Portugal Golden Visa Government Approval Process Guide 2026

Key Takeaways

• Portugal’s Golden Visa is now centered on regulated investment funds, with personal properties no longer qualifying as an investment route.
• The program offers Portuguese residency, with minimal physical presence requirements and a structured path to permanent residency and, after ten years of residency, potential citizenship.
• Investors must commit at least €500,000 to qualifying funds for five years and complete a government approval process that usually spans 12 to 18 months.
• Careful fund selection, CMVM and AIMA verification, and support from a Portuguese immigration lawyer are essential for a smooth application.
• VIDA Capital advises investors using the VIDA Fund to pursue Portugal Golden Visa eligibility through hospitality assets, and you can speak with VIDA Capital about your Portugal Golden Visa strategy.

Understanding the Portugal Golden Visa: Key Concepts for Investors

How the Portugal Golden Visa Works

The Portugal Golden Visa is a residency-by-investment program for non-EU nationals who invest in qualifying Portuguese funds. Investors receive a temporary residency permit that can lead to permanent residency after five years and potential citizenship after ten years of residency, based on the framework introduced in October 2025. Residency rights apply only in Portugal, and the permit allows the main applicant and eligible family members to live, work, and study in Portugal and to travel visa-free in the Schengen area for up to 90 days in any 180-day period.

Why Portugal Remains Competitive in 2026

Portugal combines political stability, strong institutions, and a solid tourism economy. It ranked as the 7th safest country in the Global Peace Index 2025 and generated about €27 billion in tourism revenue in 2024, with a record 31 million visitors that year. Spain has discontinued its Golden Visa program, and Greece requires at least seven years of residence and tax residency to obtain long-term status, while Portugal keeps a 14-day stay requirement every two years, which is attractive for investors seeking a flexible “Plan B.”

Recent Changes for Golden Visa Investors

The most important structural change came in October 2023, when direct investment in personal properties stopped qualifying for the program. A minimum investment of €500,000 in qualifying investment funds, held for at least five years, is now required for Portugal Golden Visa eligibility. Citizenship rules also changed in October 2025, with most applicants now needing ten years of residency before applying for citizenship, and nationals of Portuguese-language countries (CPLP) and EU citizens benefiting from a reduced residency requirement of seven years; applicants who submitted their citizenship applications before the new law was published remain under the previous rules.

Investment Funds: The Primary Route to Portugal Golden Visa Eligibility

Minimum Investment

The minimum qualifying investment in 2026 is €500,000 in one or more eligible funds. The investment relates to the main applicant, and it must be maintained for at least five years to preserve Golden Visa status, alongside payment of government and professional fees for each family member included.

Types of Qualifying Funds

Qualifying vehicles include venture capital and private equity funds that are registered and supervised by Portugal’s Securities Market Commission (CMVM). These funds focus on capitalizing companies and projects instead of directly owning personal properties, giving investors a professionally managed portfolio that aligns with Golden Visa regulations.

Core Fund Requirements

Eligible funds must invest at least 60% of their capital into Portuguese companies and issue units with a minimum maturity of five years. A significant number of funds are registered with the CMVM, but only those that meet specific Golden Visa criteria, including holding period and investment allocation, can be used for the program.

Due Diligence Before Investing

Investors should confirm that their chosen fund is both CMVM-regulated and expressly approved for Golden Visa purposes by AIMA. Applicants need to verify Golden Visa eligibility with AIMA and confirm CMVM supervision of the fund before committing capital. A Portuguese lawyer typically coordinates this verification and reviews fund documentation and risk disclosures.

Subscription Fees and Fund Costs

Most funds charge subscription commissions and ongoing management fees. Subscription commissions can reach up to 3.5% of the invested amount and may be deducted from the initial capital. At VIDA Fund, the subscription fee is 1% of the total amount invested, paid to the fund manager, and disclosed in advance.

Step-by-Step: The Portugal Golden Visa Government Approval Process

The Golden Visa approval process usually takes 12 to 18 months from initial application to receiving the first residency card. A Portuguese immigration lawyer is essential for preparing documentation, communicating with AIMA, and reducing the risk of delays or refusals.

0. Pre-Application Phase (Laying the Groundwork)

This phase includes selecting a qualified Portuguese law firm, obtaining a Portuguese tax identification number (NIF), opening a Portuguese bank account, and subscribing to at least €500,000 in qualifying funds. These steps can usually be completed remotely through the power of attorney, which limits the need for early travel.

1. Submitting Your Application (The Initial Filing)

The formal process starts when your lawyer files the online Golden Visa application with AIMA for you and any eligible family members. The file includes proof of the fund subscription, bank and tax details, personal documentation, and criminal background checks from your country of residence and nationality.

2. AIMA Approval and Biometrics (In-Person Requirement)

After initial approval, AIMA issues appointment slots for in-person biometric collection in Portugal for all applicants. These appointments cover fingerprinting, photographs, and original document checks. 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.

3. Receiving Your Residency Card (Year 1)

Once AIMA completes its review, you receive the first Golden Visa residency card, valid for two years. This card confirms legal residency in Portugal, grants the right to live, work, and study in Portugal, and allows visa-free travel within the Schengen area for up to 90 days in any 180-day period.

