With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Portugal. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates, tax laws, and fees vary depending on the specific country in which you are investing; careful research and strategic financial moves could result in significant portfolio growth.

When considering opening a bank account in Portugal, one must enlist the help of international experts to guide them through the process.

Legal structures in Portugal
Every international jurisdiction abides by a different set of legal structures for taxation and banking. Confidus Solutions helps you to understand the nuances of each country's legal structures. To do business in Portugal, it will be critical for you to have a firm grasp on the financial and legal implications.

Initial investments
The vast majority of bank accounts in Portugal will require an initial financial outlay to secure account opening. This value differs from bank to bank and also depends on variable rates of currency exchange. An international finance expert will help to navigate these conversions as well as the assorted fees and minimums involved in sustaining a bank account. Be sure to understand interest and growth rates associated with any potential international bank account so that you are able to maximize your earnings while minimizing risk.

Tax structures in Portugal
For best results and to avoid bureaucratic and legal pitfalls, enlist the support of an expert in international finance and economics. This initial investment in proper processes and research will help to avoid a litany of long-term costs and fees associated with unforeseen errors and legal miscues. Language expertise, financial knowhow, and bureaucratic experience will ensure that your account opening is handled smoothly and without unintended consequences.

Cyprus banking sector is expected to contribute positively to growth in 2017 with the increased GDP by around 2,8% as the country continues to strengthen its banking sector and its economy as a whole. Country’s banks have been recognized internationally reflecting Cyprus economic growth which was stimulated by various significant reforms and restructurization. The European Commission listed a 2,7% up to 3% of economic growth in the annual report. In general, the whole sector has a positive outlook. This means that at present the banking sector in Cyprus stands strong, however, few years ago in 2013 a financial banking crisis existed in the country which laid a foundation for even more sustainable financial development.

Current situation within the Cyprus banking sector
Today domestic market in Cyprus has three main banking entities which together have 67% market share of deposits. Cyprus’ banking sector has two main counterparts: international or worldwide banks and domestically-oriented banks. International banks have long been attracted to the island for its fiscal regime that is favorable for international banks when integrating into high-growth markets. In general, there are about 30 financial institutions in the country, having international banking business as a foundation and having limited interaction with Cyprus domestic economy.

Cyprus leading banks
The Bank of Cyprus is the leading financial institution among various Cooperative institutions. In addition, as it was published in Banksdaily.com which provides information on banking news and directory, most well-known, trusted and reliable Cypriot banks are located in the capital of Cyprus – Nicosia (except the RCB Bank): Bank of Cyprus, the Cooperative credit Sector, Development Bank, Hellenic Bank, RCB Bank.

Bank of Cyprus
This financial institution is the largest lender in the country. It has raised a capital of 1 billion euro after the downfall of 2013. In 2017 it has won a Best Bank for Private Banking 2017 award which was given by the international magazine referred to as Euromoney. This drew attention to country’s economy and its stock exchange. In 2016 it has more than 775,000 consumers or clients. The Bank has several divisions such as Corporate Banking Division, Consumer Banking Division, SME Banking Division and the International Banking Services Division.
The Cooperative Credit Sector (CCS)
It is one of the largest credit institutions in the country. A 1,5 billion euro disbursement was released for the recapitalization of the bank in 2014 which was then approved by the European Commission. The bank supports every household and offers its clients an affordable, accessible banking services and products.

The Cyprus Development Bank
It is a commercial bank which provides products and services to corporate clients, offering wide range of standard procedures such as local and worldwide payments, money transfers, loans, deposits, equity funds etc.

Hellenic Bank
This financial institution offers specialized service centers for the business clients based on their scale. There are two divisions existing within its premises – the Business Services Division and a Corporate Banking Division, offering up-to-date banking services and products for small, medium and large enterprises as well as their managing employees and shareholders. Hellenic Bank faced a healthy growth while being recognized as one of the most liquid banks in Europe.

RCB Bank
Founded in 1995, today it is one of the largest financial institutions in the country. It is an EU bank, offering corporate retail products and services internationally and reaching clients from about 50 countries. It has departments or branches and representative offices in London, Moscow, Nicosia, Luxembourg, Pafos and Limassol. The bank was ranked as the Safest Bank in Cyprus 2016 by the Global Finance Magazine, having banking operations in Cyprus for over 20 years as well as joining forces with the European Investment Bank (EIB).