Portugal Bank Account

Hi,

I'm currently based in UK, and looking to move to Portugal ASAP.

What is the best way to start a bank account, and transfer money over there?

A friend has suggested Estonia eResidency to start an EU based Bank account and Business, but I'd prefer to move paperwork direct to Portugal.

(I'm one of the 35 prefered NHR occupations for Portugal and I'm learning Portuguese -slowly!)

Thanks,

-Andy

I guess the is Activo Bank, but you need to stay here, and you must have the NIF (fiscal number) and 500€ to the first deposit.

I guess you will keep your UK bank account? The best way and cheapest way is to use an online transfer site like Transferwise. They also have have a bankcard that you can top it up with many different currencies.

Hope this helps

SimCityAT
Expat Team

Butzen is correct. I am an American. I got a NIF then opened an account with Millennium.

Can someone please clarify what a NIF is?

"Número de Identificação Fiscal"?

It looks like I've got to go to a local notary office to get this sorted.

As I've not moved yet, I'll probably do this when I get to Portugal. Or is there another way?

Andysuth :

Can someone please clarify what a NIF is?

"Número de Identificação Fiscal"?

It looks like I've got to go to a local notary office to get this sorted.

As I've not moved yet, I'll probably do this when I get to Portugal. Or is there another way?

The NIF (Número de Identificação Fiscal or Número de Contribuinte) is a tax identification number that you will need to deal with any sort of transaction in the country, such as getting a phone subscription, buying property, renting property long-term, signing up for utilities and the list goes on.

If you are a non-resident of Portugal and want to apply for a Portuguese taxpayer number from outside the country (for example, if you want to buy property in Portugal), you can get a temporary NIF through a Portuguese lawyer or financial representative in Portugal who agrees act on your behalf. This can be exchanged be replaced by a permanent NIF number after a few months or after you become a permanent resident of Portugal.

We are still living in America, but we have a bank in Lisbon. You will need someone who lives in Portugal to sponsor you. You will need that person's address to apply for NIF. That was my case. It was quick and easy process for us.

Please have a look at the nomadgate website by Thomas K.Running.
It is easy to find, please search words: Nomadgate thomas portuguese
He explains in detail the Estonian E-residency and the drawbacks for non-resident in that country.

About how to open a portuguese bank account, he explains in detail:
- Why open a Portuguese bank account
- How do I open an account as a non-resident
- How to get a portuguese NIF for non-residents, step by step.

He also recommends ActivoBank as some here have already said. I would also add BIG online bank, probably the best online banking in Portugal.

Just to add more information about what professions that are considered to be high value under the NHR tax regime:

The tax regime for non-habitual residents allows for net income earned in Portuguese territory while performing high value-added activities to be taxed at a special rate of 20%.

If you search by the following:
SEF & Article 90 – Residence Permit for Highly Qualified Activity

You will find SEF (serviço de estrangeiros e fronteiras) website where this request shall be done:(imigrante.sef.pt/en/solicitar/trabalhar/art90-aq/)

It details how to applying for residence in Portugal for NHR with high value professions and what documents are required.


Professions that are considered to be high value under the NHR tax regime:
112 - General director and executive manager of a company;
12 - Directors of administrative and commercial services;
13 - Directors of production and specialized services;
14 - Directors of hotel, restaurant, commercial and other services;
21 - Specialists working in physical sciences, mathematics, engineering and similar technical fields;
221 - Physicians;
2261 - Dentists and stomatologists;
231 - Teachers at universities and higher learning establishments;
25 - Specialists in information and communication technologies (ICT);
264 - Authors, journalists and linguists;
265 - Creative artists and performing artists;
31 - Intermediate level science and engineering technicians and professionals;
35 - Information and communication technologies technicians;
61 - Market oriented farmers and qualified agricultural and livestock workers;
62 - Market oriented qualified forestry, fisheries and hunting workers;
7 - Qualified industrial, construction workers and craftsmen, including qualified workers in the fields of metallurgy, metalworking, food processing, wood manufacturing, clothing production, handicrafts, printing, manufacture of precision instruments, jewellers, artisans, electricity and electronics workers;
8 - Operators of installations and machines and assembly workers, namely fixed installations and machine operators.

To obtain the NIF as proof of non-Portugal address could a utility bill be used with name etc on? I do all banking online and paper statements I don't have.

JohnnyPT :

Professions that are considered to be high value under the NHR tax regime:
112 - General director and executive manager of a company;
12 - Directors of administrative and commercial services;
13 - Directors of production and specialized services;
14 - Directors of hotel, restaurant, commercial and other services;
21 - Specialists working in physical sciences, mathematics, engineering and similar technical fields;
221 - Physicians;
2261 - Dentists and stomatologists;
231 - Teachers at universities and higher learning establishments;
25 - Specialists in information and communication technologies (ICT);
264 - Authors, journalists and linguists;
265 - Creative artists and performing artists;
31 - Intermediate level science and engineering technicians and professionals;
35 - Information and communication technologies technicians;
61 - Market oriented farmers and qualified agricultural and livestock workers;
62 - Market oriented qualified forestry, fisheries and hunting workers;
7 - Qualified industrial, construction workers and craftsmen, including qualified workers in the fields of metallurgy, metalworking, food processing, wood manufacturing, clothing production, handicrafts, printing, manufacture of precision instruments, jewellers, artisans, electricity and electronics workers;
8 - Operators of installations and machines and assembly workers, namely fixed installations and machine operators.

I'm in Category "21" if I understand correctly...

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