NIF/Bank Account
#1
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Joined: Jun 2021
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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.
#2
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Joined: Jun 2021
Location: North West England and Eastern Algarve
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#4
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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?
#5
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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.
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.
#6
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Joined: Sep 2019
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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
https://www.monito.com/en/send-money...rrency-account
Last edited by Listen Very Carefully; Jul 1st 2022 at 3:27 pm.
#7
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Thread Starter
Joined: Jun 2021
Posts: 172


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.
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.
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.
#8

As far as the PT authorities are concerned, that would constitute the property being owned by an offshore company.
#9
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Hence, hardly any negative consequences, save for the endless paperwork.
#10
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Joined: Apr 2017
Location: Greater Lisbon
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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.