Having Trouble Opening Bank Accounts in Portugal – Need Advice

[tommigun (Tommy Gunn)]

Pls use search:

Replacing Millennium BCP to another bank due to high fees

In 2021, I applied for the Golden Visa using the investment in funds option and subsequently opened a “prestige” account with Millennium BCP for this purpose. However, I have encountered significant challenges with the bank, primarily due to their high fees, which include: Monthly fee: 6 Euros Quarterly fee for custody of securities: 9 Euros Fee for dividends: 2.4% of the income obtained Fee for ARI Declaration: 200 Euros + VAT The exorbitant fees for dividends and ARI Declaration are the pri…

Millennium BCP is holding up my Golden Visa application--how can I resolve this issue?

Long story short: I am on a D7 visa, but am in the process of switching over to a GV via IMGA investment with Bison Bank. Originally, I had been planning to purchase commercial real estate and wired funds to my Millennium BCP for the purchase, but the deal fell through and I switched toward the investment fund option. About a month ago, I transferred the funds over to Bison Bank from Millennium BCP to finance the purchase of the investment fund purchase without any issue. However, this transfe…

Can I change my bank during the Golden Visa process?

I agree, it is a general situation not only related to the RU exposed individuals. Quick sum up from my recent research: MBCP has become a pain since around Q4 2023. They randomly block incoming transactions, sending people to compliance, or to complete KYC or both, but whatever you do the outcome is again random, i.e. release, return or indefinite ‘analysis’. Novobanco is on top of the ‘bad guys’ list. They block accounts altogether or restrict heavily. RU or non-RU people does not matter to…