Opening an Angolan Investment Account from Portugal
Portugal hosts the largest Angolan diaspora community in Europe, with an estimated 150,000-200,000 Angolan-born residents. The shared language, established banking links (notably BFA’s connection to CaixaBank/BPI), and direct flight routes make Portugal the most accessible gateway for diaspora investment into Angola’s capital markets.
Required Documentation
| Document | Details |
|---|---|
| Valid Passport | Angolan or Portuguese passport |
| Portuguese NIF | Numero de Identificacao Fiscal (Portuguese tax ID) |
| Angolan NIF | If available; can be requested through the Angolan Embassy in Lisbon |
| Proof of Address | Utility bill, bank statement, or Certidao de Morada from Junta de Freguesia (within 3 months) |
| Source of Funds | Portuguese bank statements (3-6 months), employment contract, or IRS tax declaration |
| Account Application | Completed form from the chosen Angolan bank |
Documents must be notarized or apostilled. The Angolan Embassy in Lisbon (Avenida da Republica) and Consulate in Porto provide notarization services.
Step-by-Step Process
Step 1: Choose an Angolan Bank Banks with experience serving the Portuguese diaspora include BFA (linked to CaixaBank/BPI), BAI, and BIC. BFA’s connection to BPI may simplify transfers for clients of the Portuguese banking system.
Step 2: Prepare and Notarize Documents Visit the Angolan Embassy in Lisbon or Consulate in Porto. Allow 1-2 weeks for processing. The Apostille Convention applies between Portugal and Angola.
Step 3: Submit Application Send documentation to the Angolan bank’s international client desk by courier or secure email. Some banks offer in-person processing at their Lisbon representative offices.
Step 4: Account Activation KYC verification and account opening typically take 2-3 weeks from receipt of complete documentation.
Step 5: Fund the Account Transfer EUR from your Portuguese bank via SWIFT. The Angolan bank converts EUR to AOA (or retains USD for USD-denominated products). Transfer times: 3-7 business days. For the best transfer options, see the Portugal remittance guide.
Step 6: Invest Engage a CMC-licensed broker to trade equities on BODIVA or participate in government bond auctions.
Estimated Costs
| Item | Approximate Cost |
|---|---|
| Embassy notarization | EUR 15-50 per document |
| SWIFT transfer fee | EUR 15-35 per transfer |
| FX conversion spread | 0.5-2% (EUR/AOA via USD) |
| Broker commission | 0.5-1.5% of transaction value |
Practical Tips
- The BFA-BPI banking link may offer preferential transfer terms — inquire directly
- Join Angolan community associations in Lisbon for shared experiences and referrals
- Consider using the dual-currency portfolio tracker to monitor FX-adjusted returns
- For tax obligations in both countries, see the Portugal-Angola tax guide