Obligation to Declare Deposit or Securities Accounts in Non-Resident Financial Institutions (Revolut)

Obligation to Declare Deposit or Securities Accounts in Non-Resident Financial Institutions (Revolut)

According to Circular Letter no. 20211, the Portuguese Tax Authorities informed accordingly:

  • With regard to the type of accounts to be declared, the law expressly refers to “deposit or securities accounts”, therefore accounts of another nature, in particular payment accounts, are not covered by this reporting obligation;
  • Not having Revolut in 2018 operated as a bank or credit institution, the respective accounts are considered payment accounts, and as such, the taxpayers holding those accounts will not be obliged to declare them in the PIT Model 3;
  • For N26 clients, there is a different understanding, because the Portuguese Tax Authorities have considered those accounts “deposit or securities accounts”, and not payment accounts.
Hugo Leonardo

Hugo Leonardo

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