Key Takeaways
- Portugal’s Golden Visa in 2026 focuses on regulated investment funds; direct investment in personal properties no longer qualifies.
- Qualifying funds require a minimum €500,000 subscription, CMVM supervision, and at least 60% allocation to Portuguese companies.
- The Golden Visa grants residency rights in Portugal and visa-free travel across Schengen for up to 90 days in any 180-day period, with a path to permanent residency and then citizenship.
- Portugal remains one of the only European countries that offers a route to citizenship without relocation, supported by a low stay requirement of 14 days every two years.
- VIDA Capital advises investors on accessing the VIDA Fund, an asset-backed hospitality fund suitable for Golden Visa purposes; contact VIDA Capital to discuss your Portugal Golden Visa strategy.
Understanding the Portugal Golden Visa in 2026: Key Changes & Overview
Portugal’s Golden Visa remains a residency-by-investment program that grants Portuguese residency and a pathway to citizenship. The program does not require relocation, which keeps it attractive for investors seeking a structured Plan B.
Rules that took effect in October 2023 removed direct investment in personal properties from the list of qualifying options. Historical data shows that investment funds have issued 617 residence permits, and this route now sits at the center of the program.
The current framework requires a minimum €500,000 commitment into an eligible fund. This shifts the focus toward regulated, institutionally managed vehicles that channel capital into the Portuguese economy.
The Mandated Investment: Fund Requirements for the 2026 Golden Visa
Minimum Investment and Core Rules
Qualifying investment funds require a minimum subscription of €500,000, a five-year maturity, and at least 60% allocation to Portuguese companies. You must maintain this investment through the five-year temporary residency period, unless you obtain permanent residency or citizenship earlier.
All eligible funds must be supervised by CMVM, the Portuguese Securities Market Commission. Golden Visa funds cannot invest in property assets directly or indirectly, which separates today’s program from the earlier property-focused model.
Eligible Fund Profiles and Sectors
Funds can target sectors such as energy, industry, technology, and hospitality, as long as they comply with CMVM rules and Golden Visa criteria.
Some vehicles are built specifically for Golden Visa investors, while others are diversified funds with substantial institutional capital and over €1 billion in assets under management. In all cases, at least 60% of capital must support companies based in Portugal.
Why Many Applicants Prefer Funds
Fund investments provide diversification across multiple projects and rely on professional managers for asset selection and oversight. CMVM supervision and independent audits add further layers of control and transparency.
The typical fund maturity of at least five years aligns with the Golden Visa residency period, which simplifies planning for both exit options and renewals.
VIDA Capital’s Approach: Asset-Backed Investments in Portugal’s Hospitality Sector
VIDA Capital operates as an advisory firm focused on guiding Golden Visa investors toward compliant, asset-backed funds. Through this advisory work, investors can access the VIDA Fund, which invests in Portugal’s hospitality sector.
The VIDA Fund: Strategy and Risk Management
The VIDA Fund follows a “Giving Hotels a Second Life” strategy. The fund acquires existing hospitality assets, refurbishes them, and improves operations to unlock value. It does not build new assets; it buys and transforms them.
The focus on tangible hospitality assets provides an underlying layer of collateral, rather than relying only on cash flows or financial engineering. The fund is regulated by CMVM and undergoes bi-annual audits by Deloitte for additional oversight.
Historical returns are not a guarantee of future returns. The VIDA Fund’s integrated owner-operator model aims to improve both asset quality and operating performance to support long-term capital preservation and potential upside.
Why Hospitality Remains Attractive in Portugal
Portugal’s tourism sector continues to expand. Forecasts indicate travel and tourism could reach 22.6% of national GDP by 2035, underlining the strategic importance of hospitality.
Portugal recorded about 31 million visitors in 2024 and roughly €27 billion in tourism revenue, and the 2030 FIFA World Cup is expected to add further momentum with an estimated impact of over €800 million. A fragmented landscape of many independent hotels creates opportunities for consolidation and professional management.
How VIDA Capital Supports Golden Visa Investors
VIDA Capital offers end-to-end advisory support that connects investment selection with immigration requirements. The team helps you coordinate with specialized Portuguese lawyers, complete the subscription into the VIDA Fund, and prepare the documentation needed for your Golden Visa file.
The advisory process focuses on clear communication, detailed fee disclosure, and realistic expectations around the typical 12 to 18 month process.
Your Journey to Portuguese Residency: Step-by-Step Overview
Core Golden Visa Steps
The process usually takes 12 to 18 months from application submission until you receive your first residency card. A specialized Portuguese lawyer plays a central role in managing each step and should accompany you throughout.
Key steps include:
- Choosing an eligible fund and subscribing at least €500,000.
- Engaging a Portuguese lawyer and granting power of attorney.
- Obtaining your NIF (Portuguese tax number) and opening a local bank account.
- Submitting the online Golden Visa application and documentation through your lawyer.
- Attending biometrics appointments for you and included family members.
After approval, AIMA issues your temporary residency card, valid for 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.
The residency card allows you to live, study, and work in Portugal, and to travel visa-free across the Schengen Area for up to 90 days in any 180-day period.
