Key Takeaways
- Fund investments have become the primary pathway to the Portugal Golden Visa after personal property routes were removed, so investors now focus on CMVM-regulated funds that fully comply eligibility requirements.
- The standard route requires a minimum €500,000 subscription into a qualifying fund, with at least 60% of capital invested in Portuguese companies and a minimum fund maturity of five years. The Golden Visa process typically spans 12 to 18 months.
- Portugal remains one of the only European countries offering a path to citizenship without relocating, requiring only 14 days of physical presence every two years to maintain Golden Visa residency, along with visa-free travel across the Schengen Area for short stays.
- Asset-backed hospitality funds, including the VIDA Fund, focus on buying and transforming underperforming hotels, prioritising capital preservation through tangible assets while aligning with Portugal’s growing tourism sector, and any performance figures or targets remain non-guaranteed.
- Contact VIDA Capital for tailored guidance on selecting a Portugal Golden Visa fund and structuring your application so your investment and residency plan remain fully aligned.
Fund selection for the Portugal Golden Visa represents a major financial and immigration decision. Fund investments now sit at the center of the program, and investors must align their capital with both regulatory rules and personal risk tolerance.
Understanding the Foundation: Portugal Golden Visa Fund Requirements
Eligible Portugal Golden Visa funds are CMVM-regulated investment or venture capital funds with a minimum €500,000 subscription. At least 60% of the fund’s capital must be allocated to commercial companies headquartered in Portugal, and funds must have a remaining maturity of at least five years at the time of investment.
The Golden Visa grants residency rights in Portugal only. Residents can live, study, and work in Portugal and travel visa-free throughout the Schengen Area for up to 90 days in any 180-day period, but do not automatically gain residency rights in other EU countries through the visa.
Portugal requires just 14 days of physical presence in the country every two years to maintain Golden Visa residency, which makes the program attractive as a “Plan B” compared with Greece, where long-term residency demands seven years of living there and paying taxes, and Spain, which no longer offers a Golden Visa program.
When you receive your Portugal Golden Visa, you obtain a temporary residency permit valid for two years. You then renew it for two additional two-year periods, maintaining your qualifying investment and minimum stay requirements throughout the five-year period. After five years, you can apply for permanent residency. 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 five-year period.
For citizenship, Portugal’s Parliament approved a new framework in October 2025. Applicants now need 10 years of legal residency in Portugal before qualifying for citizenship, while nationals of Portuguese-language countries (CPLP) and EU citizens face a reduced requirement of seven years. The new law applies to all Golden Visa applicants except those who submitted citizenship application prior to its publication publication. After obtaining a Portuguese passport, you gain full rights to live, work, and study across the EU and Schengen Zone, including access to public healthcare and education.
The application process involves a Portuguese taxpayer number (NIF), a local bank account, capital transfer, and fund subscription documents. A specialized immigration lawyer is critical at every stage, from preparing family documentation, including acceptable proof of relationships and dependent children’s status, to submitting the application and keeping it compliant over time.
Decoding Portugal Golden Visa Approved Fund Categories
Around 55 funds qualify for the Portugal Golden Visa in 2026. These funds fall into broad categories that reflect different levels of risk, return potential, and emphasis on capital preservation.
Income Funds for Stability
Income funds typically invest in established businesses and infrastructure with predictable revenue. They often suit conservative investors who value stability, lower volatility, and protection of capital more than aggressive growth.
Value and Private Equity Funds for Repositioning
Value and private equity funds focus on mid-market companies. These funds aim to improve operations, upgrade management, and reposition businesses to increase value over time, offering moderate risk with higher potential upside than pure income strategies.
Growth and Venture Capital Funds for Higher Risk
Growth and venture capital funds back early-stage and high-growth companies in sectors such as technology and renewables. These funds can deliver strong returns but involve higher risk of capital loss and greater volatility, so they generally suit investors with a higher risk appetite.
Specialized strategies include hospitality-focused funds, renewable energy funds, and crypto-related funds. Some of these are newer vehicles created with Golden Visa investors in mind, while others are long-established institutional funds managing over €1 billion in capital.
Head-to-Head Comparison: How Fund Types Align With Investor Goals
The table below outlines how the main fund categories compare on risk, focus, and capital preservation, including asset-backed hospitality funds such as the VIDA Fund.
|
Fund Category |
Risk Profile |
Primary Investment Focus |
Capital Preservation Potential |
|
Income Funds |
Low |
Established businesses and infrastructure |
High |
|
Value / Private Equity |
Medium |
Mid-market companies |
Moderate |
|
Growth / Venture Capital |
High |
High-growth and early-stage companies |
Low to Moderate |
|
Asset-Backed Hospitality |
Low to Medium |
Underperforming hospitality assets |
High |
Why Asset-Backed Hospitality Funds Appeal to Golden Visa Investors
Asset-backed hospitality funds, such as the VIDA Fund, center their strategy on owning and improving tangible hospitality assets in Portugal. The fund acquires existing hotels and hospitality properties, then gives these assets a second life by upgrading operations, repositioning the brand, and enhancing guest experience rather than constructing new building from scratch.
