Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Banco de Portugal decision, including banking and payment rails.
Get a payment license in Portugal.
Portugal licenses payment firms through the Banco de Portugal under Decree-Law 91/2018, the RJSPME: a payment-institution or e-money authorisation with PSD2 capital from €20,000, a three-month decision clock the law caps at twelve, an EU passport - and a home state that speaks the language of Brazil, Angola and Mozambique. Our own office is in Portugal.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Portugal in brief
A three-month clock with a twelve-month ceiling, and a door to the Lusophone world.
Portugal transposed PSD2 and the e-money directive in one decree-law, 91/2018 of 12 November, the Regime Jurídico dos Serviços de Pagamento e da Moeda Eletrónica. The Banco de Portugal authorises both payment institutions and e-money institutions. Article 19 lists what the application must contain: the draft articles naming the services, a programme of operations, a three-year business plan, proof of capital under Articles 49 and 55, the identity and fitness of every qualifying shareholder, the safeguarding measures under Articles 52 and 58, governance and internal control, ICT contracts under the EU's digital resilience regulation, and the anti-money-laundering framework. The capital figures are PSD2's - €20,000 for money remittance, €50,000 for payment initiation, €125,000 for the other services, €350,000 for an e-money institution - and Article 19(6) adds professional indemnity insurance for anyone initiating payments, Article 22(3) for account information.
Article 23 sets the clock: the Bank decides within three months of receiving the application or, if it was incomplete, of receiving the missing information - but never later than twelve months after the first submission. That ceiling is unusual in Europe and worth having. What the licence opens is a euro-area market of ten and a half million people who pay through Multibanco and MB WAY, a Lisbon that has become a technology capital, the EU passport under the decree-law's establishment and services provisions, and a home state whose language, banks and treaties reach Brazil, Angola, Mozambique and Cabo Verde. Corporate tax is 20%, with 16% on the first €50,000 for smaller companies, and 23% VAT from which payment services are exempt. We build the Banco de Portugal file from our own office in Portugal, in Portuguese, English and Russian.
The Banco de Portugal authorises payment institutions and e-money institutions under DL 91/2018. Capital per Articles 49/55: €20k / €50k / €125k, EMI €350k. Article 19 lists the file; Article 23 gives three months from completeness and twelve at most. Safeguarding under Articles 52/58; PII for PIS and AIS.
MB WAY country, euro area, an EU passport - and the Lusophone bridge to Brazil and Africa. 20% tax, VAT 23%. Built from our own office in Portugal.
The two routes
Payment institution - or e-money institution.
One decree-law, two authorisations from the same bank: the payment institution for moving money, the e-money institution for also issuing it. Both passport across the EU; both run on the Article 23 clock. We fix the route first, then build once.
PI for moving money - EMI for also issuing it.
01 - PAYMENT INSTITUTION
PI authorisation · Articles 19-23
The licence for acquiring, transfers, remittance, payment initiation and account information without issuing e-money - capital from €20,000 to €125,000 under Article 49, safeguarding under Article 52, insurance for initiation and account information, and the EU passport.
The licence for acquiring, transfers, remittance, payment initiation and account information without issuing e-money - capital from €20,000 to €125,000 under Article 49, safeguarding under Article 52, insurance for initiation and account information, and the EU passport.
- ✓Other payment services: €125,000 initial capital
- ✓Money remittance: €20,000
- ✓Payment initiation: €50,000 · PII under Art. 19(6)
- ✓Account information: registration · PII under Art. 22(3)
- ✓Safeguarding under Article 52
- ✓Decision within three months · twelve-month cap
02 - E-MONEY INSTITUTION
Wallets and issuance - Banco de PortugalEMI authorisation · Articles 19-23
Everything the payment institution does plus e-money issuance - €350,000 initial capital under Article 55, safeguarding of e-money funds under Article 58, the same clock and the same passport.
EMI: issuance plus the full service list; €350,000 capital; Article 58 safeguarding; EU passport.
- ✓E-money issuance and redemption
- ✓The full payment-service list
- ✓Initial capital €350,000
- ✓Safeguarding under Article 58
- ✓Same Article 23 clock
- ✓EU passport by notification
Costs and timelines are confirmed for your case before any work begins. Capital sits in Articles 49 and 55 of the decree-law; the Bank's contributions, the file cost, safeguarding set-up and substance are itemised in your quote.
Why Portugal
A euro-area licence that speaks Portuguese to 280 million people.