4. Residency Renewals (Years 2 and 4)

Golden Visa holders renew their residency cards every two years by proving that the fund investment is still in place and that the minimum stay requirements have been met. Renewal files also include updated criminal records and new biometrics; investors must show at least 14 days of physical presence in Portugal during each two-year period.

5. Permanent Residency Application (Year 5)

After five years of temporary residency, investors may apply for permanent residency in Portugal. This step requires continued investment compliance, confirmation of minimum stays over the five-year period, and updated documentation similar to the renewal process.

6. Path to Citizenship (Year 10)

Under the rules introduced in October 2025, most applicants become eligible to apply for Portuguese citizenship after ten years of legal residency, while nationals of Portuguese-language countries and EU citizens can apply after seven years. The citizenship process requires a Portuguese language test and proof that residency conditions were respected; the new timelines do not apply to those who submitted citizenship applications before the law was published. Once you obtain a Portuguese passport, you can live, work, study, and access public healthcare and education in any EU or Schengen Zone country. Secure Portuguese residency and a potential path to EU citizenship with tailored Golden Visa support.

Key Process Stages and Government Fees (2026)

Critical Considerations for a Smooth Application

The Importance of Legal Counsel

Specialized immigration lawyers guide you through fund selection, eligibility checks, and each interaction with AIMA. Legal fees often range from €16,000 to €20,000 for a family and represent an important safeguard against incomplete files, missed deadlines, or non-compliant investments.

How to Maintain Your Investment

Investors must keep their qualifying fund positions for at least five years, without early redemption that would reduce the investment below €500,000. This requirement makes it important to align the fund’s strategy, liquidity profile, and risk level with your wider portfolio and time horizon.

Including Family Members

The Golden Visa can include a spouse or partner, with either a marriage certificate or other proof of relationship for common-law partners, dependent children under 26 who are full-time students and not working, and parents or in-laws who are over 65 or financially dependent on the main applicant. Children must remain full-time students, remain financially dependent, and stay unmarried during the residency program until the application for the Golden Visa is complete. Each family member has separate government fees and must provide individual documentation and biometrics.

Meeting the Minimal Stay Requirement

Golden Visa holders need to spend at least 14 days in Portugal in each two-year residency period, which can be split across multiple trips. This low presence requirement, compared with countries like Greece, which require seven years of residence to qualify for citizenship, supports investors who want a long-term contingency plan without relocating immediately.

Investment Security with VIDA Fund

The VIDA Fund follows an asset-backed strategy focused on hospitality properties in Portugal, buying and transforming underperforming hotels and similar assets to give them a second life. Through VIDA Capital’s advisory services, investors access a curated portfolio of hospitality businesses that are designed to balance capital preservation with income potential while meeting Golden Visa requirements. These tangible assets retain intrinsic value beyond financial markets. Secure Portuguese residency and explore the VIDA Fund’s Golden Visa-focused strategy with VIDA Capital.

Frequently Asked Questions

Required documents for the Portugal Golden Visa application

Core documents include passports, proof of residence, a Portuguese NIF, a Portuguese bank account, fund subscription documents, payment proofs, criminal background certificates, and civil status documents for family members. Your lawyer will tailor a checklist to your situation and ensure each document meets format, translation, and legalization rules.

Typical timing for government approval

The full process, from submitting the online application to receiving the first residency cards, usually takes 12 to 18 months, depending on AIMA workloads and how complete the initial file is. Experienced legal counsel helps reduce avoidable delays by ensuring accurate, organized submissions.

Changing funds after Golden Visa approval

Any change of fund during the initial five-year period requires careful coordination so that the new fund also qualifies for the Golden Visa and the investment level remains at or above €500,000. Investors should only switch funds under legal guidance, because a non-compliant move can lead to refusal of renewal or cancellation of residency.

Consequences of missing physical presence requirements

Failure to complete 14 days in Portugal during a two-year period can lead to rejection of a renewal application and loss of residency status. Immigration lawyers can sometimes present exceptional circumstances with supporting evidence, but the safest approach is to plan and record each qualifying trip carefully.

Restrictions on qualifying investment funds

Only CMVM-regulated venture capital and private equity funds with at least 60% of capital invested in Portuguese companies and units with a minimum five-year maturity can be used for Golden Visa purposes. Fund eligibility can change over time, so investors should ask their lawyer to confirm AIMA recognition immediately before subscribing.

Conclusion: Building a Structured Path to Portuguese Residency

The Portugal Golden Visa in 2026 offers a clear, fund-based route to Portuguese residency and, over time, potential access to permanent residency and citizenship, without requiring full relocation. Investors who understand the new legal framework, especially the ten-year citizenship timeline and the focus on CMVM-regulated funds, are better positioned to plan for their families’ long-term mobility and security.

A successful application depends on three pillars: choosing an eligible fund that matches your risk profile, working with a specialized Portuguese lawyer, and maintaining both your investment and minimal presence requirements over the five-year residency period. Careful preparation at the start of the process helps keep each later stage, from renewals to permanent residency and eventual citizenship, as predictable as possible.

From pre-application planning to long-term residency strategy, professional support can simplify complex decisions and reduce risk. Connect with VIDA Capital to align your Portugal Golden Visa plan with the VIDA Fund and your broader wealth objectives.