Key takeaways
- The Portugal Golden Visa now centers on a €500,000 commitment to CMVM-regulated investment funds that do not invest in personal properties.
- Qualifying funds must follow strict rules on maturity, regulation, and Portuguese corporate exposure, which directly affect risk, return, and approval outcomes.
- Total costs extend beyond the €500,000 investment and typically include government, legal, and fund fees that can add €25,000–€35,000 or more, depending on family size.
- Hospitality-focused, asset-backed funds can align Golden Visa compliance with exposure to Portugal’s tourism economy, while recognizing that historical returns are not a guarantee of future returns.
- VIDA Capital advises investors on the Portugal Golden Visa through the VIDA Fund and specialized legal partners; contact the team to review your options.
1. The €500,000 fund investment minimum as the core route in 2026
The Golden Visa in 2026 relies primarily on a €500,000 investment in CMVM-regulated closed-end venture capital or private equity funds that meet program rules and exclude personal properties from their strategy. This minimum must be invested through qualifying regulated funds, following the shift away from personal property-based routes in October 2023.
The program now emphasizes capital market participation and investment in operating companies rather than passive ownership of individual homes or apartments. This change reflects a policy focus on long-term economic productivity instead of speculative property activity.
Qualifying funds invest in corporate equity, such as hotel operating companies, and not directly in personal properties. Investors can combine more than one eligible fund to reach the €500,000 threshold, which allows for diversification by manager, strategy, or sector. The minimum for this route increased from €350,000 to €500,000 in 2023, aligning the capital requirement with the government’s preference for more substantial, long-term commitments.
The Golden Visa grants residency rights in Portugal, along with visa-free travel across the Schengen Area for up to 90 days in any 180-day period. Successful applicants receive a temporary residency permit, valid for two years, which they can renew for two additional two-year periods while maintaining the investment and residency requirements.
After five years of temporary residency, investors may apply for permanent residency in Portugal. For citizenship, Portugal’s Parliament approved a new framework in October 2025 that extends the residence period: applicants now generally need 10 years of residence before qualifying for citizenship, while nationals of Portuguese-language countries (CPLP) and EU citizens have a reduced requirement of seven years. The new rules should apply to all Golden Visa investors except those who submitted their citizenship applications before the new law is published.
Portugal remains one of the few European options that offers a pathway to citizenship without requiring a full relocation, since the Golden Visa stay requirement is only 14 days in Portugal every two years. By contrast, Greece ties long-term residency and citizenship to living there for at least seven years and paying taxes, and Spain no longer offers a Golden Visa program.
VIDA Capital operates as an advisory firm that guides clients who wish to invest in the VIDA Fund, a Golden Visa-eligible fund focused on Portugal’s hospitality sector. The VIDA Fund acquires existing hospitality assets and gives them a second life through refurbishment and operational upgrades, aligning with program rules on corporate investment while targeting risk-managed returns. Historical returns are not a guarantee of future returns.
2. Key compliance requirements for Golden Visa-eligible funds
Clear understanding of fund compliance criteria helps protect both your capital and your immigration objectives. Eligible funds must have a minimum five-year maturity and be regulated by the Portuguese Securities Market Commission (CMVM), which provides a defined investment horizon and regulatory oversight.
At least 60% of a qualifying fund’s capital must be invested in companies with their head office in Portugal, ensuring that your investment supports the domestic economy. Fund structures must also exclude direct or indirect investment in personal properties if they are to qualify for the Golden Visa.
Due diligence on fund documentation, structure, and governance is essential. Investors should review CMVM registration, offering memoranda, and audit history, and should work with experienced Portuguese legal counsel who understands both fund regulation and immigration rules.
The VIDA Fund follows these regulatory standards, is CMVM-regulated, and is audited twice a year by Deloitte. This framework provides transparency on asset selection, valuation, and reporting. The fund invests through hospitality operating companies and focuses on buying and transforming existing hospitality assets rather than building new projects, giving these assets a second life while remaining compliant with Golden Visa rules.
