Key Takeaways
- Portugal’s Golden Visa in 2026 centers on regulated investment funds, with a minimum subscription of €500,000 per eligible fund.
- Asset-backed funds that own and upgrade hospitality assets can help investors focus on capital preservation while meeting program rules.
- The Golden Visa process usually spans 12 to 18 months and can lead to permanent residency after five years of maintaining your investment and residency requirements.
- New rules from October 2025 mean most applicants now need 10 years of residency in Portugal before applying for citizenship, with shorter timelines for some nationalities.
- VIDA Capital advises investors in the VIDA Fund; contact the team to discuss a Golden Visa strategy built around asset-backed funds.
Clarifying eligible investments for the Portugal Golden Visa
Portugal’s Golden Visa has evolved into a fund-focused program. Personal properties are no longer eligible, and investors now typically use regulated funds that qualify under Portuguese law with a minimum of €500,000.
Many investors still encounter outdated information or offers that no longer comply with the rules. Confusion increased after Spain ended its Golden Visa in 2025 and Greece confirmed a seven-year physical residency requirement to keep long-term status. Portugal remains competitive for a Plan B, with only 14 days of stay required every two years.
Careful selection of compliant, transparent investment funds helps reduce the risk of capital loss and protects your residency status over the full five-year Golden Visa period.
How investment funds support a stable Golden Visa strategy
Golden Visa-eligible funds give investors a regulated structure for meeting residency requirements while seeking to preserve and grow capital.
What are Golden Visa investment funds?
Golden Visa investment funds are professionally managed, pooled vehicles that allocate capital across defined strategies and assets. Common residency-by-investment structures include private equity and venture capital funds, which can align immigration goals with long-term portfolio planning.
These funds operate under Portuguese and EU regulation, with formal oversight, reporting, and risk controls. This framework distinguishes them from informal projects or speculative schemes that may not meet Golden Visa rules.
Key benefits for capital-focused investors
Investment funds offer several advantages for investors seeking residency in Portugal:
- Regulated structure, with supervision by Portuguese authorities and independent service providers.
- Professional management, where an experienced team conducts due diligence and oversees asset selection and execution.
- Diversification across multiple assets, projects, or locations instead of a single exposure.
- Clear documentation, including fund regulations and offering documents that define rights, fees, and exit terms.
Investment funds often provide higher compliance standards and broader diversification, which can be attractive for investors who prioritize risk management.
How to evaluate a Golden Visa fund
Effective due diligence helps align a fund choice with your risk tolerance and residency goals. Key points to review include:
- Manager track record, including prior funds, realized deals, and experience in the specific asset class.
- Strategy clarity, such as asset-backed versus cash-flow-dependent approaches, and how value is created.
- Regulatory status, including registration with the Portuguese Securities Market Authority (CMVM) and use of reputable depositaries and auditors.
- Exit and liquidity, including the fund term, repayment structure, and how the timeline fits your Golden Visa and citizenship plans.
Asset-backed funds that own tangible assets, such as hospitality properties, can offer an additional layer of security because underlying assets retain some value even during market volatility.
The VIDA Fund approach: asset-backed hospitality investments
The VIDA Fund is designed as a Golden Visa-eligible, asset-backed fund with a focus on hospitality in Portugal. VIDA Capital acts as an advisory firm to investors in the VIDA Fund, with an emphasis on capital preservation and regulatory compliance.
Portugal’s tourism sector has expanded strongly, with 31 million visitors in 2024 and €27 billion in tourism revenue. The country is also scheduled to co-host the 2030 FIFA World Cup, which is projected to add more than €800 million in economic impact.
The VIDA Fund focuses on hospitality assets and follows a second-life strategy. The fund buys underperforming hotels and other hospitality properties, upgrades and repositions them, and aims to create higher-margin operations rather than building new assets from the ground up.
Key features of the VIDA Fund include:
- Asset-backed portfolio, with all investments tied to tangible hospitality assets in Portugal, supporting downside protection.
- Management experience, with a team that has collectively managed over €4 billion in assets and completed more than 100 private equity deals worldwide.
- Transformational focus, centered on acquiring, renovating, and repositioning undervalued hospitality businesses to give them a second life.
- Regulatory oversight, with CMVM regulation and bi-annual audits by Deloitte that support transparency and institutional standards.
- Established track record, as VIDA Fund I raised more than €20 million from over 50 investors and supported more than 100 Golden Visa applications. Historical returns are not a guarantee of future returns.
