HOW TO OPEN A BANK ACCOUNT

 Opening a bank account is one of the most important steps in your investment in Portugal. You will need a bank account for various aspects of your daily life, such as buying a property, receiving a salary, setting up a company or obtaining a golden visa. Bank accounts in Portugal must be opened in person. In-person bank opening hours are generally from 8:30 a.m. to 3:00 p.m. on working days. Accounts for non-residents in Portugal must always be signed for in person.

Portugal is part of the European Union, the Schengen Area and the Euro Zone, so the official currency is the Euro (€).  The banking system in Portugal is one of the most sophisticated and efficient in the world. There are several options of private, public, cooperative and investment banks. Banks are supported by the Multibanco interbank network, one of the most advanced in the world. Portuguese banks are regulated by the Bank of Portugal, which is Portugal's central bank, and by the European Central Bank.

 Opening a bank account is one of the most important steps in your investment in Portugal. You will need a bank account for various aspects of your daily life, such as buying a property, receiving a salary, setting up a company or obtaining a golden visa. Bank accounts in Portugal must be opened in person. In-person bank opening hours are generally from 8:30 a.m. to 3:00 p.m. on working days. Accounts for non-residents in Portugal must always be signed for in person.

Portugal is part of the European Union, the Schengen Area and the Euro Zone, so the official currency is the Euro (€).  The banking system in Portugal is one of the most sophisticated and efficient in the world. There are several options of private, public, cooperative and investment banks. Banks are supported by the Multibanco interbank network, one of the most advanced in the world. Portuguese banks are regulated by the Bank of Portugal, which is Portugal's central bank, and by the European Central Bank.

 Opening a bank account is one of the most important steps in your investment in Portugal. You will need a bank account for various aspects of your daily life, such as buying a property, receiving a salary, setting up a company or obtaining a golden visa. Bank accounts in Portugal must be opened in person. In-person bank opening hours are generally from 8:30 a.m. to 3:00 p.m. on working days. Accounts for non-residents in Portugal must always be signed for in person.

Portugal is part of the European Union, the Schengen Area and the Euro Zone, so the official currency is the Euro (€).  The banking system in Portugal is one of the most sophisticated and efficient in the world. There are several options of private, public, cooperative and investment banks. Banks are supported by the Multibanco interbank network, one of the most advanced in the world. Portuguese banks are regulated by the Bank of Portugal, which is Portugal's central bank, and by the European Central Bank.

 Opening a bank account is one of the most important steps in your investment in Portugal. You will need a bank account for various aspects of your daily life, such as buying a property, receiving a salary, setting up a company or obtaining a golden visa. Bank accounts in Portugal must be opened in person. In-person bank opening hours are generally from 8:30 a.m. to 3:00 p.m. on working days. Accounts for non-residents in Portugal must always be signed for in person.

Portugal is part of the European Union, the Schengen Area and the Euro Zone, so the official currency is the Euro (€).  The banking system in Portugal is one of the most sophisticated and efficient in the world. There are several options of private, public, cooperative and investment banks. Banks are supported by the Multibanco interbank network, one of the most advanced in the world. Portuguese banks are regulated by the Bank of Portugal, which is Portugal's central bank, and by the European Central Bank.

 Opening a bank account is one of the most important steps in your investment in Portugal. You will need a bank account for various aspects of your daily life, such as buying a property, receiving a salary, setting up a company or obtaining a golden visa. Bank accounts in Portugal must be opened in person. In-person bank opening hours are generally from 8:30 a.m. to 3:00 p.m. on working days. Accounts for non-residents in Portugal must always be signed for in person.

Portugal is part of the European Union, the Schengen Area and the Euro Zone, so the official currency is the Euro (€).  The banking system in Portugal is one of the most sophisticated and efficient in the world. There are several options of private, public, cooperative and investment banks. Banks are supported by the Multibanco interbank network, one of the most advanced in the world. Portuguese banks are regulated by the Bank of Portugal, which is Portugal's central bank, and by the European Central Bank.

Under EU regulations and legislation to combat money laundering and terrorist financing (BCFT), Portuguese banks are obliged to carry out due diligence on their customers before opening any bank account. This due diligence is done through the application of KYC, KYB and other guidelines, and is the bank's first line of defense against illicit and/or fraudulent activities.

Generally, to open a bank account in Portugal you will be asked for:

• Personal identification document (certified copy of Citizen's Card or Passport)
• Portuguese tax number
• Tax number of country of origin
• Proof of address (issued by a public service).
• Identification of source of wealth and proof of profession, if relevant.
• Telephone contact and email address.

Under EU regulations and legislation to combat money laundering and terrorist financing (BCFT), Portuguese banks are obliged to carry out due diligence on their customers before opening any bank account. This due diligence is done through the application of KYC, KYB and other guidelines, and is the bank's first line of defense against illicit and/or fraudulent activities.

Generally, to open a bank account in Portugal you will be asked for:

• Personal identification document (certified copy of Citizen's Card or Passport)
• Portuguese tax number
• Tax number of country of origin
• Proof of address (issued by a public service).
• Identification of source of wealth and proof of profession, if relevant.
• Telephone contact and email address.

