What are the advantages of having a NIF in Portugal ?

If you're planning a medium- or long-term stay in Portugal, you've certainly been encouraged to apply for a Portuguese NIF. Defined as a tax identification number, the NIF is a series of 9 digits that is as important as your name in identifying you in Portugal. If you're on the fence about applying for one, this article will help you take the plunge. Discover the advantages of having a NIF in Portugal.

Buying and renting property

During your stay in Portugal, you may need to buy or rent a property. For this, the NIF is mandatory. Without this number, no real estate transaction is possible. You won't be able to buy a house, apartment or contract, or sign a rental agreement. So it's in your interest to apply now. Click to read more about how to obtain one, and what you need to know to do so. 

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Access to banking services

This is also one of the main advantages of having a NIF. With this number, you can open a bank account in Portugal. Whether you're a permanent resident or an expatriate, a local bank account is essential for managing your finances. Portuguese banks require your NIF number when opening a bank account. This number is therefore essential.

Business activities and setting up a company

Portugal's business-friendly climate attracts thousands of new entrepreneurs and investors every year. If you dream of taking advantage of its enormous tax benefits by setting up a business here, you'll need a NIF. This number appears once again in the procedures for setting up a company. Without it, you won't be able to register your company, obtain business licenses, or access the many supports and incentives offered by the government to new businesses.

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Access to public and administrative services

The NIF is also essential for access to various public and administrative services in Portugal. You need it to register for social security, obtain health insurance, and even for certain municipal services. Without the NIF, many administrative procedures become complicated, if not impossible. It's safe to say that without this identification number, nothing is possible in Portugal.