The Bank of Portugal warned that funds deposited in financial institutions may be considered abandoned in favor of the State when 15 years pass without the holder making any movement on the account or legitimately and unequivocally asserting their right to the funds. This rule is set out in Decree-Law No. 187/70 of April 30, which regulates the prescription of goods and values considered abandoned by their respective owners.
The 15-year period is counted from the last act carried out by the holder through which they demonstrated their intention to exercise their rights over the deposited funds. This means that the reference does not necessarily correspond to the account opening date or the moment of the deposit, but rather to the last movement or contact that demonstrated interest in the funds. An account classified internally by the bank as inactive does not automatically mean that the money has prescribed.
The transfer of funds to the State is not limited to accounts of deceased persons, also covering accounts of living holders who did not assert their rights during the legal period. In the case of deaths, heirs may be unaware of the existence of old accounts, so they can inquire through the Account Database managed by the Bank of Portugal, having to prove their heir status to the institution in order to access the funds.
Financial institutions are required to report to the Tax Authority any goods or funds that meet the conditions to be considered abandoned by the last day of February each year. However, the holder may request restitution of the money when they consider that the conditions for the State to acquire those funds were not met, with this right expiring three years after the date defined in the decree.