Under EU regulations and legislation to combat money laundering and terrorist financing (BCFT), Portuguese banks are obliged to carry out due diligence on their customers before opening any bank account. This due diligence is done through the application of KYC, KYB and other guidelines, and is the bank's first line of defense against illicit and/or fraudulent activities.

Generally, to open a bank account in Portugal you will be asked for:

• Personal identification document (certified copy of Citizen's Card or Passport)
• Portuguese tax number
• Tax number of country of origin
• Proof of address (issued by a public service).
• Identification of source of wealth and proof of profession, if relevant.
• Telephone contact and email address.

DOCUMENTATION REQUIRED

DOCUMENTATION REQUIRED

DOCUMENTATION REQUIRED

The NIF in Portugal, commonly referred to as the tax number, is used to identify an individual to the Portuguese Tax Authority. This number is made up of 9 digits and can be assigned to any person, whether they live in Portugal or not. For companies (or any legal persons) there is the Corporate Taxpayer Identification Number (NIPC), which is the same as the NIF, but assigned by the National Registry of Legal Persons (RNPC). The NIF is essential for anyone who wants to live, study, work or invest in Portugal, even if they are not tax resident in Portugal. The NIF is useful in all aspects of daily life.

In Portugal, you need a NIF to:

• Open a bank account;
• Rent or buy a house;
• Subscribe to services (electricity, water, mobile tariffs, internet, television, etc.);
• Buy a car;
• Pay taxes;
• Signing an employment contract;
• Opening a business;
• Among others...

The tax identification number can be requested at a tax office or citizen's store, for which it is necessary to present an identification document or passport and proof of residence in Portuguese territory. Citizens living in the European Union, Iceland, Norway or Liechtenstein need to present proof of residence in their country of origin, as well as personal identification.

The NIF in Portugal, commonly referred to as the tax number, is used to identify an individual to the Portuguese Tax Authority. This number is made up of 9 digits and can be assigned to any person, whether they live in Portugal or not. For companies (or any legal persons) there is the Corporate Taxpayer Identification Number (NIPC), which is the same as the NIF, but assigned by the National Registry of Legal Persons (RNPC). The NIF is essential for anyone who wants to live, study, work or invest in Portugal, even if they are not tax resident in Portugal. The NIF is useful in all aspects of daily life.

In Portugal, you need a NIF to:

• Open a bank account;
• Rent or buy a house;
• Subscribe to services (electricity, water, mobile tariffs, internet, television, etc.);
• Buy a car;
• Pay taxes;
• Signing an employment contract;
• Opening a business;
• Among others...

The tax identification number can be requested at a tax office or citizen's store, for which it is necessary to present an identification document or passport and proof of residence in Portuguese territory. Citizens living in the European Union, Iceland, Norway or Liechtenstein need to present proof of residence in their country of origin, as well as personal identification.

The NIF in Portugal, commonly referred to as the tax number, is used to identify an individual to the Portuguese Tax Authority. This number is made up of 9 digits and can be assigned to any person, whether they live in Portugal or not. For companies (or any legal persons) there is the Corporate Taxpayer Identification Number (NIPC), which is the same as the NIF, but assigned by the National Registry of Legal Persons (RNPC). The NIF is essential for anyone who wants to live, study, work or invest in Portugal, even if they are not tax resident in Portugal. The NIF is useful in all aspects of daily life.

In Portugal, you need a NIF to:

• Open a bank account;
• Rent or buy a house;
• Subscribe to services (electricity, water, mobile tariffs, internet, television, etc.);
• Buy a car;
• Pay taxes;
• Signing an employment contract;
• Opening a business;
• Among others...

The tax identification number can be requested at a tax office or citizen's store, for which it is necessary to present an identification document or passport and proof of residence in Portuguese territory. Citizens living in the European Union, Iceland, Norway or Liechtenstein need to present proof of residence in their country of origin, as well as personal identification.

HOW TO OBTAIN A NIF AND WHAT IT'S FOR

NIF FOR NON-RESIDENTS IN PORTUGAL

NIF FOR NON-RESIDENTS IN PORTUGAL

NIF FOR NON-RESIDENTS IN PORTUGAL

Any non-resident citizen in Portuguese territory who is subject to tax in Portugal needs to identify themselves to the Portuguese Tax Authority by means of a NIF. As in the situations described above, obtaining a TIN requires the presentation of personal identification and proof of residence. If the applicant is resident in a country outside the EU or the European Economic Area (Iceland, Norway and Liechtenstein), until recently it was still necessary to appoint a tax representative in Portugal. However, the Portuguese government recently introduced legislative changes that eliminate the need for non-residents to appoint a tax representative in Portugal. As of July 9, 2022, taxpayers resident outside the European Union (EU) or the European Economic Area (EEA) can simply register to receive information from one of the digital notification channels provided for in Portuguese tax legislation. Therefore, taxpayers who take up this option should be aware that this involves frequently checking these digital channels to ensure that notifications are properly received and that the potential deadlines set out in the Portuguese Tax Administration's communications are met. In this regard, we would also like to point out that Portuguese tax legislation provides that, in most cases, taxpayers are considered validly notified five days after the digital communication has been made available, i.e. there is an administrative presumption that the communication has been well received and acknowledged by the taxpayer.