Bank Accounts and legal advisors - a warning for all Portugal Golden Visa investors

I am with Portugal Gateway.

We have had a number of investors, applying for the Golden Visa, and based upon the advice of their lawyers, open bank accounts with banks that cannot hold fund units. We only discover this when the investment is made. I would imagine all the funds are facing similar problems.

For some of these investors this may mean missing the end of year deadline unless they take immediate action.

I would like to suggest that all investors interrogate their lawyers on this, and check with their chosen fund before making a final invesment. And remember that some lawyers have very little experience with the Golden Visa - it is important to choose your lawyer carefully.

If you are not certain if this applies to you, I am happy to review the bank account chosen to make sure it is suitable, even if you are not investing with us.

Regards

Gavin

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Good post Gavin. For instance, Millennium BCP, one of the larger banks in PT cannot hold US investor’s GV fund shares. There are a few roles a bank will play. A bank to set up your NIF with, a bank to RECEIVE the funds that will purchase the shares, a bank to HOLD the shares, a bank to have some money in to PAY EXPENSES with easy and affordable wire transfers, and a bank for your “walking-around money”. If anyone knows of a bank can do ALL of that…post it here.

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I can attest that what Gavin is saying is true. Caveat emptor.

In my case,the Novo Banco bank manager told my lawyers that they could hold the GV investment. Only later did the investment branch of the bank tell us that they were unable to hold investments by US investors.
The money for the investment was already in Novo Banco. We had to set up a new account with Bison Bank, transfer the money to the investment fund, and then have the investment fund deposit the shares in Bison.

There’s a lot of bad information out there, not least coming from people who are paid to provide good information. Like @mmtravelguy said, caveat emptor.

On the bright side, there’s a lot of good information buried in these forums. Alas, there is also a lot of bad information in these forums, and it requires some patience and critical thinking skills to separate the wheat from the chaff.

Extremely odd. Have you made your GV investment yet, and is Novo Banco holding the shares?
Im still using Novo Banco as a bank but had to send the shares from my equity fund to Bison Bank.

You went with Mercan. That’s a completely different animal than investing through a fund.

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