by Luis Calandria
How to Open a Bank Account in Portugal: A Guide for Golden Visa Seekers
Opening a bank account in Portugal is an essential step for anyone planning to invest or settle here, especially for Golden Visa (GV) seekers. While setting up a standard account is straightforward, Golden Visa applicants need to meet a few additional requirements, such as proof of investment and fund transfers.
In this guide, we’ll walk you through the process, explain the necessary documents, and highlight some key tips for those applying for the Golden Visa.
Why Open a Portuguese Bank Account?
A Portuguese bank account is necessary for various reasons, whether you’re living in Portugal or simply investing here. Here’s why it’s crucial:
- 💶 Tax Payments: You’ll need a Portuguese bank account to make payments for taxes, and other essential services related to the state.
- 💡 Utility and services: Paying bills and completing everyday transactions.
- 💳 Access to MB Way: This is the most widely used mobile payment system in Portugal, and it’s essential for many day-to-day transactions.
- 🏦 Eligibility for Local Services: With a Portuguese bank account, you can access insurance, mortgages, and automatic SEPA payments.
Additional reasons for Golden Visa seekers:
- Required for Investment: For Golden Visa applications, your investment funds should go through a Portuguese bank account before transferring to the Fund bank account.
- Proof of Funds: Banks provide an official declaration confirming that your transfer is lawful, which is required for the GV application.
- Fund Subscription & Custody: If you choose a fund-based Golden Visa, the bank will often act as the custodian of your fund units.
- AML Compliance: Banks help verify the source of your funds to meet anti-money-laundering (AML) regulations, which are required by the Portuguese authorities.
- Renewals & Ongoing Compliance: A local bank account supports your investment proof for Golden Visa renewals.
- Handling Ongoing Payments: The account is used for paying taxes, fees, and other costs related to your Golden Visa investment.
- Supports Residency Pathway: Having a Portuguese bank account establishes your economic footprint, which is useful for long-term residency or citizenship.
Types of Bank Accounts
When opening a bank account in Portugal, there are two primary options:
| Type | Who It’s For | Key Requirement | Benefits |
| Resident Account | For residents or those with a Portuguese address | NIF (Tax Number) + Passport + Proof of Portuguese address | Full access to digital banking and MB Way |
| Non-Resident Account | For foreigners without residency in Portugal | NIF (Tax Number) + Passport + Proof of address abroad + Source of funds | Required for Golden Visa investments and real estate transactions |
💬 Most Golden Visa applicants start with a non-resident account and later convert it to a resident account once they receive their residence permit.
Required Documents
Here’s what you’ll typically need to open a bank account in Portugal:
- NIF (Número de Identificação Fiscal or Tax Identification Number in English): This is required for resident accounts, and can be obtained at a tax office in Portugal or at a consulate abroad.
- Valid Passport or ID: Essential for both resident and non-resident accounts.
- Proof of Address: Utility bills, a rental agreement, or even a property deed can serve as proof of address, either in Portugal or your home country.
- Proof of Income or Employment: Some banks may request proof of income, especially if you are applying for credit services.
- Non-Residency Certificate: This is needed if you’re opening a non-resident account.
Extra documents for Golden Visa seekers:
- Expect the bank to ask for the usual documents, plus extra ones related to your investment and immigration status:
- Transfer Declaration: This certifies that the funds transferred to the account are for investment purposes.
- Proof of Intent to Immigrate: For non-EU/Schengen nationals, some banks will ask for documentation showing your intention to apply for a Golden Visa.
- FATCA Compliance (for U.S. citizens): If you’re a U.S. citizen, the bank needs to be FATCA-compliant, and you’ll need to provide the IRS Form W-9.
Choosing Your Bank
Picking the right bank is crucial, especially if you’re a Golden Visa applicant. Not all banks offer the same services, and some may be better suited for your needs. Here’s what to keep in mind:
- Traditional Banks: If you’re making a Golden Visa investment, you’ll need a traditional bank that can manage fund subscriptions, hold fund units in custody, and issue official transfer declarations. Some good options include:
- Millennium BCP: Known for being expat-friendly with English-speaking staff.
- Novo Banco: Offers a variety of account options, including digital banking.
- Caixa Geral de Depósitos: Portugal’s largest bank with wide accessibility and tailored services for GV seekers.
- Golden Visa friendly Banks: the large traditional banks, sometimes shy away from opening Golden Visa accounts or have more complex and bureaucratic processes. Smaller banks like BNI Europe, Byson Bank or Banco Atlantico are known for being more agile and friendlier to Golden Visa seekers
- Digital Banks: While neobanks like Revolut and N26 are great for everyday banking, they’re not suitable for investments related to the Golden Visa. They can’t provide the required custody services or fund transfer declarations. They’re best for smaller transactions and general use.
- Revolut: Offers Portuguese IBAN and MB Way access, useful for day-to-day banking.
- N26: Known for low fees and ease of use, but doesn’t offer fund custody or Golden Visa-related services.
- Specialized Services: If you’re interested in cryptocurrency or other niche investments, you may want to look into a crypto-friendly bank, like Byson Bank.
💡 Important Tip: Always choose a bank that can hold your fund units and provide the necessary transfer declarations, especially if you’re applying for a Golden Visa via an investment fund.
Step-by-Step Guide to Opening a Bank Account in Portugal
- Get Your NIF (Tax Number)
Before you can apply for a bank account, you must get a Portuguese tax number (NIF). You can get this online through a lawyer or a relocation service.
- Prepare Your Documents
Ensure you have all the required documents ready, including your NIF, passport, proof of address, and any investment-related documents .
- Authenticate Your Documents
If applying remotely, your passport and proof of address may need to be certified by a notary or a Portuguese lawyer.
- Submit Your Application
Depending on the bank, you can apply either online or in person. Some banks, like Revolut and ActivoBank, allow you to open an account entirely online, while others may require an in-person visit for verification.
- Deposit Minimum Funds
You’ll typically need to deposit between €250 and €500 to activate your account. For Golden Visa applicants, the required investment is usually between €250,000 and €500,000, depending on your investment route.
- Receive Your Debit Card & IBAN
Once your documents are verified and the account is set up, you’ll receive your debit card and Portuguese IBAN. This process usually takes between 3 to 10 working days, though it may take longer.
💰 Typical Bank Fees
| Type | Cost Range |
| Account Maintenance | €5–€15/month (can be waived with a minimum balance) |
| ATM Withdrawals | Free within the Multibanco network |
| International Transfers | €10–€25 (depending on the amount & destination) |
| Debit Card | €10–€20 annually (if not free with your account) |
📌 Common Challenges
- Remote Verification Delays: Some banks still require physical presence, which can delay the process.
- Language Barrier: Smaller branches may not have English-speaking staff, so consider choosing a bank that offers English services.
- Source of Funds Verification: Be prepared to provide clear documentation regarding your investment’s source. Banks follow strict AML regulations.
- Timeframes: KYC and AML checks tend to delay more than expected, so expect 1–3 weeks for the entire process if done remotely, though delays are common.
In Conclusion
Opening a bank account in Portugal is straightforward, but if you’re applying for a Golden Visa, there are some additional steps. Make sure you choose the right bank, prepare the necessary documents, and understand the regulatory requirements. With a bit of preparation, you’ll have no trouble meeting all the requirements and starting your journey in Portugal.
Need help getting your NIF or navigating the account opening process? Reach out to our team for expert assistance and tailored services for Golden Visa seekers: Contact us – Ventures.eu
