Are you considering gaining residency in the Schengen Area through a pathway such as the Portugal Golden Visa program?
While you may have read about the Portugal Golden Visa bank account deposit pathway, this popular investment route is no longer available following changes made to the program in October 2023.
This option enabled Golden Visa applicants to attain Portuguese residency after depositing money into a Portuguese bank account.
It was particularly popular because it was a secure, risk-free investment strategy that allowed individuals to grow their funds over time at a fixed interest rate, ensuring peace of mind.
Additionally, to safeguard their money against foreign exchange fluctuations, they could choose to maintain multi-currency accounts.
Despite the changes to Portugal's Golden Visa program that mean this option is no longer available, there are still several attractive investment routes that you can explore.
With a substantial investment, you can qualify via the increasingly popular fund subscription, an investment or donation in the arts or reconstruction of national cultural heritage, or an investment in scientific or technology research. With an eligible investment, any of these avenues will allow to you to enjoy all the benefits of the program.
Key Roles of a Bank Account in Golden Visa Programs
The bank account plays several critical roles in Portugal’s Golden Visa program. It serves as the official channel for transferring funds into Portugal, whether for real estate, investment funds, business setup, or cultural contributions.
It provides the financial history and documentation required by immigration authorities to prove that investments are legitimate and traceable. The bank is also used to pay all mandatory fees, including government application charges, legal services, taxes, and property registration costs.
Additionally, it supports ongoing compliance, helping you manage residency-related costs like health insurance, tax filings, and dependent support. It strengthens your financial presence in Portugal, which may be useful if you later apply for permanent residency or citizenship.
Benefits of a Golden Visa Bank Account
- Enables you to transfer funds for qualifying Golden Visa investments
- Required for purchasing property, investing in funds, or starting a business in Portugal
- Facilitates proof of financial means for visa authorities
- Allows for currency exchange and international transfers in euros
- Provides access to Portuguese and EU banking services
- Supports payments for government fees, legal services, and taxes
- May include access to wealth management and investment advisory services
- Can be managed remotely, depending on the bank
- Often tailored with multilingual support for international clients
- Establishes a financial footprint in Portugal, helpful for tax residency or future citizenship applications
Obtaining a Portuguese Residence Permit with a Bank Deposit
Bank deposits for the Portugal Golden Visa used to be an investment option to qualify for the program until October 2023. The scheme allowed cash deposits in a local Portuguese bank or in regulated institutions for the Golden Visa under the capital transfer option.
At the time, SEF (the Portuguese Immigration and Border Control, which AIMA has since replaced) required Golden Visa applicants to present a Declaration of a credit institution that is registered in or authorized in the Portuguese national territory.
Applicants needed to attest to holdership, free from any obligations and charges, of deposit accounts with a balance equal to or more than €1.5 million, resulting from an international transfer or a quota of the same amount when joint accounts were being considered.
However, this Portugal Golden Visa investment option was discontinued alongside purchasing real estate. There are still several attractive investment routes that qualify for the program, and opening a bank account in Portugal remains a key part of the investment process.
How to Open a Golden Visa Bank Account in Portugal
To open a bank account in Portugal, you follow a specific process tailored to foreign investors. Here's how it typically works, step by step:
First, obtain a Portuguese tax identification number (NIF). This is mandatory and can be secured through a local tax office or a fiscal representative, often offered by law firms or service providers. You’ll need your passport and proof of address, and non-EU applicants must also appoint a tax representative.
Next, choose your preferred bank. Options like BiG, Bison Bank, and Banco Atlântico are popular with Golden Visa applicants for their investor-friendly features and remote onboarding capabilities.
Then, prepare your documentation. This includes a valid passport, proof of NIF, proof of address (such as a utility bill), and sometimes proof of income or source of funds, especially if you’re transferring large investment sums.
Submit your application. Depending on the bank, you can complete this either in person at a Portuguese branch or remotely through email or a legal proxy. Some banks require a video call for identity verification, while others allow your lawyer to handle the process entirely on your behalf.
Finally, fund the account. Once the account is approved and opened, you’ll transfer your investment funds to meet the Golden Visa requirements—whether that’s investment fund participation, capital transfer, or business funding.
Once your account is active and the investment is made, you'll receive a confirmation and statements needed for your visa application. This step is critical, as proof of financial readiness and transfer is part of your Golden Visa file.
Other Discontinued Investment Options for the Portugal Golden Visa
Property investment
An investment in the Portuguese real estate market was the most commonly chosen path for Portuguese Golden Visa applicants. In 2024, it a real estate investment is no longer a Portugal Golden Visa option for investment.
