Portuguese banks that will work with US citizens?

We are also concerned about the stability of Bison Bank. Our Portuguese lawyer connected us with them, and we are in the process of setting up our account now. But this (https://www.clbrief.com/bank-of-portugal-mandates-bison-bank-to-increase-capital/) and other articles are causing us to reconsider. Here’s an excerpt:

Bison Bank ended 2019 with losses of seven million euros, which represents a slight improvement over the losses of 9.4 million registered in 2018. On the positive side, the positive banking product of 2.4 million euros stands out, “representing a recovery of the bank’s operating activity compared to 2018 when the banking product was negative by 125 thousand euros”.

Jay, based on the paperwork that I recently completed for opening my Millennium account in Portugal, there is indeed depositor insurance akin to the FDIC, but limited to 100k euro per financial institution. So you can achieve a greater level of protection by having multiple accounts at multiple institutions, but multiple accounts at a single bank will be considered a single account for the purposes of depositor insurance.

However , as a practical matter, for a GV investment your PT bank account should only have in excess of 100k for the short period of time prior to it funding your investment, so the exposure to bank failure leading to losses in excess of 100k seems relatively low.

This was our thinking as well. We used Bison Bank, and were also a little apprehensive initially. However, our money was barely at Bison for 2 days. Shortly after receipt at Bison, the bulk of our cash was transferred on to our investment fund.

Millinum BCP. Very good service and speak very good English with an excellent online banking portal

Noah, is Millenium BCP able to open a securities account to hold the participation units of the fund that you are investing in for the GV? Last I heard (about a month ago), they were not willing to work with US citizens in this matter.

My assumption is yes because Millenium is the bank that my lawyers steered me to and they know I intend to invest via a fund and they have other GV clients invested in funds.

With us, our lawyer vetted many many banks to make sure they accept US investors intend to do investment for the GV. We went with Novo Banco. The bank knew before hand that we want to persue GV via investment. We went through the account set up process. Everything went along fine, and the bank account was set up. When we were about to move forward with the fund subscription, they told the fund manager that they are not able to open a securities account to hold the participation units of the fund for US citizens. The bank completely failed to be transparent with the fund manager as well as our lawyer before we opened an account with them!

Oh, that’s just painful.