On 12 January 2017, a news release from the Jersey government was published announcing the removal of Jersey from Portugal's blacklist. Jersey's removal was effected through a decree signed 30 December 2016 and that entered into force 1 January 2017. Residents of jurisdictions included in Portugal's blacklist are subject to certain tax consequences, including an increased withholding tax rate of 35% for dividends, interest, and royalties, and ineligibility for Portugal's participation exemption.