NIF/Bank Account

Old Jul 1st 2022, 12:20 pm
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Default 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.
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Old Jul 1st 2022, 12:53 pm
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Default Re: NIF/Bank Account

Originally Posted by NataHH View Post
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.
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Old Jul 1st 2022, 1:04 pm
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Default Re: NIF/Bank Account

Originally Posted by NataHH View Post
...She is a share holder on our onshore property. ...
Did she not need an NIF for her shareholding to be properly recorded?
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Old Jul 1st 2022, 1:55 pm
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Default Re: NIF/Bank Account

Originally Posted by RichardHenshall View Post
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?
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Old Jul 1st 2022, 2:01 pm
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Default 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.
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Old Jul 1st 2022, 2:23 pm
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Default 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

Last edited by Listen Very Carefully; Jul 1st 2022 at 2:27 pm.
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Old Jul 1st 2022, 4:57 pm
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Default Re: NIF/Bank Account

Originally Posted by RichardHenshall View Post
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.
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Old Jul 1st 2022, 8:46 pm
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Default Re: NIF/Bank Account

Originally Posted by NataHH View Post
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.
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Old Jul 2nd 2022, 7:55 pm
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Default Re: NIF/Bank Account

Originally Posted by Red Eric View Post
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.
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Old Jul 2nd 2022, 7:58 pm
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Default Re: NIF/Bank Account

Originally Posted by NataHH View Post
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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