Very helpful! Thanks so much. 
@william.reichert, To add to the info provided by @faizal and @nevadaandonward , we also spoke to Nuno in the beginning of November and decided to open the account with Bison. We have had a very smooth experience, and recognize that there is little risk with Bison (or any Portuguese bank) as long as you don’t keep more than 100,000 euros in the account, as their FDIC-similar agency provides protection up to 100,000 euros per account). Since the participation units in the GV fund are subscribed (and this has already been completed in our case), this amount is not considered cash in the account so not at risk if there is a bank failure…the units would just need to be moved to an account to be held by another bank. Again this is worst case in the case of bank failure.
Nuno and Bison are very helpful and easy to work with as Americans opening an account remotely. He explained that they have been working with customers worldwide for many years because of their work with the Portuguese commmunity worldwide, and therefore also the associates of Portuguese investors. They have focused on getting good systems in place for remote account opening over the last several years, and the GV and pandemic have created increased interest in that capability.
We asked specifically if the 19 million euros had been deposited in June to fulfill the owner/investors original commitment and Nuno said that the Portuguese government had allowed until the end of this year due to the negative interest rates creating a loss for the investor. Either way, it doesn’t seem as if it’s a “cash call” due to lack of capital, rather, it is to complete the original commitment of the owner/investor. Beyond this, we took into consideration the information in the first paragraph above, and felt that for our situation, Bison was the best option.
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That’s great, and much appreciated! Many thanks. 
I will echo the others’ comments. We also went with Bison Bank and have also been very pleased. Nuno walked us through the entire setup process, and has been very responsive.
I do wish that they had more traditional banking offerings, like a debit card. Apparently that is under consideration.
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Fabulous! Many thanks Alan.
HI Do you have their contact- GS?
Hi Rahim, Tried to contact you via the whatsapp number listed on Nomadgate. The display picture shows as someone else. And after initial responses the person stopped answering. Hope we have the correct number listed. Thanks
Well said !!
Just want to clarify a couple of minor points. I too used Nuno at Bison Bank. There is a nominal quarterly service fee of 2 basis points. On 350K, it is around 86 Euros a quarter. When I brought it up with Nuno, said no fees referred to something else.
As for the bank not holding cash but rather participation units, there is minimal risk, but not none. I got caught up in the Man Financial Bankruptcy about a decade ago. I had commodities that they were holding on to. I wound up getting my money back, but in dribs and drabs after the bankruptcy court approved the release.
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Hmm … well, after spending $40 to mail a letter to Portugal with my signed paperwork, I’m steeling myself to tolerate all of the miscellaneous fees ahead. Note to self: “Focus on the prize!” I’d rather not pay that fee but it’s a drop in the bucket compared to the other expenses. Different place, different rules. If they manage to save me a lot of $$$ on the dollar-Euro conversion, all the better.
Your experience with that bankruptcy sounds dreary. Who knows what lies ahead in these turbulent times? I’ll just have faith that everything will be OK; I’ll adapt and survive as circumstances warrant. Even if the whole investment goes away, having options in a changing world is worth a pretty price.
Personally, I was surprised when he said there were no fees. I could not understand that business model. Fidelity, Schwab and Robinhood do it by making money on the trades. Bison Bank also charges small fees to wire money inside Portugal. I have no other choice until I can go to Portugal and open a real bank account in person. I did have to wire money to SEF has part of the application process. That payment was in Portuguese and Nuno took care of it for me (after I signed a document allowing it). Definitely worth the 2 Euros.
The fees are disclosed on page 32 point 1.2 lists a custody fee of 0.02% and the note #1 says that it is charged quarterly
Again, it is nothing in the grand scheme of things, but does not feel nice. I did see similar custody fees with other funds but there were buried in the fund documentation and most likely be rolled into the fund fees.
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It might not feel nice, but I assume you understand the point; it’s not like there’s any other form of income. It’s not like they can make any money on traditional banking operations like, say, taking deposits and lending money to people, thanks ECB - traditional retail banking is practically a money losing proposition.
That said, you’re dealing with the “private banking” side of the house now. Fee-for-service is and always has been SOP IME; any other bank is going to charge you just the same. It’s true in the US too, sometimes.
Note that if you ask the funds during your discussions with them, they will disclose that they are paying the banks and lawyers upwards of 5% per subscription.
The former is similar to the US. Both Citibank and Chase will offer you a ton of services, free theater tickets, and even a free Citibike subscription on an account with no fees. However, they will then push their own funds on clients, and then profit off of the management fees and the entry fees.
I recommend that you ask your fund manager to disclose whether they are paying commission fees to whomever referred you.
On the other hand, it costs banks money to hold your Euros as interest rates are negative at the moment. Banking fees seem fair because there is no guarantee you will subscribe to a fund for which they are making a commission.
Yeah. I’m not sure how I feel about those setup fees; they’re a turnoff certainly. On the other hand NomadGate has no ads and it has a non-zero cost to operate and someone has to pay that, and marketing costs money etc etc. so shrug I’m sure the apartments are 295 not 280 because, well, fee. But what did we expect? But now is the time to do something since we have more leverage than normal - I think the Lisbon/Porto thing has some effect and there is a rush of americans on one hand but coronavirus is definitely dinging things too because people can’t go visit and people are more tentative.
Hi Faizal,
I am new at this board and in the process of understanding which is the best fund to invest in to gain GV. I read in one of the threads that you were compiling a list of potential investment funds. Would you be open to share it. Please let me know and thank you in advance.
Great. Thank you. Btw, have you already invested and where are you currently residing. I am in Los Angeles.
There have been many changes to the GV in the past year. I have not seen any website accurately document them until today, so I thought I’d share. (Note: I am not advertising for the group behind the guide, and have no experience personally with them). Portugal Golden Visa: The Definitive Guide 2023 | Get Golden Visa
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What is the liquidity of these funds? If for some reason you are denied the visa or want to sell your shares after obtaining citizenship, how easily can shares be sold? Will you even recover your initial costs when sold? Seems rather risky if fund starts underperforming and you can’t find a buyer.