Executive summary
- Portugal combines safety, lifestyle quality, and a competitive residency-by-investment framework that fits long-term retirement planning for high-net-worth families.
- The Golden Visa now centers on a minimum €500,000 investment into eligible Portuguese funds, with asset-backed hospitality funds offering a balance of capital preservation and growth potential.
- Golden Visa residency grants the right to live in Portugal and travel visa-free within Schengen, and can lead to permanent residency and, later, citizenship if you meet the long-term requirements.
- Asset-backed hospitality funds such as the VIDA Fund, advised by VIDA Capital, focus on buying and transforming existing hospitality assets, giving these properties a second life while aiming to protect and grow investor capital. Historical returns are not a guarantee of future returns.
- The Portugal Golden Visa process usually spans 12 to 18 months and includes several phases, where the support of an experienced Portuguese immigration lawyer is essential.
- Portugal currently stands out in Europe by offering a path to citizenship without requiring relocation, unlike Greece, which requires seven years of living there and paying taxes, and Spain, which has discontinued its Golden Visa.
Why Portugal works for retirement and investment
Portugal’s appeal for retirees: lifestyle, safety, and quality of life
Portugal offers retirees a strong mix of safety, climate, and quality of life. The Global Peace Index 2025 ranks Portugal as the 7th safest country in the world, which helps retirees feel secure about long-term plans.
The country combines a mild Mediterranean climate, rich culture, and modern infrastructure. Its healthcare system ranks among the strongest in Europe, and overall costs for housing, services, and daily life remain lower than in many Western European countries.
The Portuguese lifestyle emphasizes work-life balance, outdoor activities, and community. These values align well with retirees who want an active yet relaxed second chapter. Cities like Lisbon and Porto offer urban culture and services, while regions such as the Algarve provide calmer coastal living. Across the country, safety and quality standards remain consistently high.
The Golden Visa program as a structured path to Portuguese residency
Portugal’s Golden Visa program is a residency-by-investment framework that allows non-European investors to obtain Portuguese residency through a qualifying investment. The structure suits investors who want long-term options in Europe without immediate relocation.
The program grants a temporary residency permit for two years. You then renew this permit for additional two-year periods while maintaining your investment and meeting the minimal stay requirement. After five years of complying with these rules, you can apply for permanent residency in Portugal.
For retirement planning, the Golden Visa acts both as an investment framework and a long-term contingency plan. It helps create options for living in Portugal, gives access to Portuguese healthcare as a resident, and enables visa-free travel within the Schengen Area for up to 90 days in any 180-day period. Over time, it can build toward a path to citizenship if you meet the residence duration requirements.
Golden Visa changes in 2023: what they mean for investors
Reforms in October 2023 reshaped Golden Visa investment routes. Direct purchases of personal properties are no longer eligible. The program now requires a minimum €500,000 investment through qualifying Portuguese funds.
This shift directs capital toward professionally managed funds that meet regulatory standards. For investors, this often means clearer governance, more diversification, and better reporting compared with individual property purchases. For retirement planning, it also encourages more structured, long-term thinking about how capital supports both lifestyle goals and wealth preservation.
Hospitality in Portugal: a growing sector for asset-backed investments
Portugal’s tourism and hospitality sector has expanded significantly, which supports the case for hospitality-focused Golden Visa fund investments. The country hosted a record 31 million visitors in 2024, generating €27 billion in tourism revenue, with travel and tourism projected to reach 22.6% of national GDP by 2035.
The upcoming co-hosting of the 2030 FIFA World Cup, with a projected economic effect above €800 million, reinforces the long-term outlook for hospitality assets. Non-residents represented 70.3% of all overnight stays in 2024, with 56.4 million stays and 4.8% growth year over year. A large share of the market still consists of independent operators, which creates room for consolidation and professionalization.
For retirement-focused investors, hospitality assets offer exposure to a growing sector through tangible properties. Asset-backed hospitality funds provide the potential for income and capital appreciation, while grounding retirement capital in physical assets with intrinsic value.
Golden Visa investment options for retirement planning
The €500,000 fund investment requirement
The current Golden Visa rules require a minimum €500,000 investment into qualifying Portuguese investment funds. These funds must be registered and supervised in Portugal, follow defined investment policies, and comply with local regulations. You must keep the investment for the entire residency period, which typically spans the five years leading up to permanent residency eligibility.
This threshold aligns the program with high-net-worth investors who can commit meaningful capital to Portugal’s economy. For retirement planning, the €500,000 often represents a dedicated allocation that serves two purposes:
- Supporting portfolio diversification into EU assets.
- Creating and maintaining a pathway to Portuguese residency and, over time, potential citizenship.
The fund structure introduces professional management, external audits, and reporting. For many retirees, this institutional framework aligns with a preference for transparency and risk control over more hands-on, individual investments.
Why asset-backed fund investments can support retirement security
Asset-backed funds focus on tangible assets that retain intrinsic value, which can help manage risk for retirees. Instead of relying solely on financial instruments or speculative projects, these funds own physical assets that can, in many cases, be sold if market conditions require it.
