Portugal has published Ordinance no. 309-A/2020 of 31 December 2020, which amends the list of countries, territories, and regions with privileged tax regimes (Ordinance No. 150/2004). In particular, Ordinance No. 309-A/2020 provides for the removal of Andorra with effect from 1 January 2021. 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.