A decision clock with a legal ceiling, a technology capital on the Atlantic, and the only EU home state with native access to the Lusophone markets.
✓
Three months - twelve at most
Article 23 gives the Banco de Portugal three months from a complete file and forbids a decision later than twelve months after first submission - a ceiling few member states wrote into law.Article 23 caps the clock in law.
✓
The Lusophone bridge
Portuguese banks, courts and tax treaties reach Brazil, Angola, Mozambique and Cabo Verde - a Portuguese licence is the natural EU seat for a Brazilian fintech or an Africa-facing remittance business.Brazil, Angola, Mozambique.
✓
MB WAY country
SIBS' Multibanco network and MB WAY put instant account-to-account and mobile payments into most Portuguese wallets - a licence here serves habits already formed.Instant and mobile already formed.
✓
Lisbon as a tech capital
Web Summit's home has drawn engineering teams, founders and the auditors and law firms that grew with them - the ecosystem a licensed institution needs on day one.Talent, auditors, law firms in place.
✓
An EU passport
A Banco de Portugal authorisation notifies into every EU and EEA state - one licence, twenty-nine markets, from a euro-area home state.Twenty-nine markets by notification.
✓
Our own office
Prifinance has an office in Portugal - the file is built, the meetings attended and the substance staffed by people who live in the jurisdiction.People who live here.
How it compares
How Portugal differs from other EU routes.
Portugal trades a mid-sized home market for a legal ceiling on the clock and a language nobody else in the EU offers. The honest comparison is below.
Portugal vs other jurisdictions
| Feature |  Portugal | Other jurisdictions |
|---|---|---|
| Decision clock | 3 months · 12-month legal cap | 3 months, no ceiling |
| Lusophone access | Brazil, Angola, Mozambique by language and treaty | Absent |
| Market | 10.5M on MB WAY, euro area | Larger, or non-euro |
| Our presence | Own office in Portugal | Desk coverage |
Decision clock
Portugal3 months · 12-month legal cap
Other jurisdictions3 months, no ceiling
Lusophone access
PortugalBrazil, Angola, Mozambique by language and treaty
Other jurisdictionsAbsent
Market
Portugal10.5M on MB WAY, euro area
Other jurisdictionsLarger, or non-euro
Our presence
PortugalOwn office in Portugal
Other jurisdictionsDesk coverage
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Portugal | PI / EMI (Banco de Portugal) | 20% · SME 16% | €125k PI · €350k EMI · 12-month cap |
 Spain | PI / EMI (Banco de España) | 25% CIT | €125k PI · €350k EMI |
 France | PI / EMI (ACPR) | 25% · SME 15% | €125k PI · €350k EMI · simplified €40k |
 Lithuania | PI / EMI (Bank of Lithuania) | 17% CIT | €125k PI · €350k EMI |
PortugalLicense typePI / EMI (Banco de Portugal)
Taxation20% · SME 16%
Requirements€125k PI · €350k EMI · 12-month cap
SpainLicense typePI / EMI (Banco de España)
Taxation25% CIT
Requirements€125k PI · €350k EMI
FranceLicense typePI / EMI (ACPR)
Taxation25% · SME 15%
Requirements€125k PI · €350k EMI · simplified €40k
LithuaniaLicense typePI / EMI (Bank of Lithuania)
Taxation17% CIT
Requirements€125k PI · €350k EMI
Before you apply
Requirements for the Banco de Portugal authorisation.Requirements for the authorisation.
Article 19 of the decree-law is the checklist the Bank reads against; the craft is answering it as a supervisor reads it. Below is what a passing application contains.
01
A Portuguese company, normally an SA or Lda, with its head office and effective management in Portugal, and draft articles that name the Article 4 services it will provide.
02
Initial capital under Article 49 or 55: €20,000, €50,000 or €125,000 by service, €350,000 for an e-money institution - proved in the application.
03
A programme of operations and a three-year business plan with projected accounts showing the systems, resources and procedures behind the numbers.
04
Qualifying shareholders identified with supporting documents, the size of each holding and evidence of fitness to guarantee sound and prudent management.
05
Safeguarding under Article 52 or 58: segregation of user funds with deposit or investment in secure, liquid assets, or insurance or a comparable guarantee.
06
Governance: a clear organisational structure, risk identification and control processes and internal control proportionate to the activity - with ICT service contracts meeting Regulation (EU) 2022/2554.
07
Internal control mechanisms for anti-money-laundering and terrorist-financing law, with a compliance function reporting to Portugal's financial intelligence unit.
