Fund Eligibility Under Golden Visa Program Requirements 2026

Key Takeaways

• Portugal’s Golden Visa in 2026 centers on a minimum €500,000 investment in qualifying funds, not in personal properties.
• Eligible funds are CMVM-regulated, invest at least 60% in Portuguese companies, and meet five-year maturity and documentation standards.
• Asset-backed funds focused on hospitality operating companies can align Golden Visa eligibility with capital preservation and potential returns.
• The Golden Visa process usually spans 12 to 18 months and can include family members, provided residency, investment, and dependency rules are met.
• VIDA Capital guides investors through Golden Visa-eligible fund selection and applications; contact the team for tailored advisory support.

Understanding Portugal’s Golden Visa Program in 2026: Funds as the Primary Investment Route

Portugal’s Golden Visa Program encourages foreign investment while offering non-EU nationals a route to Portuguese residency and, later, citizenship. After the October 2023 reforms, direct investment in personal properties is no longer eligible, so regulated investment funds became the main option for passive investors.

The program requires a minimum investment of €500,000 in qualifying funds, maintained for at least five years. These funds must follow specific allocation, maturity, and reporting rules that link investor capital to Portugal’s economic development.

Golden Visa residency allows you to live, study, and work in Portugal and to travel visa-free across the Schengen Area for up to 90 days in any 180-day period. Portugal’s physical stay requirement is low at 14 days every two years, so investors can keep their main base elsewhere while building a “Plan B” in Europe. Portugal is also one of the few European countries that offers access to citizenship without relocation, while Spain has ended its Golden Visa, and Greece requires seven years of residence and taxation.

The Golden Visa process usually spans 12 to 18 months from initial application to card issuance. After holding temporary residency for five years, investors who meet language and residency rules can apply for permanent residency and later a Portuguese passport, which then provides full rights to live, work, study, and access public services across the European Union and Schengen Zone.

Secure Portuguese residency and a future path to EU mobility through a Portuguese passport with a compliant fund investment. VIDA Capital offers specialized advisory support focused on Golden Visa-eligible, asset-backed opportunities in Portugal’s hospitality sector.

Deciphering Fund Eligibility: Key Requirements for the Golden Visa

Regulated and Approved Funds for Golden Visa

Fund eligibility starts with supervision and government alignment. Qualifying funds are regulated by the Portuguese Securities Market Commission (CMVM), which imposes standards on risk management, reporting, and investor protection.

CMVM regulation alone does not guarantee Golden Visa eligibility. Funds must also comply with AIMA’s specific Golden Visa criteria, so investors and their lawyers should confirm eligibility in writing with the fund manager before subscribing.

Investment Focus and Allocation Rules

Golden Visa funds must show a direct link to the Portuguese economy. At least 60% of committed capital must be invested in commercial companies based in Portugal.

Program rules prohibit direct or indirect exposure to property ownership for Golden Visa purposes. Funds that buy shares in hospitality operating companies, rather than holding title to buildings, can remain eligible because they invest in businesses, not personal properties.

Fund Maturity Requirements for Golden Visa Eligibility

Investment horizon is another key rule. Funds must have a minimum maturity of five years, matching the Golden Visa investment holding period. Many funds plan to return capital after six to ten years, which can give additional time to complete residency milestones.

Essential Documentation for Fund Investments

Clear documentation supports both immigration and regulatory reviews. Typical requirements include a declaration from the fund manager confirming the fund’s capitalization plan, five-year minimum maturity, and 60% allocation to Portuguese companies, along with corporate registration extracts where relevant.

Strategic Advantages of Fund Investments for a Golden Visa

Diversification and Managed Risk

Fund structures help diversify risk across sectors and companies. Professional managers select and monitor assets, which can reduce concentration risk compared with a single direct business investment.

Some applicants spread the €500,000 across several qualifying funds to access different strategies, managers, and risk profiles while still meeting Golden Visa rules.

Potential for ROI (Return on Investment)

Qualifying funds can combine immigration objectives with potential financial returns. Investors may benefit from capital growth, income distributions, or both, depending on each fund’s mandate.

Investors should review past performance, portfolio composition, and risk factors carefully and consult independent advisers where appropriate. Historical returns are not a guarantee of future returns, including for the VIDA Fund.

Passporting to Asset-Backed Investments: The VIDA Fund Approach

Asset-backed strategies appeal to investors who prioritize capital preservation. The VIDA Fund focuses on hospitality operating companies in Portugal, buying underperforming hotels, transforming them operationally, and giving these assets a “second life.” The fund does not build new hospitality assets; it acquires existing ones and improves how they are run.

These businesses are backed by physical hotel assets while remaining compliant with Golden Visa rules because the fund invests in operating companies rather than holding property directly. Portugal’s tourism sector supports this thesis: 2024 visitor numbers reached about 31 million with around €27 billion in revenue, and WTTC projections indicate tourism could represent about 22.6% of national GDP by 2035, reinforced by events such as the 2030 FIFA World Cup.