Minimum Stay Rules and Family Inclusion
The Golden Visa requires only 14 days of physical presence in Portugal every two years. This low stay requirement helps you maintain your current base while building a long-term option in Portugal.
You can generally include the following family members:
- Spouse or partner, with either a marriage certificate or other proof of relationship.
- Children who are financially dependent, in full-time education, not working, and not married at any point during the program until the Golden Visa application is complete.
- Parents or parents-in-law who are over 65, or demonstrably financially dependent on the main applicant.
From Temporary Residency to Citizenship
Golden Visa approval grants a temporary residency permit valid for two years. You must then renew it for two additional two-year periods, maintaining both the qualifying investment and the minimum stay requirement. After five years of legal residency, you can apply for permanent residency in Portugal.
For citizenship, Portugal’s Parliament approved a new framework in October 2025. Applicants now need 10 years of legal residency before qualifying for citizenship, while nationals of Portuguese-language countries (CPLP) and EU citizens benefit from a reduced period of seven years. The new rules should apply to Golden Visa holders unless they submitted their citizenship application before the law was published.
Citizenship provides a Portuguese passport, which grants the right to live, work, and study across the European Union.
Costs & Considerations Beyond the €500,000 Investment
Government, Legal, and Fund Fees
Beyond the fund subscription, you should plan for these main costs per family member:
- Initial government application fee: €618.60.
- Residency card issuance fee: €6,179.40.
- Card renewal fee for each two-year renewal: €3,023.20.
- Citizenship application fee (if pursued): €250.
Specialized immigration law firms typically charge between €16,000 and €20,000 per family, depending on complexity and service scope. VIDA Capital can introduce you to experienced firms that focus on Golden Visa work.
The VIDA Fund currently charges a 1% subscription fee on the invested amount, payable to the fund manager. The goal is a transparent structure without hidden costs.
Tax Considerations for Non-Residents
Golden Visa residency does not by itself create Portuguese tax residency. You generally remain tax resident in your current jurisdiction unless you move to Portugal and meet Portuguese tax residency rules.
Some American investors can use IRA funds for eligible fund investments, which can integrate the Golden Visa into broader retirement planning.
How Portugal Compares to Other European Options
Greece and Spain follow different paths. Greece requires you to live there for about seven years and pay taxes to qualify for citizenship through long-term residency. Spain ended its Golden Visa program in 2024.
Portugal remains one of the only European countries that offers a route to citizenship without requiring relocation, while asking for only 14 days of presence every two years.
Conclusion: A Structured Path to Residency with VIDA Capital
Portugal’s 2026 Golden Visa framework centers on regulated investment funds rather than personal properties. This structure creates a clearer, more institutional route for investors who value diversification, oversight, and alignment with economic development.
VIDA Capital advises investors who want exposure to Portugal’s hospitality sector through the VIDA Fund, an asset-backed, CMVM-regulated vehicle that buys and transforms existing hospitality assets to give them a second life. Historical returns are not a guarantee of future returns, but the strategy focuses on capital preservation and disciplined value creation.
With low stay requirements, broad family inclusion, and a defined path from temporary residency to permanent residency and then citizenship, the Portugal Golden Visa continues to serve as a credible Plan B. Contact VIDA Capital to explore whether a fund-based Golden Visa strategy fits your objectives.
Frequently Asked Questions (FAQ) about Portugal Golden Visa Funds
What is the Portugal Golden Visa and why do investors choose it?
The Portugal Golden Visa is a residency-by-investment program for non-EU nationals who make qualifying investments, currently through regulated funds. Investors often choose it for the low stay requirement of 14 days every two years, the ability to include close family, and the path to permanent residency and later citizenship without needing to relocate to Portugal.
Are property investments still allowed for the Portugal Golden Visa in 2026?
No. Since October 2023, direct investment in personal properties no longer qualifies for the Portugal Golden Visa. The program now focuses on regulated funds that invest in areas such as hospitality, technology, energy, and industry, provided they meet CMVM and Golden Visa rules. This shift has increased interest in curated options like the VIDA Fund, which offers asset-backed exposure to Portugal’s hospitality sector.
How does VIDA Capital help protect my Golden Visa investment?
VIDA Capital advises investors who subscribe to the VIDA Fund, which acquires and upgrades existing hospitality assets in Portugal. These tangible assets provide underlying collateral, and the fund is regulated by CMVM and audited twice a year by Deloitte. The “Giving Hotels a Second Life” approach aims to combine regulatory compliance, risk management, and potential value creation, while acknowledging that historical returns are not a guarantee of future results.
What is the typical timeline for a fund-based Portugal Golden Visa?
The overall process usually takes 12 to 18 months from application submission to issuance of the first residency card. The journey includes fund subscription, legal onboarding, NIF and bank account setup, online application submission, biometrics, and card issuance. As card issuance often takes close to a year, many investors only complete one renewal before reaching the five-year mark and applying for permanent residency.
What long-term benefits can the Portugal Golden Visa provide?
The Portugal Golden Visa grants residency rights in Portugal and visa-free travel across the Schengen Area for up to 90 days in any 180-day period. After five years, you can apply for permanent residency. After 10 years of legal residency under the updated 2025 rules, most investors can apply for Portuguese citizenship, which then provides the right to live, work, and study in any EU country.
