Portuguese banks are increasingly requesting additional immigration evidence from some non-residents who want to open a bank account.
Although banks may officially require a residence permit or valid residence visa, this creates a practical problem for visa applicants because a Portuguese bank account is often needed before the visa application can be completed.
To address this, some banks are now accepting proof that the applicant has booked a VFS visa appointment. Based on our team’s recent experience, banks have generally requested proof of a VFS appointment rather than an AIMA appointment.
This issue has mainly affected clients who are nationals of, or currently reside in, countries in the Middle East and Latin America, including Mexico. Clients based in the United Kingdom, United States and Canada have generally not faced the same requirement. Similar difficulties have not commonly arisen for Australian clients and certain other nationalities.
However, bank requirements are constantly changing. Each application is assessed individually, and a bank may request additional evidence depending on the client’s nationality, country of residence, employment, income and source of funds.
The account may sometimes be opened more quickly if the client sends the required documents by express courier. Once received, the documents can be taken directly to the bank branch. The main potential delay is the bank’s compliance review, which is outside the control of the client or service provider.
Clients employed by large, reputable multinational companies generally appear to have a smoother application process when they can provide clear payslips and employment documentation. Banks may apply greater scrutiny when a client receives dividends or other passive income, owns their own company, or has a source of funds that is more difficult to verify.
For these reasons, bank account applications involving clients from the Middle East, Latin America or other potentially affected regions should be assessed individually by one of our team before booking our service. Clients should also be advised that approval cannot be guaranteed and that the bank may request proof of a VFS appointment or further financial documentation.