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Complete Guide: IRS Portugal 2025
Anexo J, G, G1 & E - All Investments
Capital Gains, Cryptocurrency, Dividends, Law 31/2024 - Revolut, DEGIRO, IBKR, XTB, Coinbase
2025 UPDATES
1. LAW 31/2024 IN FORCE
Since June 28, 2024, long-term investors benefit from progressive reductions: up to 30% discount (19.6% effective rate) for stocks and ETFs held for 8+ years.
2. ✅ CRYPTOCURRENCIES: 365 DAYS EXEMPTION
Portugal maintains one of the best regimes in Europe: cryptocurrencies held ≥365 days are
100% tax-free (art. 10(19) CIRS). Crypto-to-crypto exchanges remain non-taxable (art. 10(20) CIRS).
⚠️ Watch out (art. 10(21) CIRS): neither the exemption nor the deferral applies when the exchange is tax-resident in a non-cooperative jurisdiction (e.g., Binance, Bitget, KuCoin — all Seychelles). Tax-Wizard applies this filter automatically.
Legal basis: Lei n.º 24-D/2022, of 30 December (added n.os 19–21 to art. 10 of the CIRS); non-cooperative jurisdictions listed in Portaria n.º 150/2004 (amended by Portaria n.º 292/2011 and Portaria n.º 309-A/2020).
3. AGGREGATION (englobamento): 50% EXEMPTION ON DIVIDENDS
If you choose aggregation (englobamento), just 50% of dividends are taxed. It can result in significant savings for those on low/medium incomes.
4. NHR REPEALED → IFICI
The Non-Habitual Resident regime (NHR) was repealed by Lei n.º 82/2023, effective 1 January 2024. Existing NHRs keep their 10-year benefits; new residents may still register under the transitional regime until 31 March 2025 if they prove pre-2024 relocation intent.
It was replaced by IFICI (Tax Incentive for Scientific Research and Innovation — art. 58-A EBF, Portaria n.º 352/2024/1): 20% flat rate on Portuguese employment / self-employment income in R&D, higher education, technology or certified-startup activities, and exemption on most foreign-source income (dividends, capital gains) for 10 years. Passive investors / retirees do not qualify.
Without NHR or IFICI status, the standard regime described in this guide applies.
4 Supported Anexos - Automatic XML Generation
Complete Reference: All Tables per Annex
Quick reference table to know where to declare each type of income
| Annex | Quadro | What to Declare |
|---|---|---|
| Anexo J (Foreigner) |
Q08 (8A) | Foreign dividends and interest |
| Q09 (9.2A) | capital gains: stocks, ETFs, bonds | |
| Q09 (9.2B) | Derivatives: options, futures, CFDs | |
| Q09-4A | Crypto <365 days (aggregated by country) | |
| Q11 | Foreign bank/broker accounts | |
| Anexo G (Portugal) |
Q09 | capital gains of PT securities |
| Q13 | Derivatives: options, futures, warrants | |
| Q18 | Crypto <365 days (PT platforms) | |
| Q4A/Q4B | Foreign dividends/interest (tax credit) | |
| Anexo G1 (Exempt / Tax Haven) |
Q07 | Crypto ≥365 days (exempt but declare) |
| Q08 | Assets in tax havens (year-end value) — art. 57(7) CIRS | |
| Anexo E (PT Capitals) |
Q04 | Dividends/interest of PT entities (NIF) |
Tax-Wizard automatically fills in all these Tables based on your broker statements.
Guides by Topic
Why is it Complicated to Declare Investments in Portugal?
- • Multiple brokers: Administrative nightmare and manual reconciliations
- • Manual FIFO calculations: Working hours and risk of error
- • Currency Conversions: Frequent errors and inconsistent rates
- • Incorrect statements: Paying more or less
- • Tax risk: Finance fines
- • Stress and loss of time: Manual and repetitive process
What Tax-Wizard Does for You
Automated calculations
- ✅ FIFO and calculation of capital gains
- ✅ Currency conversions with official rates
- ✅ Dividends and interest with withholdings
- ✅ Crypto with 365 day rule
Reports ready to declare
- ✅ XML for Portal das Financas
- ✅ Sections per Anexo (J, G, G1, E)
- ✅ Detail by operation and annual summary
- ✅ Validations and consistency checks
- ✅ Open-positions export for Yahoo Finance import
Advanced Settings
For advanced users, Tax-Wizard exposes two choices that directly affect the calculation. Recommended values for Portuguese taxpayers are shown in bold.
Calculation method
- FIFO (default) — required in PT for movable-property capital gains
- LIFO — not accepted by the AT for IRS; useful only for internal analysis
- Weighted average — used in some regimes for funds / crypto in other jurisdictions
FX method
- Separate buy/sell rates (recommended default) — complies with art. 23(1) CIRS (rate of the day on each leg)
- Sell date only — simpler but incorrect for the cost-basis leg
- 31-December rate — fallback only (art. 23(2)), when transaction dates cannot be evidenced
1. Capital Gains on Securities (Shares and ETFs)
What Are Capital Gains?
Capital gains are the gains obtained from the sale of assets. For example, if you bought Apple shares for €1,000 and sold them for €1,500, you have a capital gain of €500.
Formula:
Capital Gain = Sale Price - Purchase Price - Expenses (commissions, fees)
Example:
Purchase: €1,000 (+ €5 commission) = €1,005
Sale: €1,500 (- €7 commission) = €1,493
Capital Gain: €488
Tax Rates
In Portugal, you have two options for taxing capital gains:
| Option | Rate | When to Choose |
|---|---|---|
| Flat Tax (taxa liberatoria) | 28% | Annual income > €27,000. Simpler process. |
| Aggregation (englobamento) | 12.5% - 48% | Annual income < €27,000. You can pay less than 28%. |
💰 Aggregation (englobamento) Option: Pay Less Taxes
If your total income (including salary) is less than €27,000/year, choose aggregation (englobamento) can significantly reduce taxes.
