Key Takeaways
- Portugal’s Golden Visa changed after 2023, removing options linked to personal properties and making compliant investment funds the main route to residency.
- Asset-backed hospitality funds that invest in operating businesses, not personal properties, align with current rules while offering exposure to Portugal’s growing tourism sector.
- The Golden Visa process usually spans 12 to 18 months and requires a lawyer, minimal time in Portugal, and careful planning for family inclusion and future citizenship.
- Portugal remains one of the few European countries offering a path to citizenship without relocation, while Spain has ended its Golden Visa and Greece requires seven years of residence and tax payments.
- VIDA Capital advises investors on the VIDA Fund, a regulated hospitality fund designed for Golden Visa eligibility, and offers tailored guidance through the process. Speak with VIDA Capital about your Portugal Golden Visa plans.
The Problem: Navigating Portugal Golden Visa Changes Post-2023
Impact of the “Mais Habitação” Law on Golden Visa Eligibility
The Portugal Golden Visa program changed significantly when Portugal enacted the “Mais Habitação” law on October 6, 2023, removing Golden Visa eligibility for investments linked to personal properties. This measure ended several former routes, including large capital transfers, personal property acquisitions, and funds that held direct or indirect exposure to those assets.
All property investment routes tied to personal property, including residential, commercial, and rehabilitation projects, were abolished under the law. Investors now need compliant alternatives that still provide security, income potential, and a clear link to Portuguese residency.
Key Challenges for Investors Seeking Residency in Portugal
Golden Visa investors now face a narrower and more technical set of options. Rules around eligible funds are stricter, especially regarding any link to personal property, and the distinction between compliant and non-compliant funds is not always obvious.
Security is a central concern. Many investors want exposure to tangible assets and operating businesses while avoiding speculative structures. They also need a credible path to residency, future permanent residency, and eventual citizenship, given the size of the required commitment.
Clear guidance can be difficult to find. Service providers are still adjusting to the new framework, and some focus on promoting their own products rather than explaining the full picture of risks, timelines, and legal requirements.
The Solution: Asset-Backed Hospitality Investments for Golden Visa Success
Why Asset-Backed Investments Offer Stability and Security
Asset-backed hospitality funds have become a practical answer to the post-2023 Golden Visa rules. These structures invest in hospitality businesses that own or control operating properties but are set up to comply with Golden Visa regulations that exclude direct exposure to personal property.
This model gives investors exposure to tangible hospitality assets, with real revenue streams and professional operations, rather than purely financial instruments. The underlying assets can be valued, operated, and, if needed, sold, which supports capital preservation while maintaining regulatory compliance.
The Resilience and Growth of Portugal’s Hospitality Sector
Portugal’s hospitality sector has shown strong recovery and growth. Portugal recorded about 31 million visitors in 2024, with tourism generating around €27 billion in revenue, exceeding pre-pandemic levels faster than any other European destination.
Future demand drivers are also in place. Portugal will co-host the 2030 FIFA World Cup, which is expected to deliver a substantial economic boost. Projections from the World Travel & Tourism Council indicate that by 2035, travel and tourism could represent more than one-fifth of Portugal’s GDP. This context supports hospitality-focused strategies that align with Golden Visa rules.
Discuss how compliant hospitality investments can support your Portugal Golden Visa strategy.
Portugal Golden Visa: Pathway to Portuguese Residency and EU Citizenship
Eligibility and Investment Requirements for the Golden Visa
After the October 2023 changes, the minimum investment in eligible funds increased from €350,000 to €500,000. These qualifying funds must invest in business equity and cannot invest in personal property, which is why specialized hospitality funds have become central to many Golden Visa strategies.
Step-by-Step Golden Visa Application Process
The Golden Visa process usually spans 12 to 18 months and requires legal support at every stage. A specialized Portuguese lawyer is essential to structure the application correctly and manage communication with the authorities.
Your lawyer helps obtain a Portuguese tax number, open a local bank account, and review your chosen fund. Once you commit at least €500,000 to a compliant investment, your lawyer submits the online application for you and any eligible family members.
After approval, you and your family attend an in-person appointment for biometric data collection. The initial Golden Visa residency card is valid for two years and grants residency rights in Portugal along with visa-free travel within the Schengen area for up to 90 days in any 180-day period.
You must keep the qualifying investment and spend at least 14 days in Portugal during each two-year period. 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. After five years of temporary residency, you can apply for permanent residency, assuming you still meet the requirements.
For citizenship, Portugal’s Parliament approved a new framework in October 2025 that now requires 10 years of residency for most applicants. Nationals of Portuguese-language countries and EU citizens have a reduced requirement of seven years. The new rules should apply to Golden Visa holders unless their citizenship application is submitted before the new law is published.
Key Benefits of the Portugal Golden Visa Program
The Portugal Golden Visa grants Portuguese residency, which allows you to live, study, and work in Portugal, with visa-free travel across the Schengen area for short stays. Once you obtain a Portuguese passport, you gain the right to live, work, study, and access public healthcare and education across the European Union and the wider Schengen Zone.
