If you are looking to open a bank account in the EU easily, we’d recommend you to open a personal account in Portugal. This country is a member of the EU, all payments are made in Euros, it has a developed banking system, and there are many fewer requirements for non-residents than in other EU countries. Additionally, you can quickly set up the account remotely if you use the services of our experts. You are welcome to send your request to info@qwealthreport.com and arrange a complimentary, fifteen-minute session or a paid, one-hour meeting with an expert in offshore banking.
Although Portugal does not have as strong an economy as Switzerland, the UK, France or Germany, the country is rapidly developing and welcomes investments from abroad. For this purpose, Portugal has introduced the Golden Visa program through which you can obtain citizenship of this EU state.
A non-resident applicant is required to meet one of the following conditions:
- Acquire property valued at 500,000 EUR or more;
- Start a business and hire at least 5 Portuguese employees;
- Buy government bonds with a par value of 1 million EUR or more;
- Invest at least 500,000 EUR in SME assets;
- Invest a minimum of 350,000 EUR in research;
- Invest at least 250,000 EUR in the development of arts or national heritage projects.
A personal account, which you can quickly open, will help you obtain a residence permit in Portugal. Our experts, reachable through this very Q Wealth Portal, will assist you in setting up a personal account with a large Portuguese bank in a fast, easy, and cost-effective way.
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The best private bank in Portugal
The Bank started its activity in 1985 as a limited liability company. The first shareholders of the Bank were 200 banking professionals. In 1995, it bought the largest private bank in Portugal. In 2000, it acquired several other Portuguese financial institutions, and in 200,4 it gained control over local insurance companies.
Having strengthened its position in the domestic market, the bank management decided to focus on the development of retail business in Europe and Africa, as well as in North America and Asia. The first markets across which the Bank expanded its services were countries historically connected with Portugal or where large Portuguese communities are located: Angola, Mozambique, Canada, France, the USA, Luxembourg, and China. The bank’s attention was also attracted by the developing market of Poland when it became a free market economy, where it has maintained a presence for 35 years and counting.
In 2016, the merger with another financial institution made the Bank the largest private bank in Portugal with 10% of the national market.
Starting from 2011, the Bank has cut its expenses by 40% and reduced bad assets by 44%. It adheres to three guiding principles in its work: the client-oriented policy, market efficiency, and a competitive international portfolio.
This recommended private Portuguese bank is a regular winner of various bank ratings. Thus, for example, according to Global Finance, it became the best bank in the category of the Best Digital Bank in 2017, received the Best Bank Model award from ‘Celent’, and the Best Private Bank title from ‘The Banker’, as well as many other awards and nominations. In 2020, it earned the Golden Banker 2020 award in the category “Fin-Tech Innovation”. Besides the excellence of the parent Bank, its branches are highly recognized for their achievements in Poland and Mozambique.
Financial services offered by the best private bank in Portugal
The recommended private bank in Portugal offers a comprehensive range of financial products. Here you can open a personal account for your own purposes and also enjoy other services:
- Depositing free assets into a savings account
- Using a debit or credit VISA card
- Utilizing a Free Web card for making payments on the Internet
- Opening a deposit box to store your savings or documents
- Investment and portfolio management and guidance.
The bank’s clients also use mobile or online banking for quick and constant access to their accounts.
Private banking with the best private bank in Portugal
The bank offers its customers package rates for integrated sets of services, which makes it possible to save on all commissions charged for every separate service.
For high-profile clients wishing to open a personal account, the recommended Portuguese bank offers the Prestige program. This set of services includes your access to the personal account, which allows you to make transfers, pay for goods and services, issue checks, order debit and credit cards, and conclude insurance contracts. This program is suitable for both residents and non-residents of Portugal.
The minimum deposit required to open a Prestige account with the recommended bank is 35,000 – 50,000 EUR (note that the actual sum will depend on this bank’s decision).
The special benefit of this Prestige program is that you can save by paying the package price instead of the total par value of all the included services.
The Prestige Program requires a monthly package-account maintenance fee, approximately 15 euros, though it may vary, depending on your age and financial involvement with the Bank. There are other requirements regarding minimum deposits and regular use of the bank; however, we can help you understand these before proceeding.
Benefits of the Prestige Program
The Prestige package offers its holder many benefits, some of which are mentioned below.
- Members are exempt from paying the standard fee for transfers in Euros, Swedish Kroners, and Romanian Lei when payment is performed with IBAN and BIC SWIFT details in the SEPA zone.
- The Prestige debit card is exempt from the annual fee of 20€ for the primary cardholder and 20€ for additional holders.
- Beneficial rates are offered for linked accounts. The owner’s account can be linked to an account of parents and children, or a spouse. These accounts will be exempt from internal transfer fees. The monthly account maintenance fee is at a reduced rate.
- The package includes a 20% discount on the annual rental fee of the safe deposit box.
- The Prestige program package includes the services of a professional manager who ensures management of your banking affairs and can implement your investment decisions.
- There is a dossier service that can provide you with an integrated, detailed overview of your assets and help you plan your future investments.
Portugal Prestige integrated insurance from the private bank in Portugal
Other advantages of the Portugal Prestige package include protection against various unforeseen events through insurance policies specially designed for those who spend time both in Portugal and abroad.
- Family Civil Liability Insurance: This will relieve you from unexpected costs associated with an insured event caused by third parties to you or any of your family members. This plan comes with a maximum capital of 150,000 EUR per annuity and one sub-limit of 25,000 EUR per injured party.
- Home Medical Emergency Insurance in Portugal: Your and your family’s health is a priority. This insurance may cover all your household and is valid throughout Portugal and the Autonomous Regions of the Azores and Madeira. There are necessary co-payments for home visits from doctors.