Example: You earned €5,000 in capital gains and have a working income of €20,000 (marginal rate of 28.5%). With aggregation (englobamento), you pay 28.5% × €5,000 = €1,425. With a flat tax (taxa liberatoria), you would pay 28% × €5,000 = €1,400. In this case, the flat tax (taxa liberatoria) is slightly better. But if your marginal rate is 12.5%, you would only pay €625 with aggregation (englobamento).
Additional Solidarity Tax (2025)
For high incomes, an additional solidarity tax applies on taxable income:
- - Income between €80,000 - €250,000: additional rate of 2.5%
- - Income above €250,000: additional rate of 5%
This tax applies to total income (including capital gains with aggregation/englobamento).
Mandatory Aggregation for Short-Term Gains (Art. 72(14) CIRS)
Since 1 January 2023 (Lei n.º 24-D/2022), the positive balance of capital gains and losses on securities and crypto-assets held for less than 365 days is mandatorily aggregated (englobado) when taxable income (including this balance) is at or above the top bracket of art. 68 CIRS:
- - Tax year 2025 (declared in 2026): €83,696
- - Tax year 2026 (declared in 2027): €86,634
In that case, instead of the 28% flat rate, the balance is taxed at the progressive rates (up to 48% + solidarity surcharge). The rule applies to the combined balance reported in Anexo G Box 09 and Anexo J Box 9.2A. Tax-Wizard warns you when this aggregation becomes mandatory.
Legal basis: Art. 72(14) CIRS · Art. 68 CIRS.
Law 31/2024: Reductions for Long-Term Investments
Since June 28, 2024, Portugal has introduced progressive reductions in tax rates for stocks and ETFs held for long periods.
| Holding Period | Tax Reduction | Effective Rate (starting from 28%) |
|---|---|---|
| < 2 years | 0% | 28% |
| 2-5 years | 10% | 25,2% |
| 5-8 years | 20% | 22,4% |
| 8+ years | 30% | 19,6% |
📊 Practical Example: Law 31/2024
Bought Microsoft shares in January 2017 for €5,000.
Sold in January 2025 (8 years later) for €12,000.
Capital Gain: €7,000
Without Law 31/2024: €7,000 × 28% = €1,960 in taxes
With Law 31/2024 (8+ years): €7,000 × 19.6% = €1,372 in taxes
💰 Savings: €588
Asset Types Supported
Tax-Wizard recognises the following instrument types from broker statements and routes them to the correct IRS Anexo / Box:
| Asset type | Anexo / Box | Notes |
|---|---|---|
| Stocks | J / Box 9.2A — or G / Box 09 (PT) | Eligible for Lei 31/2024 if held ≥2 years |
| ETFs / ETPs / Funds | J / Box 9.2A — or G / Box 09 (PT) | Treated as stocks; Irish-domiciled UCITS do not qualify for the 50% dividend exclusion |
| Bonds | J / Box 9.2A (capital gains) + Box 8A (coupons) | Capital gains and interest declared in separate boxes |
| T-Bills | J / Box 9.2A + Box 8A | Treated like short-term bonds |
| Options / Futures (derivatives) | J / Box 9.2B (derivatives) | Taxed at 28%; losses do not offset other categories |
| CFDs / Warrants | J / Box 9.2B (derivatives) | Classified as derivative instruments |
| Forex / FX-CFDs | J / Box 9.2B (derivatives) | Same as above |
| Structured products | J / Box 9.2A or 9.2B (depending on underlying) | Check the prospectus for classification |
| Commodities (physical gold, ETC, etc.) | J / Box 9.2A or 9.2B | Physical-commodity gains follow specific rules in PT |
| Crypto-assets (<365 days) | J / Box 9.4A (foreign) or G / Box 18 (PT) | See Cryptocurrency section |
| Crypto-assets (≥365 days) | G1 / Box 07 (exempt) | Declared but not taxed |
Important: Mandatory FIFO Method
Portugal uses the method FIFO (First In, First Out) to calculate capital gains. This means that the first shares purchased are the first to be sold. You cannot choose which lot to sell.
FIFO Method: How It Works
📝 FIFO Example
Shopping:
- 01/01/2023: 10 Apple shares at €100 = €1,000
- 06/01/2023: 15 Apple shares at €120 = €1,800
- 01/01/2024: 20 Apple shares at €140 = €2,800
Sale:
- 03/01/2025: Sell 25 shares at €160 = €4,000
FIFO calculation:
First, sell the 10 shares from 01/01/2023 (€100 each)
Then, sell 15 shares from 06/01/2023 (€120 each)
Cost: (10 × €100) + (15 × €120) = €1,000 + €1,800 = €2,800
Revenue: 25 × €160 = €4,000
Capital Gain: €4,000 - €2,800 = €1,200
💡 Tax-Wizard automatically calculates FIFO for all your operations, even with hundreds of transactions.
2. Taxation of Cryptocurrency
✨ 365 Day Rule: Total Tax Exemption
Portugal is one of the most favorable countries in Europe for cryptocurrencies. If you hold Bitcoin, Ethereum or other cryptocurrencies for ≥365 days, the capital gain is 100% tax-free.
⚠️ Warning: Tokenized Stocks Do NOT Get the 365-Day Exemption
The 365-day exemption only applies to "crypto-assets that do not constitute securities" (art. 10(19) CIRS). Tokenized stocks and ETFs (e.g. on Kraken, tracking Apple or Tesla) are securities (security tokens) and are taxed like any share — capital gains at 28%, regardless of the holding period.
