Bank Accounts in Madeira, Portugal
We are finally able to offer offshore bank accounts in Madeira (Portugal) for offshore companies.
Politically, the island of Madeira belongs to Portugal, but it is located en route for Africa and the Americas, facing the African coast.
Madeira is an autonomous region and free zone of Portugal. The island already enjoyed particularly favorable customs regimes in the past thanks to it nearness to the European Union and its poor economic conditions. In 1968, the EU and Portugal signed a series of agreements for controlling the new area inside the Union which made Madeira a small tax haven inside the European Union. Thanks to the agreements, Madeira has not been flagged like Cyprus or Malta for disloyal conduct and is therefore more enticing for operations. Furthermore, Madeira has no restrictions on working with offshore companies.
The island of Madeira is famous not only for the excellent quality of the wines produced there, but also for the low taxes which companies registered on the island enjoy and for an efficient banking system for opening offshore bank accounts. Banks in Madeira are open Monday through Friday from 8:30 am until 3:00 pm.
Portugal has a banking secrecy law that provides penalties in case violations of the obligations contained therein. The same goes for names included in the beneficiary sector, which can’t be revealed. Therefore, the security of offshore bank accounts in Madeira can be considered as on the same level as Swiss bank accounts.
Offshore bank accounts are equipped with internet banking and once the account has been opened and at least 3,000 Euros have been deposited you may request a credit or debit card. Take note that a deposit of only 1000 EUR is necessary to simply open the account.
The formalities are the same as for other bank accounts, but you must request a Portuguese fiscal code (we will do it). The beneficiary must provide a valid document with apostille, an original utility bill and the original signed forms (provided by us).
Order an offshore account in Madeira, or contact us for further information now.