Mário Ferreira acquitted in Atlântida ship sale tax fraud case

Portuguese businessman Mário Ferreira, owner of Mystic Invest and Douro Azul, has been acquitted of qualified tax fraud by the Porto Court of São João Novo. The court ruled that the objective and subjective elements of the crime were not proven regarding the sale of the ship Atlântida.

The case involved the acquisition of the vessel by Mystic Cruises from Viana do Castelo shipyards for 8.75 million euros in 2014, followed by its sale in 2025 to International Trade Winds (ITW)—a Malta-based company managed by Ferreira—for 11 million euros. ITW subsequently sold the ship to the Norwegian company Hurtigruten for 17 million euros.

The Public Ministry had alleged a “simulated sale” intended to shift profits to Malta, claiming the transaction resulted in an undeclared gain of 3.7 million euros and an illegitimate tax advantage of approximately one million euros. Prosecutors argued the sale price was significantly below the market value, citing a previous valuation of over 26.6 million euros. However, the judges found the prosecution failed to demonstrate criminal conduct.