Open a Bank Account in Portugal
Portugal has a significant population of Ukrainians living there, which makes it a popular destination for Ukrainian individuals and businesses seeking relocation. However, in order to live or conduct business in Portugal, having a bank account is necessary. It is essential for receiving wages, running a business, buying real estate, and so on. Lawtter Solutions offers its clients the opportunity to open a bank account in Portugal with favorable terms.
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Type
Opening an account
How to open a bank account in Portugal for non-EU citizens?
Portugal is a country with a developed banking system. Individuals and legal entities can open accounts here. In general, more than 70 banks have a license for financial activity. Portugal has also gained popularity among investors thanks to the possibility of obtaining a “golden visa.” You can open an account in a Portuguese bank to invest in real estate, in a ready-made business, or register your own company. All this will help to obtain a residence permit and citizenship in a simplified way.
Individuals can open three types of accounts – current, time deposit, and ordinary savings. The rate is higher on the term deposit account than the classic savings account, but the storage period is shorter. Portuguese banks are members of the Multibanco network, which is a network of banks that offer uniform terms and conditions. For example, withdrawals from banks in this network are made without commissions. The system covers 12,000 ATMs throughout the Eurozone.
Portugal willingly opens accounts for non-residents. This applies to both individuals and legal entities. It is possible to make bank transfers through the SEPA system. Opening a bank account in Portugal is generally characterized by relatively loyal requirements and short decision-making time.
Advantages of opening a bank account in Portugal
A bank account in Portugal allows customers to obtain several important benefits. The main ones are as follows.
The possibility of opening an account remotely
Some companies allow you to open an account in a Portuguese bank online without a personal presence in the branch.Low requirements for the minimum account balance
They exist but do not exceed 500 EUR.Favorable conditions
Many banks in Portugal do not charge for account maintenance. Some financial organizations have it, but it does not exceed 5 EUR per month.Low commissions
Even if the client does not use the SEPA system for bank transfers, the fees will not exceed 2 EUR for a transfer over 100,000 EUR.Documents
List of documents for opening a bank account in Portugal
In order to open an account in a bank in Portugal, it is necessary to prepare a package of documents. If the account is needed for an individual, the package is as follows:
- Identity card;
- Proof of residence;
- Taxpayer Identification Number;
- Confirmation of the origin of the money;
- Resume (CV).
As for companies, they need to provide the following information
- Constituent documents;
- ID of the director and shareholders;
- ID of the manager (if any);
- Power of attorney issued by the director (for the manager);
- Proof of residence address of the director, shareholders, and manager;
- Contracts with partners;
- Proof of origin of funds.
It is also necessary to translate all documents into Portuguese.
Stages of opening an account
Lawtter Solutions offers clients the opportunity to open a bank account in Portugal. We provide full legal support. Lawtter Solutions offers account openings in 5 stages. They are as follows:
If you are wondering, “How do I open a bank account in Portugal?”, the first thing you should do is to choose a bank before opening a company and registering a business in Portugal. The leading banks in this country are as follows:
- Banco Comercial Portugues;
- Novo Banko SA;
- Banco Santander Totta SA;
- Banco Best;
- Banco Atlantico Europa, etc.
Lawtter Solutions will provide advice on opening accounts for clients at any convenient time. Our specialists are ready to answer all questions and guide you through the account opening procedure in Portugal.
+38 093 177 52 70 
+1 484 457 89 11 
+44 745 819 79 87 Important: Lawtter Solutions does not provide services to citizens and residents of the Russian Federation.