The Portuguese Republic is encompassed in the roster of evolved constituent nations of the Eurozone, which are delineated by auspicious parameters for engaging in commerce within the pecuniary realm. The polity's monetary framework is thoroughly amalgamated with global and Continental fiscal exchanges, which is salient to consider for individuals intrigued by a remittance facilitator permit in Portugal.The Bank of Portugal (BP) joined the European System of Central Banks (ESCB) in 1998.

This signifies that the enactment of the nation's pecuniary stratagem and the orchestration of sovereign forex hoards is executed pursuant to the edicts of the CSPV. Henceforth, the Portugal apparatus modulating fiduciary establishments and pecuniary entities is, broadly speaking, synonymous with the statutory scaffold operative in other EU Confederation Constituents. Subsequently, we shall scrutinize the idiosyncrasies of the governance of pecuniary undertakings in Portugal, alongside the stipulations requisite to procure a Portugal disbursement facilitator warrant.

Governance of remittance enterprises in Portugal

The fiscal amenities sphere in Portugal comprises entities such as:

  • Fiscal establishments (including venture banks and cooperative banks);
  • Credit and hypothecating endowment entities;
  • Securities brokerage and consultative conglomerates;
  • Indemnity enterprises;
  • Remittance establishments and digital currency;
  • Crowdfunding platforms (both proprietorship and liability) administration entities.

The ensuing are accountable for supervising fiscal undertakings in Portugal:

  • BP (Bank of Portugal)

It is the fiduciary services arbiter and is accountable for superintending the fiscal and fiduciary domain. Specifically, its ambit of oversight encompasses depositories, credit and hypothecation lending establishments, as well as remittance entities and EMIs.

  • Portuguese Securities Market Commission (CMVM)

The CMVM administers all undertakings associated with the stock exchange (encompassing crowd-investing platforms and every other conventional entity). CMVM, alongside the BP, monitors undertakings on the stock exchange.

  • Administration of Insurance and Pension Funds (ASF)

The ASF is accountable for the oversight of the indemnity and pension reserves sector.The Payment Services and Electronic Money Legal Framework (PSEMLF)promulgated by Edict-Law No. 91/2018 of November 12 presides over fintech establishments in Portugal, encompassing remittance service purveyors and e-money disseminators.

This structure transplanted Directive 2015/2366 of the European Parliament and of the Council into the Portuguese juridical framework. The PSEMLF also presides over the ingress of tertiary party purveyors, such as payment inception service providers and account intelligence service providers, into the Portuguese marketplace.

Obtaining a payment institution license in Portugal

The PSEMLF delineates the stipulations and prerequisites for the enrollment and accreditation of pecuniary institutions in Portugal and electronic currency originators, as well as PISPs and AISPs, all of which are under the purview of BP. To accomplish this, enterprises must present specific obligatory juridical documentation to the overseer. This encompasses:

  • Preliminary ordinances;
  • Enterprise Proposal;
  • knowledge concerning stock principal;
  • depiction of corporate configuration and advantageous proprietorship;
  • ascertainment of overseers and provision of pertinent parchments; and
  • prototypes and methodologies of corporate administration and internal conformance.

The minimal statutory opulence requisites for PIs vary from a least of EUR 20k to EUR 125k (hinging on the genre of amenity proffered) and a least of EUR 350k for EMI.

If you aim to procure a PSP credential in Portugal or enroll an electronic currency establishment, it is valuable pondering that all promotion and advertising conducted by such establishments must adhere to the overarching regulations pertinent to banks and other monetary establishments. This implies that, amidst other prerequisites, all promotional and promotional articles and components must unambiguously specify the proposition or endorsement and assure that the indispensable attributes and conditions of the merchandise or amenity being vended are readily comprehensible by intended consumers. The PSEMLF stipulates an extensive enumeration of wares and amenities that can solely be proffered by payment establishments or EMIs and PISPs or AISPs.

Payment Service Provider (PSP) –

in accepting remunerations via tickets and transmissions. To accomplish this, PSPs customarily furnish vendors with a vendor reckoning and a remuneration portal that enables establishments to welcome remunerations.

A Payment Institution (PI) is a peculiar genre of PSP that was devised in harmony with Directive 2007/64/EC, alternately labeled as PSD. The pursuits of payment establishments are presently under the governance of PSD2 and its execution at the regional level by EU constituent entities.

