Published: 05.10.2026
Portuguese tax residents must report deposit and securities accounts held outside Portugal in their IRS return, even if the accounts generated no income. The reporting is informational and does not itself create a tax charge; income from those accounts, including interest, dividends and capital gains, must be declared separately.
According to the sources, once a person becomes a Portuguese tax resident, foreign bank and investment accounts must be listed in the IRS return, including their IBAN and BIC, but not their balances. This creates an annual compliance obligation for newcomers who keep finances abroad, while foreign income must be reported separately and taxed under the applicable rules. The issue primarily affects new residents with overseas accounts, investments or income generated by them. It is worth addressing before the first IRS filing because the requirement is linked to tax residence, not to transferring the funds to Portugal.