How to Overcome the limit of $250,000 (approximately €238,000) per person per financial year from India


I am Indian national, and I am thinking to apply for Portugal Golden Visa (€280,000). There is a limit of $250,000 (approximately €238,000) per person per financial year (which is March to April) from India.

However, Is this an issue if I were to send some of the funds, and my wife could send the remaining amount to my Portuguese account?

Also, I don’t have any account outside of India that I can use.

Appreciate any kind responses.

Best regards

You must have your own bank account opened in Portugal in your own name only.
The transfers to this account must be made from outside Portugal.
It does not matter from which account the international transfer is made as it is not stated on bank declaration for SEF. Your Portugal bank declaration will confirm that:

  1. Your PT bank account is opened in your name only
  2. This account received incoming international transfers of the required PT GV amount
  3. From this account you made outgoing domestic transfers (investments) of the required PT GV amount.
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Just thinking out loud - if you want to be double-sure of everything then you may want to:

  1. Open an intermediary bank account in your name only in a 3rd country e.g. Switzerland
  2. Transfer amounts from multiple sources in India to your single account in Switzerland
  3. Transfer from Switzerland to PT between your own named accounts
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Hi Murali

I am in the same boat, yes you can use your wife’s account or for that matter any friend/relatives account to do the transfer if you want to do this in the same financial year.
But please note that the bank is going to charge you TCS (5%) on every transfer and the person doing transfer will then have to file return and claim it back. If your wife is already filing the tax returns then it should not be an issue

I am not in a hurry given the SEF timelines and will do it over two financial years 2022/2023


Thank you for response.
I have already opened account in Portugal. The challenge seems to be with sending money from India.

I had the same problem. The Indian government also asks that any investment in the property be in the name of the person making the transfer; however, the SEF needs the funds to come from the account of the applicant only.
One solution is as Tommy suggested to open an account in an intermediary country and then transfer to Portugal. However, this may raise some eyebrows by Indian authorities and is somewhat avoidable.
I finally just straddled two financial years. Made one transfer in the last week of March, and another in the first week of April

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yes your wife can send .We done the same thing


I used HDFC bank