Portugal Golden Visa Funds: Investment Amounts Guide

Key Takeaways

• Portugal’s Golden Visa now relies primarily on fund investments, with a minimum of €500,000 in CMVM-regulated funds that meet specific holding and allocation rules.
• Fund types differ in minimum subscriptions, risk, and strategy, with venture capital/private equity, asset-backed hospitality funds, and diversified funds offering distinct profiles.
• Evaluation should go beyond the headline amount, focusing on CMVM authorization, fund lifecycle, underlying assets, fees, and manager track record.
• Portugal remains one of the few countries in Europe offering a path to citizenship without relocation, supported by a low stay requirement of 14 days every two years and a Golden Visa process that usually spans 12 to 18 months when handled by a dedicated lawyer.
• VIDA Capital advises investors on Portugal Golden Visa-eligible funds such as the VIDA Fund, an asset-backed hospitality strategy that buys and transforms existing properties, giving them a second life; contact VIDA Capital for tailored guidance.

Understanding Portugal Golden Visa Fund Investments: The €500,000 Threshold and Key Eligibility Criteria

In 2026, fund investments represent the main route to Portugal’s Golden Visa after the October 2023 changes removed personal properties from the program. The core rule remains a minimum €500,000 investment in qualifying funds regulated by the Portuguese Securities Market Authority (CMVM).

Qualifying funds must meet specific criteria set by CMVM, including a minimum 5-year holding period for Golden Visa purposes and at least 60% of the portfolio invested in Portuguese companies or businesses. This framework aims to protect investors and support local economic development.

Minimum subscription levels can differ from the Golden Visa threshold. Some funds accept smaller tickets, which means investors combine several positions to reach €500,000. Other funds set their minimum subscription at €500,000, matching the program requirement. Diversification across several eligible funds is permitted, as long as total invested capital meets or exceeds €500,000.

The Golden Visa grants temporary residency rights in Portugal and visa-free travel within the Schengen Area for up to 90 days in any 180-day period. When you receive your Golden Visa, you obtain a temporary residency permit valid for 2 years, then you can renew it for two additional 2-year periods while maintaining the investment and the minimum stay requirement of 14 days every two years. At the 5-year mark, you can apply for permanent residency. 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.

Portugal’s Parliament approved a new framework in October 2025 that extended timelines for citizenship. Most applicants must now reside in Portugal for 10 years before qualifying for citizenship, while nationals of Portuguese-language countries (CPLP) and EU citizens face a 7-year requirement. The new law should apply to Golden Visa investors unless they submitted a citizenship application before the law is published. A Portuguese passport then confers the right to live, work, study, and access public healthcare and education across the European Union and Schengen countries.

Portugal Golden Visa Funds: A Detailed Comparison of Investment Amounts and Types

The €500,000 Golden Visa threshold is constant, but minimum subscription levels and strategies vary by fund type. Understanding how each category aligns with your goals and risk tolerance is essential.

Venture Capital and Private Equity Funds

Venture capital and private equity funds invest in unlisted companies, from early-stage technology businesses to established hospitality operators. These strategies seek capital growth by improving operations, scaling businesses, or preparing them for sale.

Investment amount strategy: The Golden Visa still requires €500,000 in total, but some funds accept smaller tickets. Many set minimum subscriptions around €150,000 or €200,000, so investors often commit to several positions to reach the program threshold.

Key characteristics: These funds can offer higher return potential, but they are illiquid and typically have 6–10-year terms, sometimes extending to 12 years. Capital can be locked in for most of the fund’s life. Historical returns are not a guarantee of future returns.

The VIDA Fund follows a specialized private equity approach in Portugal’s hospitality sector, using an asset-backed strategy that meets the €500,000 Golden Visa requirement with a single subscription. The fund buys existing hospitality assets and hotel operating companies, then transforms and repositions them, giving these properties a second life.

Asset-Backed Funds

Asset-backed funds invest in tangible assets that support the fund’s value, providing an extra layer of capital protection compared to purely cash flow-based strategies. In Portugal’s Golden Visa space, this often focuses on hospitality and related operating companies.

Investment amount strategy: Many asset-backed funds align their minimum subscription with the €500,000 Golden Visa requirement, simplifying the process for investors who prefer a single-fund approach.

Key characteristics: Tangible assets can help preserve capital because they retain intrinsic value that may be realized if assets are sold. Portugal’s tourism market is projected to reach 22.6% of national GDP by 2035, which supports the investment case for hospitality-focused funds. The VIDA Fund operates in this segment, investing in hotel operating companies and applying active asset management. Historical returns are not a guarantee of future returns.

Diversified Investment Funds

Diversified funds spread capital across multiple sectors and themes within Portugal, such as indexed strategies, agribusiness, and renewable energy.

Investment amount strategy: These funds often offer the lowest per-ticket minimums. Examples include indexed funds with €50,000 minimums, agribusiness at about €100,000, and renewable energy at around €200,000. Reaching €500,000 usually involves investing across several positions or funds.

Key characteristics: Diversification can smooth risk across sectors and themes. Each segment carries different risk and return expectations. Historical returns are not a guarantee of future returns.

