Executive summary
- Portugal’s hospitality sector and the Portugal Golden Visa can work together as a practical way to support retirement planning, diversify capital, and secure Portuguese residency with future access to EU citizenship.
- Regulated investment funds have become the primary route to the Portugal Golden Visa, after direct purchases of personal properties stopped qualifying in 2023.
- The VIDA Fund focuses on acquiring and transforming existing hospitality assets, aiming to protect capital through tangible properties while pursuing attractive returns, noting that historical returns are not a guarantee of future returns.
- The Portugal Golden Visa typically takes 12 to 18 months from application to first residency card and requires maintaining a qualifying fund investment and spending 14 days in Portugal every two years.
- VIDA Capital provides advisory support that covers both the hospitality investment strategy and the Golden Visa process, including coordination with specialized lawyers who are essential for navigating each legal and procedural step.
Redefining Retirement: Why a Global Perspective is Essential for Wealth Preservation
Retirement planning for high-net-worth individuals now needs to address more than domestic market performance. Concerns about inflation, market volatility, and political risk have made global diversification and mobility core parts of long-term planning.
Modern strategies increasingly balance three goals, protecting capital from economic shocks, generating sustainable returns, and keeping flexibility for future lifestyle choices. Many investors now view a “Plan B” residency or citizenship option as a practical necessity rather than a luxury.
Portugal’s Golden Visa program, combined with asset-backed hospitality investments, offers a structured way to meet these goals. This combination can provide tangible asset exposure, residency rights in Portugal, visa-free travel across the Schengen area for up to 90 days within any 180-day period, and an eventual pathway to Portuguese citizenship, which then grants full EU rights.
This integrated approach treats residency and investment as linked objectives. Investors can secure physical assets in a stable jurisdiction while also obtaining the legal right to live in Portugal and later apply for citizenship, which supports long-term family security and mobility.
Portugal’s Golden Opportunity: The Strategic Appeal of Hospitality Investments
How Portugal’s Tourism Growth Supports Hospitality Investment
Portugal has become one of Europe’s most visited destinations, combining safety, quality of life, and cultural appeal. As the 7th safest country in the world in the Global Peace Index 2025, it offers a stable environment for long-term capital.
The tourism sector continues to grow. In 2024, Portugal welcomed a record 31 million visitors and generated €27 billion in tourism revenue. Non-residents represented 70.3% of all overnight stays, totaling 56.4 million stays and marking a 4.8% increase from the previous year. This momentum supports ongoing demand for quality hospitality assets.
Future prospects also look strong. Portugal will co-host the 2030 FIFA World Cup, with an estimated economic impact of more than €800 million. Projections by the World Travel & Tourism Council indicate that by 2035, travel and tourism could represent 22.6% of national GDP, highlighting the sector’s role in the country’s long-term economic strategy.
Why Asset-Backed Hospitality Can Support Retirement Planning
Hospitality investments linked to tangible properties can help balance risk in a retirement portfolio. These assets combine physical value, operating income potential, and strategic locations, which together can provide several layers of protection for invested capital.
Well-positioned hospitality properties can retain meaningful value even in challenging markets. Their intrinsic worth comes from factors such as land, buildings, location, and the ability to generate operating income. This can make them more resilient than purely financial instruments that rely only on market sentiment.
Portugal’s hospitality market also remains relatively fragmented, with many properties still owned and managed independently. This creates opportunities to:
- Acquire undervalued assets in strong locations
- Improve operations and guest experience
- Reposition properties to reach higher-value market segments
- Professionalize management and cost structures
Specialized funds can use these dynamics to build diversified portfolios of hospitality assets that may enhance both value and income potential over time.
Adapting to Golden Visa Changes: Why Funds Are Now Central
Regulatory updates in October 2023 reshaped the Portugal Golden Visa landscape. Direct purchases of personal properties no longer qualify, so regulated investment funds have become the main route to eligibility.
Current rules set a minimum investment of €500,000 into a Portuguese fund regulated by the CMVM. These funds must invest at least 60% of their capital into Portuguese-headquartered companies and have a minimum maturity period of five years. This framework aims to direct capital into the productive economy while providing clear oversight standards for investors.
Investor demand has shifted toward funds that combine Golden Visa compliance with clear sector focus and professional management. Many eligible vehicles are closed-end venture capital funds that invest in corporate equity within Portugal’s hospitality sector, so investors can align immigration objectives with a defined asset strategy.
The VIDA Fund: Using Hospitality Assets to Support Retirement Goals
How the VIDA Fund Invests in Hospitality
The VIDA Fund follows a focused strategy in Portugal’s hospitality sector. Rather than building new hotels, the fund buys existing hospitality assets and gives them a “second life” through transformation. The team targets properties that already have strong fundamentals but need design upgrades, operational changes, or repositioning to reach their full potential.
