Key Takeaways
- Portugal’s Golden Visa shifted in October 2023 to focus on regulated fund investments, and personal properties no longer qualify for the program.
- Qualifying Golden Visa funds require a minimum €500,000 investment, at least 60% allocation in Portugal, and a minimum five-year maturity that aligns with residency rules.
- Portugal remains one of the only European countries offering a clear path to citizenship without relocation, with low physical stay requirements and flexible residency for families.
- The Golden Visa process usually spans 12 to 18 months, followed by a 5-year residency period and, under the 2025 rules, a 10-year residency requirement before citizenship eligibility.
- Investors can use asset-backed, hospitality-focused funds such as the VIDA Fund, advised by VIDA Capital; contact VIDA Capital for tailored Golden Visa advisory support.
Understanding the Portugal Golden Visa Changes in 2026: Focus on Fund Investments
The October 2023 legislative shift reshaped Portugal’s Golden Visa landscape. Property investment for the Portugal Golden Visa ended in October 2023, and personal properties no longer qualify, redirecting the program to options such as venture capital, private equity, and investment funds. This change moves capital from private purchases into sectors that support broader economic development.
The minimum investment requirement remains €500,000 for qualifying funds. The main Golden Visa pathway is now a €500,000 investment in qualifying Private Equity or Venture Capital funds regulated by CMVM. This structure targets serious investors while maintaining a clear, rules-based framework.
The Portuguese government now channels foreign investment into regulated funds that support Portuguese companies and innovation. Capital flows into operating businesses and productive sectors instead of personal properties, aligning the program more closely with long-term economic priorities.
Navigating Compliant Fund Investments for Your Portugal Golden Visa
What Constitutes a Qualifying Golden Visa Fund Investment?
Qualifying Golden Visa funds must follow defined rules set by Portuguese financial authorities. Funds must be government-regulated and invest at least 60% of their capital within Portugal, which ensures direct support for the local economy. CMVM (Comissão do Mercado de Valores Mobiliários) supervises these funds.
The regulatory framework also sets a minimum fund maturity of five years, aligning with the initial residency period. Qualifying investments require a €500,000 minimum in approved funds that hold at least 60% of their assets in Portugal and have a minimum five-year term. These criteria help match investor timelines with residency rules.
Program guidelines now steer investments toward operating companies and productive sectors. This change moves the Golden Visa away from personal properties and toward long-term, growth-focused activity.
The Strategic Advantages of Asset-Backed Funds in Portugal
Asset-backed funds give investors exposure to tangible assets that can preserve value through different market cycles. These funds differ from purely speculative vehicles by anchoring capital in physical assets that retain intrinsic worth.
Portugal’s tourism sector supports this approach. The country welcomed a record 31 million visitors in 2024, generating €27 billion in tourism revenue. Projections indicate that tourism could reach 22.6% of national GDP by 2035, and Portugal will co-host the 2030 FIFA World Cup. Hospitality assets therefore, combine regulatory suitability with structural demand.
The hospitality market remains fragmented, with many independent hotels and small operators. Professional fund managers can consolidate and reposition these assets through operational improvements, targeted upgrades, and stronger branding.
The VIDA Fund: Your Asset-Backed Pathway to the Portugal Golden Visa
The VIDA Fund, advised by VIDA Capital, is a CMVM-regulated investment fund designed for Golden Visa applicants who want asset-backed exposure. The fund focuses on acquiring undervalued hospitality businesses across Portugal and giving these assets a second life through upgrades and operational improvements.
VIDA Fund follows an integrated owner-operator model. The management team oversees acquisitions, refurbishment strategies, and ongoing operations, drawing on experience that includes more than €4 billion in assets managed and over 100 private equity transactions worldwide. The fund does not build hospitality assets from the ground up; it buys existing assets and transforms them.
The strategy centers on buying underperforming hospitality assets, improving design and operations, and repositioning each property in its local market. This approach aims to enhance both asset quality and cash flow while aligning with Portugal’s sustainable tourism objectives.
Portugal Golden Visa: A Competitive Analysis Against Other Programs (2026)
Why Portugal Maintains a Leading Edge in Residency-by-Investment
Portugal’s Golden Visa offers a flexible residency structure. Cardholders must spend only 14 days in Portugal every two years, which suits investors who want a Plan B without moving their primary residence or business.
Family inclusion strengthens the program’s appeal. The main applicant can include a spouse or partner, economically dependent children, and parents or in-laws over 65 or financially dependent. For a spouse or partner, applicants can present either a marriage certificate or other proof of relationship. Children must be full-time students, unmarried, not working, and must maintain these conditions throughout the residency program until the Golden Visa application is complete.
Golden Visa residency grants the right to live, work, and study in Portugal, plus visa-free travel within the Schengen Area for up to 90 days in any 180-day period. Access to live, work, study, and use public healthcare and education in any EU or Schengen country only becomes available after obtaining a Portuguese passport.
Portugal is currently one of the only countries in Europe that provides a clear route to citizenship for investors without requiring relocation, which makes it especially competitive for long-term planning.
Recent Program Shifts & Global Comparisons
European residency-by-investment programs have changed rapidly. Spain abolished its Golden Visa program in 2024, removing a key alternative for investors. Greece maintains its program with a focus on property, but applicants must live there and pay taxes for seven years to qualify for citizenship.