- Laptop Robbery Insurance: This is available to the first holder of the Demand Deposit Account with the Prestige Program. The contract guarantees a maximum capital of 600 EUR per year.
- Multi-risk Insurance for Electronic Data Processing Equipment: This is offered to the primary holder of the Program Prestige Demand Deposit account, with 600 EUR per annuity.
More details can be provided to you during and after a consultation with us.
Bank cards for holders of private accounts with the best private bank in Portugal
Both Visa debit and credit cards are available for the Prestige package clients.
- Two free of charge Prestige debit cards are issued to participants of the Prestige program.
- The cards allow making purchases and withdrawals in any part of the world where the Visa network is available.
- The card allows quick and safe contactless and PIN payments where terminals are equipped for processing them.
- The contactless technology is activated after one payment is made with a PIN code and the Visa network option is selected.
| EUR | Other currencies | |
| Maximum amount per transaction that does not require a PIN code | 20 | Depends on the country where the transaction is conducted |
| Maximum cumulative amount after which PIN is required | 60 | 5 transactions |
- Two VISA Prestige credit cards are issued for each member of the Prestige program at no annual fee. The Credit Prestige Card is subject to the Global Annual Effective Rate and TAN (Nominal Annual Rate) for certain credit amounts.
Savings deposits in the private bank in Portugal
Non-residents can earn interest by placing a deposit in a Portuguese bank. All deposits up to 100 000 EUR are protected in Portugal, subject to certain conditions, and tax on interest (currently, approximately 28%).
The terms for money deposits in the bank are as follows:
| Name of the program | interest, % | amount, EUR | period | features |
| Flexible | 0.018 – 0.036 | 250 – 200 000 | 15 – 360 days | Deposit can be made only via the Internet, interest is paid at the end of the term, without the right to top up |
| Economy | 0.018%, after automatic prolongation 0.036% | 25 – 100 000 | 180 days | Top-up allowed from 25 EUR |
| Savings | 1st month – 0.075%, then – depending on the bank tariffs | 10 000 – 120 000 | 360 days | Monthly payment of interest, Top-up allowed from 25 EUR |
Non-residents should open an account with the recommended bank for the following reasons:
- It is a large and reliable bank, whose stability is confirmed by many well-known financial publications and ratings
- It offers the possibility to use the services of the bank in its subsidiaries in other countries
- It is in a European jurisdiction
- The bank is involved in the Golden Visa program and therefore, is very attractive to those who would like to get Portuguese citizenship
- It offers a large number of banking services, which can also be used remotely through the online or mobile applications
- You can open a personal account remotely, without visiting the bank.
Steps needed to set up a personal account with the large Portuguese bank
To become a client of one of the best Portuguese banks, a foreigner should do the following:
- Contact our specialists for professional help in opening an account. The easiest way to do this is by sending a message to the contact e-mail address: info@qwealthreport.com
- Pay for professional help in opening an account. You can make a payment in the following ways: bank transaction, payment card, WebMoney, PayPal, and Western Union. The cost of the service will be 2999 EUR.
- Collect and submit all necessary documents to the bank.
Documents required for opening a personal account in Portugal
Non-residents wishing to open a personal account with a Portuguese bank will be required to submit the following:
- Notarized copy of the internationally valid passport
- Notarized confirmation of address (utility bill).
- Certificate from the place of work, which states the position, length of service, and salary amount. The date of its issue should not exceed six months;
- The taxpayer number (NIF).
All documents must not be older than 6 months.
The Bank accepts documents in English, French, and Spanish.
Clients who are in the process of the Golden Visa application will need to additionally fill in a special declaration on legal entry and stay in Portugal (A Declaraçao de Entrada em Portugal).
In addition to the preparation of documents, when opening a personal account in Portugal, it is necessary to consider several important points.
Portuguese banks are not willing to open a local account for non-residents without a plausible justification or reason. It is desirable to indicate that you have some connection with Portugal. There are two working schemes to convince them to open an account:
- To make a statement that you are going to invest funds into the Portuguese economy (for example, buy some property). We recommend this only in case you really are planning to make an investment. Please note that your money transfer will be checked for compliance and legality of origin.
- The most successful option would be a lease agreement in Portugal for a period of 6 months or more. If you have a local company, it is sufficient. Suppose there is no company, or you want to get a better justification for your application. In that case, it is necessary to conclude an employment contract for a period of 3 months with your income of at least 600 euros per month (in a foreign or your own company).
When you open a personal account in Portugal with us, we will help you organize a rental agreement in Braga.
Please note that having a personal account will make it much easier for you to open a corporate account in this bank.
If you remain a non-resident, then your account will be the non-resident type. This means that you will have to pay taxes in Portugal only on the income received on the territory of the country.
Why do we recommend opening an account in Portugal?
Portugal is the easiest place to save money if you do not commit gross violations and work quietly so that the bank does not have to focus on your activities. This feeling of freedom in banking is actually not available anywhere else in Europe outside Portugal.
The process of opening an account via Offshore Pro Group:
- Collect the necessary documents, scan them, and send them to us.
- After we get the bank’s approval of the documents, the bank awards the IBAN number to your account and sends the bank forms via email to be signed, scanned, and submitted via us.
- Then we will forward your documents and forms in the originals to the bank by courier mail.
- Upon receipt of the full set of duly certified documents, the bank will activate your account. The estimated time needed for processing and activation is about 3 working days.
If you are interested in this service, please contact us today by email: info@qwealthreport.com. You can also arrange a fifteen-minute complimentary meeting with one of our team, or an in-depth, one-hour-long session with an expert in offshore banking, to explore how we can help you in accordance with your specific needs (currently priced at 300 euros, typically, it costs 500).
