Bank & Taxation

Opening a Bank account Tax Advisory and Accountancy Solutions

Opening a bank account in Portugal

Most banks in Portugal require you to visit a local branch to open a bank account, although a few allow you to open a Portuguese bank account online. How to open a bank account in Portugal varies slightly from bank to bank, but as a rough guide you will need to go through the following procedures.

We will help you to opening a banking account in most of the banks in Portugal. If you don’t speak Portuguese don’t you worry, we are here for you and most of our banking officers speaks fluent english.

Before opening your bank account we need to obtain certain documents, such as;

proof of ID (e.g., a passport)
proof of address (e.g., utilities bill)
pay slip or proof of employment (Declaration as self employed , if the case)
your Portuguese NIF number

If you are opening up a non-resident account in Portugal, you will usually have to provide details of your overseas address used for tax purposes.

You will also need to provide any information specific to the account you are opening, like proof of studying if opening a student bank account in Portugal, along with the minimum deposit (usually 50 euro). Some banks may ask for a residency or citizens card if they stipulate that you must be a Portuguese resident to open a certain type of account.

Once you have completed the application and submitted the necessary documents, the process is complete and your account is open. The whole thing usually takes around 30 minutes. You will receive at your home address any credit and debit cards associated with the account within a few days.

TAX PLANING PORTUGAL

Before you start your Portuguese company, it’s advised to have a good understanding of the Portuguese tax laws and the administrative requirements. PRISCO is specialized in dealing with Global Entrepreneurs & Companies, and their tax affairs.

Planning to start (or takeover) a Portuguese company, but not certain about the tax consequences?

Our Portuguese Tax & Accounting partners help businesses of any size in Portugal, to deal with administrative requirements, and to structure their company.

Whether you are a Sole Proprietorship based in Portugal, or a multinational owning multiple subsidiaries throughout the world, PRISCO can provide your firm with a wide range of administrative and tax services, at fixed and competitive fees.

Tax Advisory and Accountancy Solutions

Tax Representation and Accountancy

Our Portuguese Tax & Accounting partners provides assistance to both individual and corporate clients, tax representation, accountancy and bookkeeping, no matter how big or small is the task.

Taxation of Business Income

Global entrepreneurship brings along risks, also on a tax level. Even if your business does not focus on tax savings at all, it’s important to have full oversight of the Portuguese tax system. The corporation tax rate in Portugal is 21% on the net profit, plus surtaxes that may apply.

Individual Income Tax

Individual income Tax in Portugal offers a special regime to new residents, which during 10 years may effectively exempt them from tax on income sourced outside of Portugal.

Non Habitual Resident Regime

For a period of 10 years, taxation related to IRS (personal income tax) on labour income in Portugal is at a fixed rate of 20%. No double taxation for pension incomes or for employment and self-employment income obtained abroad.

NEED A HELP WITH YOUR APPLICATION?

We can also help you to open your bank account remotely if you are not in Portugal and can not visit the branch.

In case of any further questions you may contact our legal department for answers, by email juridico@priscobusinessgroup.com or by whatsapp on +351 910 371 618