Family inclusion is a major advantage. You can usually include your spouse or partner, dependent children, and dependent parents or in-laws in a single application. Document-wise, you can present either a marriage certificate or other proof of relationship for a partner. Children included in the application must be full-time students, not working, and cannot be married at any point during the residency program until the application for the Golden Visa is complete.
The physical stay requirement is low at 14 days in each two-year period, so relocation is not required. Portugal is currently one of the only countries in Europe that offers access to citizenship without the need to relocate. Spain no longer offers a Golden Visa program, and Greece requires seven years of living there and paying taxes to qualify for long-term status.
Explore whether the Portugal Golden Visa fits your long-term residency and citizenship goals.
Investing in Portugal’s Hospitality Sector: The VIDA Fund Advantage
Why Hospitality Is a Strong Fit for Golden Visa Investors
Portugal’s hospitality sector benefits from high international demand and a fragmented ownership landscape. Non-residents account for the majority of overnight stays, and national figures show rising visitor numbers and nights spent in the country, which supports strong occupancy rates and revenue potential.
Many hospitality businesses remain independently run and under-optimized. This creates room for specialized operators to acquire underperforming assets, professionalize management, and improve both guest experience and financial performance.
The VIDA Fund Strategy: Giving Hospitality Assets a Second Life
The VIDA Fund focuses on acquiring undervalued hospitality businesses and upgrading them through refurbishment, contemporary design, and operational improvements. The goal is to turn distressed or underperforming assets into higher-margin, better-performing properties.
The strategy is owner-operator in nature, with VIDA’s team closely involved in execution and ongoing management. The VIDA Fund does not develop new hospitality assets. It acquires and transforms existing ones, giving them a second life through improved operations and guest experience.
VIDA Fund Track Record and Regulatory Framework
Each VIDA Fund has a lifecycle of about 6.5 years and targets the potential to double investors’ capital over that period. Historical returns are not guaranteed of future returns. Fund I raised more than €20 million from over 50 investors and supported more than 100 successful Golden Visa applications for investors and their family members.
VIDA Fund is regulated by the Portuguese Securities Market Authority, CMVM, and is audited twice a year by Deloitte. This oversight supports strong governance and aligns the fund with the latest Golden Visa requirements.
Comparing Golden Visa Investment Options for Security and Eligibility
|
Feature |
Asset-Backed Hospitality Funds |
Traditional Property Purchases |
Other Fund Types |
|
Eligibility |
Currently eligible under post-2023 rules |
No longer eligible for the Golden Visa |
Varies by structure and asset mix |
|
Capital Security |
Backed by operating hospitality assets |
Direct property exposure no longer permitted |
Depends on underlying assets |
|
Industry Expertise |
Specialized hospitality management and oversight |
Often requires personal oversight |
Varies by sector focus |
|
Regulatory Compliance |
Built to comply with updated Golden Visa rules |
Routes ended in October 2023 |
Must meet strict regulatory criteria |
Frequently Asked Questions (FAQ) about Portugal Golden Visa and VIDA Fund
What is Portugal’s Golden Visa?
Portugal’s Golden Visa is a residency-by-investment program that allows non-EU investors to obtain Portuguese residency through qualifying investments. The residency permit is valid for two years initially, then renewed for additional two-year periods while you maintain the required investment and minimum stay. After five years, you may apply for permanent residency, and after meeting the new citizenship timelines, you may apply for Portuguese citizenship.
Is Portugal’s Golden Visa still active and valid in 2026?
Yes. The Portugal Golden Visa remains active in 2026, although routes linked to personal property ended in 2023. The program now centers on eligible investment funds that meet strict criteria. Core benefits include residency in Portugal, visa-free travel within Schengen for short stays, and a pathway to Portuguese (and later EU) citizenship.
Do I need to relocate to Portugal to maintain my Golden Visa?
No. You do not need to relocate to Portugal to keep your Golden Visa. You must spend at least 14 days in Portugal during each two-year residency period and maintain your qualifying investment. This makes the program suitable for investors who want a Plan B residency option without changing their primary base.
What makes the VIDA Fund distinctive among Golden Visa investment options?
The VIDA Fund concentrates on asset-backed hospitality investments, giving investors exposure to operating hospitality businesses that are managed by a specialized team. The “second life” strategy focuses on buying and transforming underperforming assets, rather than building new ones, with the aim of improving both guest experience and financial performance while staying aligned with Golden Visa rules.
How does VIDA Capital support clients through the Golden Visa process?
VIDA Capital acts as an advisory firm, helping clients assess whether the Golden Visa fits their goals, risk profile, and timelines. The team connects investors with experienced Golden Visa lawyers, provides immigration guidance linked to hospitality-focused strategies, and offers a dedicated point of contact for ongoing support and clear explanations of all fees and steps.
Conclusion: Next Steps for Your Portugal Golden Visa Strategy
Portugal’s updated Golden Visa framework favors well-structured, asset-backed funds over personal property routes. For investors who value security, regulatory clarity, and a defined path toward Portuguese residency and eventual EU citizenship, hospitality-focused funds such as the VIDA Fund can provide a practical solution.