Tourism fundamentals support this approach. Portugal welcomed about 31 million visitors in 2024 and generated roughly €27 billion in tourism revenue. Forecasts suggest that travel and tourism could represent more than 20% of national GDP by the mid-2030s, supported by events like the 2030 FIFA World Cup.
The asset-backed structure helps protect capital because the underlying hotels retain intrinsic value, even during market downturns. If necessary, these assets can be sold to help recover capital, an option that pure equity or venture funds may not provide. Any performance targets, including capital growth expectations, are illustrative only, and historical returns are not a guarantee of future returns.
Key Evaluation Criteria Beyond Fund Category
Fund type is only the starting point. Investors also need to assess the team, governance, exit strategy, and overall cost structure before committing €500,000 or more.
Manager Track Record and Sector Expertise
Experienced fund managers tend to navigate Portuguese regulations, bank relationships, and exit markets more effectively. The VIDA Fund team, for example, has managed over €4 billion in assets and executed more than 100 private equity deals for over 1,000 global investors, demonstrating institutional-level experience in buying and transforming hospitality assets.
Regulatory Oversight and Reporting
Only funds supervised by the CMVM qualify for the Golden Visa. Clear fee structures, independent audits such as bi-annual reviews, and regular reporting ensure transparency and investor protection.
Due Diligence, Documentation, and Legal Support
A compliant application requires a Portuguese NIF, a local bank account, capital transfer, and a minimum €500,000 fund subscription. A dedicated immigration lawyer is critical for aligning all documents, including family dependents’ proof of relationship and study status, with the latest rules.
Exit Strategy, Liquidity, and Total Costs
The qualifying investment must remain in place for at least five years. Investors should review:
- Fund maturity dates and redemption rules
- Planned exit routes, such as asset sales or portfolio company disposals
- Alignment between exit timing and Golden Visa residency and citizenship goals
Total costs usually go beyond the €500,000 minimum. Investors should plan for government fees of roughly €13,000 per family member over five years, legal fees in the €16,000–€20,000 range, and fund subscription or entry fees, such as a 1% fee on the total investment for certain funds.
Portugal Golden Visa in the European Context
Portugal stands out in Europe by combining a moderate physical presence requirement with a long-term pathway to citizenship that does not require relocation. Spain has closed its Golden Visa program, and Greece links long-term residency to living there for seven years and paying local taxes during that period.
Portugal’s qualifying funds follow a private equity and venture capital model rather than focusing on direct property purchases or government bonds. This fund-based structure reduces the administrative burden of managing individual properties while channeling capital into the Portuguese economy.
Portugal also ranks among the safest countries globally, which supports its role as a strong “Plan B” for international families looking to secure an alternative residency and, eventually, a potential route to EU citizenship.
Frequently Asked Questions About Approved Golden Visa Funds
Fund Approval Criteria for the Portugal Golden Visa
Approved funds must be CMVM-regulated, require at least €500,000 per investor, allocate a minimum of 60% of their capital to Portuguese commercial companies, and maintain a remaining maturity of at least five years. These requirements ensure economic impact in Portugal and provide regulatory safeguards for investors.
Using Multiple Funds to Reach the €500,000 Minimum
Investors can divide the €500,000 minimum across more than one eligible fund. This approach allows diversification across different strategies and management teams while still meeting Golden Visa rules.
Impact of the 2025 Nationality Law on Citizenship Timelines
The October 2025 changes extended the general citizenship requirement to 10 years of legal residency in Portugal, with a reduced seven-year period for CPLP and EU nationals. These rules apply to Golden Visa holders, except for those who submitted their citizenship application before the new law is formally published.
Risk Considerations for Portugal Golden Visa Funds
All investments carry risk, including potential loss of capital. Asset-backed strategies such as the VIDA Fund aim to preserve capital through ownership of tangible hospitality assets, but market conditions, regulatory shifts, and operational challenges can still affect outcomes. Past performance is not a guarantee of future returns.
VIDA Capital’s Role as an Advisory Partner
VIDA Capital acts as an advisory firm guiding investors through the VIDA Fund and broader Golden Visa process. The team coordinates with specialised law firms, structures documentation, and helps investors understand fund options, risk profiles, and timelines.
The Importance of Hiring a Lawyer
Engaging a qualified Portuguese immigration lawyer is essential. Legal counsel manages application submissions, family inclusion rules, renewals, and any appeals, reducing the risk of delays or non-compliance throughout the typical 12 to 18-month process and five-year residency period.
Conclusion: Align Your Fund Choice With Your Portugal Plan B
Choosing among Portugal Golden Visa approved funds involves more than chasing returns. Investors need to balance capital preservation, risk tolerance, and long-term residency and citizenship objectives within a regulated five-year investment horizon.
Asset-backed hospitality funds such as the VIDA Fund can suit investors who prefer tangible assets, exposure to Portugal’s expanding tourism sector, and a strategy based on buying and transforming existing hospitality properties. These funds aim to combine capital protection with value creation, though results remain subject to normal investment risks.
VIDA Capital focuses on advisory support rather than selling a single product, helping investors compare options, understand regulations, and work seamlessly with legal partners. This guidance helps ensure that your fund selection, documentation, and residency strategy remain aligned across the entire Golden Visa journey.