Taxation Rules
| Situation | Tax Rate | Notes |
|---|---|---|
| Holding ≥365 days | 0% (EXEMPT) | Account from date of purchase |
| Holding <365 days | 28% | Or aggregation (englobamento) (12.5%-48%) |
| Crypto-to-Crypto Exchange (BTC → ETH) |
NOT TAXABLE | Officially confirmed by AT |
| Conversion to EUR/USD | 28% (if <365 days) | Only conversions to fiat are taxable |
📊 Example: 365 Day Rule
Scenario 1: Sell before 365 days
- Purchase: 1 BTC at €20,000 on 01/01/2024
- Sale: 1 BTC at €50,000 on 06/01/2024 (150 days later)
- Added value: €30,000
- Tax: €30,000 × 28% = €8,400
Scenario 2: Sale after 365 days
- Purchase: 1 BTC at €20,000 on 01/01/2024
- Sale: 1 BTC at €50,000 on 01/02/2025 (366 days later)
- Added value: €30,000
- Tax: 0€ (EXEMPT) 🎉
Crypto-to-Crypto Exchanges: NOT Taxable
One of Portugal's greatest advantages is that exchanges between cryptocurrencies are NOT taxed. Officially confirmed by Autoridade Tributaria e Aduaneira (Portuguese Tax Authority) (AT).
Example: Swap BTC → ETH
- Bought 1 BTC for €20,000
- Exchanged 1 BTC for 10 ETH (market value: €35,000)
- You do not pay taxes on this transaction
- You will only pay taxes when you convert ETH to EUR (and only if it was held <365 days)
⚠️ Exception: Art. 10(21) — Non-Cooperative Jurisdictions
The 365-day exemption (n.º 19) and the swap deferral (n.º 20) do not apply when the exchange or counterparty is tax-resident in a jurisdiction that is not an EU/EEA Member State and has no double-taxation convention (CDT) or tax-information exchange agreement (TIEA) in force with Portugal.
Official sources: Lei n.º 24-D/2022, of 30 December (Budget Law 2023, added n.os 19–21 to art. 10 CIRS) · Art. 10 CIRS (Portal das Finanças) · Portaria n.º 150/2004 (non-cooperative-jurisdiction list), as amended by Portaria n.º 292/2011 and Portaria n.º 309-A/2020 · List of CDTs/TIEAs in force (AT).
🚫 Affected exchanges (tax-resident in Seychelles):
- Binance (Binance Holdings Ltd., Seychelles)
- Bitget (Bitget Limited, Seychelles)
- KuCoin (Mek Global Limited, Seychelles)
For these exchanges Tax-Wizard automatically:
- Treats every capital gain as taxable, regardless of holding period
- Routes it to Anexo J Q9.4A (or Anexo G Q18A if the exchange is national)
- Treats swaps as taxable events (no deferral)
- Surfaces these positions in the XLSX summary as
CRYPTO (Art. 21 — taxable)
Exchanges resident in CDT/TIEA jurisdictions (e.g., Coinbase in Ireland, Crypto.com/Luno in Singapore, Bit2Me in Spain, Revolut in Lithuania, Nexo in Estonia, Kraken in BVI with TIEA) keep the benefits of n.os 19 and 20.
⚙️ Tip — if you use a different Binance entity (e.g., Binance Ireland), select it on the upload form: Tax-Wizard honours your choice and re-applies the n.os 19/20 benefits for cooperative jurisdictions.
Crypto Events Handled by Tax-Wizard
Tax-Wizard automatically processes the following event types from supported exchanges (Coinbase, Kraken, Binance, Crypto.com, Bit2Me, KuCoin, Bitget, Nexo, Luno, Robinhood Crypto):
| Event | PT treatment |
|---|---|
| Sale to fiat (EUR/USD/…) | Cat G — taxable if <365 days; exempt if ≥365 days (art. 10(19)) |
| Crypto-to-crypto swap (BTC ↔ ETH, etc.) | Not taxable; cost basis carries over to the received asset |
| Staking rewards | Cat E (28%) for passive staking; Cat B for validator / masternode roles |
| Airdrops | Cat G on disposal; receipts >€500 may also attract a 10% stamp duty |
| DeFi unstaking, dPoS wrapping | Treated as internal transfer — not a taxable event |
| Sends / transfers between own wallets | Not taxable (cost-basis history is preserved) |
| Pay rewards, marketing-campaign rewards | Treated as airdrop — fair market value at receipt enters the cost basis |
| Dust sweeping, delisting conversions | Converted to EUR via BdP rate — booked as a residual gain/loss |
| Mining | Always Cat B; 0.95 coefficient under the simplified regime (see section above) |
| Exchange fees | Reduce the capital-gain balance (added to cost basis or netted against proceeds) |
AT clarification (Nov 2025): taxation only crystallises on conversion to fiat (EUR). Stablecoins (USDT, USDC) are treated as crypto for portfolio purposes but converted via the BdP USD/EUR rate at the moment of fiat realisation.
Other Tax Obligations
| Activity | Taxation |
|---|---|
| Staking/Mining (occasional activity) | 28% on earnings (Category B) |
| Staking/Mining (usual activity) | Business income (open activity) |
| Airdrops > €500 | 10% Stamp Tax + declare in IRS |
| Exchange commissions | 4% Stamp Tax (withheld by the exchange) |
Tip: Tax Planning for Crypto
If you plan to sell cryptocurrencies, consider waiting until 365 days have passed since purchase. The difference between paying 28% or 0% can be significant. Use Tax-Wizard to track holding periods automatically.
Category G vs Category B: When is it a "Habitual Activity"?
The CIRS distinguishes between individual-investor gains (Category G, art. 10(1)(k) CIRS) and business/habitual operations (Category B, art. 4(1)(o) CIRS). Mining and validation are always Category B by force of law, regardless of volume.
"Habitual activity" criteria (Tax Authority ruling IV 5717/2015):
- Frequency and volume of trades (daily activity, very high count)
- Profit motive as principal purpose
- Organized infrastructure (hardware, software, premises, employees)
- Regular use of leverage / margin / derivatives
- Time dedication (full-time or main occupation)
- Very short holding turnover (trader profile)
Occasional disposals by an individual investor remain Category G regardless of the amount.
Category B — simplified regime and coefficients (art. 31 CIRS):
| Activity | Coefficient | Max effective rate (top bracket + solidarity) |
|---|---|---|
| Trading / issuance / validation (non-mining) — art. 31(1)(d) | 0.15 | ~7.95% |
| Mining — art. 31(1)(c) | 0.95 | ~50.35% |
Above €200,000 annual turnover (art. 28(2) CIRS), organised accounting (contabilidade organizada) is mandatory (CIRC rules apply).
