Investing a large sum of money only to face the service and inconveniences inherent in the Golden Visa program: Physical and mental imprisonment. I’ve been using Novo Banco since I first joined Golden Visa, and now my application is locked because it’s a Golden Visa account, even though I’ve updated all my personal information. I went to several bank branches to ask, and they all gave the same answer: they didn’t know. I’m not sure if anyone has had their account locked and not received their money after providing complete information. Currently, I’m unable to use the apps for all my accounts, even though I live and do business in Portugal and have both personal and company accounts at Novo Banco.
4 Likes
WOW, I’d better check if my account is still OK. They too asked me for all my info all over again, including what kind of investment I made under GV and a proof of income (why do they care???). I’m afraid I might be next…
A friend of mine was complaining about this exact thing today.
1 Like
Novo Banco rejected my account after 20 days — unofficial reason: Golden Visa holder
Wanted to share a recent experience in case it helps others going through the same process.
I tried opening an account with Novobanco, and honestly the relationship manager was excellent throughout — very helpful, made the process smooth on their end. I made an initial deposit of €1,000 to get things going.
About 20 days later, the account was rejected. No formal reason was given in writing, but the unofficial explanation I got was that the bank doesn’t want to onboard Golden Visa holders. On top of that, it took a further 3 weeks to actually get my €1,000 back.
Worth noting: Novobanco was recently acquired by a French banking group, and it seems like account-opening policies have shifted since then — this may be a factor in what I experienced.
I’ve been a Millennium BCP customer for 5 years now with zero issues, so I’ll be sticking with them going forward. Just flagging this for anyone in the GV community currently shopping around for a Portuguese bank — worth asking directly about GV-holder policy before you commit time (and deposit funds) to the process.
4 Likes
I have had a Caixa account for around 6 years now , which I had used for my GV investment and since for making payments related to the same and to Edge
They are not best in class and also a bit old fashioned/bureaucratic (which we were warned of) in terms of requiring docs to be couriered as opposed to scanned on email but otherwise have been ok- helpful English speaking customer service desk reachable from overseas on the phone , their app is pretty decent but for some reason doesn’t have an English version - their online site does have an English version though .
Hope this helps
Tks
2 Likes
One week elapsed. Account still locked. 
2 Likes
I’m one of the people locked out of Novobanco in the last couple of weeks. Eight years with them. I came to Portugal originally on a Golden Visa, though my residence is now permanent and no longer linked to it.
Access to online banking and the app went around 21 July with no notice, no letter, no explanation. My account manager first told me by phone the account was closed and a cheque had been issued, then wrote two days later to say he could no longer see anything, had escalated it, and hadn’t been certain when we spoke. I still don’t know whether the account is open or closed.
I’m not waiting for them to work it out. What I need is a functioning Portuguese account.
I tried Millennium BCP this week and was refused at the counter and referred to head office for enhanced due diligence. The reason I was given verbally was my South African nationality.
So, the actual question. Which bank is genuinely onboarding people like us at the moment? Atlântico Europa and Santander both come up repeatedly in this thread. If you’ve opened an account in the last six months with a Golden Visa history or a non-EU passport, I’d be grateful to know where, and whether there’s a particular branch or person worth asking for.
4 Likes
We began with Bison bank, which was recommended in 2021 for us owing to their focus on the GV area. They are not a retail bank and have only one location in Lisbon, but they now offer bank cards and the online app is sufficient to work. So much more responsive and capable than our experience with Novo Banco. We have Novo Banco for a mortgage and limited retail banking needs and, so far, they have not locked it up. given that they process the mortgage though the account, I cant see where locking or closing would benefit them. The only reason we landed there was the mortgage broker had identified them as the most competitive at the time, but they were stunningly painful to work with in that transaction.
Bison is probably the safest. The GV holders are explicitly and clearly one of their target markets. In addition, just broadly, wealth management banks are much more likely to be flexible and understanding about “unusual life arrangements”, because it’s just what they do. Sure they aren’t a great choice for someone who lives there and needs a normal retail account, but it’s good enough for the average GV person who needs a handful of transactions a year to pay the bills.
Access restored late today!
And coincidentally, today I also received a letter from Novo Banco (it was dated 16 July). I’m pasting the contents of the letter below. Lo and behold, they should not have immediately locked the account per their own words in the letter. Potential locking of the account was only a possibility after 30 days from the date of the letter IF you had not visited a branch with the requested documents. Despite having provided all this information previously, I will present hardcopies of all the requested documents in our branch on Monday and insist they provide a written acknowledgement it was given to them.
text of Novo Banco letter:
Dear Customer,
Our records indicate that your personal information held by novobanco needs to be updated. Under the applicable legislation, banks are required to ensure that their customers” identification details always remain complete and up to date.
