How To Open a Bank Account in Portugal?

In the contrary of many other countries, it is quite easy to open a bank account in Portugal as a NON-EU resident.

Furthermore, if you are already thinking of having a permanent residency in Portugal through Portugal’s D7 Visa Program, opening a Portuguese bank account will come in handy in your investment and your application process.

What you need to do first

Probably the most important and first thing you need to arrange when you are thinking to do any business in Portugal, is obtaining a fiscal number, Número Identificação Fiscal) shortly referred to as a NIF. This is applicable for buying a property, a car, signing any legal document and opening a bank account.

You can easily get a NIF through a tax representative or a legal representative in Portugal who can obtain this through a Power of Attorney. The costs will be around € 30 per number, and each individual or company needs to have a number.

Required Documents

Most of the Portuguese banks require you to visit their local branch in person, especially when you are a Non-EU applicant. Although it may depend on your choice of bank, in general, the documents you need are as follows:

• Proof of Identification
• Proof of address
• Portuguese NIF Number
• Proof of Income/Employment (e.g., recent payslip or an employment letter)
• If you are not employed, you can still open an account, provided that you have proof of registration with the Portuguese employment center (Centro de Emprego) or you have a work contract assurance
• Portuguese Phone Number for SMS Activation
• Additionally, a deposit of € 250-300 in cash

How To Open a Bank Account in Portugal

After obtaining the necessary documents above, the next step is to choose the bank that best fits you. When you need any help, contact us through info@westmark.pt.

We can also help you to find your dream home in Albufeira, Vilamoura, Loulé and Santa Barbara de Nexe.