Portugal welcomes and encourages customers who intend to open a corporate investment account in Portugal. This European country has developed an advanced banking system featuring nearly 190 financial institutions and the scope of excellent on-site and online services available to local and non-resident private and business customers.
The population of Portugal slightly exceeds 10 million people. A significant place in the country’s economy belongs to winemaking, olive oil production, cork bark processing. Although it is an industrial-agrarian state, the share of agriculture in the GDP structure is constantly decreasing, giving way to industry and services (financial sector, tourism).
The high concentration of banks as well as their indispensable role in the creation of new capital sustain the country’s long-term growth potential.
The banking system of the country began to develop actively in the early 1990s when the reforms conducted by the Central Bank of Portugal contributed to the emergence of foreign banks in the financial market of the country, as well as the appearance of local credit institutions. The Central Bank of the Republic of Portugal is responsible for maintaining the stability of the national financial system and regulating on behalf of the state the entire financial sector and controlling different credit institutions that are subordinate to the regulator.
Our Offshore Pro Group experts will help you open a corporate investment account with one of the most advanced private banks in Portugal. The minimum initial amount required for opening such an account is 500,000 EUR, with the prospect of increasing the account balance to 1 million EUR. To discuss the essential details and request our services, please contact us at info@offshore-pro.info.
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Some facts about the recommended bank in Portugal
We recommend opening a corporate investment account with one of the leading private banks in Portugal, headquartered in Lisbon. It was established in December 1998 but officially began its work with clients on March 1, 1999. In the same year, the bank launched an online service platform and increased its share capital to 50 million EUR. It was the first bank in Portugal to provide broker services via the Internet and offer its clients:
- access to international stock exchanges
- third party funds via a supermarket concept
- warrants trading
Soon it added other services: short selling, futures trading, commodities trading, mortgage banking.
To comply with the rapidly changing clients’ needs, telecommunication channels were integrated into the bank’s operation, and its customers were offered mobile banking, educational roadshows, and experiments with distribution via in-store arrangements in retail chains and airports.
Between 2006 and 2011, the bank was four times named the best among medium and small banks in Portugal. Its capital increased to 104 million EUR.
As of today, the bank is licensed in all business areas open to the banking sector. It operates in three key businesses: Specialized Retail, Wholesale Clients, and Treasury and Capital Markets
The bank is focused on flexibility and transparency in asset and capital management, putting all efforts into maintaining liquidity, high quality of assets, and making profits.
In 2017, the bank was again recognized as the best among small and medium-sized banking institutions in Portugal, and its net income from operations was 50,823 million EUR.
Today the bank has 18 offices across all regions of the country.
Reasons to open a corporate investment account with the recommended bank:
- a wide range of financial services
- the possibility to open accounts and make transactions in EUR and other currencies: USD, GBP, CAD, NOK, SEK, CHF
- higher interest rates for new clients
- experienced investment advisors and ongoing support by phone or email
- an impressively high customer satisfaction rate (98%)
- banking products integrated with innovative technologies
- the Deposit Guarantee Fund’s protection of account balances up to 100 000 EUR
- the more marketable corporate image of a client having an account with a solid European bank in Portugal
- availability of Internet-based and mobile banking solutions, so that you can keep track of your account at all times.
Services provided by the recommended bank to holders of corporate investment accounts in Portugal
The recommended bank is a multi-faceted financial institution, providing a comprehensive range of financial services, both for individual and corporate clients. The bank’s great advantage is its participation in Euronext, thanks to which it has gained access to the main stock markets, options, and futures exchanges. The bank offers its corporate clients the following services: risk management, treasury operations, brokerage services, capital management consulting, lending, deposits, savings and current accounts, online banking.
Investment services of the recommended Portuguese bank
Corporate clients that have an investment account with the bank in Portugal enjoy the following investment opportunities:
- to invest directly in the stock markets: purchase securities of specific companies, conduct trade operations with underlying assets, perform stock exchange fund transactions (ETF), operations with American Depositary Receipts (ADR) and trade factor certificates
- invest in investment funds, as the bank maintains cooperation with more than 1000 investment funds
- purchase, sell, issue or redeem bonds
- profit from price movement between trade entry and exit through a CFD (contract for differences) without owning the underlying asset
- invest in retirement savings funds
- make structured investments with complex financial products that give access to risky transactions with a guarantee of return on capital
- trade Forex (the GBP/USD) through an online platform
- trade options.
Deposits with the recommended bank in Portugal
The Bank accepts deposits in USD and EUR. The interest rate depends on the currency of the deposit, period, frequency of interest payment.
Terms and conditions for deposits in US dollars:
| Term, months | Nominal interest rate, % | Minimum amount, USD | Maximum amount, USD |
| 1 | 1.25 | 5 000 | 500 000 |
| 3 | 1.55 | 5 000 | 500 000 |
| 6 | 1.90 | 5 000 | 500 000 |
| 12 | 2.03 | 5 000 | 500 000 |
All the above term deposits are eligible for early termination, in which case the customer is fined in the amount of 85% of the accrued interest.
