Can You Sell Golden Visa Investments After Residency?

Key takeaways

• Golden Visa eligibility in 2026 depends on a minimum €500,000 subscription into a CMVM-regulated investment fund that keeps at least 60% of capital in Portuguese-headquartered companies for at least five years.
• Temporary residency requires limited but specific physical presence in Portugal, plus a documented five-year track record of maintaining the qualifying investment before you can apply for permanent residency.
• Fund rules, regulatory oversight, and documentation obligations create ongoing compliance checkpoints that affect both you and your chosen fund manager.
• Portugal is currently one of the only countries in Europe that offers access to citizenship without the need to relocate, although new rules now require 10 years of residency, while Spain has ended its Golden Visa, and Greece requires seven years of living there and paying taxes.
• VIDA Capital helps investors understand fund options, coordinate with legal counsel, and manage Golden Visa obligations from application to permanent residency, so you can move forward with a clear plan.

Core Contractual Requirements for Golden Visa Eligibility in 2026

Eligibility starts with a clear financial commitment. Applicants must invest at least €500,000 in a qualifying Private Equity or Venture Capital fund regulated by CMVM. Personal properties no longer qualify, following the regulatory changes introduced in October 2023.

Capital must stay invested for the full temporary residency period. Qualifying funds must have a minimum five-year maturity and invest at least 60% of the capital in Portuguese-headquartered companies. This rule prevents early liquidation once the first residence permit is issued.

Fund choice must also meet specific structural rules. Only CMVM-regulated funds that maintain at least 60% exposure to Portuguese-headquartered companies and avoid activities that could compromise Golden Visa eligibility qualify. You commit, through your subscription documents, to staying within this regulatory framework for the full qualifying period.

Golden Visa residency grants the right to live, study, and work in Portugal, plus visa-free travel within the Schengen Area for up to 90 days in any 180-day period. The residency does not grant residency rights in other EU countries. Once you later obtain a Portuguese passport, you gain full rights to live, work, study, and access public healthcare and education across the European Union and Schengen Area.

Secure Portuguese residency within the EU and a potential path to EU citizenship through a Portugal Golden Visa, with tailored support on fund selection and compliance.

Meeting Physical Presence Rules with Minimal Disruption

Golden Visa holders must meet clear, time-bound stay requirements in Portugal. The rules currently require at least 14 days in Portugal in every two-year residency period. These 14 days can be consecutive or spread across the relevant two-year period.

These obligations are relatively light compared with many other residency options. For example, Greece generally requires seven years of living there and paying taxes to qualify for citizenship, and Spain has discontinued its Golden Visa. Portugal remains one of the few European routes where you can pursue citizenship without relocating full-time, as long as you consistently meet the minimum stay requirements.

Residency renewals act as checkpoints. At each renewal, you must show that you still hold the qualifying investment, provide updated criminal record certificates, and complete biometric data collection. 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.

Family inclusion adds extra planning. Eligible dependents include a spouse or partner, unmarried dependent children (including full-time students who are not working), and dependent parents or parents-in-law who are typically either over 65 years of age or financially dependent. Document-wise, you can present either a marriage certificate or other proof of relationship for a partner.

To include children in your application, the child needs to be a full-time student and not working; they also cannot be married at any time during the residency program, until the application for the Golden Visa. Each family member must meet the same physical presence requirements and attend biometrics, so travel and documentation must be organized for everyone.

Working within Investment Fund Restrictions and Compliance Rules

Fund-based investment is now the only eligible route for the Portugal Golden Visa. The minimum €500,000 fund subscription must be maintained for five years to support your residency. After you obtain permanent residency or citizenship, you may usually exit the fund, subject to fund terms and market conditions.

Qualifying funds must invest primarily in operating companies and keep alignment with Golden Visa rules for the entire term. The fund cannot shift into disallowed activities or structures that would undermine its eligibility. This creates an indirect contractual link between your status and the fund manager’s ongoing compliance.

Regulatory supervision adds another layer of protection and responsibility. Fund managers must follow CMVM rules, maintain the required level of investment in Portuguese-headquartered companies, and keep the fund structure within Golden Visa guidelines. Any material deviation can affect the fund’s eligibility and, in turn, your ability to continue using that investment for your residency.

Discuss which types of funds may align with your risk profile, Golden Visa goals, and compliance needs with VIDA Capital’s advisory team.

Managing your Obligations over the Five-year Residency Period

The Portugal Golden Visa process usually spans 12 to 18 months from application to issuance of your first residence card. The card is initially valid for two years, then renewed for two additional two-year periods, provided you keep your investment and meet stay requirements. 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.