Navigating the Golden Visa Application Process with Fund Investments

Initial Steps and Legal Counsel Importance

Specialized legal support is central to a smooth Golden Visa process. Investors first obtain a Portuguese tax number (NIF) and open a local bank account, then subscribe to the chosen qualifying fund. An experienced Portuguese immigration law firm should coordinate each step, from structuring the investment to preparing documentation.

Lawyers submit the online application for the main investor and eligible family members, such as spouses or partners with proof of relationship and dependent children. Children included in the application must remain full-time students, not be employed, and stay unmarried until the Golden Visa process is complete.

Investment Commitment and Duration

The €500,000 fund investment must be maintained for at least five years. During this period, investors must also respect the minimum stay requirement of 14 days in Portugal every two years.

After approval, Golden Visa holders receive a temporary residency permit valid for two years and then renew it for additional two-year periods, while maintaining the qualifying investment and residency days. 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 five-year period before applying for permanent residency.

Fees and Due Diligence for Fund Eligibility

Clear visibility on costs helps align expectations. Beyond the €500,000 subscription, investors typically pay government processing fees, legal fees that often fall in the €16,000 to €20,000 range for a family, and fund-level charges such as subscription, management, and performance fees. For example, the VIDA Fund currently charges a 1% subscription fee, 1 to 2% annual management fees, and variable performance fees.

Thorough due diligence on each fund’s expected yield, risks, liquidity terms, and governance is essential before committing capital.

Understanding the Path to Citizenship through the Golden Visa

Long-term planning should factor in Portugal’s updated citizenship rules. In October 2025, Parliament extended the standard residency requirement so most applicants must now reside in Portugal for 10 years before becoming eligible for citizenship. Nationals of Portuguese-language countries (CPLP) and EU citizens face a reduced requirement of seven years.

The new framework is expected to apply to Golden Visa investors unless they filed their citizenship application before the law is published. Once citizenship is granted, the Portuguese passport gives full rights to live, work, study, and access public healthcare and education across the EU and Schengen Zone.

Investors who prefer asset-backed hospitality exposure and a clear Golden Visa roadmap can benefit from tailored guidance. Contact VIDA Capital to discuss fund selection and application support based on your goals and risk profile.

Frequently Asked Questions (FAQ) about Golden Visa Fund Eligibility

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

A minimum of €500,000 must be invested in one or more qualifying Portuguese funds and kept for at least five years. Eligible funds are regulated by CMVM, comply with AIMA’s Golden Visa criteria, and meet allocation and maturity requirements.

Do I need to relocate to Portugal to maintain my Golden Visa?

No relocation is required. You only need to spend at least 14 days in Portugal in every two-year period to keep your Golden Visa residency status active.

Are asset-backed funds eligible for the Golden Visa?

Asset-backed funds can qualify if they satisfy all legal requirements, including CMVM supervision and investing at least 60% of capital into Portuguese commercial companies. The VIDA Fund follows this model by investing in hospitality operating companies backed by physical hotel assets rather than property ownership.

What happens if a fund invests in personal properties or holds property directly?

Funds with direct or indirect exposure to property ownership, including personal properties, do not qualify for the Golden Visa under the post-2023 rules. Funds that invest in hospitality operators without holding title to the underlying buildings can remain eligible, because the investment targets operating companies instead of property assets.

Can I diversify my investment across multiple funds?

Yes. Investors can divide the €500,000 across multiple qualifying funds to diversify risk, as long as every selected fund is Golden Visa-eligible and provides the necessary documentation for the immigration file.

How long does the investment need to be maintained for Golden Visa eligibility?

The qualifying investment must remain in place for at least five years to safeguard Golden Visa residency. This period aligns with the initial temporary residency timeline before an application for permanent residency becomes possible.

Conclusion: Secure Your Future with Strategic Fund Investments for Golden Visa

Fund investments now sit at the center of Portugal’s Golden Visa framework in 2026. Understanding CMVM regulation, allocation rules, maturity requirements, and documentation standards helps investors choose structures that support both immigration and portfolio objectives.

Asset-backed funds focused on Portugal’s hospitality sector can align Golden Visa eligibility with capital preservation and potential income, while professional management and diversification reduce single-asset risk. Careful fund selection, rigorous due diligence, and strong legal support remain critical throughout the 12- to 18-month application process.

Experienced partners simplify this journey. VIDA Capital acts as an advisory firm, connecting investors with compliant, asset-backed fund opportunities such as the VIDA Fund and coordinating with legal counsel to improve application quality. Reach out to VIDA Capital to explore Golden Visa-eligible funds and structure a plan that fits your family’s long-term European strategy.