OBTAINING A PORTUGUESE TAX IDENTIFICATION NUMBER (NIF) AND OPENING A BANK ACCOUNT IN PORTUGAL

As part of the Portugal Golden Visa application process, investors are required to open a Portuguese bank account to facilitate their investment transactions. However, before proceeding with the account opening, applicants must first obtain a Portuguese Tax Identification Number (NIF), which is essential for all financial and legal transactions in Portugal.

Portuguese Tax Identification Number (NIF) Registration

The Número de Identificação Fiscal (NIF) is a nine-digit Portuguese Tax Identification Number issued by the Portuguese Tax Authority (Finanças). It is required for all financial, tax, and legal operations within Portugal, including:

• Opening a bank account
• Making an investment in funds or other qualifying Golden Visa options
• Purchasing real estate or entering into contracts

A NIF is mandatory for all individuals applying for the Portugal Golden Visa, whether they are residents or non-residents.

Required Documents for NIF Application

To obtain a NIF, applicants must provide:

• Proof of address issued by their country of residence
• A certified copy of their passport or national ID card

Our legal team can obtain the NIF on behalf of clients without requiring them to travel to Portugal. We handle the entire application process remotely, ensuring compliance with Portuguese tax regulations.

Opening a Portuguese Bank Account

Once the NIF has been issued, investors must proceed with opening a Portuguese bank account, which is a mandatory requirement for all Golden Visa applicants.

Our legal team can facilitate the bank account opening process remotely, eliminating the need for investors to travel to Portugal. Portuguese banks conduct a thorough due diligence process when opening accounts for Golden Visa investors, ensuring compliance with anti-money laundering (AML) and financial regulations.

Upon successful completion of the account opening, the investor will receive:

• A personal bank account
• A unique International Bank Account Number (IBAN)

Funding the Investment Account

Once the bank account is operational, the €500,000 investment required for the Golden Visa must be transferred from the investor's personal bank account in Turkey or another country to their newly established Portuguese bank account.

From there, our legal team will instruct the transfer of funds to the selected investment fund or other approved Golden Visa investment vehicle. Throughout this process, our legal experts in both Portugal and Turkey will provide comprehensive legal support to ensure smooth execution.

Additional Banking Services

Beyond fund investment transactions, the Portuguese bank account can also be used for general financial management and business-related transactions.

Conclusion

Obtaining a NIF and opening a bank account are critical steps for investors applying for the Portugal Golden Visa. These processes enable seamless investment execution and compliance with Portuguese financial and tax regulations. Engaging professional legal assistance ensures efficiency, regulatory compliance, and a hassle-free experience for international investors.