Bank accounts and not only: There are abandoned assets that go to the State

The Portuguese legislation includes a prescription regime for certain abandoned assets in favor of the state, with specific rules and conditions as established by Decree-Law No. 187/70.

Under the law, the following are considered abandoned in favor of the state:

1. Obligations, shares, and equivalent securities, even provisional, representing capital of joint-stock companies, or limited partnerships with shares based in national territory, when for twenty years, their holders or bearers have not collected or attempted to collect the respective dividends, interest, amortizations, or other returns, or have not otherwise legitimately and unequivocally manifested their rights over the securities;
2. The dividends, interest, amortizations, and other returns of those securities, when, for five years, their holders or bearers have not performed any of the acts mentioned in the previous item;
3. Goods or values of any kind deposited or kept in credit or non-bank institutions, when for fifteen years, the respective account has not been operated, no custody fees paid, or dividends, interest, or other due amounts collected or paid, or the holders have not legitimately and unequivocally manifested their rights over the assets or values.

How are these terms calculated? 

According to the law, these established and provided terms are counted as follows:

1. In cases of items a) and b), from the first day when, by legal, regulatory, or statutory provision, the yields should be considered due or in payment, even if the required conditions for this are not met, or from the last act by which the holders or possessors have manifested their right;
2. In case of item c), from the last act by which the holders have manifested their right over the assets or values.

Who can purchase assets seized by the Treasury or abandoned in favor of the state?

According to information available on the Government portal, any company or individual of legal age can purchase seized assets “who has a password to access the Finance Portal“.

The list of assets seized by the Treasury or abandoned in favor of the state can be accessed on the AT portal, by logging in with a Digital Mobile Key, Citizen Card, or NIF and password. The list is available through this link.