Open a personal bank account in Portugal
Opening a personal bank account with the largest Portuguese private bank will bring you a wide range of financial services. This bank is a regular winner of various bank ratings. Portugal today has a strong economy, constantly growing and open to investments from non-residents. This country offers a Golden Visa program which can be a path to EU residence and later EU citizenship for better business opportunities.
Why is it worth opening a personal bank account in Portugal?
For personal account opening you will NOT need to have a residence permit in Portugal. This Prestige program was made specifically for non-residents at this private bank.
The minimum deposit required to open an account under the Portugal Prestige program is 35,000 – 50,000 EUR; the exact sum will depend on the bank’s decision. This bank has won many awards such as Best Digital Bank 2017, Golden Banker 2020 and the Best Private Bank title from The Banker. This bank is well known around the EU and is rapidly named as the best in many different categories because of its excellent work flow and relationships with its clients.
What does this Portuguese bank offer?
This bank offers many various bank services for clients with personal accounts and private banking.
- Deposit free assets on a savings account
- Debit and Visa cards that allow making purchases and withdrawals anywhere in the world
- Free WEB card for payments on the Internet
- Deposit box for storing your savings and/or documents
- Mobile and online banking with quick and 24/7 access to your accounts
- Low monthly package account maintenance – monthly account maintenance depends on the age and the financial involvement with the bank. The price goes from 4,50 EUR to 15 EUR.
- This Prestige program offers a 20% discount on the annual rental fee of the safe deposit box
- A personal manager that will ensure the management of the clients banking affairs and make the clients asset management more efficient
- Integrated detailed overview of assets
- Protection against various unforeseen events through insurance policies for those who spend time in Portugal and abroad
How can you open a personal account at this bank?
If you wish to open a personal bank account with this Portuguese bank you will be able to do it from the comfort of your home or anywhere in the world. The whole process is done online and there is no need to visit the bank. Documents that are required cannot be older than 6 months, must be notarized and translated into English, Spanish or French.
- Notarized copy of passport
- Notarized confirmation of address – utility bill
- Certificate from the place of work that states the position, length of service and salary amount (or other source of funds)
- The taxpayer number
After collecting all required documents, scan them and send them to your Offshore Pro professional introducer. Once we get the bank’s approval of the documents, they will allocate the IBAN number to your account and send you bank forms to your email that need to be signed, scanned and submitted via Offshore Pro Group. The next step is forwarding your original forms and documents to the bank by courier or mail. Upon receipt of the full set of duly certified documents, the bank will activate your account. The estimated time needed for processing and activation is about 3 working days.
This Portuguese bank will not open a personal account for non-residents with plausible reason or jurisdiction. The client should therefore indicate some kind of connection with Portugal. There are two working schemes which will give you advantage in opening an account:
- Making a statement that you will invest funds into the Portuguese economy. Offshore Pro Group recommends this only if you are really interested in doing so. Duly note that your money transfer will be checked for compliance and legality of origin.
- The second way is more successful and would be going with a lease agreement in Portugal for a period of 6 months or more. If you have a local company, it is sufficient. If there is no company or you just want to get better jurisdiction for your application, it is necessary to conclude an employment contract for a period of 3 month with an income of at least 600 EUR per month.
Portugal does not tax non-residents on foreign source income – so opening a non-resident bank account in Portugal will not affect your tax status one way or the other.
Offshore Pro Group has been in the financial consultancy business for years and we will gladly help you find the best financial solutions if you decide to seek our advice. Please write to us to email@example.com or use WhatsApp or our live chat to get in touch with us. Whatever communication means you choose, we will be able to suggest the solution that will fit your personal outlooks and your individual investment preferences best!