Legal basis: Lei n.º 24-D/2022 (State Budget 2023 — introduced the crypto-asset taxation regime).
3. Taxation of Dividends
Dividends received from foreign shares are subject to two layers of taxation:
- Withholding tax in the country of origin (varies by country, typically 15-30%)
- Taxation in Portugal (28% flat tax (taxa liberatoria) or aggregation (englobamento))
Taxation Options
| Option | Rate | Benefits |
|---|---|---|
| Flat Tax (taxa liberatoria) | 28% |
- Simpler process - Final taxation (not included in IRS) - You can deduct foreign withholding tax |
| Aggregation (englobamento) | 12.5% - 48% (over 50% of dividends) |
- 50% exemption - Best for low/medium incomes - You can deduct foreign withholding tax |
💰 Aggregation (englobamento): 50% Exemption on Dividends
If you choose aggregation (englobamento), just 50% of dividends are taxed at marginal rates. This can result in significant savings.
Example: Received €2,000 in dividends. Has a working income of €18,000 (marginal rate 26.5%).
- Flat Tax (taxa liberatoria): €2,000 × 28% = €560
- Aggregation (englobamento): (€2,000 × 50%) × 26.5% = €1,000 × 26.5% = €265
- 💰 Savings: €295
⚠️ Important Condition: Which Dividends Qualify for the 50%
The 50% exclusion under article 40-A of the CIRS, when you elect aggregation (englobamento), applies to dividends paid by any entity resident in an EU Member State (or qualifying EEA state) subject to corporate tax under the conditions of article 2 of Directive 2011/96/EU — not only Portuguese companies.
DO qualify for the 50%: Dividends from Portuguese, German, French, Dutch, Spanish, Italian, Irish (operating) and other EU/qualifying-EEA corporates subject to corporate income tax under the Parent-Subsidiary Directive (2011/96/EU).
DO NOT qualify: Dividends from US companies (Apple, Microsoft, Tesla), UK (post-Brexit), Switzerland, nor distributions from Irish-domiciled UCITS/ETFs (which are tax-exempt funds).
Note: To activate the benefit in Anexo J Box 8A, you must hold a certified declaration from the source country's tax authority confirming the entity meets the conditions of article 2 of the Directive.
Double Taxation and Tax Credit
Portugal has double taxation agreements with over 80 countries (including USA, UK, Germany, France). This allows foreign withholding tax to be deducted from Portuguese taxes.
📝 Example: US Stock Dividends
Received €1,000 in dividends from Apple (US share).
USA withholds 15% at source = €150.
Receives liquids: €850.
Option 1: Flat Tax (taxa liberatoria)
PT Tax: €1,000 × 28% = €280
Less US tax credit: €280 - €150 = €130
Total payable in PT: €130
Total taxes: €150 (USA) + €130 (PT) = €280
Option 2: Aggregation (englobamento) (marginal rate 23.0%)
US dividends do not qualify for the 50% reduction (only EU/qualifying-EEA entities under Directive 2011/96/EU).
Taxable base: €1,000 (full amount)
PT Tax: €1,000 × 23.0% = €230
Less US tax credit: €230 - €150 = €80
Total payable in PT: €80
Total taxes: €150 (USA) + €80 (PT) = €230 ✅
💡 Tip: If instead of Apple you received €1,000 in dividends from Siemens (Germany) — which qualifies for the 50% reduction — at the same 23.0% marginal rate you would only pay €500 × 23.0% = €115 in PT (after credit for the German withholding tax of 26.375%, capped at 15% under the double-tax treaty).
Attention: Form W-8BEN for US Investors
If you invest in US stocks through brokers such as IBKR, eToro or Revolut, you must fill out the form W-8BEN to benefit from the reduced rate of 15% (instead of 30%) under the Portugal-US double taxation agreement.
P2P and Crowdfunding Income
Tax-Wizard supports statements from the main European P2P / crowdfunding platforms: Raize (PT), GoParity (PT), Inrento, Robocash, Fintown, Esketit, Peerberry, Crowdpear, Bondora, ViaInvest, MacClear and Mintos. Interest income is typically declared as follows:
- Foreign platforms → Anexo J Box 8A (foreign-source interest) by payer's country of residence, with withholding-tax credit where applicable
- Portuguese platforms (Raize, GoParity) → depending on the payer's NIF and the product type; always check the statement issued by the platform
For a detailed guide on the IRS treatment of P2P, minibonds and crowdfunding income, see the P2P / Crowdfunding in Portugal guide.
4. Anexo J - Income Earned Abroad
The Anexo J is mandatory to declare all income earned abroad, including:
- capital gains of shares/ETFs sold through foreign brokers
- Foreign Stock Dividends
- Bank accounts abroad (even without income)
- Cryptocurrency (if <365 days)
Anexo J Structure: Relevant Tables
| Quadro | What to Declare | Examples |
|---|---|---|
| Quadro 8A | Dividends and interest | Apple stock dividends, bond interest |
| Quadro 9.2A | capital gains on securities | Selling stocks, ETFs, bonds |
| Quadro 9.2B | Derivatives | Options, futures, warrants, CFDs |
| Quadro 9.4A | Cryptoassets (<365 days) | Sale of cryptocurrencies (foreign platforms) |
| Quadro 11 | Accounts abroad | Revolut, DEGIRO, IBKR, Coinbase accounts |
Quadro 8A: Dividends and Interest
Use this table to declare dividends received from foreign shares and interest from bonds or bank deposits abroad.
📝 Main Fields of Quadro 8A
- Income Code
- Country code
- Gross income
- Tax paid abroad
Quadro 9.2A: Capital Gains on Securities
This is the most complex table, where it states all the capital gains resulting from the sale of shares, ETFs and bonds. Notice: Cryptocurrencies are declared in Quadro 9.4A (see below).
