Key Takeaways
- Portugal’s Golden Visa grants temporary residency in Portugal, visa-free travel in the Schengen Area for up to 90 days in any 180-day period, and a long-term path to Portuguese citizenship.
- Personal properties no longer qualify for the Golden Visa; investment fund subscriptions are now the primary route for new applicants in 2026.
- Qualifying funds must be regulated Private Equity or Venture Capital vehicles with at least a five-year term and a minimum investment of €500,000.
- Portugal remains one of the only European countries offering a path to citizenship without relocation, with relatively light stay requirements of 14 days every two years.
- VIDA Capital supports investors with advisory services and access to the VIDA Fund, a qualifying hospitality-focused investment for the Portugal Golden Visa.
How the Portugal Golden Visa Works in 2026
Residency, travel, and long-term goals
The Portugal Golden Visa is a residency-by-investment program that grants non-EU investors and eligible family members a temporary residency permit in Portugal. This status allows them to live, study, and work in Portugal, and to travel visa-free throughout the Schengen Area for up to 90 days in any 180-day period.
Investors receive a residency card valid for two years. They must then renew it for two additional two-year periods while maintaining their qualifying investment and meeting the minimum stay requirement of 14 days in Portugal every two years. At the end of five years, they can apply for Portuguese permanent residency.
Parliament approved a new citizenship framework in October 2025. Citizenship now generally requires 10 years of legal residency in Portugal, while nationals of Portuguese-language countries and EU citizens benefit from a reduced seven-year requirement. Successful citizenship applicants then gain full rights to live, work, study, and access public services across the European Union.
The Golden Visa process usually spans 12 to 18 months from initial preparation to receipt of the first residency card.
What Qualifies as a Golden Visa Investment in 2026
Why do personal properties no longer qualify?
Direct property ownership stopped qualifying for the Portugal Golden Visa in October 2023. Personal properties are no longer accepted for new applications. Policymakers redirected capital away from property purchases and toward investment vehicles that directly support business activity and job creation.
Fund options that meet Golden Visa rules
Eligible Golden Visa investments now focus on regulated Private Equity (PE) and Venture Capital (VC) funds. These funds channel capital into Portuguese companies and projects, aligning investor objectives with the country’s economic priorities.
The minimum qualifying subscription is €500,000 per main applicant. Funds must be supervised by the Portuguese Securities Market Commission (CMVM) and managed by licensed management companies, which adds regulatory protection and disclosure requirements for investors.
|
Investment Type |
Pre-Oct 2023 |
2026 Status |
Typical Minimum |
|
Personal properties |
Eligible |
Not Eligible |
€350,000–€500,000 |
|
PE/VC funds |
Eligible |
Primary Option |
€500,000 |
Key Rules for Compliant Golden Visa Funds
Five-year minimum fund term
Qualifying funds must have a maturity of at least five years. This timeline mirrors the Golden Visa route to permanent residency and reduces the risk that a fund will liquidate before investors complete the required residency period.
60 percent allocation to Portuguese companies
At least 60 percent of the fund’s capital must be invested in companies with a head office in Portugal and not linked directly or indirectly to property ownership. This rule ensures that Golden Visa capital supports Portugal’s corporate sector rather than recreating property-based structures.
The remaining allocation gives managers flexibility to diversify and manage risk while keeping the fund firmly anchored in the Portuguese economy.
Why do many investors favor asset-backed fund strategies?
Asset-backed strategies give investors exposure to operating businesses supported by tangible assets such as hospitality properties. Underlying physical assets can help preserve capital and may provide recovery options if market conditions deteriorate.
Many sophisticated investors value strategies that combine asset backing with operational improvements, for example, by upgrading underperforming hotels or hospitality assets to higher standards and stronger positioning.
Hospitality as a Strategic Golden Visa Theme: The VIDA Fund
How the VIDA Fund fits Golden Visa requirements
The VIDA Fund is a qualifying, asset-backed fund that focuses on Portugal’s hospitality sector. The fund invests by acquiring existing hospitality assets and transforming them, giving these assets a second life rather than building new properties from the ground up. This approach complies with Golden Visa rules that restrict links to property development while maintaining clear asset backing.
The fund follows an owner-operator model, taking direct responsibility for operations and improvements. VIDA Fund I has raised more than €20 million from over 50 investors and has supported over 100 Golden Visa applications for investors and family members. Historical investment returns are not a guarantee of future returns.