There is also a deposit in the line of deposits that is not subject to early termination of the contract. Its terms and conditions are as follows:
- term – 6 months;
- minimum deposit amount – 10 000 USD, maximum – 250 000 USD;
- nominal interest rate – 2.05% per annum.
The line of deposits in euros is much wider. Thus, the bank offers new customers to place money in the amount of 500 to 50 000 EUR for a period of 3 or 6 months at a nominal rate of 1.25% and 2.0% per annum respectively. Regular depositors are offered to deposit investible funds on the following conditions:
| Term | Nominal interest rate, % | Minimum amount, EUR | Maximum amount, EUR |
| 100 days | 0.5 | 1 000 | 150 000 |
| 1 month | 0.1 | 1 000 | 50 000 |
| 3 months. | 0.2 | 1 000 | 50 000 |
| 6 months | 0.2 | 1 000 | 50 000 |
| 1 year | 0.2 | 1 000 | 50 000 |
| 2 years | 0.45 | 1 000 | 250 000 |
| 3 years | 0.5 | 1 000 | 250 000 |
| 4 years | 0.55 | 1 000 | 250 000 |
| 5 years | 0.60 | 1 000 | 250 000 |
| 1 month | 0.15 | 50 000 | 500 000 |
| 3 months | 0.30 | 50 000 | 500 000 |
| 6 months. | 0.30 | 50 000 | 500 000 |
| 12 months | 0.30 | 50 000 | 500 000 |
It should be noted that money on deposit, current or other accounts with the same bank in the aggregate amount of 100 000 EUR or its equivalent is protected by the Deposit Guarantee Fund. If the account is collective, then the money is reimbursed based on the number of depositors (each not exceeding EUR 100 000). In other words, in case of bankruptcy of a financial institution, the depositor will be able to receive compensation up to this amount.
In Portugal, any interest income received by non-resident companies is subject to taxation at the rate of 25%.
Current accounts with the recommended bank in Portugal
Non-residents may open a corporate investment account with the Portuguese bank for settlements and crediting. The account balance is subject to interest at a nominal rate of 0.1%. No account maintenance fee shall be withheld.
Such accounts shall also be subject to the Deposit Guarantee Fund’s protection.
Savings accounts with the recommended bank in Portugal
When going to save money for a large purchase, clients can open a savings account with the bank, which operates in the current account mode. In other words, you can debit or transfer money to it at any time without penalties. There is no fee for opening an account. The balance of the money is subject to an interest rate, which is calculated according to the formula: 0.85x3month Euribor values + 0.6%.
If a client deposits from 150 EUR monthly for 3 months, interest will be charged at a rate increased by 0.2%.
Online Forex trading platforms with the recommended bank in Portugal
The Bank offers its customers an opportunity to buy 5 different packages for trading on the world stock markets. With their help, corporate clients can get access to quotes in a real-time mode, use direct consultations and technical reviews from leading analysts, form investment portfolios, and choose parameters for monitoring. Moreover, the Bank provides more than 10,000 different effective trading instruments for professional players. Certain platforms allow investors to trade assets, securities, or currency not only from their computers but also from smartphones.
How can a non-resident open a corporate investment account in Portugal with the recommended bank?
When a foreigner intends to open a corporate investment account, he/she needs to start with the following steps:
- Contact our experts for professional help in opening an account: info@offshore-pro.info.
- Pay for professional assistance in account opening. You can make payment via a bank transfer, bank card, WebMoney, PayPal, Western Union. The cost of the service is from 3999 EUR.
- Prepare all necessary documents for opening a corporate account.
What documents are required to open a corporate account with the recommended bank in Portugal
To open an account and become a client of the Portuguese bank, you need to collect the following set of documents:
- The Articles of Association
- Certificate of commercial registration
- a copy of the taxpayer card
- the application for account opening must be signed by the owners of the legal entity, who own more than 25% of shares
- a signature card with specimen signatures
- an information card describing the company: type of activity, owners, main contractors, payments settlement scheme, etc.
Company executives and owners are required to provide:
- an internationally valid passport, citizen card (Cartao de Cidadao) or residence permit;
- documents proving the address of residence (utility bills);
- proof of occupation (letter from the employer, statement of salary account).
Note: All customer documents must be translated into Portuguese and apostilled. If necessary, the bank has the right to request additional documents.
The process of opening a corporate account includes the following steps:
- The client fills in the forms required by the bank and sends them with scans of personal documents to us by e-mails. We check them with the bank and, after receiving the approval, we arrange an on-site in-person meeting at the bank office in Portugal at any time convenient for the client.
- After submission of the full package of the duly certified documents to the bank, the verification of documents will take about 3 weeks
- After approval of the documents, it is necessary to visit a branch of the bank to sign the prepared agreements to open an account.
For more details and if you are interested in this service, please contact us today by e-mail at info@offshore-pro.info.
