Open a Bank Account in Portugal

Both residents and non-residents, individuals and companies, can open a bank account in Portugal, but the banks reserve the right to refuse clients who don’t meet their requirements. Every Portuguese bank must collect and verify a set of identification details, and will require a Portuguese tax number (NIF). You can get legal help for this process from our experts who can assist you during the procedure.

What problems may encounter the foreign clients?

• They have to obtain NIF first. Non-residents from outside the EU must also appoint a tax representative or sign up for electronic notifications from the tax authority.
• Non-resident accounts often require a visit to the bank or a video identification, and the bank may ask for certified copies of documents.
• The anti-money-laundering review slows down when the source of funds, the business activity or the ownership structure is unclear in case of opening corporate Portuguese bank accounts.

How can your lawyers in Portugal help me with the banks?

Our lawyers in Portugal can assist you with:

• obtaining the NIF and choose the bank that fits your profile;
• preparing and checking the documents, so the file answers the bank's questions;
• dealing with the bank on your behalf and look for alternatives if an application is refused.

If you cannot travel to Portugal, we can act for you under a power of attorney.

Are there nationality restrictions on opening a bank account in Portugal?

No. Portuguese law does not restrict bank accounts by nationality, for personal or business use. The documents differ for residents and non-residents, and the final decision rests with the bank after its due diligence.

Here is an infographic that explains all the details:

What is the NIF and why do banks require it?

The NIF (Número de Identificação Fiscal) is the Portuguese tax identification number, used for tax payments, contracts and financial transactions. Banks record it for every account holder, so it must be obtained before applying. Our Portuguese lawyers can also help you obtain your NIF no matter you are foreign individual or investor.

What documents do I need for opening a personal bank account in Portugal?

• valid identity document with photo and signature, such as a passport or national ID card;
• NIF;
• proof of address, in Portugal or in your home country;
• proof of profession and employer, or other proof of income;
• residence permit, for foreign nationals living in Portugal.

You also fill in the bank's client form and signature card, and some banks ask for certified copies of the documents.

Does a company in Portugal need a Portuguese bank account?

In practice, yes. For a private limited company (Lda), the capital is at least EUR 1 and, under Decree-Law 33/2011, partners may deliver their cash contributions to the company by the end of its first financial year. Once registered, the company needs an account to receive those contributions and to pay salaries, suppliers and taxes, since cash payments of EUR 3,000 or more are prohibited.

What documents are required for a corporate bank account in Portugal?

1. the permanent certificate of commercial registration and the articles of association;
2. the company's NIF and, where relevant, its VAT registration;
3. the IDs, NIFs and proof of address of the managers and authorized signatories;
4. the shareholder structure and beneficial owner information;
5. a description of the activity, expected transactions and source of funds.

Foreign documents usually need an apostille or legalization and a Portuguese translation. When the shareholder is a foreign company, the bank also asks for its certificate of incorporation, articles and the resolution appointing the Portuguese managers.

Which Portuguese banks accept foreigner investors?

The main Portuguese banks serve foreign clients, but approval always depends on the due diligence review of your profile and project. Here are the main banks where you can open a bank account in Portugal:

• Millennium bcp, the largest private bank in Portugal, has a dedicated account offer for people living abroad and lets them start the opening process through its app.
• Caixa Geral de Depósitos, the state-owned bank, publishes the list of documents it requires to open a company account, including a residence permit for foreign managers who live in Portugal.
• Santander Totta - foreigners can open an account, with identity, address, professional situation and NIF verified as the Banco de Portugal requires.
• Qonto offers an online business account to Portuguese Lda companies, sole traders (ENI) and self-employed professionals. Its pre-incorporation capital deposit is not available in Portugal, so the company must be registered first.
• Other banks, such as Novo Banco, BPI and Banco Montepio, also review non-resident and foreign-owned clients case by case.

We give you a personalised recommendation before you apply.

Can a bank account in Portugal be opened online or from abroad?

Yes, many Portuguese banks, including digital ones, allow you apply online and verify your identity by video or digital means. Non-residents, especially from outside the EU, may still be asked to visit the bank or provide certified copies. From abroad, the simplest route is to be represented by our Portuguese lawyers under a power of attorney.

Is there a minimum deposit?

Many banks require a minimum opening amount, which varies by bank and account type and is shown in each bank's price list. Basic banking services accounts have capped annual charges.

Are there monthly fees?

Yes, most current accounts carry a monthly maintenance fee, plus charges for cards, international transfers and other services.

What should I prepare for the bank's due diligence in 2026?

Portuguese banks apply the anti-money-laundering rules strictly. You, as a client who wants to open a bank account in Portugal, must explain:

• who owns and controls the company, up to the individual beneficial owners;
• where your funds or the share capital come from;
• the business activity, main clients and countries of operation;
• the expected volume of incoming and outgoing payments.

Can my application be refused?

Yes and the common reasons are:

• missing or uncertified documents;
• an inability to show the source of funds;
• identity documents that cannot be verified;
• business activities the bank considers as a high risk.

Under Law 83/2017, a bank must refuse opening a bank account when it cannot complete its identification and due diligence checks. Companies have no right to a basic account, so the remedy is a better-prepared file or another bank.

How long does it take to open a bank account in Portugal?

A personal bank account can be opened quickly once the NIF and documents are in place. A corporate account takes longer, depending on the bank's review of the company and its owners.

Which law regulates opening a bank account in Portugal?

Law 83/2017 on combating money laundering and terrorist financing. Its Articles 23 and following impose a duty of identification and due diligence: the bank must identify the client, any representative and the beneficial owner, and understand the purpose and nature of the relationship. Under Article 50, the duty to refuse obliges the bank not to open the account when these details or documents are not provided. Banco de Portugal sets out in its regulations which identification details and supporting documents banks must collect.

Access to a low-cost account for individuals is governed by Decree-Law 27-C/2000 on basic banking services (serviços mínimos bancários), alongside the EU rules on payment accounts.

If you want to open a personal or corporate bank account in Portugal in 2026, contact our law firm in Portugal and our Portuguese lawyers will review your situation and recommend the most suitable bank.