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I am a tax resident in Portugal. How do I declare my income?

• If you invested in projects whose promoter is tax resident in Portugal:

In this case, when filling in your annual income tax return, you don’t need to declare these earnings, as the interest you earned is subject to withholding tax and is reported directly to the Portuguese Tax Authority by Goparity (Article 71 of the Personal Income Tax Code – “Código do IRS”).

If you opt for income aggregation (“englobamento”), these must be included in Annex E (Table 4B, code E20).

• If you invested in projects whose promoter is not tax resident in Portugal:

Taxes on interest earned from a project promoted by a non-Portuguese entity must be paid as income obtained in the country of tax residence of that entity.

In general, no tax is withheld. Check the exceptions here.

In this case, you must include Annex J when filing your annual income tax return (the designated section for declaring income earned in a foreign country), and report the income obtained through Goparity from promoters who are not tax resident in Portugal.

At the start of each year, you will receive an income statement for the previous year. This document provides a breakdown of the income earned by project, along with an aggregate view by country. These are the figures you should report when filing your annual income tax return. An example:

Disclaimer:
This information is provided for general guidance purposes only and should not be considered as tax or legal advice. Taxation rules may vary based on individual circumstances, residency, and changes in legislation. Investors are strongly encouraged to consult a qualified tax advisor or legal professional to ensure compliance with the applicable tax laws and to obtain advice tailored to their specific situation. Goparity cannot be held responsible for any errors, omissions, or consequences related to the use of this information.