08
Management assessed for fitness and propriety by the Banco de Portugal, with enough of them resident to run the institution from Portugal.
09
Professional indemnity insurance where payment initiation (Article 19(6)) or account information services (Article 22(3)) are offered.
10
Answers to the Bank's information requests inside the Article 9 windows, so the Article 23 clock keeps running toward three months rather than twelve.
01
Portuguese SA/Lda, head office in Portugal.
02
Capital per Art. 49/55 - €125k PI, €350k EMI.
03
Programme and three-year plan.
04
Shareholders documented and fit.
05
Safeguarding per Art. 52/58.
06
Governance, ICT contracts per Reg. 2022/2554.
07
AML with resident function (UIF).
08
Directors assessed by the Bank.
09
PII for PIS (19(6)) and AIS (22(3)).
10
Answers inside the Art. 9 windows.
Reflects Decreto-Lei 91/2018 of 12 November (Articles 9, 19, 22, 23, 49, 52, 55 and 58) as amended, and the Banco de Portugal's published authorisation practice, as of 2026.DL 91/2018, Arts. 9, 19, 22, 23, 49, 52, 55, 58, as of 2026.
How it works
From first call to the Banco de Portugal register.
01
Route and strategy
PI or EMI, service list, safeguarding method, Lusophone corridors - the route and budget fixed in writing.PI or EMI, corridors - in writing.
02
Portuguese company and people
Incorporation, capital evidence and the directors and shareholders the Bank will assess.Incorporation, capital, assessed directors.
03
The application file
Every item of Article 19 answered before filing, because the three-month clock runs from a complete application.Article 19 complete starts the clock.
04
Banco de Portugal review
Three months by law from completeness, twelve months at most from first submission - plan on six to nine months end to end.Three months; twelve at most.
05
Authorisation and launch
Register entry, safeguarding live, passport notifications filed - and the reporting calendar running.Registered, safeguarded, passported.
Quick facts
RegulatorBanco de Portugal
LawDL 91/2018 (RJSPME)
Capital PI€20k · €50k · €125k
Capital EMI€350,000
Decision clock3 months · 12-month cap
PIIPIS · AIS
PassportEU / EEA
Corporate tax20% · VAT 23%
Portugal's clock has a ceiling in the law. The file that answers Article 19 line by line is what keeps the Bank at three months rather than twelve - and our job.
Your Portugal office
Run from our office in Portugal.
Prifinance Portugal
Madeira · Portuguese mandates in Portuguese and English
Rua da Alegria 31, 1F, Madeira
01
Portuguese company formation
SA or Lda incorporation, capital to the Article 49 or 55 figure and the corporate layer the Bank expects - structured for the authorisation from day one.SA/Lda, capital, corporate layer.
02
The Banco de Portugal file
Programme, business plan, safeguarding design, governance and AML framework built to Article 19 line by line - drafted by us and defended through the question rounds.Article 19 answered line by line.
03
Management assessment
Fitness and propriety files for every director and qualifying shareholder, prepared for the Bank's assessment so the people pass with the paper.People pass with the paper.
04
Substance in Portugal
Resident management, a compliance function and premises in Lisbon, Porto or Madeira - the head office the decree-law requires, staffed by a team that lives here.Resident team, real premises.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Portugal.
A 20% headline rate with a small-company band, VAT exemption for payment services, a relocation regime for skilled staff and Madeira's international business centre for qualifying group companies.
Corporate tax 20%
The standard rate on a payment institution's fee and margin income, with 16% on the first €50,000 for small and medium companies, plus a municipal surcharge of up to 1.5% and a state surcharge on large profits.SME 16% to €50k.
VAT 23%
The standard rate; payment and e-money services are exempt under the financial-services exemption - the fee mix is mapped before launch to protect input VAT where it matters.Payments exempt.
Madeira IBC
Companies licensed in Madeira's international business centre pay 5% on qualifying income until the regime's current term ends - relevant to the technology and holding companies of a payments group, assessed case by case.Qualifying group companies.
Relocation regime
Portugal's incentive for scientific research and innovation taxes qualifying relocating professionals at a flat 20% for ten years - useful when the compliance and engineering team moves with the licence.Ten years, flat.
Participation exemption
Dividends and gains on qualifying holdings of 10% held for a year are exempt - Portuguese holdings work for Lusophone group structures.10% held a year.
