The Forum is delighted to learn that the Isle of Man is to be removed from Portugal’s latest blacklist of jurisdictions.

The Island is among 15 countries to be removed from the Portuguese Government’s tax blacklist, having entered into a Tax Information Exchange Agreement (TIEA); a bilateral agreement under which the Isle of Man and Portugal agree to the sharing of information about citizens’ income in order to promote international co-operation in tax matters, and to mitigate tax evasion.

The agreements encompass broad tax areas, including the transfer of funds, ownership of companies, foundations, trusts, investment funds and other entities. This is a positive movement for the yachting industry; Portugal is a wonderful destination for yachts so it is heartening to know that the Government there has recognised the Isle of Man as a helpful jurisdiction.