelist” countries be the issue that decides on the dividend tax or will the location of the brokerage have any meaning?

When I have established that some income sources are NHR tax exempt - for example dividends from UK listed companies - what is the process in the tax return to claim the exemption? Is there any additional form.

Last and not least.
If I am a beneficiary of a Foreign Trust established before I moved here, and that Trust buys real estate in Portugal in which I live, and I pay a market rent to the trust, is there any danger the authorities here will argue that I have received a benefit of market value?
AFAIK any payments from the Trust to me as an individual are taxed as “other” IE 35%


Your situations are sufficiently complex that it would probably be best to speak to a Portuguese accountant. My understanding is that any money from black listed jurisdictions, be it income or capital gains or whatever, will be taxed at Portuguese rates, eg 28% in the case of capital gains under the NHR. So if for the take of argument you paid 5% in HK then you would still owe 28-5=23% in PT. But again, I’d speak to an accountant to confirm this and also see what workarounds may be possible.

I’m not an accountant but had to deal with similar concerns, here’s what I understand:

  • HKG is blacklisted, you pay the blacklisted rate.

  • You receive the dividend from Jersey (because the institution actually hold the security). Jersey is blacklisted, therefore income dividends paid by Jersey institutions are blacklisted. Avoid this by transferring the holding in specie to a UK institution to get the tax benefit, don’t sell because you’ll incur a capital gain. Dividend then from UK.

  • Exemption is claimed in the tax return - worldwide income is reported (using the IBAN or SWIFT code) and no tax due on whitelisted locations, and tax due on backlisted.

  • I can’t see where the benefit would arise, but I know trusts have different treatment in PT than many jurisdictions so check this asap

Hope this helps

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Hi Richard I am not sure that the advice here is correct. I have heard from a professional that the receipt of dividends even from a black listed location is still covered by the exemption of dividends in some circumstances and thus you would pay no tax in PT. Better check with an accountant that knows this stuff.