In a hospitality-focused strategy, asset backing means the fund owns hotels or similar properties rather than only contracts or operating agreements. If the fund needs to adjust its portfolio, it can sell these properties and realize value from the underlying assets.
This approach tends to resonate with investors who built their wealth through businesses or tangible holdings. It supports retirement plans that prioritize capital preservation while still allowing for potential upside through professional asset management and tourism-driven growth.
The VIDA Fund: buying and transforming hospitality assets for Golden Visa investors
The VIDA Fund, advised by VIDA Capital, concentrates on Portugal’s hospitality sector through an asset-backed strategy. The fund identifies underperforming or undervalued hospitality properties and buys and transforms these assets, giving them a second life through upgrades, repositioning, and stronger management.
VIDA Fund follows an integrated owner-operator model. The team oversees both ownership and operations, aiming to improve performance through active management and data-driven decision-making. The fund’s leadership has managed more than €4 billion in assets across over 100 private equity deals and has worked with more than 1,000 investors worldwide.
For Golden Visa applicants, VIDA Fund offers several potential advantages:
- Eligibility under the current Golden Visa rules as a qualifying fund investment.
- Professional management that limits the need for day-to-day investor involvement.
- Asset-backed exposure to Portugal’s hospitality sector through existing properties that are acquired and transformed, not newly built.
The fund has a 6.5-year target lifecycle and aims to double investor capital over that period. This target is not guaranteed. Historical returns are not a guarantee of future returns, and all investments involve the risk of loss.
VIDA Fund I raised more than €20 million from over 50 investors and supported more than 100 Golden Visa applications for investors and their family members. VIDA Fund II builds on this strategy and track record to provide new investors with access to Portugal’s hospitality sector through an established framework. Historical results do not guarantee future outcomes.
Golden Visa benefits for retirees and their families
From Portuguese residency to potential EU citizenship
The Portugal Golden Visa offers a structured progression from temporary residency to permanent residency, and then, for those who qualify, to citizenship.
Golden Visa holders first receive a temporary residency permit valid for two years. They then renew this permit for additional two-year periods, provided they keep their qualifying investment and meet the minimum stay requirement of 14 days in Portugal every two years. After five years of maintaining residency and investment, applicants can request permanent residency, which removes the need for further two-year renewals while preserving residency rights.
Recent legislative changes now require 10 years of legal residency in Portugal before citizenship becomes possible, with a reduced seven-year requirement for nationals of Portuguese-language countries and EU citizens. The new framework is expected to apply to Golden Visa holders, except for those who have already filed their citizenship applications before the new law is published.
Family inclusion rules allow you to extend residency benefits to your spouse or recognized partner, your children, and, in some cases, your parents or in-laws. Spouses or partners can be included with a marriage certificate or other legally accepted proof of the relationship, such as for common-law partnerships. Dependent children may qualify if they are full-time students, not working, and remain unmarried during the entire residency period and up to the citizenship application. Parents and in-laws generally need to be over 65 or financially dependent on the main applicant, subject to legal criteria.
Once you obtain Portuguese citizenship, you gain full EU and Schengen rights to live, work, study, and access public healthcare and education across EU and Schengen Zone countries. This is distinct from the Golden Visa stage, which grants residency only in Portugal and visa-free travel in the Schengen Area for short stays.
Flexible stay requirements that fit a global lifestyle
Portugal’s Golden Visa requires only 14 days of physical presence in Portugal every two years. This low threshold makes the program suitable for retirees who want to keep their primary base elsewhere for now, while building a long-term option in Portugal.
This structure supports a gradual transition. You can keep business interests, family ties, and healthcare arrangements in your home country, while spending regular but limited time in Portugal. Over time, many investors use these visits to test different regions, refine their long-term plans, and slowly increase their time in the country.
Visa-free travel in the Schengen Area
With a valid Portuguese Golden Visa residency card, you can travel visa-free throughout the Schengen Area for up to 90 days in any 180-day period. This benefit makes extended trips across Europe simpler and can be particularly useful for retirees who want to travel regularly or visit family in different Schengen countries.
This travel flexibility helps you experience different European environments while maintaining Portugal as your formal country of residence. It does not, however, grant the right to live, work, or study long term in other EU or Schengen countries. Those broader rights only apply once you hold Portuguese citizenship.
Capital preservation and diversification for retirement portfolios
Asset-backed Golden Visa fund investments, including hospitality strategies advised by VIDA Capital, can support core retirement goals such as capital preservation, diversification, and controlled risk.
By owning physical hospitality assets, these funds provide exposure to tourism growth while grounding risk in tangible properties that retain intrinsic value. For many retirees whose main holdings may be in domestic equities, bonds, or private businesses, this represents a way to diversify both by geography and by asset type.
This diversification can help reduce exposure to any single country’s economic or political environment and may smooth overall portfolio risk as you move into or through retirement. As always, results are uncertain, and capital is at risk.
