Portugal offers various benefits for businesses who require an offshore bank account (also called a non-resident bank account).
Using an online offshore bank such as Jetonbank allows businesses to access a secure international banking infrastructure while benefiting from Portugal’s tax and regulatory advantages.
This post will discuss whether it’s legal for companies to open offshore bank accounts in Portugal, the benefits and what you need to do.
At the end, you’ll see why Portugal is a favourite offshore banking destination for multinationals around the globe.
Can Businesses Open an Offshore Bank Account in Portugal?
Yes, you can open offshore bank accounts or non-resident bank accounts in Portugal for both local and foreign companies.
As long as the business qualifies under certain conditions, it can benefit from Portugal’s favorable offshore banking laws and regulations.
For the benefit to apply, the business must be a non-resident entity for tax purposes. This typically means the firm is not registered or based in Portugal and does not conduct regular commercial activities in the country.
As long as the company meets Portugal’s non-resident status, it is legally allowed to establish an offshore bank account with a Portuguese bank.
It’s even easier if you do it through an offshore online bank like Jetonbank.
Through a digital bank, companies can set up an offshore Portugal account from anywhere in the world online and avoid going to Portugal. This enables companies located around the globe to take advantage of Portugal’s offshore banking system.
What are the Benefits of Opening an Offshore Bank Account for Businesses in Portugal?
Some of the main benefits of a business opening an offshore bank account in Portugal include:
- Tax advantages - Money raised and deposited in a Portuguese offshore bank account is exempt from Portugal’s corporate income tax rate of between 21.5% and 31.5%. Rather, the earnings are taxed only in the business's home country. This enables international companies to take advantage of Portugal’s low taxation rates without being a Portuguese resident.
- Bank secrecy - Banking secrecy laws in Portugal ensure clients’ confidentiality and anonymity. Business transactions and account balances are encrypted from third parties, such as the tax authorities of other countries. This adds a second level of financial anonymity.
- Bank safety - As an EU country Portugal boasts a stable, modern, and well-controlled banking infrastructure trusted across the world. Small enterprises have access to services such as foreign wire transfers, debit cards and Internet banking services by major Portuguese banks.
- Minimum deposit - In contrast to some offshore countries, Portugal does not usually require a minimum amount of money for establishing bank accounts. This decreases entry barriers, and any company large or small can take advantage of this.
- Online account opening - Through an online offshore bank such as Jetonbank, companies can open an account entirely online without ever being in Portugal. This streamlines the workflow and reduces travel time when compared to traditional offshore banking platforms.
- EU membership benefits - EU membership gives Portugal the political and economic security that businesses seek. It also facilitates smooth transfer among Eurozone countries without incurring conversion costs.
By setting up an offshore bank account in Portugal with Jetonbank, companies can enjoy these hefty advantages while keeping their business assets private and untaxed.
The bank ecosystem in Portugal provides the perfect blend of convenience, service and taxes.
What Documents are Required to Open an Offshore Bank Account for a Business in Portugal?
Documents required to open an offshore bank account in Portugal vary according to the business, but typically include:
- Documents to register a business – Articles of incorporation, business licence or certificate of formation that will identify whether the business is registered under any legal authority.
- Address evidence - This may be a utility bill, tenancy agreement or any other formality verifying the non-Portuguese address of the business.
- Identification documents - Passports or national ID cards must be presented by all directors, owners and authorized signatories to the account.
- Bank verification letter - A confirmation letter from the business’s main bank in the country of residence is required to verify its validity.
- Tax Identification - This will include a tax identification number or VAT registration number from the business’s tax residence country.
- Certificates of commercial conduct - Invoices, contracts or balance sheets can confirm the business's commercial conduct.
Upon submitting these basic documents, the majority of businesses are able to open an offshore bank account with Jetonbank or a Portuguese bank within 2-4 weeks.
Is it Legal for Businesses to Open an Offshore Bank Account in Portugal?
And yes, as stated above it is completely legal for any foreign or domestic company to have an offshore bank account in Portugal as long as they satisfy the definition of a non-resident company.
Portugal actively supports its offshore banking industry and adheres to global standards such as the Common Reporting Standard (CRS) for transparency. It also enacted robust anti-money laundering and anti-terrorism financing laws.
So long as the necessary paperwork is completed and the business is legitimate, setting up an offshore bank account in Portugal is legal.
Businesses don’t need to worry about the legal consequences, since Portugal completely licenses and monitors its non-resident banking sector.
Portugal also holds double tax treaties with more than 80 nations, preventing businesses from paying two rates on the same income. This offers a degree of certainty not offered in some offshore secret jurisdictions.
Using a regulated, licensed digital offshore bank such as Jetonbank gives companies additional security that their funds and transactions will remain completely legal and lawful. The bank conducts due diligence and only accepts law-abiding clients.
If the above-mentioned basic eligibility conditions are met, businesses can be confident that opening an offshore bank account in Portugal with Jetonbank is a legally sound move that offers considerable financial and tax advantages. Portugal is a member of the EU, which only increases the legitimacy and protection offered.
Portugal is one of the best-regulated, most bankable countries in the world, and it has low taxes on non-resident income.
An online offshore bank such as Jetonbank helps make the entire account-setting process seamless and businesses can access these advantages from almost anywhere in the world.
Keeping business accounts and transactions private through a Portuguese offshore bank account provides organizations lower taxes and higher levels of financial privacy. Portugal’s EU status and political stability further boosts its appeal.
And if your business wants a legally secure, compliant way to privately bank offshore without the hassle of having access to a modern European destination, then an account at Jetonbank might be just what you’re looking for.
Visit Jetonbank’s website today and find out how you can enjoy Portugal's offshore banking possibilities.
