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-   -   NIF/Bank Account (https://britishexpats.com/forum/portugal-89/nif-bank-account-944589/)

NataHH Jul 1st 2022 12:20 pm

NIF/Bank Account
 
Can one of our kids British and UK resident open a Portuguese bank account? Does she need a NIF number? She is a share holder on our onshore property. She only wants to keep a few hundred pounds in a current account for spending money. Any advice is greatly appreciated.

ARCNET Jul 1st 2022 12:53 pm

Re: NIF/Bank Account
 

Originally Posted by NataHH (Post 13126230)
Can one of our kids British and UK resident open a Portuguese bank account? Does she need a NIF number? She is a share holder on our onshore property. She only wants to keep a few hundred pounds in a current account for spending money. Any advice is greatly appreciated.

In a word yes.

RichardHenshall Jul 1st 2022 1:04 pm

Re: NIF/Bank Account
 

Originally Posted by NataHH (Post 13126230)
...She is a share holder on our onshore property. ...

Did she not need an NIF for her shareholding to be properly recorded?

NataHH Jul 1st 2022 1:55 pm

Re: NIF/Bank Account
 

Originally Posted by RichardHenshall (Post 13126244)
Did she not need an NIF for her shareholding to be properly recorded?

Not quite sure how it works it was set up by the lawyer when the house was bought and she was added to the onshore property at company House in the UK. How do you get an additional shareholder NIF card?

RichardHenshall Jul 1st 2022 2:01 pm

Re: NIF/Bank Account
 
I assumed that onshore referred to a Portuguese property and would therefore be a Portuguese company. Isn't any other nationality of company, by definition, offshore?

A shareholding in a UK company would be irrelevant to Portugal.

If it's only for occasional holiday use, an account with Wise, or similar, would probably be cheaper and easier to set up as no NIF would be needed.

Listen Very Carefully Jul 1st 2022 2:23 pm

Re: NIF/Bank Account
 
I would definitely go for a Wise multi currency account especially as they are only looking for spending money access The card can be used at ATMs and in shops restaurants etc Basically you will pay money into the Wise UK account then it can be transferred into € before you go or you can just use it and get the spot rate as you spend
https://www.monito.com/en/send-money...rrency-account

NataHH Jul 1st 2022 4:57 pm

Re: NIF/Bank Account
 

Originally Posted by RichardHenshall (Post 13126269)
I assumed that onshore referred to a Portuguese property and would therefore be a Portuguese company. Isn't any other nationality of company, by definition, offshore?

A shareholding in a UK company would be irrelevant to Portugal.

If it's only for occasional holiday use, an account with Wise, or similar, would probably be cheaper and easier to set up as no NIF would be needed.

Onshore means that holding assets and investments takes place in your home country. It is a UK company that bought the property and all shareholders reside in the UK.
But, as suggested, a Wise account is probably the best option. I used to have a Revolut card but closed it because it is not FCA regulated.

Red Eric Jul 1st 2022 8:46 pm

Re: NIF/Bank Account
 

Originally Posted by NataHH (Post 13126325)
Onshore means that holding assets and investments takes place in your home country. It is a UK company that bought the property and all shareholders reside in the UK.

As far as the PT authorities are concerned, that would constitute the property being owned by an offshore company.

SgtTroy Jul 2nd 2022 7:55 pm

Re: NIF/Bank Account
 

Originally Posted by Red Eric (Post 13126346)
As far as the PT authorities are concerned, that would constitute the property being owned by an offshore company.

Yes, but from a country with mutual automatic exchange of information (OECD model) as opposed to a jurisdiction with no such exchange of information.
Hence, hardly any negative consequences, save for the endless paperwork.

SgtTroy Jul 2nd 2022 7:58 pm

Re: NIF/Bank Account
 

Originally Posted by NataHH (Post 13126230)
Can one of our kids British and UK resident open a Portuguese bank account? Does she need a NIF number? She is a share holder on our onshore property. She only wants to keep a few hundred pounds in a current account for spending money. Any advice is greatly appreciated.

Totally unnecessary, considering the time and the cost for doing so, as well as the purpose of that account.

Few hundred pounds could be exchanged cash, at a good rate, with much less hassle.

And, yes, she needs a NIF for opening a bank account.


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