The two systems
| Portugal | Sweden | |
|---|---|---|
| Shares, funds, bonds | 28 % on the net gain of the year; 10 %, 20 % or 30 % of the gain excluded for listed securities and open funds held over 2, 5 or 8 years; mandatory aggregation for assets held under 365 days when income is in the top bracket | 30 % on the gain; ISK accounts taxed on a notional yield instead |
| Property | 50 % of the gain at the progressive rates; main home exempt on EU/EEA reinvestment within 36 months | 22 % effective on a private home (30 % of 22/30 of the gain), deferral on reinvestment in a new home in the EEA |
| Crypto | 28 %, exempt after 365 days | 30 % |
| Losses | offset within the category; five-year carry-forward on aggregation | 70 % of losses on listed shares offsettable against other capital income; full offset against share gains |
- 28 % vs 30 % headline rates; Portugal's holding-period reductions have no Swedish counterpart
- Ten years: Sweden taxes a former resident's gains on Swedish shares and on foreign shares bought while resident
- Funds and ISK are outside the ten-year rule — the assets Swedes should hold when they leave
- No treaty: the Portuguese credit for Swedish tax is capped at 28 %, so 30 % is the cost within the ten years
Sweden’s ten-year rule
A person who was resident in Sweden in the year of a sale or in any of the ten previous years is taxed in Sweden on gains from:
- listed shares in Swedish companies;
- other Swedish participations except fund units;
- listed shares in foreign companies acquired (by purchase, exchange, gift or inheritance) while resident in Sweden;
- unlisted foreign participations acquired while resident.
Not covered: fund units (Swedish or foreign), assets in an ISK, interest and — for non-residents — the notional ISK income. Sweden’s treaties normally shorten the ten years; without one, the full period applies to Portugal.
Portugal’s side
Gains realised by a resident are taxed here whatever the ten-year rule says: 28 % on shares and funds (less the holding-period exclusions), half the gain at progressive rates on property. Swedish tax paid on the same gain is credited under art. 81.º n.º 1 up to the Portuguese tax — so a gain on Swedish shares in year three after departure costs 30 % in Sweden and nothing more in Portugal, while a gain on a Swedish fund costs 28 % in Portugal and nothing in Sweden.
What to hold when you leave
| Asset | Sweden after departure | Portugal | Suggested handling |
|---|---|---|---|
| Swedish listed shares | 30 % for ten years | 28 %, credit capped | sell before leaving or hold beyond ten years |
| Foreign shares bought in Sweden | 30 % for ten years | 28 % | same |
| Swedish or foreign funds | nothing | 28 % (less after 2/5/8 years) | keep; Portugal alone taxes |
| ISK | nothing on the notional yield | 28 % on actual income and gains inside | keep or convert to funds; Portugal looks through |
| Swedish home | 22 % effective on the gain, deferral only for a new home in the EEA (Portugal qualifies) | half the gain at progressive rates once resident; no Portuguese main-home relief for a home you no longer occupy | sell before the move |
| Crypto | 30 % | exempt after a year | hold a year in Portugal |
Steps
Date the acquisitions
Which shares fall under the ten-year rule and what was paid for them; Portugal measures the gain from the same cost in euros.
Sell or switch before departure
Swedish shares to funds; the home before the move; crypto kept for the Portuguese year.
Declare on both sides
Swedish return for ten-year-rule sales; Portuguese annex G/J with the Swedish tax for the credit.
After ten years
Only Portugal taxes; the reductions after two, five and eight years of holding apply.
We map your portfolio against the ten-year rule and the Portuguese exclusions, and file both annexes with the capped credit. Send us the statement.
Questions
Does Portugal rebase my shares when I arrive?
No. The gain is computed from the original cost, converted to euros at the historical rate. Selling and repurchasing before the move, at Swedish rates, resets it.
Are ISK gains taxed in Portugal as they arise?
Portugal taxes the actual events: dividends and interest received inside the ISK at 28 %, gains at 28 % when a position is sold. The Swedish notional taxation stops for non-residents.
I bought Apple shares in Stockholm in 2019 and sell them in Lisbon in 2027. Who taxes?
Both: Sweden under the ten-year rule (foreign listed shares acquired while resident), at 30 %; Portugal at 28 % with a credit for the Swedish tax up to 28 %. Cost: 30 %.
Sources and official references
- Skatteverket — living abroad: the ten-year rule on listed Swedish shares, Swedish participations and foreign shares acquired while resident; funds and ISK excluded — checked 18.9.2026
- Skatteverket — 2026: state tax on capital income 30 % — checked 18.9.2026
- Código do IRS, artigo 72.º — 28 % on gains; mandatory aggregation for assets held under 365 days in the top bracket; artigo 43.º — property gains at 50 %; listed securities: 10 / 20 / 30 % excluded after 2 / 5 / 8 years — checked 18.9.2026
- Código do IRS, artigo 10.º — main-home reinvestment (n.º 5); crypto held 365 days excluded (n.º 22) — checked 18.9.2026
- Código do IRS, artigo 81.º n.º 1 — unilateral credit, capped at the Portuguese tax — checked 18.9.2026