How to Choose a Fund for Portugal Golden Visa in 2026

Key Takeaways

• Portugal’s Golden Visa now centers on qualifying investment funds, with a minimum investment of €500,000 and strict rules on how capital is deployed.
• Compliant funds must be registered with CMVM, invest at least 60% in Portuguese companies, run for at least 5 years, and avoid direct or indirect holdings in personal properties.
• Asset-backed strategies, clear value creation plans, and experienced managers can help balance residency goals with capital preservation and potential returns.
• A specialized immigration lawyer is essential to coordinate your fund subscription, application, renewals, and long-term planning over the typical 12 to 18 month Golden Visa process.
• Contact VIDA Capital for advisory support on selecting a compliant, asset-backed fund and aligning it with your Portugal Golden Visa strategy.

Understanding the Portugal Golden Visa Fund Landscape Post-2026

The Portugal Golden Visa is a residency-by-investment program that allows non-EU investors to gain Portuguese residency and a path that can lead to EU citizenship through qualified investments. After major changes in October 2023, investment funds became the main route to qualify.

The reforms increased the minimum investment to €500,000 and removed direct ownership of personal properties as an eligible option. This shift made fund selection central to both compliance and risk management.

Demand has since moved toward structures that meet tighter rules. The minimum investment is €500,000 in a qualifying private equity or venture capital fund, so your fund choice has a direct impact on your Portugal Golden Visa approval and your long-term residency and citizenship plans.

The new rules favor investments that support Portugal’s economy while giving investors a clear pathway to Portuguese residency and visa-free travel in the Schengen Area for up to 90 days in any 180-day period.

Step 1: Verify Portugal Golden Visa Fund Eligibility and Regulatory Compliance

Compliance is the starting point for any Golden Visa fund. A non-compliant fund can lead to application rejection and potential capital loss.

Confirm CMVM Registration for Your Golden Visa Fund

Every qualifying fund must be supervised by the Portuguese Securities Market Commission, CMVM. Funds must be registered with CMVM, which provides regulatory oversight and investor protections.

Check the CMVM registry yourself to verify the fund’s status. This simple step helps you avoid unregulated structures and confirms that your investment can be used for a Golden Visa application.

Ensure 60% Investment in Portuguese Companies

An eligible fund must allocate at least 60% of its capital to Portuguese-based companies. This rule directs capital into Portugal’s domestic economy and is central to Golden Visa compliance.

Ask for documentation on portfolio allocation and how the manager monitors the 60% threshold. Clear reporting on this point makes it easier to confirm that your investment remains compliant throughout the fund’s life.

Confirm Minimum 5-Year Maturity

The Golden Visa requires you to keep a qualifying investment for at least 5 years before you can apply for permanent residency. Funds must therefore have a minimum maturity of 5 years.

Review the fund’s term and exit strategy so that it aligns with your residency goals and liquidity needs. The structure should clearly explain how capital is returned at the end of the term.

Exclude Direct or Indirect Property Holdings

October 2023 reforms removed investments in personal properties from Golden Visa eligibility. Only funds without direct or indirect exposure to property assets qualify.

Ask the manager for written confirmation that the fund does not hold personal properties or similar assets directly or indirectly. Many compliant funds focus on operating companies, for example, in hospitality, where the business is acquired rather than the underlying property.

Speak with VIDA Capital to review whether a specific fund structure fits current eligibility rules for the Portugal Golden Visa.

Step 2: Evaluate Fund Investment Strategy and Asset Class

After confirming compliance, evaluate how the fund invests, where it seeks returns, and how it protects capital.

Prioritize Asset-Backed Investments for Capital Preservation

Asset-backed investments can help reduce downside risk because they are tied to tangible assets or operating businesses. This structure often provides more stability than purely financial instruments.

Focus on funds that invest in operating companies with identifiable assets, such as hospitality platforms. These strategies satisfy Golden Visa rules and can offer a clearer link between underlying value and your €500,000 investment over the minimum 5-year period.

Assess Industry Specialization and Manager Expertise

Sector-focused funds can offer deeper knowledge of their markets. A manager with a clear focus often has stronger networks, better deal flow, and more targeted value creation plans.

Review the team’s track record, prior investments, and experience in the chosen sector. Evidence of successful exits and disciplined risk management is particularly relevant for a long-term residency-linked investment.

Understand the Fund’s Value Creation Approach

Each fund should explain how it plans to grow the value of its portfolio. Typical approaches include operational improvements, repositioning underperforming assets, or consolidating fragmented businesses.

Ask for a concise description of this strategy and how it is applied in practice. Preference often goes to funds that focus on sustainable, operational improvements rather than short-term speculation.

Step 3: Conduct Due Diligence on Fund Management and Transparency

Strong governance and clear reporting support both capital protection and peace of mind throughout the Golden Visa journey.

