If you’re considering moving to Portugal from the UK, you’re probably looking at all of the requirements to get your visa and open bank accounts.
Well, we have a surprise for you…
You can access an international bank account and a non-resident bank account in Portugal right now, entirely remotely, with only a few hundred euros.
In this article, we’ll help you start the process of moving to Portugal from the UK. And we’ll share important steps to start the process of opening bank accounts.
Feel free to jump ahead to the areas most relevant to you by using the table of contents below.
Table of Contents
- Moving to Portugal From the UK
- Non-Resident Visa Application Process
- How to Open a Bank Account in Portugal as a Non-Resident?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Moving to Portugal From the UK
Moving to Portugal from the UK is possible through one of four available visa options. These visas include the Golden Visa, D7 Visa, D2 Visa, and HQA Visa. Alternatively, applicants with EU/EFTA citizenship have the right to move to Portugal at any time, provided they register after an initial three-month stay.
Each of the available visas has very different requirements and applies to different applicants. With this in mind, it’s important to review all of the available options before choosing which is best suited to your personal situation.
That said, there are a few general requirements that are consistent across all Portuguese visa applications. We’ll take a closer look at these now followed by further information on how to proceed with opening bank accounts in Portugal right now.
Residency Requirements
- Completed application form
- Valid passport from country of citizenship
- Two passport photos correctly sized
- Criminal record check
- Bank statements for the last six months
- Insurance and health coverage
- Income-related proof (e.g. passive or investment)
Alternatively, if you’re looking to facilitate a transfer to Portugal from the UK you should know the difference between a standing order and a direct debit, which you can learn more about by clicking the link here.
Do You Want Our Free Non-Resident Banking Guide?
Sign up here to receive our Free Non-Resident Banking Starter Guide and weekly updates on the best account opening options available:
Non-Resident Visa Application Process
One of the most important steps in the visa application process is choosing the right visa to apply for. As mentioned, non-residents generally have four options when considering Portugal. That said, there are alternative options to consider as well, including temporary stay, study and research, work, and much more.
After the specific visa has been selected, the process of completing the application and submitting documents to the government is typically managed by a professional agent. Not surprisingly, it’s important to consider all of the available options when choosing an agent, as fees and quality of service can vary greatly.
How to Open a Bank Account in Portugal as a Non-Resident?
As mentioned, you can open a bank account in Portugal as a non-resident. In fact, with the right information you can even open accounts 100% remotely before moving to Portugal from UK.
Importantly, while most people think they need to show up in person to obtain a Portuguese fiscal number (NIF), this is completely false. You can get a NIF and open a bank account in Portugal, without ever stepping foot in the country.
Of course, there are several account opening requirements you’ll have to meet. But, these requirements are no different than opening an account in your home country.
Information Required to Open an Account in Portugal
Applicants are required to provide the following information when applying for a bank account in Portugal.
- Copy of government-issued identification
- Proof of address (e.g. bank statement or utility bill)
- Proof of tax residency in your current country of residence
Of course, applicants are also required to make a qualifying deposit. In this particular case, the qualifying deposit that would be required is only a few hundred euros.
As for the language of these documents, certain banks are able to accept documents in English while all banks accept documents in Portuguese.
Frequently Asked Questions
Below are two of the most common questions that we receive from people moving to Portugal from UK. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can a UK Citizen Move to Portugal?
Yes a UK citizen can move to Portugal. To do so, the individual needs to complete the relevant visa application and receive approval from the Portuguese authorities. That said, UK citizens are also eligible to stay in Portugal (and the Schengen area) visa-free for 90 days in any 180-day period.
Is It Cheaper to Live in Portugal or the United Kingdom?
It is cheaper to live in Portugal than in the United Kingdom. Depending on the source referenced, Portugal ranges between 42% and 67% cheaper than the UK. This includes core expenses like rent, groceries, restaurants, and transportation.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
You can learn more on the products page from the main menu above.