Residency-by-investment structures that focus on regulated funds can support a clear path to permanent residency and potential naturalization. For investors who value tangible backing and institutional processes, an asset-backed fund such as the VIDA Fund can align with both financial and residency objectives.
Beyond the investment: navigating the Portugal Golden Visa process
From fund subscription to residency card
The Portugal Golden Visa process usually spans 12 to 18 months from initial preparation to receiving the first residence card. Legal support from an experienced Portuguese immigration lawyer is essential at every stage to manage documentation, regulatory changes, and interaction with authorities.
After subscribing to at least €500,000 in a qualifying fund, investors work with their lawyer to gather documents, submit the online application, and attend a biometric appointment in Portugal. The first residence permit is valid for two years. You then renew for two additional two-year periods, keeping the investment and meeting the stay requirement of at least 14 days in each two-year period. 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. After five years of residency, you can apply for permanent residency in Portugal.
Residency rights and family inclusion
The Golden Visa grants the right to live, work, and study in Portugal, along with visa-free travel across the Schengen Area for up to 90 days in any 180-day period. Residency rights apply only in Portugal, not across the entire European Union.
Family members can usually join the main applicant. Spouses or long-term partners can be included by presenting a marriage certificate or other proof of relationship. Dependent children may join if they are full-time students, not working, and remain unmarried for the duration of the residency program until the Golden Visa application is complete for them.
Pathway from residency to citizenship
Portugal introduced a new citizenship framework in October 2025. Most Golden Visa holders must now complete 10 years of legal residency in Portugal before applying for citizenship. Nationals of Portuguese-language countries (CPLP) and EU citizens benefit from a reduced seven-year requirement. The new law should apply to Golden Visa applicants except for those who already submitted their citizenship application before the new law was published.
Once you obtain a Portuguese passport, you gain the right to live, work, study, and access public healthcare and education across all EU and Schengen Zone countries. Until then, these rights apply only in Portugal, although you can travel within Schengen under the Golden Visa rules.
Frequently Asked Questions (FAQ) about investment funds and the Portugal Golden Visa
What types of investment funds are currently eligible for the Portugal Golden Visa?
Eligible funds are regulated Portuguese investment vehicles that meet Golden Visa criteria, including a minimum subscription of €500,000 and compliance with CMVM rules. These funds often focus on private equity or asset-backed strategies and must be structured so that units or shares can be documented as qualifying Golden Visa investments.
How do asset-backed funds help with capital preservation?
Asset-backed funds invest in tangible assets, such as hotels and hospitality properties. These assets have underlying value that can help limit downside risk compared to purely cash-flow-dependent or speculative projects. Even if income fluctuates, the physical assets can retain or recover value over time, which can support capital preservation.
What is the minimum fund investment for the Portugal Golden Visa?
The standard minimum investment is €500,000 in eligible investment funds. This amount must remain invested for at least the five-year Golden Visa residency period to maintain program compliance and preserve eligibility for permanent residency and, eventually, citizenship.
Does the Portugal Golden Visa include a path to EU citizenship?
The Portugal Golden Visa provides a pathway to Portuguese citizenship, subject to the 10-year residency requirement for most applicants under the rules adopted in October 2025, or seven years for CPLP nationals and EU citizens. After citizenship is granted, you gain the broader rights associated with EU citizenship, including freedom to live and work across EU and Schengen countries.
How does Portugal’s Golden Visa compare to other European residency options?
Portugal remains one of the few European countries where investors can keep their primary residence abroad while pursuing a structured path to citizenship through investment funds. Spain closed its Golden Visa in 2025, and Greece requires seven years of physical presence and local tax residence to secure long-term status. Portugal’s requirement of 14 days of stay every two years makes it a relatively flexible option for a long-term Plan B.
Conclusion: Using Investment Funds to Secure Residency in Portugal
Investment funds now sit at the center of the Portugal Golden Visa in 2026. A regulated, asset-backed fund can help align your residency objectives with a disciplined capital preservation strategy, while meeting program requirements over the full five-year residency period.
The VIDA Fund’s focus on buying and revitalizing hospitality assets in Portugal, combined with CMVM oversight and independent audits, offers a structured approach for investors who value transparency and tangible asset backing. Historical returns are not a guarantee of future returns, so careful due diligence and professional legal guidance remain essential.