Treaties
Around eighty tax treaties, including Brazil, Angola, Mozambique and Cabo Verde - the corridors the licence serves are treaty-covered.Brazil and Africa covered.
Tax summary
Corporate tax20% · SME 16% to €50k
SurchargesMunicipal to 1.5% · state on large profits
VAT23% · payments exempt
Madeira IBC5% for qualifying companies
Relocation regime20% flat · 10 years
Tax treaties80+ · incl. Brazil, Angola
*Figures as of 2026 per the Autoridade Tributária. Madeira IBC and relocation-regime eligibility are assessed per structure and per person.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Portuguese SA, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed institution.
Follow Prifinance
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Portugal · Banco de Portugal
Launch your payment project in Portugal with expert support.
Full-service assistance - from incorporation to the Banco de Portugal authorisation, safeguarding design, passporting and ongoing compliance, from our own office in Portugal.
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Is Portugal the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Portuguese payment licence, answered.
What licence does a payment business need in Portugal?+
An authorisation from the Banco de Portugal under Decree-Law 91/2018 - as a payment institution for moving money, or an e-money institution for also issuing it. Account information providers register under Article 22 rather than license.
How much capital is required?+
Articles 49 and 55 carry PSD2's figures: €20,000 for money remittance only, €50,000 for payment initiation only, €125,000 for the account, transfer, card and acquiring services, and €350,000 for an e-money institution. Ongoing own funds follow method A, B or C, or 2% of outstanding e-money.
How long does the Banco de Portugal take?+
Article 23 gives it three months from receipt of the application or, if incomplete, from receipt of the missing information - and never later than twelve months after the first submission. With preparation, plan on six to nine months end to end.
What must the application contain?+
Article 19's list: draft articles naming the services, a programme of operations, a three-year business plan, proof of capital, the identity and fitness of qualifying shareholders, safeguarding measures, governance and internal control including ICT contracts under Regulation 2022/2554, and the anti-money-laundering framework.
How are customer funds protected?+
Under Article 52 for payment institutions and Article 58 for e-money institutions: user funds kept apart and deposited or invested in secure, liquid assets, or covered by insurance or a comparable guarantee from an institution outside your group.
Is insurance required?+
Yes for payment initiation - Article 19(6) requires professional indemnity insurance or a comparable guarantee - and for account information under Article 22(3). Other services rely on capital and safeguarding.
Can I passport across the EU?+
Yes - a Banco de Portugal authorisation notifies into every EU and EEA member state under the decree-law's establishment and freedom-to-provide-services provisions, for branches, agents and cross-border services.
How are payment companies taxed?+
Corporate tax at 20%, 16% on the first €50,000 for SMEs, plus municipal and state surcharges; 23% VAT with exemption for payment services; a 20% flat regime for qualifying relocating professionals; Madeira's international business centre at 5% for qualifying group companies.
What substance does the Bank expect?+
A Portuguese company run from Portugal: directors who pass the Bank's assessment, a resident compliance function, real premises and the licensed activity performed here. Our own office in Portugal builds and staffs that presence.
Why Portugal rather than Spain or Lithuania?+
Spain is the larger Iberian market; Lithuania the busier desk. Portugal is the only EU home state whose language, banks and treaties reach Brazil and Lusophone Africa, and the only one of the three with a twelve-month ceiling on the decision written into law. Groups serving those corridors license here and passport to the rest.
Which licence?+
Banco de Portugal: PI or EMI under DL 91/2018.
Capital?+
€20k / €50k / €125k; EMI €350k.
How long?+
3 months from complete; 12-month cap; 6-9 months total.
File contents?+
Article 19: programme, plan, capital, owners, safeguarding, governance, AML.
Safeguarding?+
Arts. 52/58 - segregation or insurance.
Insurance?+
PII for PIS and AIS.
Passport?+
Yes - EU/EEA.
Taxes?+
20%, SME 16%, VAT 23%, Madeira 5%.
Substance?+
Assessed directors, resident compliance, premises.
vs Spain / Lithuania?+
Lusophone reach and a capped clock.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
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Google
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Google
“Opening an account with Prifinance in a Swiss bank was such an easy and quick process that I was shocked. It all started with the first call, where I received detailed guidance on the required documents and the entire procedure.One of the key highlights was their attention to detail. As someone who usually gets tangled up in paperwork, I was pleasantly surprised when they sent me all the documents and…”
Google
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Google
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Portuguese route fits your project and what it will cost.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Banco de Portugal or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.