Portugal (Madeira)


The island of Madeira is a special economic zone within Portugal with a wide range of international banks. We work with the international offices of several international banks. Ideal for those who want a Western European account that does not appear in any way offshore, and also suitable for international commercial accounts due to its location in the SEPA area. The account opening process is lengthy (4-8 weeks) but once opened, the accounts run very smoothly with few questions on day-to-day operations.


Target clients:

Private banking and commercial clients, particularly Latin America and Western Europe but one of these banks also travels frequently to Moscow. Corporations from most jurisdictions are accepted and nominee directors are fine.



Spanish, English, Portuguese, Italian.


Specific features:

  • Remote account opening for offshore companies, very hard these days in Western Europe.
  • US clients accepted
  • Can open correspondent accounts for institutions, cambios etc.
  • Extensive Latin American experience and contacts.

Plastic cards:

Visa premium brands and American Express in EUR. Visa may be issued with only corporate name. No security deposit, but they request as a rule of thumb investments of 10 x the credit limit.


Documents and Account Opening Process:

  • Standard set of corporate documents with apostille. Documents in English or Spanish do not need translation.
  • Certified passport.
  • CV or resume of beneficial owners and directors
  • Documents regarding proof of funds
  • No bank reference is required.

Scanned documents should be sent for pre-approval. The bank will then issue personalized and coded application documents that must be completed and signed. Allow 4-8 weeks for completion of account opening process.


Deposit requirements:

Negotiable, no fixed minimum.


For further information on procedures and fees for opening your Portuguese offshore bank account, contact Offshore Pro Group today!