📝 Quadro 9.2A Main Fields
- Source Country
- Income Code
- Date of realization (sale)
- Realization value
- Acquisition date
- Acquisition value
- Expenses and charges
⚠️ Attention: One Line for Each Operation
If you sold Apple stock 50 times during the year, you need to fill out 50 lines in Quadro 9.2A. For active investors, this could mean hundreds of lines. Tax-Wizard completely automates this process.
Quadro 9.2B: Derivatives
This table is for declaring profit and loss of derivative financial instruments: options, futures, warrants, CFDs and other derivative contracts.
📊 Types of Derivatives
- Options: Calls and puts on stocks, indices, etc.
- Futures: Contracts on commodities, indices, currencies
- Warranties: Purchase/sale rights issued by banks
- CFDs: Contracts for difference (Trading 212, eToro, etc.)
📝 Quadro 9.2B Main Fields
- Source country
- Income code
- Net income (gain or loss)
- Tax paid abroad
Notice: Derivatives report the net income (not transaction to transaction like shares).
Quadro 9.4A: Cryptoassets (<365 days)
This framework is specific to cryptocurrencies sold before 365 days holding, acquired through foreign platforms (Coinbase, Kraken, Binance, etc.).
₿ Difference between 9.2A and 9.4A
- Quadro 9.2A: Stocks, ETFs, Bonds (Traditional Securities)
- Quadro 9.4A: Cryptoassets <365 days (aggregated by country/date)
Notice: Crypto ≥365 days is exempt and goes to the Anexo G1, Quadro 07.
📝 Main Fields of Quadro 9.4A
- Country Code
- Date of realization (sale)
- Realization value
- Acquisition date
- Acquisition value
- Expenses and charges
Quadro 11: Declaration of Accounts Abroad
You must declare all bank and investment accounts abroad, even if they have not generated income.
Curious whether your broker already reports directly to the Portuguese Tax Authority? See our guide: Does Revolut report to the AT? (and other brokers).
Currency Conversion (Art. 23 CIRS)
All foreign-currency transactions (USD, GBP, etc.) must be converted to EUR using the official Banco de Portugal exchange rates (mathematically equivalent to ECB rates for EUR-based pairs). The rule is set out in art. 23 of the CIRS.
Which rate to use and on what date
- Capital gains — cost basis: BdP buy rate on the purchase date (encargo)
- Capital gains — proceeds: BdP buy rate on the sale date
- Dividends / interest: BdP buy rate on the payment date (data de colocação à disposição)
- Foreign-paid expenses transferred to PT: BdP sell rate on the transfer date
A purchase in 2022 and a sale in 2024 use two different rates (one per leg) — not a single rate.
31-December rate — fallback only
Art. 23(2) allows using the 31-December rate only when the dates above cannot be evidenced. It is not the default method. Official rates are at bportugal.pt/page/conversor-de-moeda.
Anexo G - Capital Gains in Portugal
When to Use Anexo G?
The Anexo G is used to declare capital gains on assets obtained through entities with Portuguese NIF or cryptocurrency platforms. Includes:
Quadro 09 - PT Securities
- Shares of Portuguese companies (EDP, Galp, CTT)
- Transactions via XTB (broker with Portuguese NIF)
- Sales on Portuguese stock exchange (Euronext Lisbon)
Rate: 28% or aggregation (englobamento) (with Law 31/2024)
Quadro 18 - Crypto <365 days (PT)
- Cryptocurrency sold before 365 days
- Crypto → EUR conversions (non-exempt)
- Platforms with Portuguese NIF
Rate: 28% on capital gains
⚠️ XTB and Brokers with Portuguese NIF
The broker XTB has a Portuguese NIF (although it is Polish). Transactions through XTB must be declared in the Anexo G (not in Anexo J). Tax-Wizard automatically detects this situation and fills in the correct Anexo.
💡 Tax-Wizard Fills in Automatically
When processing your statements, Tax-Wizard automatically identifies which transactions belong to Anexo G (Portuguese NIF) and which to Anexo J (foreign). No need to separate manually.
Anexo G1 - Cryptocurrency Exempt (≥365 days)
✨ Total Exemption - But You Still Have to Declare!
Cryptocurrencies held for 365 days or more are 100% tax-free in Portugal. However, you must still declare them in the Anexo G1, Quadro 07.
Quadro 07 - Capital Gains Not Subject to Taxation
Anexo G1 is used to declare income exempt which must still be reported:
- Cryptocurrencies held ≥365 days (exempt since 2023)
- Acquisition value and realization value
- Purchase date and sale date
- Identification of the cryptoasset (BTC, ETH, etc.)
📊 Example: Bitcoin held 2 years
Buy: 01/01/2023 - 1 BTC for €15,000
Sale: 03/15/2025 - 1 BTC for €45,000
Capital Gain: 30.000€
Result: As it remained >365 days, the capital gain is 100% exempt.
Still, you must declare it in Anexo G1, Quadro 07.
Tax payable: 0€
⚠️ Why Declare if you are Exempt?
The Tax Authority requires a declaration even for exempt income. This allows the State to:
- Check that you actually complete the 365 days
- Have an official record of your crypto transactions
- Confirm the acquisition cost for future transactions
💡 Tax-Wizard Separates Automatically
When processing your crypto statements (Coinbase, Kraken, Binance, Crypto.com), Tax-Wizard automatically calculates the holding period and separates transactions between:
- Anexo G1: Crypto ≥ 365 days (exempt)
- Anexo G Quadro 18: Crypto <365 days of PT platforms
- Anexo J Quadro 9.4A: Crypto <365 days from foreign platforms
Quadro 08 — Assets in Tax Havens
Required even with no sales
Anexo G1, Quadro 08 declares assets held in countries, territories or regions with a clearly more favorable tax regime (tax havens), under art. 57(7) of CIRS and the list in Portaria n.º 150/2004 of 13 February. The duty applies even if you sold nothing during the year — it's enough to hold the assets on 31 December.
