Opening a bank account in Portugal is not just paperwork. It is one of the first legal steps every Golden Visa applicant must take. Your qualifying investment funds need to flow into a Portuguese bank account registered under your name, which makes choosing a bank a cornerstone of the process.
Since the reforms in October 2023, the focus of the Golden Visa shifted away from real estate and large deposit routes. Today, most applicants invest through regulated Portuguese funds. That change means the bank you choose matters more than ever.
Some institutions, such as Millennium bcp, are widely known for their non-resident services. Others, like Caixa Geral de Depósitos, provide state-backed stability but may be less flexible for international clients. Options also include global names such as Santander and digital-first challengers like ActivoBank.
The challenge is that not every bank is equally prepared for Golden Visa clients. Some allow remote account opening, while others require in-person visits. Fees, English-speaking support, and digital tools also vary widely. Choosing the wrong bank can slow your application and add unexpected costs.
This guide explains why a Portuguese bank account is essential, compares the leading options available in 2025, and shows you the step-by-step process to get started with confidence.
Do You Need a Bank Account for the Portugal Golden Visa?
Yes, opening a Portuguese bank account is mandatory if you plan to apply for the Golden Visa. Under Portuguese law, all qualifying funds must be transferred into an account held in the applicant’s name. Without it, you cannot proceed with your investment or submit a compliant Golden Visa application.
The account plays a crucial role throughout the process:
- ✅ Proof of the origin of funds: ensures compliance with anti-money laundering (AML) regulations.
- ✅ Payment hub: covers government fees, lawyer services, and ongoing investment-related costs.
- ✅ Fund subscription: investments must be routed through a Portuguese account for traceability and audit purposes.
- ✅ Regulatory requirement: the National Immigration and Asylum Authority (AIMA) will not accept applications without this step.
It is worth clarifying a common misconception. In the past, investors could qualify for the Golden Visa program through a €1.5 million bank deposit.
That route is no longer valid. Today, the account is primarily a transactional tool, allowing you to fund regulated investments and demonstrate compliance.
Golden Visa Banking Essentials: What to Look For
Before choosing a bank, it helps to know what really matters for Golden Visa applicants. Not every bank in Portugal is equally prepared to handle international clients or meet the specific compliance demands of the program.
Here are the key factors to keep in mind:
👉 Keep these points in mind as you explore the banks below. We’ve compared them side by side to save you time.
Top 10 Best Banks in Portugal for Golden Visa Applicants
If you’re applying for Portugal’s Golden Visa program, choosing the right bank is almost as important as picking the right investment. Banks in Portugal differ widely in fees, remote onboarding options, custody account support, and how familiar they are with Golden Visa procedures. Some cater almost exclusively to international clients, while others are household names that still handle non-resident accounts.
This guide breaks down the best banks for Golden Visa applicants, from boutique specialists to mainstream all-rounders, with an at-a-glance comparison table followed by detailed profiles of each institution.
At-a-Glance Comparison
Now that you’ve seen how the leading Portuguese banks compare at a glance, let’s look more closely at each option.
#1 Bison Bank
Bison Bank is one of the most Golden Visa–friendly banks in Portugal. It specialises in private banking and wealth management, catering mainly to international clients and non-residents.
Unlike retail-focused banks, Bison Bank is streamlined for investors who need efficient Portuguese bank account opening and custody services for Golden Visa–eligible investments.
With its headquarters in Lisbon, the bank is renowned for its English-speaking service, simple processes, and expertise in managing large investments for international clients.
If your main focus is making a qualifying Golden Visa investment rather than day-to-day banking, Bison Bank is often the top recommendation.
Key Features
- The accounts are specifically structured to handle investments that meet Portugal’s Golden Visa requirements.
- Accounts can be opened from abroad with full assistance, avoiding the need for early in-person visits.
- Offers secure custody accounts to hold qualifying investments, a mandatory step for Golden Visa applicants.
- Staff are trained to work with non-resident investors, with English support readily available.
- Operates as a private bank, focusing on wealth management rather than retail services.
#2 Banco BiG
The bank offers a balance between private banking and retail-friendly services, making it a versatile choice for Golden Visa applicants. The bank is known for its flexibility in account opening and competitive fee structure compared to larger traditional banks.
Although it has fewer physical branches than mainstream players, its Lisbon headquarters and digital-first orientation make it accessible for non-resident clients.
