Personal accounts: Portugal
An honest assessment before work starts, the quote is fixed in writing.
| In short | 2026 |
|---|---|
| Without residence | Possible, even before moving |
| First step | A Portuguese tax number |
| Tax representative | Since 2022 replaceable by electronic notifications |
| Deposit protection | Up to €100,000, ~$113,000 |
| Tax on interest | 28%, withheld by the bank |
| Russian tax notice | Within a month for Russian tax residents |
A non-resident can open a personal account in Portugal: Portuguese banks work with foreigners under the supervision of the Bank of Portugal and European rules. The key condition is a tax number. Without it the bank will not open an account; with it, you can open one even before moving, on a passport and proof of address.
An account is needed for rent, utilities, taxes and income, and for the visa for financially independent people consulates usually ask for a Portuguese bank statement showing a balance.
Can you open an account in Portugal without residence or a visit
A residence permit is not needed for an account, and it can be opened before the move. The bank checks identity at a branch or by video if it allows that.
The tax number is issued by the Portuguese tax service, in person or through a proxy. A non-resident from outside the EU used to need a tax representative in Portugal. Since 2022, under Decree-Law 44/2022, you can skip appointing one if you activate electronic notifications on the tax portal or an electronic mailbox. If you carry out self-employed activity with value added tax in Portugal, a resident representative is mandatory.
We will calculate online the cost of opening a personal account and maintaining it for a year.
Which banks accept Russians
Each bank decides for itself, but the market rules are common:
- Banks that open non-resident accounts work with a passport and tax number but look more strictly at the source of funds.
- A basic account must be opened by banks with a minimum set of services, and its annual fee is capped by law.
- For Russian citizens without EU citizenship or EU residence, deposits are capped at €100,000 under EU sanctions Regulation 833/2014, so an EU residence permit matters twice over here.
Documents for the account
| Document | Purpose | Where to get it |
|---|---|---|
| Passport and Portuguese tax number | No account without the number | Portuguese tax service, in person or through a proxy |
| Proof of address | Bank form | Address in your country of residence, after the move a Portuguese one |
| Tax number of your country of residence | Information exchange form | Russian taxpayer number |
| Proof of income and source of funds | Bank checks | Employer letter, statements, contracts |
| EU residence permit, if any | Sanctions limits depend on it | Residence document |
Timelines and running costs
The timeline depends on the tax number and the representative question: after that the account is opened in one visit or video call. Fees vary by bank, and the basic account fee is capped by law.
The Deposit Guarantee Fund insures up to €100,000, about $113,000, per depositor per bank. Interest on deposits is taxed at 28%, withheld by the bank; for residents of countries on Portugal's list of preferential tax regimes the rate is 35%. The account alone does not make you a tax resident: you become one by spending more than 183 days in the country in any 12 consecutive months or having a home you evidently use as your permanent one.
The cost of Murblz support depends on the bank and your status; a manager will calculate it in chat.
The main risks are the tax number and the representative
The law does not stop you from opening an account in a Portuguese bank on your own. But mistakes cost more than the fees: a tax number with the representative question unresolved, an address not backed by documents, money without proof of origin, deposits above the sanctions cap for Russian citizens. Murblz support removes these risks: Murblz specialists obtain the tax number, activate electronic notifications, choose the bank and run the opening to a decision. We guarantee professional work and a transparent process, and in most cases a result on the first filing.
The support fee depends on the bank and your status; a manager will calculate it in chat.
Tax data exchange and notifying the Russian tax service
Portugal takes part in the automatic exchange of tax information: if you are a tax resident of another country, account data go there. After the move, the tax number is transferred to your Portuguese address.
Russian tax residents notify the tax service of opening a foreign account within one month, separately for each account, and file a report on account flows for the previous year by 1 June. Anyone who spent more than 183 days outside Russia in a calendar year is exempt from both. If the bank's country exchanges tax information with Russia, the report is not filed when no more than 600,000 roubles, about $7,100, came into the account during the year, but the opening notice is still required. How to file is explained in our articles on the foreign account notification and the account flow report.
Common refusals
- No tax number, or the representative question is unresolved.
- The source of funds is not documented.
- Sanctions risks linked to citizenship or counterparties.
- Contradictions in the tax residence form.
- The address in the form is not backed by documents.
What we do
Murblz specialists obtain the tax number, activate electronic notifications instead of a representative, choose the bank, prepare documents and the explanation of the source of funds and accompany the opening to a decision. If you are moving, we link the account to your residence permit application.
This topic in other countries
Accounts for non-residents in other countries:
- Bank account in Georgia for non-residents
- Bank account in Armenia for non-residents
- Bank account in Turkey for non-residents
- Bank account in Serbia for non-residents
- Bank account in Kyrgyzstan for non-residents
- Bank account in the USA for non-residents
- Bank account in Uzbekistan for non-residents
- Bank account in Cyprus for non-residents
- Bank account in Switzerland for non-residents
- Bank account in Singapore for non-residents
- Bank account in Hong Kong for non-residents
- Bank account in Germany for non-residents
- Bank account in Spain for non-residents
- Bank account in Thailand for non-residents
- Bank account in Argentina for non-residents
- Bank account in Paraguay for non-residents
- Bank account in Uruguay for non-residents
More on this country:
All countries and rules are in the overview a foreign bank account in 2026.
What we do
- Personal account - opening assistance
See also
Company formation · Business account · Investment property · Country taxes · All country programs
FAQ
Can a non-resident open an account in Portugal?
Do I need a tax representative for a Portuguese tax number?
Can I open a Portuguese account remotely?
Are deposits insured in Portuguese banks?
What is the tax on deposit interest in Portugal?
Are there deposit limits for Russian citizens?
Do I need to notify the Russian tax service about a Portuguese account?
Opening a personal account in Portugal?
We obtain your Portuguese tax number (NIF), choose a bank for a non-resident or newcomer and follow the account opening to a decision. Every country is in the searchable catalogue.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
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