U.S. Tax Exposure in Offshore Portfolio Management

A Guide for Portuguese Asset Managers and Private Banks

July 2025

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Managers who unknowingly fill discretionary portfolios with passive foreign funds or active business structures risk delivering sharply reduced after-tax returns and inviting compliance blowback.

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Cover page of a white paper titled 'U.S. Tax Exposure in Offshore Portfolio Management: A Guide for Portuguese Asset Managers and Private Banks,' published by Areia Global Consultants in July 2025, including a disclaimer about the document’s informational purpose.
A page from an informational white paper discussing U.S. tax treatment of foreign investments, targeting Portuguese asset managers, private banks, and advisory firms. The page contains a heading, introductory paragraph, and part of an executive summary, with a disclaimer in red at the top.
Page from a document with legal disclaimer in red text at the top, and paragraphs of black text discussing offshore portfolio management and U.S. tax laws. The page features a watermark of AREIA GLOBAL CONSULTANTS.

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