The fund uses an integrated owner-operator model, keeping direct control over key decisions throughout the transformation process. This approach allows the team to align refurbishment plans, operating standards, and brand positioning with the fund’s return and risk objectives.
The management team brings experience from global hotel refurbishment and repositioning projects, with more than €4 billion in assets collectively managed across over 100 private equity investment deals. This background informs budgeting, concept development, and execution for each hospitality project in the portfolio.
The VIDA Fund operates on a 6.5-year lifecycle and targets a doubling of invested capital during that period. These are target returns, they are not guaranteed, and historical returns are not a guarantee of future returns. The lifecycle aligns with typical Golden Visa timelines and allows time for acquisition, transformation, stabilization, and exit.
Capital Preservation Through Tangible Hospitality Assets
A key feature of the VIDA Fund is its focus on existing hospitality properties with clear physical value. Investors gain exposure to:
- Land and buildings in established locations
- Operating businesses with track records
- Improvement plans aimed at increasing asset value and income
This structure can support capital preservation because the underlying properties retain intrinsic value, separate from short-term financial market swings.
The fund concentrates on operating businesses rather than speculative development. Target properties already serve guests and show real demand, which can reduce execution risk and provide clearer visibility on potential performance after improvements.
For retirement planning, this tangible asset backing can provide added comfort. Capital is supported by properties that have their own market value and utility, while the operational strategy aims to enhance returns through thoughtful repositioning and management.
Regulation and Oversight for Investor Confidence
The VIDA Fund operates as a CMVM-regulated investment vehicle under Portuguese securities law. This structure requires regular reporting, independent oversight, and adherence to defined risk and governance standards. The fund framework is designed to support investor protection and Golden Visa compliance.
Deloitte conducts bi-annual audits of the fund, reviewing financial statements and controls. These audits provide independent checks on how capital is deployed and how results are reported.
The regulatory design and audit framework help ensure that the fund meets all Portugal Golden Visa requirements. Investors can focus on evaluating the investment strategy, knowing that the structure itself is aligned with the program’s legal standards.
Investment Targets, Track Record, and Outlook
The VIDA Fund targets attractive risk-adjusted returns by transforming and optimizing hospitality properties. The goal is to double invested capital over the 6.5-year fund lifecycle through a combination of operational improvements, strategic repositioning, and planned exits. These outcomes are targets and not guarantees, and historical returns are not a guarantee of future returns.
VIDA Fund I raised more than €20 million from over 50 investors and supported more than 100 Portugal Golden Visa applications for investors and their families. This history shows that the structure can accommodate both investment and immigration objectives simultaneously.
Several trends support the fund’s outlook, including:
- Continued growth in Portugal’s tourism sector
- The country’s reputation for safety and quality of life
- Ongoing consolidation opportunities in a fragmented hospitality market
These factors can create multiple potential exit paths, from individual asset sales to portfolio transactions, once value creation plans are executed.
Portugal Golden Visa: Your Pathway to Portuguese Residency and Greater Mobility
Key Eligibility and Investment Requirements
The main route to the Portugal Golden Visa for non-EU citizens is a minimum investment of €500,000 into a CMVM-regulated fund. This threshold increased from €350,000, reflecting the program’s focus on higher-value, longer-term capital.
Basic eligibility criteria include:
- Being a non-EU, non-EEA, and non-Swiss citizen
- Being at least 18 years old
- Demonstrating a legal source of funds and passing compliance checks
Detailed due diligence reviews both the applicant and the investment source, which helps preserve the integrity of the program.
Investors must keep their qualifying fund investment throughout the five-year temporary residency period. After those five years, and if other legal criteria are met, they can apply for permanent residency in Portugal. This alignment of investment and residency timelines lets investors plan both financial and immigration steps as part of a single strategy.
Mobility, Security, and Family Benefits
The Portugal Golden Visa provides the right to live, study, and work in Portugal and to travel visa-free within the Schengen area for up to 90 days in any 180-day period. While residency rights apply only to Portugal, the program offers a route to Portuguese citizenship. Once citizenship is obtained, holders gain full EU rights, including the ability to live, work, and study across the EU and Schengen zone and access public healthcare and education.
Family inclusion is a central feature. A main applicant can typically include:
- A spouse or partner, using either a marriage certificate or other recognized proof of relationship
- Dependent children, who must be full-time students, not working, and not married at any point during the residency program until their own Golden Visa application is completed
- Financially dependent parents of either spouse, where dependency can be demonstrated
This structure allows families to plan together and build a long-term legacy based on Portuguese residency and the possibility of future citizenship.
The physical presence requirement is relatively light. Golden Visa holders need to spend only 14 days in Portugal every two years to maintain their status. Greece and Spain require more substantial residence to keep long-term residency rights. Spain no longer offers a Golden Visa program, and Greece generally requires at least seven years of living in the country and paying taxes before qualifying for citizenship.
