Opening bank account in Portugal for golden visa purpose is one of the essential requirement (not mandatary).
As per golden visa law, legal requirement, as outlined in paragraph 11 of article 65-D of Decree-Law 84/2007, is to prove that the funds originate from abroad. To satisfy this requirement, the a bank account must be opened in Portugal banks in the name of investor and undergo compliance and verification of funds. The account opening process takes 2-4 months.
- Obtain Tax ID
- Open bank account
- Transfer investment to your bank account
- Make the investment from Portugal.
No personal visit needed. The entire process can be handled by Portuguese lawyer or legal representative.
The Problem
The issue with opening bank account in Portugal brings several hurdles .
- Long wait (3-4 months)
- KYC/AML checks
- Difficult paperwork
- Huge delays
- High refusal rate
Skipping Bank Account Opening
It is also possible opening bank account can be skipped or not required for investment purpose if the money sent by international transfer abroad to collective account held by investment fund company with Portuguese custodian bank. Please contact for more details.
Opening a bank account is not necessary in these cases.. These steps speeds up or cuts several months of delays with golden visa application process..
1.Jumbo Accounts
Several investment funds now offer a shared “jumbo” account option, or an omnibus account held by the management company on behalf of clients, allowing Investors to transfer funds directly to a centralized account. Clients then open an account of Register and Deposit of Participation Units (shares) of the fund they subscribe. This solution speeds up the process while ensuring compliance, as the fund itself is responsible for the Know Your Customer (KYC) and anti-money laundering (AML) procedures.
2. Lawyer Client Account
This is another method commonly used by golden visa investors to bypass opening bank account.
- The Investor signs a law firm and transfers funds to the Law Firm’s bank account.
- The Law Firm completes the investment on behalf of the client.
- The bank issues a declaration confirming the funds originated from abroad and were used for a specific investment to the AIMA.
Documents Requested
The following documents will be requested by bank.
- Passport copy;
- Proof of address;
- Proof of employment;
- Tax Number (ID card) from origin and residency country;
- Portuguese Tax Number. (passport, address proof and PoA required)
- Bank statement
- Tax Return (sometimes requested by the bank)
Popular Banks
The following are the popular banks among foreigners and expats to open a bank account in Portugal.
- Bison Bank
- Novo Banco
- Caixa Geral de Depositos
- Banco Santander Totta,
- Banco Activo
- Banco BPI
- Millenium BCP
