Whether you need a local bank account for a golden visa depends on the country and the route, but you will almost always need a bank to move and evidence your money. In Portugal, AIMA asks for a declaration from a Portuguese-authorised bank confirming your investment transfer. In Greece and Cyprus, the immigration paperwork focuses on the property or investment itself, yet in practice you’ll still need a tax number and a way to pay. The part that catches people out is rarely the immigration rule. It’s the bank’s due diligence on where your money came from.

This guide explains what each country asks for, what banks want to see and how to avoid the delays that hold up an application. It sits within the wider picture of residency and citizenship by investment, where timing matters more than most people expect.

Do you need a bank account to get a golden visa?

Not always, but you need a regulated bank in the chain. Portugal’s investment fund route requires a bank declaration confirming your transfer. Greece asks for proof the property price was paid in full, which means a traceable bank payment. Cyprus doesn’t list a personal account as a document, but you’ll want one for the payment, your income evidence and day-to-day costs.

Country	Is a local account required?	What the authorities want to see	Practical point
Greece	Not listed on the Ministry’s document list for the property route	Purchase contract, notarial certificate of full payment, land registry certificates and proof of transfer registration	You’ll need an AFM tax number to complete the purchase, and many buyers open an account to pay and then manage the property
Portugal	A personal account isn’t automatically required, but a Portuguese bank must issue a declaration confirming the transfer	A declaration from a credit institution authorised or registered in Portugal, plus proof of fund unit ownership on the investment fund route	You need a NIF first. Some fund managers and law firms can route funds through their own accounts
Cyprus	Not listed as a standalone requirement	Evidence of the investment and of secured annual income	A Cypriot account makes paying the developer, proving income and paying bills much simpler

Always check the current document list for your route before you file, because checklists change.

Why banks cause more delays than immigration offices

Banks in Greece, Portugal and Cyprus have to follow anti-money laundering rules, so they’ll ask where your money came from before they open an account or accept a large transfer. The immigration authority may be perfectly happy with your application while the bank is still reviewing your file.

That matters for timing. Some advisers report that compliance reviews in Portugal can stretch to several months, although we’d treat any single figure with caution. A sensible plan is to start the account and tax number process before you commit to a completion or fund subscription date.

If you want a walkthrough of what evidence to gather, our guide to how to prove source of funds covers the documents most compliance teams look for.

What banks usually ask for

Requirements vary between banks, but most compliance teams ask for a similar core set. Having it ready before you apply is the single biggest time saver.

•       A Valid Passport And Often A Second Form Of ID
•       Proof Of Address Dated Within The Last 3 To 6 Months
•       A Local Tax Number Such As An AFM Or NIF
•       Evidence Of Source Of Funds And Source Of Wealth
•       Tax Returns Or Accountant Letters From The UK
•       Details Of The Investment Or Property Purchase
•       A Reference Letter From Your Current Bank

Documents issued outside the country often need to be translated, and sometimes apostilled or notarised. Your lawyer should tell you early which ones, because getting a UK document legalised can take longer than the bank review itself.

Greece: get your AFM first, then the account

In Greece, start with an AFM, the local tax identification number. Notaries and banks will normally ask for it, and you’ll need it to complete a property purchase. It can often be arranged through a tax representative under a power of attorney, so you don’t always need to be in Greece.

The Greek Ministry of Migration and Asylum lists the documents for the property route, and they centre on the purchase contract, a notarial certificate that the price was paid in full, land registry certificates and proof that the transfer was registered. A Greek bank account isn’t on that list, but the payment still has to be traceable, which is why many buyers sort the account early.

If you haven’t chosen a property yet, our real estate services for overseas investors can run in parallel with the paperwork. Our guide to buying Greek golden visa property from abroad explains how this works if you can’t be in Greece for the signing.

Portugal: NIF, the bank declaration and the fund route

In Portugal, you need a NIF before you can do almost anything. After that, the key document on the investment fund route is a declaration from a credit institution authorised or registered in Portugal with the Banco de Portugal, confirming the transfer.

The route is described in AIMA’s document checklist for the investment fund route. It requires a transfer of at least €500,000, which is roughly £420,000 at the current exchange rate, into qualifying funds. The funds must run for at least 5 years and invest at least 60% in Portuguese commercial companies. The checklist also asks for a certificate of unit ownership free of encumbrances and a sworn commitment to the 5-year period.

That doesn’t mean you must hold a personal Portuguese current account on day one. Some fund managers and law firms can receive and pass on funds through their own accounts, which can be faster, though it means you trust that party with your money for a time. Whichever route you choose, ask who issues the bank declaration and when.