Review the Fund Management Team

The experience and stability of the management team play a central role in performance. Look at professional backgrounds, sector experience, and how long key people have worked together.

Teams that combine investment analysis, operations, and legal or compliance skills are often better equipped to manage risk and keep the fund aligned with Golden Visa rules.

Check Auditing and Governance Standards

Independent audits and clear governance structures help safeguard investor interests. Regular reviews by recognized auditing firms reduce the risk of misreporting.

Ask how often audits occur, who performs them, and how investor decisions are handled. Understand voting rights, key-man provisions, and how conflicts of interest are managed.

Insist on Transparent Fees and Reporting

All fund costs should be clearly explained before you subscribe. These typically include subscription fees, management fees, and performance fees.

Expect periodic reports that cover portfolio composition, performance, and key developments. Responsive investor relations support is also useful when coordinating your fund investment with immigration and legal steps.

Step 4: Navigate the Golden Visa Application Process with Your Chosen Fund

Coordinating your fund subscription with legal and immigration steps is critical to a smooth Portugal Golden Visa process, which usually spans 12 to 18 months.

Work with a Specialized Law Firm

A lawyer who focuses on Portugal Golden Visa applications is essential. Legal counsel will obtain your NIF, help open a Portuguese bank account, review fund documentation, and prepare the application.

VIDA Capital can introduce you to experienced immigration law firms that understand current rules and work regularly with Golden Visa fund structures.

Follow the Investment Subscription Process Carefully

Your lawyer and the fund manager will guide you through subscription forms, due diligence checks, and capital transfer steps. These actions must align with Golden Visa requirements.

Clarify payment instructions, required documents, and how you will receive official proof of investment for your application file.

Plan for Renewals and Citizenship Timelines

Golden Visa holders receive a temporary residency permit valid for 2 years, which must then be renewed for two additional 2-year periods, while maintaining both the investment and minimum stay of 14 days every two years. As the approval card issuance usually takes a year, you will most likely only need to do a single renewal instead of two in the 5-year period.

From October 2025, Portugal requires 10 years of legal residency before most investors can apply for citizenship, with a reduced 7-year requirement for nationals of Portuguese-language countries and EU citizens. The new framework should apply to Golden Visa holders unless they already filed a citizenship application before the law is published.

Contact VIDA Capital to align your fund choice and residency plan with these updated timelines.

Comparison: Key Evaluation Criteria for Portugal Golden Visa Funds

Frequently Asked Questions About Portugal Golden Visa Funds

Is Portugal’s Golden Visa still active for fund investments?

Yes. As of 2026, the Portugal Golden Visa remains open to eligible investors through qualifying funds. The program was reshaped in 2023, but compliant fund investments of at least €500,000 still provide a route to Portuguese residency and, over time, the possibility of Portuguese citizenship and EU mobility.

What is the minimum investment required for a Golden Visa fund?

The minimum is €500,000 in a qualifying private equity or venture capital fund that meets CMVM registration, 60% investment in Portuguese companies, a minimum 5-year term, and no exposure to personal properties. Investors should also budget for government fees, legal fees, and fund-related costs.

How can I confirm that a fund respects the no-property rule?

Investors should obtain written confirmation from the manager that the fund does not invest directly or indirectly in personal properties or similar assets. Reviewing the prospectus, portfolio strategy, and deal examples helps distinguish compliant investments in operating companies from non-compliant property ownership structures.

Can I include my family members in my Golden Visa application?

Yes. You can usually include your spouse or partner, economically dependent children, full-time students, unmarried, and dependent parents or in-laws, or those over 65. Each family member has their own government fees, yet the €500,000 investment can cover the family under one application, giving each person the same Portuguese residency rights and long-term path toward citizenship if requirements are met.

Conclusion: Securing Your Future with the Right Portugal Golden Visa Fund

A carefully chosen, compliant fund helps protect your capital while supporting your goal of Portuguese residency and, in time, eligibility for citizenship. By validating regulatory compliance, understanding the investment strategy, assessing the management team, and working closely with a specialized lawyer, you can navigate the Portugal Golden Visa with greater clarity.

Portugal remains one of the few European countries that offers a path to citizenship through investment without requiring you to relocate, provided you meet the 14-day stay requirement every two years. Spain no longer offers a Golden Visa program, and Greece requires 7 years of physical presence and tax residency, which makes Portugal’s structure competitive for investors seeking a long-term Plan B.

Golden Visa residency gives you the right to live, work, and study in Portugal, along with visa-free travel in the Schengen Area for short stays. Once you meet the residency and legal requirements for citizenship and secure a Portuguese passport, you gain full rights to live, work, and study across the European Union and Schengen Zone.

Speak with VIDA Capital to evaluate fund options that align with Portugal Golden Visa rules and your long-term residency and citizenship goals.