3. The full financial commitment beyond the €500,000 investment
Planning for the Golden Visa in 2026 requires a complete view of all costs, not just the €500,000 fund subscription. Government fees apply at several stages of the process, including application intake, card issuance, renewals, and eventual citizenship. These currently include:
- Application submission: €618.60 per family member
- Residence card issuance: €6,179.40 per family member
- Residence card renewal: €3,023.20 per family member at each renewal
- Citizenship application: €250 per family member
Across the program, government fees typically total €5,000–€7,500 per applicant, depending on the number of renewals and family members, and do not include legal or administrative costs.
Professional support also forms a significant part of the budget. Specialized Portuguese lawyers typically charge around €16,000–€20,000 per family for full handling of the process, from application preparation to renewals and, when applicable, permanent residency or citizenship. A dedicated lawyer is essential to navigate documentation, online submissions, biometrics scheduling, and communication with the Portuguese authorities.
Fund-related costs include subscription or entry fees and ongoing management fees, which vary by fund. The VIDA Fund charges 1% of the invested amount as a subscription fee. Investors should also anticipate bank account setup costs, document translations, and potential notary expenses.
When combined, these items usually add €25,000–€35,000 or more to the base €500,000 investment, depending on family size and service providers. The overall Golden Visa process usually spans 12 to 18 months from initial preparation to receiving the first residence card. 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 members can often be included in the main applicant’s process. Spouses or long-term partners can be added with a marriage certificate or other clear proof of relationship. Dependent children generally need to be full-time students, not working, and unmarried throughout the residency period until the family’s Golden Visa application is complete.
VIDA Capital maintains a transparent overview of all expected costs for clients investing through the VIDA Fund and coordinates closely with independent lawyers, so investors have a clear financial plan from the outset.
Request a detailed cost breakdown and Golden Visa plan tailored to your family.
4. How hospitality-focused funds align with Golden Visa goals in 2026
Hospitality-focused funds can match Golden Visa requirements with exposure to one of Portugal’s most important economic sectors. Portugal welcomed around 31 million visitors in 2024, generating approximately €27 billion in revenue. With the country set to co-host the 2030 FIFA World Cup and forecasts that travel and tourism could represent 22.6% of national GDP by 2035, the sector offers clear long-term demand drivers.
The market still includes many independently owned hotels and hospitality businesses. This fragmentation creates opportunities for professional operators to acquire, combine, and upgrade assets. The VIDA Fund focuses on this niche: it buys underperforming existing hospitality assets, refreshes them with light refurbishment and updated design, and improves operations and revenue management.
This strategy gives assets a second life, rather than building new projects, and aligns closely with Portugal’s preference for sustainable, productivity-enhancing investments. Asset-backed exposure means investors participate in cash-flowing operating companies that own or control physical hospitality assets, which can often be independently valued and, if necessary, sold as part of an exit strategy.
Hospitality remains a cyclical sector and carries market risk, so investors should review occupancy assumptions, leverage levels, and exit plans for any fund they consider. Historical returns from the sector or from the VIDA Fund are not a guarantee of future returns.
5. Why fund selection matters more than ever in 2026
Thoughtful selection of a Golden Visa-eligible fund is now one of the most important decisions in the entire process. Differences in strategy, governance, and liquidity can have a direct impact on both capital protection and the timing of eventual exit.
Several factors usually deserve close attention:
- Regulatory status and audits: CMVM registration, independent audits, and clear reporting schedules help reduce operational risk.
- Sector focus and diversification: Funds may concentrate on hospitality, broader corporate credit, or mixed strategies; investors should align this focus with their own risk tolerance.
- Investment horizon and exit mechanisms: The five-year minimum maturity must remain compatible with Golden Visa timelines, but investors should also confirm how and when the fund intends to return capital after the program’s requirements are met.
