Anyone who has an account with the digital bank Revolut may need to pay attention to a specific detail in this year’s Income Tax, related to a change that occurred throughout 2025 and which may affect the way the account must be declared.
The change is the result of the migration of the operation to Portugal, with the attribution of a national IBAN, which meant that many clients went through two different tax frameworks in the same year. According to , this situation may require more careful analysis before sending the declaration, to avoid errors or omissions.
You may have to declare the same account in two ways
During part of 2025, Revolut accounts were linked to a Lithuanian IBAN and were considered foreign accounts for tax purposes. During this period, customers must declare the account as a foreign account in Income Tax, as was the case until now. However, the situation changes with the transition to Portuguese IBAN.
From a certain point onwards, it ceases to be a foreign account
With the assignment of a national IBAN, the account is now considered a Portuguese bank account for tax purposes, which means that it is no longer necessary to declare it as a foreign account from that moment on. The coexistence of these two situations in the same fiscal year is what makes this case particular.
This change is not automatic in the declaration and can easily be ignored by those who do not follow these changes. Many clients may not be aware that they must distinguish between periods when filling out the IRS, and this detail can make a difference in correctly fulfilling tax obligations.
Investments and crypto maintain their own rules
Despite the change in IBAN, other products associated with Revolut remain subject to different rules. According to the same source, investments and cryptoassets must continue to be declared in the corresponding annexes, as they are provided by entities outside Portugal. This is another point that requires additional attention when filling out.
A year of more demanding transition
Revolut recommends that customers consult Inland Revenue guidance or seek specialist advice. According to the publication, this year of transition may raise doubts, due to the coexistence of different tax frameworks. Verifying the data before submitting the declaration therefore becomes essential.
What you should confirm before submitting the IRS
To avoid mistakes, it is important to understand when the account changed from a foreign IBAN to a Portuguese IBAN. According to Notícias ao Minuto, this distinction determines how the account should be treated in the declaration, and ignoring this detail can lead to incomplete or incorrect declarations.
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