CaixaBank will open a wealth management branch in Portugal in the coming months.

Portugal has become the destination for emigrant millionaires or individuals with high net income. In 2023 alone, more than 800 individuals moved to Portugal, attracted by its zero income tax, golden visas, luxurious lifestyle and strategic location.

The Spanish branch (CaixaBank) plans to open a wealth management company in Portugal in the coming months, aimed at holders of high net worth, reported Jornal Económico/Sapo.

It is an OpenWealth, a type of wealth management company aimed at holders of high net worth, with more than 50 million euros, around 46 billion KZ and family offices in Spain and has more than 7.3 thousand million euros (6 billion and 477 billion KZ) in assets under management.

CaixaBank was the first bank in Europe to launch this service, 100% independent and with explicit charging, which is offered to people with assets exceeding 50 million euros (46 billion KZ) regardless of whether or not they are customers of the bank or have their assets deposited, which can be in different institutions.

The CaixaBank subsidiary dedicated to providing independent wealth advisory services to large clients, exceeded 7.3 billion euros (6 billion and 477 billion KZ) of assets under management at the end of April 2024, thus becoming not only the largest wealth advisory firm for Ultra High Net Worth clients, but also the largest multi-family office service in Spain.

Wealth management is a growing business for many large banks around the world, the decision by at least three European banks to open offices in Lisbon in the space of a year or two points to the importance of inflows to the 286 billion economy of dollars (247 billion and 141 billion KZ) and for the country's appeal to wealthy immigrants.