Until December 2021, Revolut (through Revolut Limited and Revolut Payments UAB) was registered with the Bank of Portugal as a mere “electronic money” institution, thus, there was no obligation to declare the accounts held at Revolut in Portugal.
In December 2021, Revolut officially became present in Portugal, through Revolut Bank UAB – Sucursal em Portugal. Specifically, Revolut Bank UAB, a credit institution based in Lithuania, is no longer merely an “electronic money” institution and is now legally authorised to accept deposits or other repayable funds in Portugal.
As a result, since 2022 Revolut accounts are considered real bank accounts and the bank’s clients who are resident in Portugal, or earn income here, are now obliged to declare the Revolut account in their annual tax return.
To this end, you should note the following:
- The obligation to declare the Revolut account applies to the 2023 tax return, and it is irrelevant what the account is used for or whether or not there are bank balances.
- This obligation extends to all members of the household, which means that Revolut accounts held by dependents must also be declared.
- To fulfil this obligation, it is sufficient to indicate the IBAN and BIC code of the Revolut account.
- The obligation to declare foreign accounts is a mere formality and has no impact on the tax assessment or on the deadlines for processing the tax return and reimburse.
- The declaration must be made in Box 11 of Annex J of the personal income tax return.
Tax Department
Sofia Quental | Inês Grácio | Flávia Almeida | Catarina Amaral