What you must declare
Each line carries: Holder, Code (asset type), Country (AT numeric code) and Value. Official code table:
| Code | Asset type | How to compute "Value" |
|---|---|---|
| 01 | Real estate rights situated there | Acquisition cost |
| 02 | Vehicles, vessels or aircraft registered there | Acquisition cost |
| 03 | Deposit or securities accounts at entities seated there | Year-end (31 Dec) value |
| 04 | Shares, quotas and capital stakes in entities seated there | 31 Dec quotation (or closest prior date); if unlisted → acquisition cost |
| 05 | Units in collective-investment / alternative-investment / venture-capital schemes managed by entities seated there | 31 Dec quotation (or closest prior date); if unlisted → acquisition cost |
| 06 | Bonds and other securities issued by entities seated there | 31 Dec quotation (or closest prior date); if unlisted → acquisition cost |
| 07 | Shareholder loans and other loans to entities seated there | Year-end (31 Dec) value |
| 08 | Insurance or annuity contracts with entities seated there | Year-end (31 Dec) value |
| 09 | Assets held through partnerships or fiduciary structures | Year-end balance value (or sum of items above) |
Source: Anexo G1 filling instructions, model in force from January 2025.
Which countries count as tax havens?
The list comes from Portaria n.º 150/2004 of 13 February (as later amended). The numeric codes match ISO 3166-1. Most relevant for stock/ETF investors:
| Country / Territory | Code | Typically appears as |
|---|---|---|
| British Virgin Islands (BVI) | 092 | ISINs VG… (e.g. mining cos, holdings) |
| Jersey | 832 | ISINs JE… (e.g. gold ETCs) |
| Guernsey | 831 | ISINs GG… |
| Isle of Man | 833 | ISINs IM… |
| Cayman Islands | 136 | ISINs KY… |
| Bermuda | 060 | ISINs BM… |
| Hong Kong | 344 | ISINs HK… — still required for the 2025 IRS; removed only from tax year 2026 (declared in 2027) |
| Liechtenstein | 438 | ISINs LI… — still required for the 2025 IRS; removed only from tax year 2026 (declared in 2027) |
| Uruguay | 858 | ISINs UY… — still required for the 2025 IRS; removed only from tax year 2026 (declared in 2027) |
| Panama | 591 | ISINs PA… |
| Monaco | 492 | ISINs MC… |
| United Arab Emirates | 784 | ISINs AE… |
| Curaçao | 531 | ISINs CW… |
| Bahamas | 044 | ISINs BS… |
⏱️ Timing for the 2025 IRS declaration (filed in 2026)
Portaria n.º 292/2025/1, of 5 September 2025 removed Hong Kong, Liechtenstein and Uruguay from the Portuguese list of tax havens, but it only produces effects from 1 January 2026. The change applies to tax facts occurring on or after that date, so these three jurisdictions remain on the list for tax year 2025 and must still be reported in Anexo G1 (Box 08) and Anexo J of the IRS declaration filed in 2026. The removal first applies to tax year 2026, declared in 2027.
The consolidated Portaria n.º 150/2004 contains about 78 jurisdictions for tax year 2025. The table above shows common examples only — consult the consolidated version on Diário da República for the full list.
📊 Example: investor with a Jersey gold ETC + BVI mining stock
On 31/12/2025 the taxpayer holds:
- 46.29 units of Physical Gold Hedged EUR (ISIN
JE00B8DFY052) — year-end quote = €1,084.25 - 10.49 shares of Critical Metals (ISIN
VGG2662B1031) — year-end quote = €64.51
Anexo G1 Quadro 8 must contain 2 lines:
- Line 801: Code 04 (shares), Country 092 (BVI), Value 64.51
- Line 802: Code 05 (collective investment), Country 832 (Jersey), Value 1,084.25
⚠️ Watch out for ADRs and holdings
The legal test is the seat or domicile of the issuing entity — not where the security trades. Many ADRs and Chinese/Asian companies with US ISINs (US…) are actually incorporated in the Cayman Islands or BVI and must be declared in Quadro 8. The ISIN prefix is a good hint, but it can fail in these cases — confirm the seat in the company's annual report.
💡 How Tax-Wizard fills Quadro 8
For each open position on 31/12 (across any supported broker), Tax-Wizard:
- Identifies the issuer country (ISIN prefix or broker data)
- Checks whether it is on the Portaria 150/2004 list for the relevant fiscal year
- Assigns the Code (04 shares, 05 funds, 06 bonds)
- Uses the year-end quote, or — when unavailable — the acquisition cost
- Aggregates by (Code, Country) into a single line per pair
When a broker already supplies this data in its own fiscal report (e.g. Trade Republic, Section XI of the Portuguese "Relatório Fiscal"), those values are preferred since they reflect the broker's internal accounting.
Anexo E - Dividends and Interest of Portuguese Entities
When to Use Anexo E?
The Anexo E (Quadro 04) is used to declare capital income from entities with a Portuguese NIF. This includes dividends and interest from Portuguese companies.
Quadro 04 - Capital Income
Includes income from:
- Dividends: Shares of Portuguese companies (EDP, Galp, Jerónimo Martins, CTT, NOS)
- Fees: Deposits in Portuguese banks, Portuguese bonds
- Others: Capital income of entities with NIF PT
| Type of Income | Annex | Example |
|---|---|---|
| PT company dividends | Anexo E | Dividends from EDP, Galp |
| Foreign company dividends | Anexo J | Apple, Microsoft Dividends |
| PT bank interest | Anexo E | Deposits at BPI, CGD, Millennium |
| Foreign bank interest | Anexo J | Trade Republic Interest, Lightyear |
💰 50% Exemption with Aggregation (englobamento)
Like foreign dividends, dividends from Portuguese companies also benefit from 50% exemption if you choose aggregation (englobamento). Only half of the value is taxed at marginal rates.
💡 Automatic Identification by NIF
Tax-Wizard automatically identifies income from Portuguese entities using NIF. If the payer has Portuguese NIF, the income goes to Anexo E. Otherwise, it goes to Anexo J.
