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Opening a Bank Account in Portugal.

Updated: Nov 6, 2023

Why you need to open a bank account in Portugal when you are buying a property?

opening a bank account in portugal

It is important to open an account in a Portuguese bank with an office on Madeira Island, because on the day of the deed you will need a bank cheque with the amount to be paid for the property, this cheque is made in the seller's name (see the post Reserving a Property).

The cheque is given to the Notary in the day of the deed who after both parties have signed it, gives to the seller.

The bank account is also important because without it you won't be able to pay the taxes to the Portuguese State, which are preferably paid the day before the deed.

To open the account, you need to make a cash deposit, the amount depends to the financial institutio.

The following documents are required to open the account:

- Passport or ID Card

- Portuguese Tax Number (NIF)

- Proof of address.

- Proof of employment, which could be your last payslip. If you are self-employed, it is important to have the latest annual tax return with you.

You can count with my help in this process.

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