The Portuguese Republic and the United States of America signed a bilateral agreement (published in Diário da República, Notice no. 101/2016), in which they intend to implement the Foreign Account Tax Compliance Act (FATCA) in Portugal. enforced in August 2016. The objective is to ensure compliance with and implementation of international fiscal rules. The most diverse financial institutions in Portugal now have to identify all clients, who are considered US persons, and send the information on the accounts held by them to the Tax and Customs Authority.
The Inter Governmental Agreement (IGA) between Portugal and the US provides for the exchange of information between both parties, and Portugal also has the right to receive information on accounts held by Portuguese taxpayers in US financial institutions.