5. Flat Tax (taxa liberatoria) vs Aggregation (englobamento): Which One to Choose?
This is one of the most important decisions when declaring investments in IRS. The correct choice can result in significant tax savings.
💡 Rule of Thumb: When to Choose Aggregation (englobamento)
Aggregation (englobamento) is advantageous if:
- Your total income (including investments) is < €27,000/year
- You have significant dividends (benefits from 50% exemption)
- Your marginal rate is < 28%
Flat Tax (taxa liberatoria) is advantageous if:
- Your total income is > €27,000/year
- You have high capital gains (no exemption in aggregation (englobamento))
- Your marginal rate is ≥ 28%
📊 Complete Comparative Example
Profile: Working income: €22,000 | capital gains: €3,000 | Dividends: €1,500
Marginal rate: 35% (total income €26,500)
Option 1: Flat Tax (taxa liberatoria) (28%)
capital gains: €3,000 × 28% = €840
Dividends: €1,500 × 28% = €420
Total taxes: €1,260
Option 2: Aggregation (englobamento) (marginal rate 35%)
capital gains: €3,000 × 35% = €1,050
Dividends: (€1,500 × 50%) × 35% = €750 × 35% = €262.50
Total taxes: €1,312.50
Result: In this case, Flat Tax (taxa liberatoria) is better (savings of €52.50).
If there were no dividends, the difference would be even greater.
Supported Brokers and Platforms
Tax-Wizard processes statements from over 40 brokers and platforms to automatically generate Anexos E, G, G1 and J of your IRS declaration. For the brokers most used in Portugal we provide dedicated step-by-step guides on how to export statements:
Other supported brokers and platforms
Stocks and ETFs
Lightyear, Tradier, Trade Republic, Wise, Saxo Bank, Freedom24, Freetrade, Firstrade, Tastytrade, Alpaca, Tiger Brokers, VT Markets, BancoInvest, and generic XLSX files.
Cryptocurrency
Kraken, Binance, Crypto.com, Bit2Me, KuCoin, Bitget, Nexo, Luno, Robinhood Crypto.
P2P / Crowdfunding
Raize, GoParity, Inrento, Robocash, Fintown, Esketit, Peerberry, Crowdpear, Bondora, ViaInvest, Maclear, Mintos.
Generic format
Don't see your broker? Use our generic XLSX template or check the supported-platforms page for the latest list.
6. Submission Process
Submission Process (Manual)
- Collect all statements from brokers (Revolut, DEGIRO, IBKR, etc.)
- Calculate capital gains using FIFO for each transaction
- Convert values to EUR using Banco de Portugal rates
- Fill in Anexo J in Portal das Financas:
- Quadro 8A: Dividends and interest
- Quadro 9.2A: capital gains (one line per transaction)
- Quadro 11: Accounts abroad
- Validate and simulate the declaration
- Submit by June 30 (single deadline for all taxpayers)
⚠️ Problem: Portal das Financas DOES NOT Allow Simulation with Anexo J
One of the biggest frustrations for investors is that the Portal das Financas does not allow simulations to be carried out with Anexo J filled in. This means you cannot see the amount to be paid/received before submitting.
Tax-Wizard Solution: Tax-Wizard allows you to carry out complete simulations before submitting. Simulate your IRS with Anexo J before submitting.
Submission Process (with Tax-Wizard) ✅
- Export pre-filled declaration from Portal das Financas
- Upload to Tax-Wizard:
- Declaration XML file
- Broker statements (Revolut, DEGIRO, IBKR, eToro, Trading 212, etc.)
- Analyze files (Tax-Wizard calculates everything automatically):
- FIFO method applied
- Automatic currency conversions
- Anexo J filled in
- Simulate and see the amount to be paid/received
- Download the XML file ready for submission
- Upload to Portal das Financas and submit
Advantages of Tax-Wizard
- ✅ Automatic FIFO calculation (even with hundreds of transactions)
- ✅ Automatic currency conversion (USD, GBP, etc. → EUR)
- ✅ Simulation before submitting (see amount to be paid/received)
- ✅ Support for multiple brokers simultaneously
- ✅ Detailed reports in PDF/Excel
For a detailed step-by-step walkthrough of how to use the tool, see the IRS Portugal step-by-step guide with Tax-Wizard.
7. Frequently Asked Questions (FAQ)
Are cryptocurrencies always tax-exempt?
No. The exemption only applies if you hold the cryptocurrencies for ≥365 days. If you sell before 365 days, you pay:
- 28% (flat tax (taxa liberatoria)), or
- 12.5%-48% (if you choose aggregation (englobamento))
Furthermore, crypto-to-crypto exchanges are NOT taxed in Portugal (ex: BTC → ETH).
How does Law 31/2024 work? Who benefits?
The Law 31/2024 (in effect since 06/28/2024) offers progressive reductions in tax rates for stocks and ETFs held for long periods:
- 2-5 years: 10% reduction → effective rate 25.2%
- 5-8 years: 20% reduction → effective rate 22.4%
- 8+ years: 30% reduction → effective rate 19.6%
This applies automatically if you use flat tax (taxa liberatoria). With aggregation (englobamento), the reduction applies to the marginal rate.
Can I choose which lot of shares to sell (like in the US)?
No. Portugal requires the use of the method FIFO (First In, First Out). The first shares purchased are always the first to be sold. You cannot choose to sell specific lots to optimize taxes.
What if there are losses (capital losses)? Can I compensate with earnings?
Yes. Capital losses can be offset against capital gains from the same year. Rules:
- Compensation in the same fiscal year
- Compensation in the following 5 years (reports losses)
- Declare all transactions in Anexo J (even those at a loss)
Want to optimise this offset? See our tax-loss harvesting guide — how to realise losses strategically to reduce your tax bill.
Do I have to declare dividends on Portuguese shares (EDP, Galp)?
Not in Anexo J. Dividends from Portuguese companies are declared in the Anexo E (capital income). Anexo J is for income only obtained abroad.