Within the schema of PSD2, remittance establishments can tender their patrons the ensuing catalogue of amenities:

  1. Performing remuneration transactions;
  2. Circumstance and/or procurement of remuneration apparatus;
  3. Rendering amenities;
  4. Supplementary amenities correlated to their prime pursuits;
  5. Endowing credence.

Generally, PIs can offer akin amenities as EMIs. The principal disparity lies in their incapacity to dispense electronic currency.

An electronic money institution in Portugal is an individual sanctioned to emit electronic currency under statutes that enact Title II of Directive 2009/110/EC, commonly referred to as EMD2.

Furthermore, in augmentation to the amenities proffered by customary PSPs, EMIs can dispense e-currency. Additionally, e-currency dispensing establishments are also empowered to furnish remittance utilities as stipulated in Annex 1 of PSD2.

Not all EMIs are automatically capacitated to dispense these ministrations upon acquisition of a charter, hence it's pivotal to acknowledge that not all EMIs can furnish all of these conveniences. Consequently, enterprises and establishments aspiring to be sanctioned as EMIs by a national overseer in the EU must delineate the remittance conveniences they seek endorsement for.

It is additionally crucial to comprehend which remunerative amenities are correlated to the issuance of electric currency and which are not associated with this. This is due to the fact that providential requisites diverge for correlated and uncorrelated remunerative amenities furnished by electric currency institutions.

In accordance with the ECB's explication, electronal lucre denotes value that is stowed electronically, whether on a carte, on a handset or on the Interweb. The EMD2 elucidation of electronal lucre similarly encompasses pecuniary worth stashed on magnetic media that may be employed as a mode of disbursement and is upheld by entities distinct from the proponent. Consequently, implements that hoard pecuniary worth ought to be broadly embraced and utilized as a disbursement modus.

Article 4(12) PSD2 affords that a pecuniary deposit is an ledger inaugurated in the designation of one or more utilizers of a precise pecuniary attendance for the end of executing pecuniary transactions. Analogously, Article 2(3) of Directive 2014/92/EU affords that a pecuniary deposit is an ledger inaugurated in the designation of one or more patrons and wielded to execute pecuniary transactions.

For the designs of these explications, an enumeration utilized for remitment transactions is esteemed a recompense enumeration. It is pivotal to take heed that EMIs, PIs, and banks may furnish recompense enumerations to their patrons. Nonetheless, the efficacy of these enumerations diverges contingent on the institution in question.

Given the aforementioned, any corporation or institution desiring to issue a tool meeting the criteria of electronic currency according to the aforementioned delineations shall be obliged to petition for licensure as an license as an EMI in Portugal.

Obtaining an EMI license in Portugal for foreign companies

PSPs or EMIs based aloof may proffer their ministrations in Portugal, contingent on anterior approbation and enrollment with BP. Pertinent requisites and methodologies may diverge contingent on the estate of nativity. Enterprises entrenched in EU territories can function in the land if they inscribe a limb in Portugal or possess a license that confers upon them the liberty to dispense ministrations (accreditation).

If the juridical entity tendering the plea abides in a tertiary realm state, it must institute a limb or, as an alternative, institute a progeny in Portugal (pursuing a more convoluted enrollment process).

Both remuneration and electron wealth establishments, alongside PISPs and AISPs, in addition to the ruling entities of crowdfund platforms, are liable to authorization and enrollment with either the BoP or the CMVM, correspondingly.

Licensing Process

As aforecited, to procure an EMI permit in Portugal, you necessitate to furnish a plethora of manuscripts to BP:

  • elucidation of the organizational and lawful configuration of a syndicate stock corporation or delimited responsibility syndicate;
  • verification of adherence with the minimum pecuniary stipulations;
  • verification of the existence of a domiciled residence in the realm;
  • data regarding the aptitudes of stewardship individuals, as well as data regarding good repute;
  • a commerce stratagem affirming that the primary pursuits will be executed in Portugal;
  • all pivotal individuals must satisfy requisites that guarantee the sagacious and circumspect governance of the monetary establishment;
  • depiction of governance contrivances, along with frameworks for discerning and eradicating hazards;
  • the beingness of sufficing interior hegemonies, encompassing sturdy managerial and numerary methodologies;
  • corroboration of the beingness of answerable measures and policies associated with anti-money laundering.

