Just sharing my experience. For Canadians like me, I was able to open an account with Caixa Geral de Depositos (CGD) via their Toronto representative office. I had to setup an appointment for account opening and personally appear in their offices.
Their requirements for account opening are (as of Dec 2023):
- passport
- NIF
- address in Canada (driver’s license or electric/hydro bill)
- employment letter stating salary (payroll statement with company name is OK)
- SIN in Canada
In the office, they inspected my documents, photocopied them and ask me to fill and sign forms. They asked me the purpose of why I would like to open an account (investment, retirement, expenses, etc.)
The procedure is that they will send all the documents to their office in Portugal for approval and processing. I will know within 2-3 weeks if my account is approved for opening or not.
I waited about 10 business days and my contact at CGD (the person who assisted me with the forms) told me via email that my account was approved for opening. Her email contained my Portuguese bank account number with a PT IBAN. I was told to wire or transfer at least EUR 200 to activate the account. Once the amount is received and verified, they will then send my debit cards to my Canadian address.
These all happened just very recently or a few weeks ago and I am now waiting to receive my debit card.
Overall, my experience has been positive. The account opening was relatively easy and I think this was due to the fact that a CGD rep office is present in Toronto and the staff are familiar with the procedures. I know CGD accounts are not fee free but this will be ok for now. I just need to get this part started so that I can submit an Golden Visa application this year.