With a reputation for responsive service and English-speaking staff, Atlântico Europa continues to attract expats and investors seeking straightforward solutions.
Key Features
- Atlântico Europa specifically designs its institution to manage investment accounts that adhere to Portugal's Golden Visa regulations.
- Non-residents can open accounts remotely and receive guided support.
- The institution offers a competitive fee structure that sets it apart from larger retail-focused institutions.
- The staff is bilingual, offering services in both English and Portuguese to clients.
- Its focus on serving international clients makes it attractive to expats and investors.
#3 Novo Banco
Santander Totta is one of Portugal’s largest and most established banks, backed by the global Santander Group. Its reputation, branch network, and wide range of financial products make it a secure choice for Portuguese Golden Visa investors. The bank is particularly appealing for those who want the stability of a household name combined with international reach.
While Santander Totta offers a strong infrastructure and experienced staff, it tends to come with higher fees than niche or digital banks. However, its expat-friendly services, widespread presence, and ability to handle complex investment requirements make it a dependable option for many Golden Visa applicants.
Key Features
- The company boasts a wide branch network throughout Portugal, which guarantees personal assistance when required.
- The company has established a robust reputation among Golden Visa applicants and international investors.
- Santander Group offers advanced online and mobile platforms that enable remote account management.
- Santander Group's backing ensures security, credibility, and a global presence.
#4 Millennium bcp
MillenniumBCP is Portugal’s largest privately owned bank and one of the most recognisable names in the country’s financial sector. It has a broad branch network, particularly in Lisbon and Porto, making it convenient for expats who value face-to-face service. Millennium is well-regarded for its professional staff, multilingual support, and flexible solutions for international clients.
For Golden Visa applicants, Millennium offers dedicated services tailored to residency-by-investment, with account managers familiar with the legal and financial requirements. While it does carry moderate fees and can be bureaucratic, its combination of stability and expat-friendly services makes it a reliable choice.
Key Features
- The company has a strong presence throughout Portugal, with branches located in all major cities.
- Specifically structured services for Golden Visa applicants and expats.
- Dedicated account managers are available to provide personalised guidance.
- Access to a full suite of products, including investment and private banking.
- Reliable English and Portuguese support in key locations.
#5 Santander Totta
Santander Totta is the Portuguese arm of the global Santander Group, one of the world’s largest banking institutions. It combines the security of an international banking powerhouse with the accessibility of a strong local presence in Portugal.
For Golden Visa applicants, Santander Totta offers investment-friendly accounts and custody services, with the added reassurance of global standards and robust compliance.
While it’s a well-rounded choice, the bank is known for higher fees compared to some competitors, and account opening can involve detailed documentation.
Key Features
- Part of the Santander Group, offering both local support and international reliability.
- This full-service bank offers investment and custody accounts that are compatible with Golden Visa.
- The bank boasts a robust infrastructure, operating hundreds of branches and ATMs across Portugal.
- Customer service is often available in English, supporting expats and international clients.
- The company has a strong reputation for maintaining compliance and transparency in investment-related accounts.
#6 Caixa Geral de Depósitos (CGD)
Caixa Geral de Depósitos (CGD) is Portugal’s largest state-owned bank, widely trusted for its stability and security. With branches across the entire country and internationally, CGD is often the go-to choice for newcomers looking for a traditional, dependable banking partner.
For Golden Visa investors, CGD provides reassurance from a government-backed institution, making it particularly appealing to those who prioritise security over innovation. But the bank is also more traditional, with slower processes than some private or digital rivals.
Key Features
- This is a government-owned bank that offers the highest level of trust and financial security.
- Nationwide branch coverage, ensuring easy in-person support anywhere in Portugal.
- The bank offers investment and custody accounts that are compatible with the Golden Visa.
- The company offers a wide range of products, ranging from basic banking to advanced private banking solutions.
- The bank has a global presence, boasting branches and correspondent banks across the globe.
#7 ActivoBank
ActivoBank is Millennium bcp’s digital-first brand, designed for tech-savvy users who want a simple, low-cost banking experience. It eliminates traditional banking bureaucracy, offering zero maintenance fees and a smooth mobile app for everyday transactions.
For Golden Visa applicants, ActivoBank can be a cost-effective option, especially for those who are comfortable managing accounts online. However, it’s not as strong for complex investment structures, so it may be less suitable for applicants needing custody accounts or high-touch services.