Portugal stands out as one of the few European options where investors can pursue citizenship through a Golden Visa route without relocating full-time, even though the new rules now require 10 years of residency before applying.
The Golden Visa Application Process: Step-by-Step With Legal Support
The Portugal Golden Visa process involves multiple legal and administrative steps, and working with an experienced lawyer is essential at every stage. Proper legal guidance helps ensure that documents are complete, filings are accurate, and deadlines are met.
The pre-application phase usually covers selecting specialized legal counsel, obtaining a Portuguese Tax Identification Number (NIF), opening a Portuguese bank account, and completing the qualifying fund investment. VIDA Capital can introduce clients to legal teams who work regularly with Portugal Golden Visa applicants and coordinate timing and documentation related to the investment.
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Stage |
Description |
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0. Pre-Application |
Secure specialized legal counsel, obtain a Portuguese Tax Identification Number (NIF), open a Portuguese bank account, and invest €500,000 in an eligible fund such as the VIDA Fund. |
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1. Submit Application |
Your lawyer submits the initial application online for you and your family. After AIMA approval, all applicants attend an in-person appointment for 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. |
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2. Residency Card (Year 1) |
Receive a temporary residency permit valid for 2 years. This permit allows you to live, work, and study in Portugal and to travel visa-free within the Schengen area for up to 90 days in any 180-day period. |
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3. Residency Renewal (Year 3) |
Renew your temporary residency by proving continued ownership of your investment and meeting the 14-day minimum stay requirement over the previous two years. |
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4. Permanent Residency (Year 5) |
After 5 years of temporary residency, you can apply for permanent residency in Portugal, subject to meeting all legal requirements at that time. |
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5. Citizenship (Year 10) |
New legislation in October 2025 requires applicants to reside in Portugal for 10 years before qualifying for citizenship, with a reduced 7-year requirement for nationals of Portuguese-language countries (CPLP) and EU citizens, if their citizenship application was submitted after the law changes. Once you secure your Portuguese passport, you gain full rights to live, work, study, and access public healthcare and education across the EU and Schengen Zone. |
After submission, your lawyer manages the communication with AIMA, handles document requests, and schedules biometric appointments for you and your family members. Processing typically takes 12 to 18 months from submission to the first residency card, although timelines can vary depending on application volumes and administrative capacity.
Renewal stages require ongoing proof that you maintain your qualifying investment and have met the minimum stay requirements. The path from temporary residency to permanent residency and then citizenship involves clear legal steps, and consistent support from your lawyer, coordinated with VIDA Capital’s advisory team, helps keep the process organized.
Beyond Investment: The VIDA Capital Advisory Experience
Personalized Guidance From Initial Planning to Citizenship
VIDA Capital operates as an advisory firm that connects investors with the VIDA Fund and supports them through the Golden Visa process. The team works at the intersection of hospitality investment and residency planning, so clients can align both objectives from the beginning.
The advisory relationship usually starts with a conversation about your goals, risk profile, family situation, and timeline. VIDA Capital shares clear details on how the Golden Visa works, what the fund invests in, and what to expect at each stage. If the Portugal Golden Visa or the fund does not fit your objectives or constraints, the team explains this directly so you can make an informed decision.
Support continues throughout the investment and residency journey. Clients stay in regular contact with their advisory team through email, calls, and messaging, with responses tailored to the urgency and complexity of each question. This ongoing communication helps reduce uncertainty during a process that can span several years and involve significant financial and legal commitments.
Transparency and Long-Term Alignment
VIDA Capital emphasizes clear, upfront communication about costs related to the Golden Visa and the VIDA Fund. This includes government fees, legal fees, bank costs, fund management fees, and any advisory charges. Clients can see the full cost structure rather than discovering hidden or unexpected fees later.
The firm aims to build long-term relationships that can extend across generations. That means prioritizing honest recommendations over short-term sales. If a client decides not to move forward, the team still ensures they leave the process with useful information about Portugal, the Golden Visa, and hospitality investments.
Frequently Asked Questions (FAQ) about Hospitality Investment and the Portugal Golden Visa
What is the minimum investment for the Portugal Golden Visa through a fund?
The minimum qualifying investment for the Portugal Golden Visa via an eligible CMVM-regulated fund is €500,000. This amount must remain invested throughout the five-year temporary residency period. During that time, and subject to meeting all legal requirements, investors can progress toward permanent residency in Portugal and later apply for Portuguese citizenship under the applicable rules.
How does hospitality investment contribute to retirement planning security?
Hospitality investments can add security to retirement planning by combining tangible assets with operating businesses. Properties provide:
- Physical value through land and buildings
- Income potential from guests and events
- Strategic value based on location and market positioning
The VIDA Fund focuses on acquiring and transforming existing hospitality businesses, which can create value through better operations, updated design, and more effective positioning in the market. This approach aligns with retirement objectives that prioritize capital preservation, while also targeting attractive returns through active value creation, bearing in mind that historical returns are not a guarantee of future returns.