- Track record and team experience: Prior experience in Portugal and in the chosen sector can support more reliable execution, although it never eliminates risk.
- Fee structure: Subscription, management, and performance fees should be transparent and proportional to the fund’s value proposition.
VIDA Capital’s advisory role centers on matching clients with the VIDA Fund when it fits their risk profile and immigration objectives, and on coordinating with independent legal counsel for a thorough review of documents before any commitment is made.
Discuss whether a regulated hospitality-focused fund is suitable for your Golden Visa strategy.
Frequently Asked Questions
What is the current minimum investment for the Portugal Golden Visa in 2026?
The current standard minimum investment for the Portugal Golden Visa in 2026 is €500,000 in one or more CMVM-regulated investment or venture capital funds that qualify under the program. These funds must avoid personal property investment and meet requirements on maturity and Portuguese corporate exposure.
Can I still use personal properties to qualify for the Portugal Golden Visa?
No, direct investment in personal properties is no longer an eligible route for the Portugal Golden Visa. Program changes in October 2023 removed personal property purchases as a qualifying option. Funds that wish to qualify for the Golden Visa must also avoid direct or indirect investment in personal properties, focusing instead on operating businesses and productive assets in Portugal.
How does an asset-backed fund like the VIDA Fund manage risk for Golden Visa investors?
Asset-backed funds allocate capital to operating companies that own or control tangible assets, such as hospitality properties with on-site operations and revenue streams. This approach means your fund units are supported by identifiable underlying assets rather than solely by financial instruments or early-stage ventures.
The VIDA Fund focuses on existing hospitality assets that can be upgraded and more efficiently managed, combining operational improvements with potential asset appreciation. Historical returns are not a guarantee of future returns, so investors should still treat this as a long-term, illiquid investment with inherent risks.
Beyond the €500,000, what other costs should I budget for with a Portugal Golden Visa?
Typical additional costs include government fees per family member for application intake, residence card issuance, renewals, and eventual citizenship, which together usually total around €5,000–€7,500 per applicant over the life of the program.
Legal fees from a specialized Portuguese lawyer often fall in the €16,000–€20,000 range for a family, and funds charge subscription and management fees, such as the VIDA Fund’s 1% subscription fee. When combined with bank, translation, and notary costs, most families should expect €25,000–€35,000 or more in extra expenses on top of the €500,000 investment.
How long must I keep my investment, and what are the residency requirements?
Investors must maintain their qualifying investment for at least the initial five-year residency period. The Golden Visa grants an initial two-year temporary residence permit, followed by two further two-year permits, as long as the investment and residency conditions remain in place.
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.
During this time, you only need to spend a minimum of 14 days in Portugal in each two-year period to keep your Golden Visa active. After five years, you may apply for permanent residency, and after 10 years of residence (or seven years for CPLP nationals and EU citizens under the new framework), you may apply for citizenship if you meet language and other legal requirements.
The Golden Visa gives you the right to live, study, and work in Portugal and to travel within the Schengen Area for short stays, but residency rights apply only in Portugal until you obtain Portuguese citizenship.
Conclusion: Building a structured Golden Visa plan in 2026
The 2026 version of the Portugal Golden Visa places regulated investment funds at the center of the program, with a €500,000 minimum and detailed compliance rules. Successful investors treat the Golden Visa not only as an immigration route, but also as a long-term capital allocation decision that requires careful fund selection, realistic cost planning, and robust legal support.
VIDA Capital acts as an advisory partner for investors who wish to pursue the Golden Visa through the VIDA Fund and trusted legal counsel. The VIDA Fund buys and transforms existing hospitality assets in Portugal, giving them a second life while remaining aligned with Golden Visa rules and Portugal’s broader economic objectives. Historical returns are not a guarantee of future returns, so each investor should assess whether this route fits their risk profile and long-term goals.