Why hospitality aligns with Portugal’s fundamentals
Portugal ranked among the safest countries in the world in 2025 and continued to attract record visitor numbers. The country welcomed around 31 million visitors in 2024, with tourism revenues reaching record levels. Non-resident visitors accounted for a substantial majority of overnight stays, supporting sustained demand for quality hospitality assets.
Projections from the World Travel & Tourism Council indicate that travel and tourism could represent around 22.6 percent of Portugal’s GDP by 2035. Portugal’s role as a co-host for the 2030 FIFA World Cup is also expected to reinforce long-term tourism visibility and infrastructure.
Steps to Apply for the Portugal Golden Visa
Overview of the process
Successful applications rely on careful legal and procedural planning. Working with an experienced Portuguese immigration lawyer from the outset is essential to avoid delays or compliance issues.
Key stages typically include:
- Pre-application setup: Investors appoint a specialized lawyer, obtain a Portuguese tax number (NIF), and open a local bank account. Spouses or partners can be included by providing either a marriage certificate or other acceptable proof of relationship.
- Investment execution: Investors subscribe at least €500,000 in a qualifying PE or VC fund. The fund manager and lawyer coordinate documentation that proves the investment meets Golden Visa rules.
- Application submission and biometrics: The lawyer submits online applications for the main investor and eligible family members. Dependent children must be full-time students, not working, and unmarried for the entire residency period until the Golden Visa process is complete. After initial approval, the family attends biometric appointments in Portugal.
- Residency cards and renewals: Applicants receive a two-year temporary residence card. They then renew it for two additional two-year periods, while maintaining the investment and spending at least 14 days in Portugal every two years. 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.
- Permanent residency and citizenship: After five years of compliant residency and investment, investors may apply for Portuguese permanent residency. Citizenship applications now generally require 10 years of residency, or seven years for nationals of Portuguese-language countries and EU citizens.
Why Portugal Remains a Strong Plan B in Europe
Portugal remains one of the few European countries that offers a structured path to citizenship through investment funds without requiring relocation. Investors can keep their primary base elsewhere while meeting modest stay requirements in Portugal.
The Golden Visa grants residency rights only in Portugal, but it also provides visa-free Schengen travel within the usual 90-days-in-180-days rule. Once investors obtain Portuguese citizenship, they gain full rights across the EU, including the ability to live, work, and study in any EU or Schengen Zone country and to access public healthcare and education.
Spain has closed its Golden Visa program, and Greece now expects investors to reside there and typically pay taxes for seven years to qualify for long-term residency and citizenship. Portugal’s lighter presence requirements, combined with a clear investment-fund framework, continue to position it as a competitive Plan B option.
Investors should also budget for government fees, legal fees, and fund subscription costs. Government fees can reach several thousand euros per family member over the five-year period. Legal fees for Golden Visa work often range from €16,000 to €20,000 per family, and the VIDA Fund charges a 1 percent subscription fee on invested capital.
Frequently Asked Questions About Golden Visa Fund Investments
What is the current minimum investment for a fund-based Portugal Golden Visa?
The minimum qualifying investment is €500,000 in a regulated Private Equity or Venture Capital fund that meets Golden Visa criteria. The investment must remain in place throughout the residency qualification period.
Are personal properties still eligible under the Golden Visa rules?
No. Personal properties and other direct property ownership structures stopped qualifying for new Golden Visa applications in October 2023. The program is now centered on funding investments that support business activity rather than property purchases.
What defines a qualifying fund for the Golden Visa?
Qualifying funds are PE or VC vehicles regulated by the CMVM, managed by licensed fund managers, with at least a five-year term and at least 60 percent of capital invested in eligible Portuguese companies that are not linked to property ownership.
What additional costs should investors expect beyond the €500,000 investment?
Investors should plan for government application and renewal fees, legal fees that often fall between €16,000 and €20,000 for a family, and fund subscription or management fees. The VIDA Fund applies a 1 percent subscription fee on invested capital.
Conclusion: How VIDA Capital Supports Your Golden Visa Strategy
Navigating Portugal’s updated Golden Visa rules in 2026 requires clear information and coordinated professional support. The move away from personal properties toward regulated investment funds has created a more focused framework for investors who want both residency in Portugal and exposure to the country’s economic growth.
VIDA Capital operates as an advisory firm that helps investors understand the Golden Visa rules, select suitable legal partners, and evaluate qualifying fund options such as the VIDA Fund. The VIDA Fund’s hospitality-focused, asset-backed strategy, combined with regulatory compliance and experienced management, offers a structured way to pursue both immigration and investment objectives. Historical returns are not a guarantee of future performance, so each investor should assess risk carefully in line with personal goals.