Our article on Portugal golden visa investment funds explains how to compare the options.

Cyprus: documents, income evidence and the transfer

Cyprus doesn’t list a personal bank account as a stand-alone requirement either, but the numbers drive what the bank will ask. For the fast-track permanent residence route, Legal 500’s summary of Regulation 6(2) sets out a minimum investment of €300,000, roughly £252,000, plus VAT for a first-sale home, along with at least €50,000 of secured annual income. Additional income is needed for a spouse and for each minor child.

For a first-sale home, that income has to originate from abroad, and you can prove it with tax returns from your country of tax residence or a certificate from an independent accountant. A Cypriot account is the easiest place to receive that income, show the investment payments and settle everyday costs. Thresholds were summarised in March 2025, so confirm them against the current rules before you commit.

Our Cyprus permanent residency by investment guide sets out the route in full.

Do you have a right to a basic bank account?

Partly, but it won’t solve this problem on its own. Under the EU Payment Accounts Directive, consumers who are legally resident in the Union have the right to open and use an account with basic features. Banks must refuse where opening the account would break anti-money laundering rules.

You can read the text of Article 16 of the Payment Accounts Directive. The practical point is that the right applies to people who are legally resident, so it doesn’t help much while you’re still applying from the UK. Even afterwards, a basic account is for everyday banking, not for receiving a large investment transfer.

The UK side: your own bank and your paper trail

Your UK bank will also ask questions about a large international payment. This isn’t a Greek, Portuguese or Cypriot issue, and it’s best handled before the money moves.

Say you plan to fund a purchase with the proceeds of a £600,000 UK property sale. The paper trail might include the completion statement, your solicitor’s letter and the bank statement showing the proceeds arriving. If those documents are ready when your overseas bank asks, the file moves. If they’re not, you can lose weeks chasing them.

Payments should come from an account in your own name wherever possible. Money arriving from a third party tends to prompt extra questions. Currency also matters, because the pound-to-euro rate will affect how much the investment costs you, and our guide to currency exchange for golden visa investment covers how to plan it.

A sensible order of work

Step	What to do	Why it comes here
1	Gather source of funds evidence in the UK	Every bank will ask for it, and UK documents can be slow to legalise
2	Get your local tax number, the AFM or NIF	Banks and notaries rarely proceed without it
3	Start the bank or fund onboarding	Compliance review is usually the longest step
4	Agree the payment route and the bank declaration	Portugal needs it for the application and Greece needs proof of payment
5	Transfer funds and collect confirmations	Keep every receipt for your file and for renewal

If your children will be starting at an international school or university, think about tuition payments at the same stage. Our global education services can help you plan that alongside the account.

A mistake worth avoiding

The most common mistake is treating the bank account as the last box to tick. Picture someone who signs a reservation agreement, then discovers the bank needs 3 months of documents they haven’t yet collected. The deadline moves, the developer gets impatient and the investor ends up rushing paperwork.

Starting the account and the tax number first costs very little and takes the pressure off. Treat the bank as the critical path, not an afterthought.

Frequently asked questions

Do I need a Greek bank account for the Greek golden visa?

It isn’t listed on the Ministry’s document list for the property route. In practice, you’ll need an AFM and a traceable way to pay, and many investors open an account for the purchase and ongoing costs.

Can I open a Portuguese bank account before I’m resident?

Often yes, once you have a NIF, though each bank sets its own rules and some insist on a branch visit or video call. The EU basic account right applies to legal residents, so don’t count on it before you arrive.

Can a UK citizen open a Cypriot bank account?

Yes, UK citizens can apply, but expect detailed questions on income and source of funds, particularly for a large investment. Bring tax returns and a reference from your current bank.

How long does it take to open a golden visa bank account?

It varies widely. Plan on weeks rather than days, and longer where the bank’s compliance team reviews a large transfer. Start before you set a completion date.

What if the bank refuses my application?

Ask for the reason where the bank will give one, fix any gaps in documents and consider another route, such as a different bank or, in Portugal, a fund or law firm account. Have a plan before you approach a second bank, so your documents tell a consistent story.

Get the banking right before you invest

A golden visa is only as quick as its slowest step, and that is often the bank. If you’d like help lining up your tax number, source of funds evidence and payment route, our team can guide you through it as part of our immigration and investment migration services. If you’re still deciding between residency and a second passport, compare the citizenship by investment programmes we work with. Get in touch and we’ll help you plan the next step.