Unclaimed Money in Portugal
Portugal has a structured system for unclaimed bank accounts regulated by Banco de Portugal (BdP). Under Portuguese law, bank accounts that have been inactive for 15 years are declared abandoned (contas bancárias abandonadas) and transferred. Banks are required to make repeated attempts to contact account holders before any transfer.
Banco de Portugal's Consumer Financial Information Portal (Portal do Cliente Bancário) at clientebancario.bportugal.pt is the starting point for any dormant account search. The portal provides guidance on the process and can direct you to the relevant bank.
How to Search Portuguese Dormant Accounts
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Portal do Cliente Bancário
Banco de Portugal's consumer portal at clientebancario.bportugal.pt. Provides information on dormant accounts and guides you to the right bank. Available in Portuguese and English.
✓ Start here for all enquiries
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CGD (Caixa Geral de Depósitos)
Portugal's state-owned bank and the largest. CGD holds a significant share of Portuguese retail deposits. Search via cgd.pt or any branch.
✓ Largest Portuguese bank
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Millennium BCP & Santander Portugal
Millennium BCP is the largest private bank; Santander Portugal has strong retail presence. Both accept dormant account enquiries via their websites.
✓ Major private banks
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Portuguese Insurance
Life insurance (seguro de vida) held by Fidelidade, Tranquilidade, or Allianz Portugal. Contact insurers directly or the Portuguese Insurance and Pension Funds Supervisory Authority (ASF) at asf.com.pt.
✓ Insurance covered separately
Portuguese Identification
The Portuguese Número de Identificação Fiscal (NIF) — a 9-digit tax number — is the primary identifier for financial accounts in Portugal. All bank accounts must be linked to a NIF, making it the most efficient tool for dormant account searches.
For deceased estates, a habilitação de herdeiros (heirship declaration) from a Portuguese notary or the Conservatória do Registo Civil is required. Banks will not disclose account information to third parties without this documentation.
What happens to dormant accounts after 15 years in Portugal?
Under Portuguese law (Decree-Law No. 187/70), accounts that have been inactive for 15 years without any contact from the account holder are formally declared abandoned. The funds are transferred to the state, though claims can still be pursued through Banco de Portugal's process.
Is there an English-language version of the Portuguese banking portal?
The Portal do Cliente Bancário (clientebancario.bportugal.pt) has some English content. Banco de Portugal's main website also provides information in English. For complex claims, engaging a Portuguese solicitor (advogado) is advisable.
What about Portuguese emigrant accounts?
Portugal has a significant diaspora — many emigrants opened accounts before leaving and never closed them. These accounts are commonly found dormant. The Portuguese consulate in your country of residence can advise on the documentation process.
How long does a claim take?
Banco de Portugal's dormant account process typically takes several weeks to a few months. Once a bank confirms the existence of an account, the claim process is managed directly with the bank.
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Frequently Asked Questions About Unclaimed Money in Portugal
How are dormant bank accounts handled in Portugal?
In Portugal, Law No. 78/2001 and subsequent banking regulations govern dormant bank accounts. Banks must identify accounts with no customer-initiated transactions for five years and make efforts to contact the account holder. After a total of fifteen to twenty years of inactivity (depending on the account type), Portuguese banks transfer unclaimed balances to the Banco de Portugal (the central bank). The Banco de Portugal then holds these funds until they are claimed by the rightful owner or their heirs. There is no time limit on when a claim can be made to the Banco de Portugal for transferred funds. Visit bportugal.pt to learn about the process.
How do I search for unclaimed money in Portuguese bank accounts?
First, contact the bank directly if you know where the account was held. Major Portuguese banks include Caixa Geral de Depósitos (cgd.pt), Millennium BCP (millenniumbcp.pt), Novo Banco (novobanco.pt), and Santander Portugal (santander.pt). If you do not know the bank, the Banco de Portugal's dormant accounts register can be searched for accounts that have been transferred to the central bank. For estate claims, you will need a death certificate, proof of heirship (habilitação de herdeiros), and identity documents. A notary or Portuguese lawyer (advogado) can help formalise the inheritance process.
Are there unclaimed Portuguese pension entitlements?
Yes. State pension entitlements are managed by the Instituto de Segurança Social (ISS) at seg-social.pt. If you or a relative worked in Portugal and paid social security contributions (Segurança Social), you may be entitled to a Portuguese pension. This applies even to temporary workers and people who later moved abroad, as Portugal has bilateral social security agreements with many countries including all EU member states, Brazil, Canada, and others. Contact ISS with the worker's Portuguese tax number (NIF — Número de Identificação Fiscal) to check contribution records and pension entitlements.
Can I claim Portuguese unclaimed money if I live outside Portugal?
Yes. Portuguese law does not restrict unclaimed money claims to residents. For bank accounts, you can submit a claim to the Banco de Portugal or the relevant commercial bank by mail or through a Portuguese power of attorney. For estate claims, documents must comply with Portuguese legal requirements — apostilled foreign documents are generally accepted. Payments can be made by international bank transfer. The Portuguese Diaspora Council (Conselho das Comunidades Portuguesas) can provide general guidance and resources for Portuguese citizens and former residents living abroad.