Residential real estate
For a rehabilitation project, you could buy a residential property in specified interior areas of Portugal, with a minimum value of €500,000 or €350,000. If the property was situated in an area classified as 'low-density,' a 20 percent reduction was applicable.
A low-density area is defined as a territorial unit that meets one of the following criteria:
- Has a population density of less than 100 inhabitants per square kilometer
- Has a Gross Domestic Product (GDP) per capita that is lower than 75 percent of the national average
Following the 2022 updates, investments in residential real estate in urban locales such as Lisbon, Porto, and most of the Algarve or Silver Coast were not permitted.
Commercial real estate
The rules were more flexible for commercial properties, allowing investments across the country with a minimum worth of €500,000 or €350,000 for rehabilitation projects. In essence, there were no geographical limitations for commercial property investments. The 20 percent reduction also applied to properties in 'low-density' areas.
Furthermore, you could purchase real estate (either residential properties or commercial properties) on the autonomous islands of Madeira and Azores or buy property in Portugal, adhering to the same minimum value regulations.
Top Banks in Portugal Offering Golden Visa Accounts
Top banks in Portugal offering Golden Visa accounts include:
- BiG (Banco de Investimento Global)
- Bison Bank
- Banco Atlântico (Atlântico Europa)
- Caixa Geral de Depósitos (CGD)
- Millennium BCP
- Banco Santander Totta
BiG is a private investment bank with a fully remote account opening process tailored to international clients. Bison Bank focuses on wealth management and also supports remote onboarding, making it appealing to high-net-worth investors. Banco Atlântico caters to private clients and offers remote account setups, which are commonly used in Golden Visa transactions.
Caixa Geral de Depósitos is Portugal's public banking option. While it offers lower-cost services, it typically requires an in-person ID verification either in Portugal or at a consulate.
Millennium BCP, as Portugal's largest private bank, and Santander Totta, a major international player, both provide a wide range of financial services and are often recommended by immigration consultants, though they usually require more documentation and in-person steps.
These banks differ in their approach, with some focused on digital efficiency and others emphasizing traditional financial services with broad networks and full-service offerings. Choosing among them depends on whether you prioritize remote accessibility, investment options, or comprehensive banking infrastructure.
Attractive Investments for Portugal Golden Visa Investors in 2025
Following major modifications to Portuguese Golden Visa investment options in late 2023, the eligible investment immigration options in 2025 under the new rules are as follows:
Investment fund subscription
One of the most popular options for investment for the Golden Visa program in 2024 is subscribing to a Portuguese investment fund with a minimum commitment of €500,000.
In order to maintain eligibility for Golden Visa status, you must maintain the investment for a minimum of five years.
The eligible funds include a variety of venture capital and private equity funds. For those interested in sustainable investment opportunities, there are several eligible funds that focus on various sustainability themes.
These are funds that invest in projects or companies that promote environmental, social and governance best practices.
With the end of the real estate investment option and the capital transfer option, the investment fund has increased in popularity. In fact, in the first nine months of 2023, 352 Golden Visas were issued to fund investors, representing about 30 percent of all the Golden Visas during that period.
Key factors in its popularity include typically higher annual yields than other investment pathways, the sense of security provided by auditing and regulation from the Portuguese Securities Market Comission and the Bank of Portugal (the central bank), as well as the relatively low taxes and fees involved (for example, the capital gains for investment funds for residents of Portugal is a flat 10 percent).
Investing is this way can also be an important aspect of your portfolio diversification strategy. Of course, it is important to do thorough due diligence on the fund before you commit to investing.
Scientific research
Another eligible investment for the Golden Visa is channeling at least €500,000 into scientific research. This option involves directing your investment towards cutting-edge research endeavors, spanning from medical advancements to environmental solutions.
To pursue this avenue, a minimum investment of €500,000 is required, with the research project to be carried out by public or private scientific organizations affiliated with the national scientific and technological system.
Additional criteria for eligibility include:
- Investment duration: You're required to maintain the investment for at least five years.
- Project eligibility: The research project should concentrate on fields within science, technology, engineering, or mathematics (STEM) that align with Portugal's strategic priorities.
- Legality and transparency: The investment must be executed through lawful channels, adhering to a transparent and verifiable process.
Enterprise and job creation
Applicants can also qualify for the Portuguese Golden Visa by investing a minimum amount of €350,000 in a Portuguese-registered company or by establishing ten jobs with a total investment of at least €500,000.
- Job preservation: Sustain the employment positions generated for a minimum of three years.
- Business feasibility: Create or invest in a company with a feasible business strategy and the capacity to generate enduring employment opportunities.
- Legal compliance and transparency: Verify that both the investment and business operations adhere to all relevant laws and regulations in Portugal.