What are the key benefits of the Portugal Golden Visa for high-net-worth individuals?
The Portugal Golden Visa offers a combination of residency, mobility, and long-term planning benefits. Key advantages include:
- The right to live, work, and study in Portugal
- Visa-free travel within the Schengen area for up to 90 days in any 180-day period
- A minimal physical presence requirement of 14 days every two years
- Inclusion of spouses or partners, eligible children, and financially dependent parents in a single application
- A pathway to Portuguese citizenship after the required residency period, which then opens full EU rights
Portugal’s status as the 7th safest country globally, its stable political environment, and its growing tourism sector support both lifestyle and investment objectives for internationally mobile families.
Is the Portugal Golden Visa program still active and a viable option in 2025?
The Portugal Golden Visa program remains active in 2025, with updated rules that focus on investment funds rather than direct purchases of personal properties. While rules have evolved, the program still offers a clear route to Portuguese residency and, over time, to Portuguese citizenship for those who meet all requirements.
Fund investments that comply with CMVM regulations and Golden Visa criteria continue to be a viable pathway for investors who value a structured, asset-backed approach. CMVM-regulated funds such as the VIDA Fund operate under clear oversight, which can help align investor, fund, and regulatory interests.
What makes the VIDA Fund a secure choice for Golden Visa investment?
The VIDA Fund combines several features that can appeal to Golden Visa investors:
- Asset-backed structure focused on existing hospitality properties with tangible value
- CMVM regulation and bi-annual audits by Deloitte, supporting transparency and compliance
- An owner-operator model that keeps the investment team closely involved in each asset’s performance
- A management team with experience overseeing more than €4 billion in assets across 100+ private equity deals
These elements work together to reduce execution risk and align the fund with Golden Visa requirements. As with any investment, capital is at risk, and target returns are not guaranteed, so investors should consider their own risk tolerance and seek independent advice where appropriate.
How long does the Golden Visa application process typically take?
Most Portugal Golden Visa applicants can expect the process from application submission to first residency card to take roughly 12 to 18 months, although this timeline can vary. The main stages include:
- Pre-application preparation with your lawyer, including NIF, bank account, and investment
- Online submission of the Golden Visa application by your lawyer
- AIMA review and approval
- Scheduling and attending biometric appointments in Portugal
- Issuance of the first 2-year temporary residency card
Professional legal guidance is important at each step. VIDA Capital coordinates closely with experienced law firms to support documentation, timing, and communication, helping investors and their families stay informed throughout the process.
Do I need to live in Portugal to maintain Golden Visa residency?
The Portugal Golden Visa does not require full-time relocation. Holders must spend at least 14 days in Portugal during each two-year period to keep their residency status. This low presence requirement compares favorably with many other residency options in Europe and makes the Portugal Golden Visa suitable as a “Plan B” for investors who want flexibility.
New citizenship rules increase the required residency period to 10 years before applying for Portuguese citizenship, reduced to 7 years for nationals of Portuguese-language countries (CPLP) and EU citizens. Portugal remains competitive because Golden Visa investors can meet these requirements without relocating full-time, as long as they comply with the minimum stay rules and all other legal conditions.
Secure Your Retirement and Family Legacy with Hospitality Investment in Portugal
Portugal’s hospitality sector and the Portugal Golden Visa together offer a structured way to align retirement planning, capital diversification, and international mobility. Asset-backed hospitality investments can help protect capital and create value, while the Golden Visa provides a flexible route to Portuguese residency and, over time, to Portuguese citizenship and broader EU rights.
The VIDA Fund’s focus on acquiring and transforming existing hospitality assets illustrates how a targeted strategy can use physical properties to support both preservation and growth objectives. The fund’s owner-operator model and regulatory oversight provide a framework that many investors find easier to evaluate than purely financial products.
Portugal’s high safety ranking, strong tourism fundamentals, and strategic location in Europe support its appeal as a long-term base for families. The Golden Visa’s relatively light physical presence requirement and clear family inclusion rules allow investors to plan for the future without disrupting current work or lifestyle commitments.
VIDA Capital’s advisory approach helps connect these elements. The team guides clients through the investment fund process, coordinates with specialized lawyers, and remains available as a long-term point of contact from first discussions through potential citizenship applications. This combination of investment insight and process support can simplify a complex, multi-year journey.
For high-net-worth individuals seeking to protect wealth, expand global flexibility, and create options for future generations, a structured hospitality fund investment linked to the Portugal Golden Visa can be a practical solution. Acting during the current phase of the Portuguese market allows investors to access opportunities while regulations and program terms remain favorable for well-prepared applicants.
