Portuguese Banks Have to Report Accounts With Balances of EUR 50,000

The Portuguese tax authorities have announced new regulations for banks in hopes to reduce steams of illegitimate source funds entering the mainstream economy. Going forward, all Portuguese bank branches have to automatically report all residents' accounts containing balances of EUR 50,000, succeeding the issuance of a government ruling last week.

The declaration was originally approved back in early 2016, however was suspended by the President after the mini banking crash until the country's banks had recovered their liquidity.