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Financial section
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NEW BANK ACCOUNT OPENING REQUIREMENTS January 2006
Portuguese banks have dragged their heels in implementing regulations to
combat crimes of money laundering. Until now, opening a bank account in
Portugal for an individual has been a relatively easy process with
production of a passport and tax contribution number.
However in an effort to bring things in line with most other EU countries,
an official Bulletin to all Portuguese banks issued by the Bank of
Portugal in July 2005, effective as from 19 October 2005, makes it
necessary for any person opening a bank account to produce the following
information and documentation:
1.Full name and signature
2.Date of Birth
3.Place of birth
4.Nationality
5.Parentage
6.Full address
7.Employment/Profession and name of employer
8.Details of any public offices held
9.Passport or other identity document
10.Portuguese tax registration card
Item 5 above is a new requirement and entails “production of a public
document” showing the identity of the applicants mother and father. For
some nationalities this may prove difficult to obtain and we suggest that
for UK persons only the birth certificate will suffice.
Of course the list above is not exhaustive and it may be that certain
banks will require even more information.
Sovereign 11.01.2006 |
Whilst every effort has been made to ensure that the details contained
herein are correct and up-to-date, this information does not constitute
legal or other professional advice. We do not accept any responsibility,
legal or otherwise, for any error or omission. |
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