Critical Evaluation Criteria for Your Fund Choice: Beyond the Investment Amount

Effective fund selection requires more than checking the minimum subscription. Several practical criteria can help protect your capital and support your residency objectives.

• Regulatory status: Only a minority of Portuguese funds qualify for Golden Visa eligibility. CMVM authorization, regular audits, and transparent reporting are essential safeguards.
• Fund lifecycle and holding period: Golden Visa rules require at least 5 years of investment, but fund terms usually run 6–10 years. The VIDA Fund, for example, targets a 6.5-year lifecycle, while many peers range from 8 to 12 years. Align the timeline with your liquidity needs.
• Underlying assets and strategy: Asset-backed structures that invest in hotel operating companies or other tangible assets can provide an extra buffer compared with strategies that rely purely on cash flow or valuations.
• Manager track record: A team with experience across acquisitions, operations, and exits is critical in specialized sectors like hospitality. The VIDA Fund team has managed over €4 billion in assets across their careers.
• Fees and total costs: Typical fund fees include subscription fees up to about 3.5%, annual management fees between 0.5% and 3%, and performance fees. The VIDA Fund applies a 1% subscription fee, in addition to government and legal fees related to the Golden Visa.

Aligning Fund Choices with Investor Profiles and Goals

Aligning your fund selection with your risk profile, family goals, and long-term Plan B can help you narrow options efficiently.

• Capital preservation focus: Investors who prioritize downside protection often favor asset-backed funds with tangible assets and conservative leverage. The VIDA Fund combines a hospitality focus with physical backing in hotel operating companies and assets located in Portugal, which ranks as the 7th safest country in the world in the 2025 Global Peace Index.
• Growth-oriented investors: Those seeking higher return potential may prefer specialized private equity or venture capital strategies with clear value-creation plans, disciplined exits, and experienced managers. These strategies typically accept more volatility and longer capital lock-up. Historical returns are not a guarantee of future returns.
• Plan B and lifestyle flexibility: Investors seeking a backup residency option often prioritize programs with low physical presence requirements. Portugal requires only 14 days of presence every two years, while Greece requires 7 years of residence and tax status for citizenship, and Spain has discontinued its Golden Visa program. Portugal remains one of the few countries in Europe offering a path to citizenship without relocation.

Including family members requires attention to eligibility rules. Spouses or partners can be included with a marriage certificate or other recognized proof of relationship. Children must be full-time students, not employed, and unmarried throughout the Golden Visa residency until the citizenship application is submitted.

The overall Golden Visa process usually spans 12 to 18 months. A Portuguese lawyer is essential at every stage, from preparing documentation and submitting the application to handling biometrics, renewals, permanent residency, and eventual citizenship filings.

VIDA Capital can help you compare eligible funds and align them with your profile and objectives.

Frequently Asked Questions (FAQ)

What is the minimum investment amount for the Portugal Golden Visa through funds?

The minimum investment is €500,000 in one or more CMVM-regulated funds that qualify for the Golden Visa. Some funds accept smaller individual subscriptions, but your combined investment must reach at least €500,000 to meet the program rules.

Can I combine investments in different funds to reach the €500,000 minimum?

You can combine investments across several eligible funds, as long as each fund meets Golden Visa criteria and the total invested capital equals or exceeds €500,000. Each holding must comply with the 5-year minimum holding period and the rule that at least 60% of the fund’s portfolio is invested in Portuguese businesses.

What is the typical lifecycle of a Portugal Golden Visa-eligible fund?

Most eligible funds run for 6–10 years, and some extend beyond that. The Golden Visa requires that you hold your investment for at least 5 years, but your capital is usually returned at or near fund maturity. Investors normally participate as Limited Partners, with liability limited to the invested amount.

What other costs should I expect besides the €500,000 investment?

In addition to the fund subscription, you should budget for government application and card fees, legal fees often in the €16,000–€20,000 range for a family, and fund-related costs such as subscription and annual management fees. The VIDA Fund applies a 1% subscription fee, and all historical return figures should be treated as non-guaranteed.

How does an asset-backed fund like the VIDA Fund help protect capital?

An asset-backed fund derives value from tangible assets such as hotels and hospitality operating companies in Portugal. These assets can, if required, be sold to recover part or all of the invested capital, which may mitigate some risks faced by strategies that depend mainly on less tangible assets or purely projected cash flows.

Your Pathway to Portuguese Residency and Long-Term Options in Europe

Choosing a Portugal Golden Visa fund involves more than meeting the €500,000 requirement. A well-structured fund can support your capital preservation or growth goals while providing a clear route to Portuguese residency, potential permanent residency after 5 years, and, under the current framework, eligibility for citizenship after a longer residency period.

VIDA Capital acts as an independent advisory partner focused on Golden Visa-eligible, asset-backed funds in Portugal’s hospitality sector. The VIDA Fund buys and transforms existing hospitality assets and operating companies, giving these properties a second life while targeting institutional-grade standards. Historical returns are not a guarantee of future results.

Contact VIDA Capital to review your options and design a Portugal Golden Visa fund strategy that matches your risk profile, family objectives, and long-term European plans.