The comparison below summarizes core differences:
|
Feature |
Portugal Golden Visa (2026) |
Greece Golden Visa |
Spain Golden Visa |
|
Investment Requirement |
€500K Funds |
From €250K Property |
Program Abolished (2024) |
|
Investment Type |
Regulated Funds |
Property-focused |
N/A |
|
Physical Stay Requirement |
14 days / 2 years |
No mandatory stay for residency; residency and tax conditions apply for citizenship |
N/A |
|
Citizenship Timeline |
10 years |
7 years with residency and tax conditions |
N/A |
The Step-by-Step Process for Your Portugal Golden Visa Application in 2026
The Golden Visa application involves investment selection, legal documentation, and interaction with Portuguese authorities. Experienced legal counsel is essential at every step, especially for fund investments.
1. Pre-Application & Preparation: Investors should first select a reputable Portuguese immigration law firm. VIDA Capital can introduce experienced lawyers familiar with fund-based Golden Visa cases. With legal support, investors obtain a Portuguese tax number (NIF) and open a local bank account, often remotely. The €500,000 fund investment, such as an allocation to the VIDA Fund advised by VIDA Capital, is then completed with documentation that meets CMVM and immigration requirements.
2. Application Submission & Biometrics: The lawyer submits the online Golden Visa application through the AIMA portal for the main applicant and all family members. After preliminary approval, the lawyer schedules in-person biometrics appointments in Portugal.
3. Initial Residency Card Issuance: Successful applicants receive a temporary residency permit valid for two years. This card grants the right to live, work, and study in Portugal, and it provides visa-free Schengen travel for up to 90 days in any 180-day 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.
4. Residency Renewal: Before the first card expires, investors must show that they maintained the qualifying investment and met the 14-day stay requirement during the previous two-year period. Updated biometrics and clean criminal record documentation are also required.
5. Permanent Residency Eligibility: After five years of temporary residency, investors can apply for permanent residency while maintaining the investment and stay requirements.
6. Citizenship Pathway: Portugal’s new citizenship framework, in force since October 2025, requires 10 years of legal residency before citizenship eligibility. Nationals of Portuguese-language countries (CPLP) and EU citizens benefit from a reduced seven-year requirement. The law applies to Golden Visa investors unless they submitted a citizenship application before the new rules were published.
Costs & Financial Considerations for Your Portugal Golden Visa Investment
Investors need to understand both investment and non-investment costs before committing to the program.
Government Fees: Initial application fees are €618.60 per family member, with residency card issuance at €6,179.40 per person. Each renewal currently costs €3,023.20 per person. Citizenship applications cost €250 per family member once residency and other requirements are met.
Legal & Professional Services: Immigration lawyer fees typically range from €16,000 to €20,000 per family, depending on the firm and scope. These fees usually cover application preparation, document checks, and ongoing monitoring through renewals.
Investment-Related Expenses: Fund subscription fees vary. The VIDA Fund charges a 1% subscription fee on the total invested amount, payable to the fund manager, which makes overall costs transparent for investors.
Tax Considerations: The Golden Visa alone does not create tax residency. Investors who remain non-residents are generally taxed only on Portuguese-source income. Individual tax advice is important before changing residency or structuring investments.
Frequently Asked Questions (FAQ) about the Portugal Golden Visa and Fund Investments
Portugal’s Golden Visa and reasons for the investment requirement changes
Portugal’s Golden Visa is a residency-by-investment program for non-EU nationals. The October 2023 reforms redirected the program away from personal properties and toward regulated fund investments so that foreign capital supports business activity, innovation, and employment while keeping the program attractive for international investors.
Golden Visa timelines and minimum stay requirements
The process from application submission to receipt of the first residency card usually spans 12 to 18 months, depending on processing volumes. To keep the residency permit active, investors must spend at least 14 days in Portugal in each two-year card period, which makes the program comparatively flexible in Europe.
What is the current status of the Portugal Golden Visa in 2026?
The Portugal Golden Visa remains active in 2026. Fund investments, including hospitality-focused vehicles such as the VIDA Fund advised by VIDA Capital, provide a regulated route to meet the €500,000 investment requirement. The move to fund-based options has concentrated the program on economic development while preserving its long-term residency and citizenship potential.
What investor profile is best suited to the VIDA Fund?
The VIDA Fund is designed for high-net-worth individuals and sophisticated investors who want residency through exposure to hospitality assets rather than personal properties. Capital preservation is supported by investing in tangible operating assets and by an owner-operator approach that emphasizes direct oversight, operational efficiency, and disciplined value creation. Historical performance of similar strategies does not guarantee future returns.
How does VIDA Capital support Golden Visa investors?
VIDA Capital provides specialized advisory services focused on Golden Visa–eligible fund investments. The team offers transparent fee structures, introductions to experienced Portuguese law firms, and ongoing investor communication. This advisory model aims to align fund selection, legal strategy, and long-term residency and citizenship planning.
Conclusion: Using Portuguese Fund Investments for Long-Term Residency Planning
Portugal’s Golden Visa continues to offer a practical route to residency and, under the current rules, eventual citizenship for international investors who prefer not to relocate immediately. The shift to regulated fund investments has strengthened the program’s economic contribution while keeping benefits such as low stay requirements and broad family inclusion.
Asset-backed, hospitality-focused funds give investors a way to meet Golden Visa rules while holding tangible assets in a sector supported by rising tourism and major events like the 2030 FIFA World Cup. This structure can complement broader wealth and mobility planning.
Investors who work with experienced advisors such as VIDA Capital can navigate regulations more efficiently and select funds that match both Golden Visa compliance and individual risk and return objectives. Portugal’s stability, economic outlook, and residency flexibility make it a strong option for long-term European access and a well-structured Plan B.