You can reduce concentration risk while staying fully compliant by allocating the €500,000 across more than one qualifying fund, if permitted by the rules at the time of investment. This approach can diversify managers, sectors, or strategies, while staying within the Golden Visa framework.

Legal support is essential at every stage. A Portuguese lawyer should prepare and submit your application, review fund documentation, and guide you through biometrics, renewals, and the later permanent residency application. This support becomes especially valuable when coordinating family members, gathering criminal record documents, and monitoring that your fund remains within the Golden Visa criteria.

VIDA Capital works alongside your chosen immigration lawyer to help coordinate timing, investment selection, and documentation so your application stays on track.

Planning for Permanent Residency and Citizenship Timelines

The end of the five-year temporary residency period marks a major change in your obligations. After maintaining your qualifying investment and meeting all residency and documentation rules over that period, you can apply for Portuguese permanent residency. At that point, the Golden Visa-specific investment requirement usually ends, and you may be able to exit the fund, subject to fund terms and market conditions.

Citizenship planning now requires a longer horizon. Portugal’s Parliament approved a new framework in October 2025 that introduced a 10-year residency requirement for most applicants before they can apply for citizenship. Nationals of Portuguese-language countries (CPLP) and EU citizens benefit from a reduced requirement of seven years. The new law should apply to all Golden Visa applicants except those who have already submitted their citizenship application before the new law is published.

Golden Visa residency only grants residency rights in Portugal, not across the European Union. Once you obtain Portuguese citizenship, you gain full EU and Schengen rights, including the ability to live, work, and study anywhere in the EU and access public healthcare and education in those countries.

FAQs: Portugal Golden Visa Contract Rules & Restrictions

What is the minimum investment required for the Portugal Golden Visa in 2026?

You must invest at least €500,000 in one or more qualifying CMVM-regulated investment funds. These funds must keep at least 60% of their capital invested in Portuguese-headquartered companies and comply with Golden Visa rules for at least five years.

How long must my capital stay invested?

Your qualifying Golden Visa investment must generally remain in place for the entire five-year temporary residency period. After you obtain permanent residency or citizenship, you may usually exit the fund, subject to the fund’s terms and prevailing market conditions.

Can I switch funds after I apply for the Golden Visa?

Switching funds can be complex and may put your eligibility at risk if not handled correctly. Any change must preserve continuous compliance with Golden Visa rules, including minimum investment amounts and qualifying fund criteria. A Portuguese lawyer should guide you through any potential restructuring before you act.

What are my physical presence obligations in Portugal?

You must spend a minimum of 14 days in Portugal during each two-year residency period. These days can be consecutive or spread out. Each Golden Visa family member included in your application must independently meet the same minimum stay requirement.

Which family members can I include in my Golden Visa application?

You can generally include a spouse or partner (with a marriage certificate or other proof of relationship), unmarried dependent children who are full-time students and not working, and dependent parents or parents-in-law who are either above 65 years of age or financially dependent. Dependent children cannot be married at any time during the residency program, until the application for the Golden Visa is completed.

How do the five-year residency and 10-year citizenship timelines work together?

After maintaining your qualifying investment and meeting stay requirements for five years, you can apply for permanent residency. To qualify for citizenship under the current rules, you must then complete a total of 10 years of legal residency in Portugal (or seven years if you are a national of a Portuguese-language country or an EU citizen), maintaining valid residency throughout.

Do I really need a Portuguese lawyer for the Golden Visa process?

Yes. A Portuguese lawyer is essential to prepare and submit your application, review fund subscription documents, and guide you through biometrics, renewals, and the permanent residency and citizenship steps. Having legal counsel accompany you through each stage significantly reduces compliance risk and helps ensure your investment and documentation remain aligned with Golden Visa rules.

How does VIDA Capital help with Golden Visa contracts and compliance obligations?

VIDA Capital acts as an advisory firm, helping you understand eligible fund options, coordinate with your Portuguese lawyer, and stay ahead of key obligations such as investment maintenance, physical presence, and renewal requirements. The team supports you from initial planning through the five-year residency period and into a long-term citizenship strategy.

Conclusion

The Portugal Golden Visa in 2026 is built on clear, contract-based obligations: a compliant €500,000 fund investment, consistent (but manageable) time spent in Portugal, and careful documentation over at least five years, followed by a longer 10-year horizon if your goal is citizenship. Managing these rules successfully requires disciplined planning, a qualified Portuguese lawyer, and an advisory partner who understands both fund structures and immigration requirements. Contact VIDA Capital to map out a clear, step-by-step plan for your Portugal Golden Visa, from initial investment through permanent residency and long-term citizenship strategy.