Charitable contributions
Finally, making a minimum donation of €250,000 to support Portuguese art, culture, and national heritage qualifies for the Golden Visa. If the cultural activity occurs in a designated low-density area, the minimum donation requirement is reduced to €200,000.
By investing €250,000 in an approved cultural production project, subject to Portuguese government approval, individuals become eligible for the Golden Visa in Portugal.
To qualify through this avenue, one must either invest in an artistic endeavor, such as a Portuguese feature film, or contribute a non-refundable donation to a foundation with cultural and heritage significance.
If the project is situated in low-density regions of Portugal, a 20 percent discount is applicable, lowering the minimum investment requirement to €200,000.
Frequently Asked Questions About Golden Visa Bank Accounts
What is the minimum investment for a Golden Visa in Portugal?
In 2024, the pathway with the lowest minimum investment is a cultural heritage donation, which requires a €200,000 donation in low-density areas or a €250,000 donation elsewhere. For the job creation, scientific research, and investment fund pathways, you would need to invest at least €500,000.
Previously, the minimum investment for a Portugal Golden Visa via a real estate investment in designated interior areas of Portugal worth at least €500,000 or €350,000 for a rehabilitation project. If you were purchasing property in a designated 'low-density' area, a 20 percent discount applied.
You could also deposit €1,500,000 into a Portuguese bank account in order to get the Golden Visa. However, both of the options were discontinued in October 2023, and they remain ineligible.
How do you qualify for a Golden Visa in Portugal?
To qualify for the Golden Visa Program in Portugal, it's necessary for applicants to open bank accounts in Portugal and make one of the following investments:
- Contribute at least €500,000 to a qualified investment fund or job creation scheme with a Portuguese company.
- Contribute at least €500,000 to scientific or technology research or at least €250,000 to the restoration of Portuguese culture or the arts.
You must be 18, have a clean criminal record, and legally obtain all your assets to qualify. It is advisable to consult with an experienced immigration lawyer to ensure that your Golden Visa application has the best possible chance of success.
The following investment routes are no longer available:
- Purchase property worth at least €500,000. If the property is located in a low-density region, a 20 percent discount applies. Note: As of January 2022, purchasing property in major cities like Lisbon, Porto, or much of the Algarve isn't allowed.
- Deposit at least €1.5 million in a bank account in Portugal.
How does a Golden Visa work?
The Golden Visa immigration program allows individuals to obtain a residence permit in another country by making a significant investment or donation.
After five years, you can acquire a permanent residence permit. Citizenship can be sought after maintaining residency for five years, subject to Portugal's nationality law requirements.
Which Golden Visa investment programs accept a bank deposit?
A Golden Visa for bank deposits in Greece means that you will secure a residence permit that is granted for five years. The residence permit can then be renewed for a further five years. Legal entities are also able to make use of this investment option – depositing funds in a Golden Visa bank account.
In 2024, the Greek Golden Visa and the Luxembourg Golden Visa programs will still accept bank deposits as investments. In Portugal, the bank deposit investment pathway is no longer eligible for a Portugal Golden Visa, nor is buying property.
Is there an annual income requirement for the Golden Visa process?
The Portugal Golden Visa program doesn't have a specific annual income requirement. While your chosen investment pathway needs to be met (ranging from €200,000 to €500,000), demonstrating sufficient financial resources to support your stay is crucial.
This can be proven through bank statements, employment income, or other sources. Remember, an immigration lawyer can offer personalized guidance on what constitutes "sufficient" based on your unique circumstances.
Does a Golden Visa application require health insurance?
The Portugal Golden Visa itself does not directly require private health insurance as part of the application process, but having valid health insurance coverage is mandatory for both the main applicant and their dependents if they intend to relocate to Portugal with the Golden Visa. Private health insurance in Portugal is available can cost between €30 to €150 per month.
Can you finance a Portuguese Golden Visa with a loan?
It is possible to finance a Portuguese Golden Visa application with a loan, but the funds must come from a non-Portuguese bank.
Can I make bank deposits to get a Golden Visa in Portugal?
No, as of October 2023, you can no longer make cash deposits in a local Portuguese bank or in regulated institutions to get the Golden Visa. However, you can opt for other attractive investment routes such as venture capital funds, arts & cultural donations, and investment in scientific research.
Alternatively, you can apply for the Greek Golden Visa, which allows you to make a deposit of at least €400,000 in a domestic credit institution bank account in Greece.
What is the cash deposit for Golden Visa?
Previously, investors could qualify for the Portuguese Golden Visa by depositing at least €1.5 million in a bank account in Portugal. This investment pathway was discontinued in October 2023.
