Hi. I am eager to know how long is reasonable for a lawyer to succeed in opening a bank account for me for the D7 visa, since I am not in Portugal. So far, she has been at it for four months and still encountering obstacles. She works for a prominent and recommended law firm, so, at first, I was surprised; now I am alarmed!
I went through this earlier this year. Here is my experience.
My attorney introduced me to the bank manager on Feb 8. I provided passport copies and copies of my US tax returns for the prior two years. I completed some forms asking for demographic information. Those were all submitted on Feb 12. I received contacts and signature forms to sign on Feb 20 which I returned by DHL from the US to my attorney. I received bank cards in the mail on Mar 4.
Four months seems long…
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Probably only ever works with one bank and that bank has changed its rules or the like, and lawyer has reasons to work with that one bank.
Admittedly it has gotten quite a bit harder as most banks now only open accounts for residents (which creates a chicken-egg thing of course but that’s not their problem). But it’s still not rocket science.
Get another lawyer. Or DIY. Go see Americans and Friends in Portugal on facebook. You will get much more and more useful help there.
I think four months is long enough. However, the estimated time for opening a bank account for the D7 visa in Portugal can vary depending on the individual’s specific circumstances, the bank’s policies and procedures, and the efficiency of the lawyer. It might be worth a chat with your lawyer to find out what’s tripping them up.
Not quite the same thing, but I did the D8, and it took more or less about 1 month… which bank are you opening with?
I also had issues with a law firm that was recommended to me. Can you please share the name of the firm you’re working with?
Hi. Finally got the bank account yesterday. Happy to compliment a law firm by name, but hesitate to criticize by name, due to legal issues. I can tell you if it’s the same one you used, though. Cheers. David.
May I ask what kind of demographic information you were asked by the bank? Do they ask excessive personal information to open bank account? Thanks
Hi. My account was finally opened a couple of days ago with Bison Bank, which is more of an investment bank than just one for standard accounts. Thererfore, they were most interested in my investment knowledge and experience. The KYC forms were lengthy, but not unduly intrusive. Cheers, David
Thanks David for your useful sharing. I thought questions are standard across the banks but actually they differ. Not sure if client can choose the bank or it is up to the lawyer’s recommendation? Thanks
From personal experience I can tell you that you can choose any bank you wish. It is not automatic that the bank your lawyer suggests will open an account for you. Different banks view things differently and some banks don’t like some things and will make things difficult meaning they will not open an account for ‘reasons’ that would, rightly, horrify you. Eventually you will get an account opened. I have commended and continue to commend Bison Bank for opening an initial investment account in a totally professional manner and then later, when a day to day account was needed, MillenniumBCP were and continue to be excellent. I am relating my personal experience in helping family members from another continent to open accounts to enable them to enter the Golden Visa process, via an Investment.
Hi and thanks for that information. In fact, as of last Friday, I do have an account open and it is with Bison Bank. I found a considerable lack of clear instructions about what was needed in the way of documentation, but am not sure if that is the fault of the bank or the lawyer. However, got there in the end. Cheers
Thanks so much for your useful sharing and advice. This is much clearer for me to move forward. In case I face obstacle to open the account in the current bank, I would like to switch to the one as suggested. I may consult you on contact later. Thanks in advance.