Portugal: Bank Account Closures for Russian Citizens—The VNZ Investor Risk
Portugal's largest bank is closing accounts of Russian citizens, including some VNZ (Golden Visa) holders. This highlights a critical distinction for UHNWI: residency and banking privileges operate under separate regulatory frameworks. Tax residency and international compliance (FATCA, CRS, sanctions) are managed independently by private banks, regardless of government-granted residency status.
Portugal's largest bank is closing accounts of Russian citizens, including some VNZ (Golden Visa) holders. This highlights a critical distinction for UHNWI: residency and banking privileges operate under separate regulatory frameworks. Tax residency and international compliance (FATCA, CRS, sanctions) are managed independently by private banks, regardless of government-granted residency status.
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