Key Takeaways
- Portugal’s 2023 reforms removed personal properties from Golden Visa eligibility, and regulated investment funds with a minimum €500,000 investment are now the primary route.
- Asset-backed funds that focus on tangible sectors such as hospitality can support capital preservation while meeting Portugal Golden Visa requirements.
- The core steps include choosing a qualifying fund, appointing an immigration lawyer, obtaining a Portuguese tax number, opening a bank account, completing the investment, and submitting the residency application.
- Portugal remains one of the few European options that offers a path to citizenship without relocation, with a low stay requirement of 14 days every two years, while Spain no longer offers a Golden Visa, and Greece requires seven years of living there and paying taxes.
- VIDA Capital is an advisory firm that guides investors into asset-backed hospitality opportunities through the VIDA Fund, helping structure compliant Golden Visa strategies; contact VIDA Capital to discuss your Portugal Golden Visa plan.
Key Challenges When Starting Your Portugal Golden Visa
Uncertainty in a Changing Landscape
The Portugal Golden Visa program changed significantly in October 2023. Personal property investment options were eliminated, and regulated investment funds with a minimum €500,000 investment became the main path. Many investors now feel uncertain about which options remain compliant and aligned with capital preservation goals.
The market also feels fragmented. Some intermediaries work on commissions that may not fully align with client interests, which makes it harder to distinguish objective advisory services from sales-driven recommendations.
The Imperative for Capital Preservation
Many high-net-worth investors want Portuguese residency and a path to citizenship while protecting principal capital. They tend to avoid purely speculative positions and look for tangible, asset-backed strategies that provide resilience across the full Golden Visa timeline.
These investors usually value funds that combine Golden Visa eligibility, clear governance, and exposure to real operating assets rather than abstract or highly volatile instruments.
How Investment Funds Create a Clear Golden Visa Path
Qualifying investment funds now sit at the center of the Portugal Golden Visa framework. Eligible funds must be registered with the Portuguese Securities Commission (CMVM), keep at least 60% of capital in Portuguese companies, and issue units with a minimum five-year maturity.
The standard structure involves:
- A minimum investment of €500,000
- A holding period that aligns with Golden Visa rules and fund life
- Potential returns are generally realized over a medium-term horizon of several years
Roughly 50 out of 200 Portuguese funds currently qualify for Golden Visa purposes. Many focus on sectors such as hospitality, technology, and manufacturing, which lets investors choose strategies that match their risk profile and sector preferences.
This approach gives investors professional management, regulatory oversight, and a structured path to Portuguese residency, with a potential path to Portuguese and EU citizenship at the end of the process.
VIDA Capital is an advisory firm that focuses on asset-backed hospitality strategies through the VIDA Fund, which buys and transforms existing hospitality assets and gives them a second life. Reach out to VIDA Capital to review fund-based Golden Visa options.
Initial Steps: Starting Your Portugal Golden Visa Journey Through Funds
Understanding Fund Requirements and Options
Clear screening of funds is essential before committing capital. Qualifying funds must be CMVM-registered, have at least five years of maturity, and allocate at least 60% of capital to Portuguese entities without direct links to personal properties.
Investors commonly prioritize:
- Asset-backed strategies focused on tangible operating assets, such as hospitality businesses
- Experienced management teams with transparent reporting
- Clear alignment between the fund term and Golden Visa residency timelines
The Pre-Application Checklist
A structured sequence helps avoid delays. For most investors, the process includes:
- Appointing a Portuguese immigration lawyer, who is essential to manage documentation, fund compliance checks, and communication with authorities
- Obtaining a Portuguese Tax Identification Number (NIF) is often arranged remotely through a lawyer
- Opening a Portuguese bank account is usually handled remotely with legal support
- Transferring at least €500,000 to the Portuguese bank account and signing the fund subscription documents
Only after these steps are complete does it make sense to proceed with your Golden Visa application.
Gathering Essential Documentation
Well-prepared documents keep the process moving. Core items normally include proof of the €500,000 transfer, the fund agreement, a valid passport, and a clean criminal record certificate. Authorities may also ask for proof that funds came from a legal source and basic medical information.
Family inclusion usually requires:
- For a spouse or partner, a marriage certificate or other proof of relationship
- For children, proof that they are financially dependent, full-time students, not working, and not married for the entire residency period until the Golden Visa application is completed
- For parents or in-laws, evidence of age or financial dependency, where applicable
Careful coordination with your lawyer reduces the risk of missing documents and related delays.
Why Asset-Backed Funds Provide Security for Your Investment
Asset-backed Golden Visa funds invest in tangible operating assets, which can help preserve capital. These assets may include hospitality businesses, industrial facilities, or technology companies with meaningful infrastructure and cash flow.
