OPENING A BANK ACCOUNT
You will find that each bank has its own forms that will need to be filled out. These are usually:
The client’s details and also to adhere to the banks services and products (Dados de cliente e Adesao a Productos e Servicos).
The bank's Terms and Conditions (Condicoes Gerais).
The bank's general application form.
WHAT DO YOU NEED TO OPEN A BANK ACCOUNT?
NIF NUMBER
The first thing that you will have to do is you want to purchase property in Portugal is apply for a fiscal number. This is a simple requirement and can be completed by a lawyer. If you wish to live in Portugal then you would need to advise the authorities and obtain a Residence Card. This card gives you the right to live within the country for a specific period of time usually 5 years for those people from the European Union (EU) Market. These members can also apply for a residence visa once they arrive in the country, but all others must take care of this before they travel. There are offices located all over the country and all you will have to do is go in and see an Immigration Official if you wish to apply for resident status.
WHO NEEDS A NIF?
Anyone who lives in Portugal, whether official residents, citizens or foreign non-residents, must have a NIF in this country. Obtaining a NIF is not a requirement by Portuguese law, and you will not have big problems just because you did not receive it. But, without a NIF, you will not be able to perform such operations as buying property or opening a bank account in Portugal, getting a loan, or signing a mobile phone contract.
GETTING A NIF FOR NON-EU RESIDENTS
If you are a non-EU citizen applying for residency in Portugal making a significant investment in the Portuguese economy through the Golden Visa program, you can apply for a Portuguese NIF simultaneously with the application for a Golden Visa.
WHAT DO YOU NEED TO APPLY FOR A NIF?
IDENTIFICATION
Requirements for the necessary documents for obtaining a Portuguese NIF can be called minimal. You will need to provide only a photo ID (or a scanned, signed copy when you use a lawyer or representative in Portugal). For non-citizens of the European Union (EU), the European Economic Area (EEA) or Switzerland, you must present your passport. This is a mandatory requirement. For EU, EEA or Swiss citizens, you can show your passport or your citizen’s identity card. In some cases, those who cannot submit a passport or an official photo ID may use their birth certificate instead.
PROOF OF RESIDENCY
If you are applying for a NIF, whilst in Portugal, you will need to provide proof of your residential address. For example, a confirmation can be a utility bill, rental contract etc. If you are applying from abroad through a lawyer or tax representative, you will need to submit a document signed by an attorney (which also needs to be translated into Portuguese) to such a person, which gives permission to them to act on your behalf.
WHAT WILL IT COST YOU TO APPLY?
Obtaining a NIF is free but if you would like a Portuguese tax card, there is a cost of €6.80..