Opening a bank account is not difficult in Portugal but it does take a lot of patience and perseverance. If you are abroad, it may be more exhausting for you to spend your energy capital on trying to open a bank account from a different country than if you were in Portugal.

Getting your NIF in Portugal is easier if you’re an EU or EEA citizen. You simply need to find your nearest Financas office, walk in or make an appointment, and come prepared with your documents such as your passport and residential address.

Who needs a NIF number?

Foreign Investors:

Individuals investing in Portuguese assets, such as real estate, stocks, or other financial things, are required to have a NIF number. This allows them to be properly identified for tax purposes and enables them to fulfill their tax obligations related to their investments.

The Portuguese NIF number, in Portuguese, número de identificação fiscal (NIF), ou número de contribuinte, plays a fundamental role in fulfilling tax obligations within the country. With this number, you can accurately file tax returns, report income, and fulfill tax liabilities. Furthermore, you’ll need it for everything.

What about pending golden visa applications?

Any pending applications will be converted into a D2 special entrepreneur visa. Golden Visa applications can still be submitted and the pending ones will be converted to these D2. Also regarding the proof of stay, it will continue to be seven days per year on average.

The D7 visa is for non-EU citizens who wish to reside in Portugal and have sufficient financial means to do so. These financial means can be presented in the form of passive income, for instance rental income, financial investments, pensions, or dividends.

Portugal is a great place to raise children, with excellent schools, a high standard of living, a mix of modern amenities and historical architecture, a family-oriented European culture, not to mention plenty of opportunities for outdoor activities and travel at your fingertips.

Portugal is considering ending the golden visa program as it seems to have fulfilled its intended purpose. Antonio Costa said: “There are programs that we are currently re-evaluating and one of them is the Golden Visa program, which has probably already fulfilled its function and for which there might at this point no longer be any justification for keeping it.”