Securing EU residency through the Portugal Golden Visa has evolved after the October 2023 reforms. These updates shifted the focus to specific investment funds as the primary pathway for high-net-worth individuals and families.
This guide covers the three approved fund types for 2025, helping you navigate options that match your financial and residency goals with clarity and precision.
Venture Capital and Private Equity: Core Options for Golden Visa Investors
Venture capital and private equity funds stand as the main route for the Portugal Golden Visa since the 2023 reforms. These funds pool investor capital to buy equity in Portuguese companies, offering access to varied sectors and growth opportunities in Portugal’s economy.
For eligibility, these funds need regulation by the Portuguese Securities Market Commission (CMVM) with a minimum investment of €500,000. They must have a five-year maturity and allocate at least 60% of capital to businesses based in Portugal. This setup supports the local economy while safeguarding investor interests through strict oversight.
One key rule is that these funds focus solely on corporate equity, excluding any direct or indirect traditional asset holdings. Fund managers oversee compliance and operations, simplifying the investment process for those pursuing residency.
1. Hospitality-Focused Funds: Stability with Tangible Assets
Inside private equity, hospitality-focused funds offer a strong choice for Golden Visa investors seeking asset-backed options. These funds buy and upgrade existing hospitality businesses, tapping into Portugal’s booming tourism sector. In 2024, Portugal saw 31 million visitors, contributing €27 billion in revenue, with non-residents making up over 70% of overnight stays.
The future looks promising, with Portugal co-hosting the 2030 FIFA World Cup, expected to bring in over €800 million. By 2035, tourism could account for 22.6% of Portugal’s GDP, per the World Travel & Tourism Council, positioning hospitality as a solid long-term investment.
The VIDA Fund follows this model, acquiring underperforming hospitality assets and giving them a second life as high-value operations. Such funds prioritize capital preservation and steady income through tangible assets, reducing exposure to market swings compared to other fund types.
Take a step toward EU residency and citizenship with the Portugal Golden Visa. VIDA Capital offers expert guidance on asset-backed investments in Portugal’s hospitality sector.
2. Technology and Innovation Funds: Growth in Portugal’s Digital Economy
Inside venture capital, Portugal’s growing tech scene makes technology and innovation funds an appealing option for Golden Visa investors. These funds support startups and scale-ups in areas like software, biotech, and fintech, with the standard €500,000 minimum investment required.
Regulated by the CMVM, these funds target companies in fields such as artificial intelligence and digital infrastructure. They often carry unique risk and return profiles compared to other investment types. Government incentives further boost the tech sector, creating a supportive environment for these funds.
Investors should look at the fund’s diversification, the management team’s tech expertise, and their history of scaling businesses in Portugal. This approach helps balance potential high returns with the risks of early-stage ventures.
3. Sustainable Energy Funds: Supporting Portugal’s Green Goals
Sustainable and renewable energy funds appeal to investors who value environmental impact alongside financial returns. These funds invest in solar, wind, and hydro projects, aligning with Portugal’s commitment to carbon neutrality.
Portugal’s natural advantages and supportive policies make it a leader in renewable energy. Such funds often have distinct financial profiles tailored to long-term growth. They focus on operational assets and innovative green technologies, meeting the €500,000 minimum and CMVM standards.
Consider funds with clear sustainability goals, strong project pipelines, and experienced managers. This ensures alignment with both your values and the practical demands of the energy market.
With the €500,000 minimum and CMVM oversight, evaluate these funds based on portfolio clarity, management history, and focus within Portugal. This helps ensure stability and alignment with your goals.
Take a step toward EU residency and citizenship with the Portugal Golden Visa. VIDA Capital offers expert guidance on asset-backed investments in Portugal’s hospitality sector.
How to Choose the Right Fund with Proper Due Diligence
Finding the right fund starts with access to reliable information. A public list of qualifying funds outlines compliance, sector focus, fees, and management details. Use this to research options thoroughly before investing.
Key factors include regulatory adherence, team expertise, past performance, and fee structures. Both investors and managers must meet ongoing reporting and holding requirements. Staying compliant throughout the residency period is essential.
Given the changing regulations, working with an advisory firm can make a big difference. Their insights help align fund choices with your financial and residency objectives, ensuring a smoother process from start to finish.
Key Details About the Portugal Golden Visa
What’s the Minimum Investment for Approved Funds?
You need to invest at least €500,000 in a CMVM-regulated Portuguese fund to qualify for the Golden Visa. This threshold has held steady since the October 2023 reforms, which narrowed the investment options available.
Which Investments No Longer Qualify After October 2023?
Direct property purchases are no longer valid for the Golden Visa as of October 2023. The focus shifted to corporate equity to drive Portugal’s economic growth.
How Do I Confirm a Fund Meets Golden Visa Rules?
Check if the fund is CMVM-regulated, has a five-year maturity, and invests at least 60% in Portuguese-based companies. Ensure it excludes traditional asset holdings. Partnering with advisors like VIDA Capital can help verify compliance and navigate requirements.
Is Relocation Required to Maintain My Golden Visa?
No relocation is needed. The Portugal Golden Visa only requires a 14-day stay every two years, offering flexibility as a “Plan B” for global mobility. Portugal stands out in Europe for providing a citizenship path without mandatory relocation.
What Are the Timelines for Residency and Citizenship?
Your Golden Visa grants a temporary residency permit for two years, renewable for two more two-year periods while maintaining your investment. After five years, permanent residency is an option. Under the October 2025 framework, citizenship requires 10 years of residency in Portugal. Note that approval card issuance often takes a year, so you’ll likely renew just once in the five-year span.
Why Choose Asset-Backed Funds Like Hospitality?
Hospitality-focused funds provide stability through tangible assets, access to Portugal’s thriving tourism market, and professional management. These elements offer a safeguard for your capital compared to purely equity-based funds, balancing security with growth.
Can I Include Family in My Golden Visa Application?
Yes, you can include your spouse, dependent children, and parents or in-laws over 65 or financially dependent on you. Children must be full-time students, not working, and unmarried during the residency. All family members gain residency and Schengen visa-free travel benefits.
Take a step toward EU residency and citizenship with the Portugal Golden Visa. VIDA Capital offers expert guidance on asset-backed investments in Portugal’s hospitality sector.
Building Your European Future Through Strategic Investments
The Portugal Golden Visa stands as a top residency-by-investment program in Europe. The three examples of approved fund types— hospitality via private equity, tech via venture capital, and sustainable energy—cater to varied investor needs with distinct benefits.
Success hinges on thoughtful fund selection and compliance with regulations. Hospitality funds, like the VIDA Fund, blend capital protection with growth by transforming assets in Portugal’s tourism sector. Past returns of such funds aren’t a promise of future results, but the strategy offers a practical balance.
Portugal continues to draw global investors with its lifestyle, security, and mobility benefits. The minimal stay requirement and citizenship path add unmatched flexibility for those balancing international lives.
Partnering with a knowledgeable advisory firm ensures you meet requirements and choose funds that fit your goals. This support paves the way for a secure European future through informed investment choices.