What do you need to do to keep your account open?
Please visit a novobanco branch and bring the following documents:
a. valid identification document — Portuguese Citizen Card, identity card or passport;
b. Your Residence Permit for Investment Activity, if it has already been issued by AIMA;
c. Proof of address issued within the last six months, such as a household utility bill;
d. Proof of your occupation or employment status issued within the last six months, such as a payslip, proof of retirement or proof of unemployment; and
e. A copy of your most recent income tax return submitted to the Portuguese Tax and Customs Authority.
You must also declare the investment option selected for the purposes of your Golden Visa application.
What is the deadline for updating your information and keeping your account open?
To keep your account open, you must visit one of our branches and update your personal information within a maximum period of 60 days from the date of this letter.
What action will novobanco take if you do not update your personal information within the applicable deadline?
If you do not update your personal information:
- 30 days after this letter is sent, novobanco may block all debit and credit transactions on your account;
- novobanco will automatically close your account and all associated agreements, including any financial instruments and portfolio management agreements, where applicable, in accordance with the General Terms and Conditions of the Account Opening Agreement;
- you must return to a novobanco branch any payment instruments or other means of operating the account that are in your possession, including cards and cheques;
- if there is a credit balance on the account on the closure date, instructions explaining how the funds may be returned to you will be sent to the address registered with novobanco; and
- any direct debits and/or standing orders associated with the account will be automatically cancelled when the account is closed.
Yours faithfully,
novobanco
1 Like
Congrats on your win against The Borg.
…as in what? 365 continuous days of fishing/golfing photos? A cheesy T-shirt?
4 Likes
My experience with Millenium BCP is 100% opposite to what you wrote. My GV Fund is still in my account af Millenium. I have a private banker since day 1. Nothing helped all at. Still locked and blocked. I find that they tend to be nice in the beginning in order to gain your trust. Once you put down your money, the blocking and locking process will begin. All kind of threats will be given only after you put down a big amount of money. Be wise to survive amongst foxes!
3 Likes
I got the same one in Portuguese. I e-mailed all the documents, and they seemed to have shut up for now. Keeping my fingers crossed.
1 Like
I have been searching here but didn’t see relevant/recent post. Of course the Novo banking problems have just hit me - they closed my acct with NO NOTICE. I have been acct holder since 2021. I am still trying to resolve with them, but my attorneys advise to open a new account. They suggested Millenium BCP. I am back in the USA now and having trouble opening remotely due to my expired residency card (I have the AIMA Extension letter and QR code, but the actual card shows expired in March 2026). I have reached out to Anchorless also. Does anyone have suggestions for a bank or way to handle this other than I have found so far? At the moment it seems I must travel back to Portugal just to open a new account, and also goto Novo in person to have them transfer my money out. I’ve also asked my attorneys about Power of Attorney, or may look into giving this to a friend in Portugal also.
1 Like
Have you tried to send scans of your updated documents, including the AIMA entension letter and QR code, to the following email address?
apic@novobanco.pt
This email is for the Novo Banco group which handles the review of documents for GV clients.
Thank you! That is one I have not used. Will try now. I also am trying to open an account with Atlantico Europa which apparently should work. Thank you for taking the time to respond.
Our account manager at Novobanco suggested that sending updated documents directly to the APIC group (Departamento de Combate ao Crime Económico | Economic Crime Prevention Department, Remediação e Data-Refresh Golden Visa) from a client’s personal email was more effective than funneling document updates through the branch bankers. Good luck to you.
I did that multiple times over 2 years and it was a waste of my time. After all the anecdotes here, why are you even trying ?
1 Like
About a week ago, I finally received another letter from Novobanco stating that unless I updated all my documents, the account would be closed in 60 days. Today I went to the local branch to see what documents were still missing since I diligently updated everything within the last 30 to 60 days. The bank agent looked through everything, shook his head, and said that all he could do is to send an urgent request to APIC, copying me on the e-mail, requesting a confirmation of receipt of all the required documents. He also said that all Golden Visa holders received this type of letter. When I pressed him why all of a sudden so much additional scrutiny, he just said these were new requirements from the Bank of Portugal.
I guess we are in for some fun times ahead…
My approach has been to go at this from every angle. Back in April when the account was locked (yes, it’s happened to me twice in 3 months), it was the direct email to the APIC group that resulted in action. My account manager said this most recent mass lockout was due to the new ownership (French banking group BPCE) and the discovery of some “irregularities” in some GV accounts. Who knows. I’ve now moved all my banking activity to Millennium, except for my mortgage.