Portugal's new tax regime for undertakings for collective investment (UCI) (Decree-Law No. 7/2015) entered into force on 1 July 2015 and generally applies from that date. UCI Types The new regime applies to the following Portuguese UCI types: Securities investment funds (fundos de investimento mobiliário); Real estate investment funds (fundos de investimento imobiliário); Securities investment companies (sociedades de investimento mobiliário); and Real estate investment companies (sociedades de investimento imobiliário) UCI Taxation Under the new regime, UCIs are not subject to withholding tax, and investment income, capital gains and rental income is not included in taxable profits unless it originates from...