What is the difference between flat tax (taxa liberatoria) and aggregation (englobamento)?
Flat Tax (taxa liberatoria):
- Fixed rate 28% on capital gains and dividends
- Final taxation (not included in the IRS calculation)
- Simpler, better for yields > €27,000
Aggregation (englobamento):
- Marginal rates of 12.5%-48%
- Dividends: only 50% are taxed
- Best for yields < €27,000
I made 200 transactions on Revolut. Do I have to fill in 200 lines in Anexo J?
Yes, if filled manually. Quadro 9.2A of Anexo J requires one line for each sales transaction.
With the Tax Wizard, this is done automatically in seconds. The system processes hundreds (or thousands) of transactions and generates the XML file ready for submission.
What happens if I don't declare investments abroad?
Consequences:
- Fines: €150 to €3,750 (or 50% of tax due)
- Late payment interest: Calculated from the delivery date
- Inspection process: AT can investigate for up to 4 years (or 12 years in serious cases)
- Tax fraud crime: If unpaid tax > €15,000
Important: Many brokers (especially from the US and EU) report information to AT under the CRS (Common Reporting Standard).
Can I declare investments jointly with my spouse?
Yes. If filing a joint declaration, each taxpayer with investments must have their own Anexo J. Tax-Wizard allows you to process joint returns:
- Submit declaration + extracts from the 1st taxpayer
- Submit resulting declaration + extracts from the 2nd taxpayer
- Final declaration will have both Anexos J completed
Do I have to convert all transactions to EUR?
Yes. All foreign currency transactions (USD, GBP, etc.) must be converted to EUR using the official exchange rates of the Bank of Portugal on the date of the transaction. Tax-Wizard does this automatically.
Do stock splits affect the calculation of capital gains?
Yes. Stock splits adjust the number of shares and the purchase price proportionally. Tax-Wizard automatically applies adjustments for historical splits (e.g. Tesla 5:1, Apple 4:1, Nvidia 10:1).
Are foreign ETFs taxed like stocks?
Yes. ETFs (Exchange Traded Funds) are taxed just like stocks:
- capital gains: 28% (or aggregation (englobamento))
- Benefit from Law 31/2024 (long-term reductions)
- Dividends distributed: 28% (or aggregation (englobamento) with 50% exemption)
- Declare in Anexo J (Quadro 9.2A for sales, 8A for dividends)
Can I deduct commissions and exchange fees?
Yes. All transaction-related expenses can be deducted when calculating capital gains:
- Buying and selling commissions
- Exchange rates (spread)
- Custody or account maintenance fees
- Connectivity fees (e.g. DEGIRO €2.50/year)
How much is your time really worth?
Consider the value of your time and the peace of mind that comes with having a reliable and accurate tool to handle your tax reporting
(payment covers this year's filing for 2025 and prior years, manual renewal next year)
Premium
All features, for Revolut, Degiro, eToro, XTB, Trading212, Interactive Brokers, Freedom24, Lightyear, Trade Republic, Coinbase, Robinhood Crypto,...
- Support for all brokers and currencies
- Automatic calculation of capital gains
- Report with Acquisitions, Realizations, Dividends, and Interest
- Open positions report and statistics
- Transaction and dividends statistics
- Export Open Positions to Yahoo Finance
Business
All premium features, for accountants, financial advisors, tax consultants, or other professionals and companies wanting to use Tax-Wizard for multiple clients.
- Support for all brokers and currencies
- Automatic calculation of capital gains
- Report with Acquisitions, Realizations, Dividends, and Interest
- Open positions report and statistics
- Transaction and dividends statistics
- Export Open Positions to Yahoo Finance
Legal References and Resources
Anexos from Modelo 3 (PDF):
- - Anexo J (Income from abroad)
- - Anexo G (capital gains and other asset increments)
- - Anexo G1 (exempt capital gains and tax-haven assets — Q07/Q08)
- - Anexo E (Income from capital)
Tax-haven list (G1 Q08):
- - Portaria n.º 150/2004 (consolidated text — Diário da República)
- - Portaria n.º 292/2025/1, of 5 September 2025 (removes HK/LI/UY from 2026)
- - Portaria n.º 345-A/2016 (earlier amendments)
- - EY — Hong Kong, Liechtenstein and Uruguay removed (effective 2026)
- - RFF Lawyers — Tax-haven list (2024 update)
Capital gains, IRS brackets and aggregation (englobamento):
- - Lei n.º 55-A/2025, of 22 July — 2025 IRS brackets (amended art. 68 CIRS)
- - Art. 68 CIRS — general rates and brackets
- - Art. 68-A CIRS — additional solidarity surcharge (2.5% / 5%)
- - Art. 72 CIRS — special rates; n.º 14 (mandatory aggregation of short-term gains)
- - Lei n.º 24-D/2022, of 30 December — State Budget 2023 (introduced mandatory aggregation & crypto taxation)
- - Art. 40-A CIRS — 50% exclusion on dividends
- - Directive 2011/96/EU (Parent-Subsidiary) — art. 2 conditions
- - Art. 23 CIRS — FX conversion rule (BdP buy/sell rate)
Tax Guides and Official Sources:
- - PWC Portugal - PIT Tax Guide 2025
- - PWC — Privileged-tax-regime guide
- - PWC - Personal Income Taxes
- - gov.pt - IRS Declaration
- - Koinly - Portugal Crypto Guide
- - Legal500 - Cryptoassets 2025
Legal basis — Anexo G1 Q08:
- - art. 57(7) of CIRS — duty to declare assets in privileged-tax-regime jurisdictions
- - Decreto-Lei n.º 13/2025 — amended art. 57 to include real-estate rights
Important Notice
Tax-Wizard is a support tool, does not replace professional tax advice. The taxpayer is always responsible for the declaration.
We recommend:
- Confirm your situation with an accountant or tax advisor
- Validate data and calculations before submitting
- Save transaction records and statements
Always consult the Portal das Financas and official sources.