The PSP accreditation process in Portugal comprises numerous phases:

  • Authorization

You will need to solicit leave to inaugurate an electronic currency establishment in Portugal from BP. The solicitation must be conjoined by the establishment's corporate manuscripts (preliminary constitution delineating the envisaged compass of pursuits and amenities proffered), an exposition of the geospatial situation of the enterprise, internal structuring and resource accessibility. The solicitor must proffer an intricate commerce strategy for 3 years, furnish a testimonial of deposition of the necessitated sum of wealth, as well as an exposition of the precautions taken to safeguard patron holdings.

The business plan must include:

  1. Intellection concerning the purposed pursuits of the pecuniary establishment and their method of execution;
  2. The assets slated for availability and the methodologies the petitioner plans to employ;
  3. Means of enticement for clientele and avenues for their discovery;
  4. Strategies to safeguard client holdings;
  5. Methodologies for record preservation;
  6. Modes and stakeholders involved in pivotal determinations;
  7. Strategies for identification, oversight, and alleviation of business-related hazards;
  8. Elaborate insights regarding intermediaries and dispersers;
  9. Conformity with anti-money laundering mandates;
  10. The magnitude and character of remunerations imposed upon the establishment's clients.
  • Contemplation of the supplication

Banco de Portugal scrutinizes the entirety of the data received, assesses and scrutinizes the data. The repository may solicit from the petitioner supplementary documents that it deems requisite to render a determination. It is worthwhile to contemplate that if the petition does not adhere to particular criteria, the overseer may dispatch a notification to the petitioner and afford the chance to rectify the pinpointed disparities.

  • Resolution-forming

Banco de Portugal may adopt one of the ensuing determinations:

Granting Permission

The overseer grants authorization to inaugurate an establishment if the petitioner fulfills the stipulations governed by pertinent domestic statutes.

Authorization denied

The Bank of Portugal declines to grant an endorsement if the petition does not adhere to all the endorsement prerequisites outlined in the relevant national statutes, notably in the circumstances delineated in Article 20(1) RGICSF applicable to electronic pecuniary establishments.

In some instances, BP might, pursuant to Article 21(1) and (2) of the RJSPME, designate as a requisite for the bestowal of authorization that it necessitate the formation of a distinct mercantile enterprise whose solitary aim is to dispense electronic currency and, when fitting, furnish remittance amenities. This guarantees the demarcation of the dispensation of electronic currency and remittance amenities from undertakings that deviate from these amenities, wherein such undertakings could be prejudicial to the fiscal robustness of the electronic currency institution or the supervisory aspirations of the Bank of Portugal.

Banco de Portugal shall apprise the petitioner of its determination within three lunar cycles subsequent to the reception of the exhaustive submission or the requisite supplementary elucidation.

The concession of authorization permits the petitioner to inaugurate an electronian pecuniary establishment in Portugal, which ought to commence operations within a dozen moons of the Bank of Portugal's resolution. Subsequently, the license deteriorates. For an establishment to inaugurate its pursuits, enrollment in a distinct BP ledger is compulsory.

  • Preliminary Compliance Check

Upon the inception of an electronic pecuniary establishment has been sanctioned by the Banco de Portugal, and subsequent to the corporation being actualized, concerned parties must solicit a distinctive establishment enrollment.

Upon such a supplication, Banco de Portugal conducts a preliminary scrutinization of the premises of the electronic pecuniary institution to verify whether all requisites for acquiring the authorization requisite to institute an electronic pecuniary institution or to conduct undertakings are fulfilled.

  • Procuring a permit for remuneration amenities in Portugal

If the on-site corroboration of statutory and operational exigencies is triumphantly accomplished, Banco de Portugal enrolls the establishment in a distinct ledger. An electronic currency institution may commence its operations subsequent to the finalization of registration.


Acquiring a remuneration institution warrant in Portugal enables you to execute pecuniary undertakings in one of the propitious nations of the European Union. It is noteworthy that, contingent upon the requisite criteria, enterprises may proffer their amenities in other partaking nations via passporting. You can glean further insights concerning the governance of monetary undertakings in Portugal from our adepts during an individual colloquy. We stand prepared to furnish assistance in the progression of warranting and commencing your enterprise.