Key Features
- This is a 100% digital bank that has no monthly fees or hidden charges.
- Designed for mobile-first users, offering intuitive apps for everyday banking.
- Part of Millennium BC provides strong backing and financial stability.
- Quick account setup with minimal bureaucracy.
- Consumer Choice Awards recognition for digital banking excellence.
- Ideal for day-to-day account management but limited for investment custody needs.
#8 Banco BPI
Banco BPI is one of Portugal’s largest and oldest banks, with a strong reputation for serving both locals and international clients. Backed by Spain’s CaixaBank, it offers the stability of a major financial institution along with a broad branch network across Portugal.
For Golden Visa applicants, BPI provides dedicated investment account options and support for international transfers. BPI is a favourable choice for clients seeking a reliable, traditional bank with strong international ties; however, its fees are generally higher than those of digital-first banks.
Key Features
- Custody accounts available, suitable for Golden Visa investment requirements.
- Backed by Spain’s CaixaBank, ensuring strong capital support.
- Wide range of financial products, including mortgages, investments, and insurance.
- Strong presence across Portugal with branches in major cities.
- Multilingual staff available to assist international clients.
#9 Banco Invest
Banco Invest is a niche bank in Portugal that focuses heavily on private banking and investment services. It doesn’t have the same widespread branch network as the major retail banks, but it excels in offering tailored investment solutions.
For Golden Visa applicants, Banco Investments is particularly attractive because of its specialised expertise in custody accounts, wealth management, and international client services. It’s best suited for investors who want a boutique-style banking relationship rather than day-to-day retail banking.
Key Features
- The company specialises in investment accounts and products that qualify for Golden Visas.
- The company provides dedicated wealth management and private banking services.
- Offers custody accounts tailored for international investors.
- The bank provides multilingual client support for foreign applicants.
#10 Banco Finantia
Banco Invest is a niche bank in Portugal that focuses heavily on private banking and investment services. It doesn’t have the same widespread branch network as the major retail banks, but it excels in offering tailored investment solutions.
For Golden Visa applicants, Banco Investments is particularly attractive because of its specialisation in custody accounts, wealth management, and international client services. It’s best suited for investors who want a boutique-style banking relationship rather than day-to-day retail banking.
Key Features
- Specialisation in investment accounts and Golden Visa-eligible products.
- Dedicated wealth management and private banking services.
- Offers custody accounts tailored for international investors.
- Multilingual client support for foreign applicants.
Types of Golden Visa Banks in Portugal Explained
Below is a clearer, more readable breakdown. Each type starts with who it suits, then explains how it works in practice, what you gain, and what to watch out for. No bank names yet.
These are built for investors first, everything else second. Expect relationship-led service, tidy audit trails, and people who speak your language about funds, custody, and compliance.
The trade-off is fewer retail perks and a price tag that reflects the white-glove approach.
- Who this suits: this service is suitable for applicants who are investing through regulated funds and desire remote onboarding, English-speaking managers, and precise compliance handling.
- How they operate: relationship-led service with dedicated client managers who understand Golden Visa workflows. They handle source-of-funds reviews, coordinate with fund custodians, and keep the audit trail clean for your application file.
- The onboarding experience typically includes video KYC and document checks conducted from abroad, as well as clear lists that detail the documents you need to provide. Timelines are often predictable, since teams work with non-resident clients every day.
- Pricing and services: higher account or service fees are typically charged in exchange for investment and custody support, faster response times, and more structured processes.
- Best use case: investors who value certainty and speed over rock-bottom costs and who prefer one point of contact for banking and investment execution.
- Watch-outs:
Think about the full-service banking you can live with day to day. Large branch networks, familiar products, and stable online banking make life easier once you are on the ground.
They support Golden Visa processes, although branch-specific consistency may vary.
- Who this suits: applicants who want a familiar, full-service bank for daily use once in Portugal and who do not mind visiting a branch if required.
- They operate large networks that provide current accounts, cards, mortgages, and savings services. Staff can support non-residents, although Golden Visa processes may vary by branch.
- Onboarding experience: some offer partial online set-up, yet many still prefer in-person verification for non-EU clients. Timelines and document requirements can differ between branches.
- Pricing and services: mid-range monthly fees, standard SEPA transfers, reliable online banking, and a broad product choice for life after permanent residency.
- Best use case: applicants who will travel to Portugal soon and want a single bank for both the investment phase and everyday banking.