Portugal’s hospitality sector is a central area of focus. Travel and tourism are projected to represent 22.6% of Portugal’s GDP by 2035, and tourism activities generated €27 billion in revenue in 2024. This context supports the rationale for hospitality-focused, asset-backed strategies.
|
Investment Type |
Capital Security |
Potential for Appreciation |
Golden Visa Qualification |
|
Asset-backed fund |
Higher, supported by tangible assets |
Moderate to high, depending on operations |
Yes |
|
Other fund types |
Variable, based on underlying assets |
Variable |
Yes, if Golden Visa-compliant |
|
Traditional equity portfolio |
Lower, markets only |
Variable |
No |
VIDA Fund focuses on buying and transforming existing hospitality properties and giving them a second life, rather than building from the ground up. Historical performance can inform expectations, but historical returns are not a guarantee of future returns. Contact VIDA Capital to learn how an asset-backed fund can fit into your Golden Visa plan.
The Golden Visa Application Process and Timeline
Online Submission and Biometrics
Your lawyer submits the application through the AIMA online portal for you and any included family members. The file typically includes identification, investment proof, criminal records, and supporting family documents.
After authorities give initial approval, you attend an in-person appointment for biometric data collection. The Portugal Golden Visa process usually spans 12 to 18 months from the first submission to receiving your initial residency card, although individual timelines can vary.
Residency Permit and Renewal Cycle
The first residency card is a temporary permit valid for two years. It grants residency rights in Portugal and visa-free travel within the Schengen area for up to 90 days in any 180-day period.
You must then renew your residency permit for two additional two-year periods and maintain:
- Your qualifying fund investment
- A minimum stay of 14 days in Portugal 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 five-year period.
Path to Permanent Residency and Citizenship
After five years of maintaining the investment and residency requirements, you can apply for permanent residency in Portugal, which removes the need for further temporary renewals.
Portugal’s Parliament approved a new framework in October 2025 that extends the residency requirement for citizenship to 10 years. Nationals of Portuguese-language countries (CPLP) and EU citizens have a reduced requirement of seven years. This framework applies to Golden Visa holders unless they submitted their citizenship application before the new law was published.
Portugal also remains one of the only European countries that offers a route to citizenship through investment funds without requiring relocation. Spain has ended its Golden Visa program, and Greece requires seven years of living there and paying taxes to qualify for citizenship.
Discuss your long-term residency and citizenship plan with VIDA Capital’s advisory team.
Frequently Asked Questions (FAQ)
Current Structure of Portugal’s Golden Visa After Personal Properties Exclusion
Portugal’s Golden Visa is a residency-by-investment program for non-EU nationals that offers Portuguese residency and a path to Portuguese and EU citizenship. After the 2023 changes, qualifying investment funds became the primary option. These funds require a minimum €500,000 investment held for at least five years, must be registered with the Portuguese Securities Commission, and must allocate at least 60% of capital to Portuguese companies.
Expected Timing for Residency and Citizenship
The Golden Visa process generally takes 12 to 18 months from initial submission to the first residency card. Permanent residency becomes available after five years of meeting the investment and stay requirements. Citizenship now requires 10 years of residency in Portugal, or seven years for CPLP nationals and EU citizens, provided all legal and language requirements are met.
Relocation Requirements for Maintaining Golden Visa Residency
The Portugal Golden Visa does not require full relocation. You must spend at least 14 days in Portugal in each two-year residency period while maintaining your qualifying investment. This low physical presence requirement makes Portugal a competitive “Plan B” strategy compared with countries such as Greece that require longer residence to retain long-term status.
Main Advantages of Asset-Backed Investment Funds
Asset-backed funds invest in tangible operating assets such as hospitality businesses, industrial operations, or technology companies. These structures can support capital preservation by linking your investment to assets with intrinsic value, rather than relying solely on market sentiment. Portugal’s tourism sector, which generated €27 billion in revenue in 2024, reinforces the case for carefully selected hospitality-focused strategies.
Eligibility of Family Members for the Golden Visa
Family members can be included in one Golden Visa application. Eligible dependents usually include a spouse or partner, dependent children who are full-time students, not working, and unmarried, and parents or in-laws who are of an eligible age or financially dependent on the main applicant. All included family members receive the same Portuguese residency rights and Schengen travel benefits.
Conclusion: Building a Structured Plan for Portugal Residency
Fund-based Golden Visa strategies now sit at the core of Portugal’s residency-by-investment framework. Investors who focus on qualifying, asset-backed funds, and who work closely with experienced immigration lawyers can follow a clear path from initial investment to temporary residency, then to permanent residency and, in time, to citizenship.
Portugal’s regulated fund environment, strong hospitality and tourism sectors, and low physical presence requirements make it an attractive choice for global families seeking a structured Plan B. The key is thoughtful fund selection, complete documentation, and consistent compliance throughout the five-year residency period and beyond.
VIDA Capital acts as an advisory firm to help investors select and structure asset-backed hospitality investments through the VIDA Fund, which buys and transforms existing hospitality assets and gives them a second life. Historical returns are not a guarantee of future returns. Contact VIDA Capital to explore how a regulated, asset-backed fund can support your Portugal Golden Visa objectives.
