Market Taxation Guide - Portugal (securities held in CBF)

06.05.2022

This Market Taxation Guide (Portugal) provides the following details:

  • Reference information about all taxes applied at source, through Clearstream Banking1 to securities held in CBF; and
  • Instructions for obtaining relief at source or a refund of withholding tax, where these are available, through Clearstream Banking.

New and improved tax information and procedures that become available will be included on an ongoing basis.

Important note:

This Market Taxation Guide (including any attachments and other links) is for informational purposes only and is not intended and should not be considered to be legal advice on any subject matter. Readers of this Market Taxation Guide, whether customers or otherwise, should not act or refrain from acting on the basis of any information included in this Market Taxation Guide without seeking appropriate legal or other professional advice.

Withholding tax

Debt securities subject to
Law 83/2013
Holding restrictionWithholding tax rateRelief at sourceQuick
refund
Standard
refund

No

35%

DTT/TIEA residents eligible for tax exemption

Yes

Yes

No

Credit institutions, financial companies, pension funds, insurance companies domiciled in an OECD Member State or in a DTT country

Yes

Yes

No

Collective Investment Vehicles (CIVs) domiciled in an OECD Member State or in a DTT country

Yes

Yes

No

Central banks, public law agencies, public law entities or International/Supranational organisations recognised by the Republic of Portugal

Yes

Yes

No

Portuguese residents eligible for tax exemption

Yes

Yes

No

Portuguese residents not eligible for tax exemption but applying for reduced tax rate

Yes

Yes

No

EquitiesHolding restrictionWithholding tax rateRelief at sourceQuick
refund
Standard
refund

No

35%

Residents of a Double Taxation Treaty (DTT) country

Yes

Yes

No

EU/EEA pension funds

Yes

Yes a

No

Non-residents of Portugal recognised as tax-exempt under Portuguese legislation (Central banks, government agencies and International/Supranational organisations recognised by Portuguese law)

Yes

Yes

No

Portuguese residents eligible for tax exemption

Yes

Yes

No

a. EU/EAA pension funds can only benefit from the DTT rates via quick refund. 

Note: For details regarding debt securities subject to DL 193/2005 refer to Debt Securities subject to DL 193/2005 - Portugal

Capital gains tax

There is no capital gains tax withheld through Clearstream Banking on securities held in Clearstream Banking. Capital gains tax may however be payable on specific gains. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.

Stamp Duty

There is no stamp duty withheld through Clearstream Banking on securities held in Clearstream Banking. Stamp duty may however be payable on specific transactions. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.

------

1. “Clearstream Banking” refers collectively to Clearstream Banking S.A. and Clearstream Banking AG (for Clearstream Banking AG customers using Creation accounts).