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Ana Carvalho

Ana Carvalho outstands for her depth of knowledge in international tax matters, for her technical quality and thoughtfulness.
Tax client, Europe, Chambers, 2023

Ana Carvalho is a tax lawyer, with over 15 years of experience in tax matters, both in Portugal, and in the United States, advising clients in a vast range of sectors, including financial services, energy, real estate and technology. 

Ana specializes in international tax, corporate reorganizations and financial transactions, advising Clients in the context of inbound and outbound investments and real estate transactions. Ana is also recognized for her profound knowledge of financial products and VAT.

She has earned an LL.M in International Tax (New York University) and worked for 4 years in New York, focusing on tax structuring for private equity funds. 

Ana was awarded with the Gerald L. Wallace scholarship to attend the LL.M International Tax Program (New York University) and was attributed the Flora S. and Jacob Newman Award, for distinction in the LL.M International Tax Program. 

Ana regularly writes on tax-related topics.


  • Represented a financial institution in a landmark arbitration case regarding real estate transfer tax on an irrevocable power of attorney (PoA) in connection with a loan facility agreement, with a security scope. This case was the first on the subject, with the arbitration court agreeing with our interpretation that an irrevocable PoA granted in this context and allowing the creditor to sell shares in a company upon an event of default, with a security scope, should not be subject to real estate transfer tax.
  • Advised a leading financial institution on the restructuring of its European operations. 
  • Advised a leading company in the food and beverages sector in the restructuring of its business operations. 
  • Advised with the tax structuring of a Portuguese Search Fund. 
  • Advised a leading investment fund (specialized in renewable energy) in its investment in two Portuguese entities engaged in the production of hydroelectric energy. 
  • Advised an investment fund on the tax implications arising from the different proposed models for the acquisition of a set of solar small production units.
  • Portuguese
  • English
  • Spanish
  • New York University, School of Law, LL.M. in International Taxation, 2014
  • J.D., University of Lisbon, School of Law, 2006


  • Distinguished in Tax, by Legal 500, Chambers and Best Lawyers
  • Distinguished by Legal 500 as a Rising Star in Tax



Prior Experience

  • 2018 - Senior Associate, DLA Piper ABBC (previously ABBC)
  • 2014 - 2018, Associate / Senior Associate and Manager, KPMPG LLP, New York
  • 2006 - 2013, Trainee / Associate, Iberian Law Firm in Lisbon

Memberships And Affiliations

  • Admitted to the Portuguese Bar Association