Yesterday, the Government Gazette published Presidential Decree no. 15/2017 which ratifies the Agreement between the Portuguese Republic and the government of the British Virgin Islands regarding exchange of information for tax purposes, signed in London on 5 October 2010 and approved via Assembly of the Republic Resolution no. 25/2017 on 6 January 2017.
Today, the Government Gazette also published Presidential Decree no. 17/2017, ratifying the Agreement between the Portuguese Republic and Guernsey regarding exchange of information on tax matters, signed in London on 9 July 2010 and approved via Assembly of the Republic Resolution no. 27/2017, on 6 January 2017.
For a long time, Portugal, the British Virgin Islands and Guernsey have been attempting to prevent financial and other crimes, particularly focussing on the financing of terrorism. On 21 February 2002, Guernsey politically agreed to adopt the principles of the Organization for Economic Cooperation and Development as regards effective exchange of information. On 2 April of the same year, the British Virgin Islands formally made a political commitment in writing regarding OECD principles on transparency and exchange of information, and subsequently actively participated in the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.
It is therefore the common will of these territories to intensify and facilitate the terms and conditions that regulate the exchange of information for taxation purposes. The complete list of agreements can be consulted here.