- Watch-outs:
There are two distinct offerings available under one roof. The state-backed route leans into stability and coverage across the country.
The digital route focuses on slick apps and low fees for everyday payments. Once you have arranged your investment account, both options function optimally.
- Who this suits: cost-conscious applicants who value stability or strong apps, usually after the investment account is open elsewhere.
- How they operate: the state-backed option prioritises security and nationwide coverage, while the digital challengers focus on app-first features and low fees.
- Onboarding experience: state-backed banks tend to prefer in-person verification and stricter checklists. Digital challengers offer smooth onboarding for residents, yet can be harder for brand-new non-resident investors.
- Pricing and services: state-backed banks provide traditional services with predictable pricing. Digital challengers often have minimal maintenance fees and quick day-to-day payments.
- Best use case: pairing with a specialist for the investment itself, then using one of these for everyday spending once you are settled.
- Watch-outs: limited support for fund custody and Golden Visa-specific paperwork, plus possible hurdles for remote opening if you are still abroad.
How to Choose the Right Bank for Your Golden Visa
Picking the right bank isn’t just about opening an account; it’s about setting yourself up for a smoother Golden Visa journey. The “best” bank depends on how you’ll invest, how much you’ll rely on remote processes, and the kind of service you expect.
While some banks specialise in Golden Visa funds and remote onboarding, others distinguish themselves through their stability, global reach, or affordable digital platforms.
Your choice comes down to matching your investor profile with what each bank does best. Whether your preference is for private banking, digital convenience, or proven reliability, consider these key factors before making your decision:
At the end of the day, no single bank fits every Golden Visa applicant. The right decision is the one that aligns with your investment strategy, your comfort level with digital tools vs. in-person services, and your long-term financial plans in Portugal. Use the comparison table above to narrow down your options.
Step-by-Step: How to Open a Portuguese Bank Account for Golden Visa
Opening a bank account in Portugal for the Golden Visa isn’t overly complex, but the process does have several checkpoints where preparation matters.
Getting your documents right, knowing whether you can onboard remotely, and ensuring your Source of Funds is airtight will save weeks of back-and-forth.
Here’s the full sequence you can expect:
- Obtain a Portuguese NIF: A tax identification number, mandatory before any banking relationship.
- Choose your bank & opening method: Decide between remote onboarding, assisted account opening with a lawyer/PoA, or going in person.
- Prepare required documents: Passport, proof of address, tax ID, employment/income documents, and a detailed Source of Funds file.
- Certify or apostille documents: Some banks require notarised or apostilled versions for non-EU clients.
- Submit your application: The bank runs KYC and AML compliance checks.
- Complete identity verification: Either through an in-branch visit, PoA signing, or a remote video call.
- Make the initial deposit: Typically €250–€500 to activate the account.
- Get account details & online banking access: Your IBAN, login credentials, and cards are issued.
- Transfer investment funds: Deposit the €500,000 (or qualifying investment amount) into your Portuguese account.
- Receive a declaration of funds: The bank issues proof of deposit, which is required for your Golden Visa file.
Required Documents
Most banks ask for similar paperwork. Having these ready as clear colour PDFs helps avoid delays during KYC and AML checks.
Extras that often apply
Common Challenges (and Solutions)
Opening a local bank account for the Portuguese Golden Visa program is straightforward if you know where applicants usually stumble.
Most issues relate to KYC/AML proof, branch-by-branch practices, and uncertainty around which Portuguese financial institution can onboard you remotely. Use the table below to anticipate hurdles and pick the right fix before they cost you time.
If you are investing through funds from abroad, lean toward specialists with custody and remote onboarding. If you want scale and branch access, the major all-rounders shine.
Either way, a tidy document pack and the right branch contact will make your Portugal investment visa process smoother for Golden Visa holders from day one.
Frequently Asked Questions
Conclusion
Opening a Portuguese bank account is a cornerstone of a successful Golden Visa application. It enables clean fund transfers, custody where required, and a clear audit trail that matches what your lawyers and the regulator expect.
Banks differ in approach and strengths, so choose based on your profile. Specialists work best for fund investors who need remote onboarding and custody. Major all-rounders suit applicants who want a large network and broad services.
Once you settle down, digital challengers are ideal for your everyday banking needs. State-backed options appeal if stability is your top priority. With the right preparation and documents in order, the banking step is manageable and predictable.
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