Building a long-term safeguard for family stability
For many investors, the Golden Visa functions as a strategic Plan B. It provides another country of residence for the family in case of political, economic, or social disruption in their home jurisdiction.
Over the long term, the potential to obtain Portuguese citizenship and, with it, broader EU rights can open options for future generations. Children and grandchildren may gain easier access to education, employment markets, and lifestyle choices across the EU and Schengen Zone, once citizenship is granted.
Step-by-step overview of the Portugal Golden Visa process
Why legal support is essential at every stage
Phase 1: Preparation (pre-application)
The Golden Visa journey starts with legal and administrative setup in Portugal. An experienced Portuguese immigration lawyer is essential at this stage and throughout the process.
Your lawyer helps you obtain a Portuguese tax identification number (NIF). This can usually be done remotely under a power of attorney. Your lawyer then supports you in opening a Portuguese bank account, which can also typically be handled from abroad.
Next comes investment selection. If you are considering an asset-backed fund such as the VIDA Fund, this phase involves reviewing documentation, completing due diligence, and signing subscription forms. Skilled legal counsel helps confirm that the chosen fund qualifies for the Golden Visa and that your documentation is complete and compliant.
Phase 2: Application submission and biometrics
Your lawyer submits your Golden Visa application online to the Portuguese immigration authority (AIMA) for you and any qualifying family members. This package includes proof of investment, personal documentation, and supporting records that demonstrate you meet the program criteria.
After the authorities approve the initial application, all applicants must travel to Portugal for in-person biometric appointments. At these appointments, the authorities collect fingerprints, photographs, and signatures for residency cards.
Legal representation is critical during this phase. Your lawyer coordinates documents, liaises with AIMA, and guides you through any requests for clarification. The full process from application to final approval typically spans 12 to 18 months.
Phase 3: Residency card issuance and renewals
Once approved, you receive a temporary residency card valid for two years. This card confirms your legal residency in Portugal and allows visa-free travel within the Schengen area for short stays.
You must renew the card after two years and again at year four, as long as you maintain your qualifying investment and demonstrate at least 14 days of presence 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 five-year period.
Each renewal involves updated biometric data, fresh criminal record certificates, and documentation proving continued investment. Your lawyer manages these requirements and ensures timely submissions.
Phase 4: Permanent residency and citizenship pathway
After five years of legal residency under the Golden Visa, with your investment and stay requirements met, you may apply for permanent residency. Permanent residency removes the need for further two-year Golden Visa renewals while preserving residency rights in Portugal.
Citizenship follows a different timeline. Under the updated framework approved in October 2025, most applicants must reside in Portugal for 10 years before becoming eligible for citizenship. Nationals of Portuguese-language countries (CPLP) and EU citizens benefit from a reduced seven-year requirement. The new rules should apply to Golden Visa holders, except those who have already submitted their citizenship applications before the new law is officially published.
Throughout this journey, a trusted Portuguese immigration lawyer remains essential. Legal guidance helps interpret rule changes, maintain compliance, and prepare you for both permanent residency and eventual citizenship applications.
Understanding fees and total financial commitment
Beyond the €500,000 fund investment, Golden Visa applicants should plan for several categories of fees.
Government fees currently include:
- €618.60 per family member for the initial application.
- €6,179.40 per family member for initial residency card issuance.
- €3,023.20 per family member for each renewal.
- €250 per family member for a future citizenship application.
Legal fees usually range between €16,000 and €20,000, depending on the law firm, family size, and service scope. These costs cover legal advice, document review, application preparation, and ongoing representation.
Fund-related fees depend on the specific vehicle you choose. For example, the VIDA Fund charges a 1% subscription fee on invested capital, payable to the fund manager when you subscribe.
By understanding these costs upfront, you can plan a realistic budget that covers both the investment itself and the administrative and professional services that support a successful application.
The role of specialized advisory support
Coordinating an international investment, a multi-year residency process, and multiple family applications can be complex. Advisory firms like VIDA Capital focus on simplifying that experience for investors.
VIDA Capital provides:
- Support in evaluating asset-backed Golden Visa fund options.
- Introductions to experienced Portuguese immigration lawyers when needed.
- Ongoing coordination among investors, legal teams, and fund managers.
- Clear communication on requirements, timelines, and key milestones.
This kind of advisory support can be particularly valuable for retirees who prefer to delegate complex cross-border processes and instead focus on higher-level decisions about their wealth and family planning.
VIDA Capital also helps investors assess whether the Golden Visa is the right fit in the first place and may advise against proceeding if another path better serves the investor’s goals. This advisory approach places long-term client outcomes ahead of any single transaction.
Portugal’s Golden Visa in the European landscape
How Portugal stands out for long-term citizenship planning
Portugal is currently one of the only European countries offering a clear path to citizenship through investment without requiring you to relocate there full time. This feature is central for investors who want to build an option in Europe while maintaining their current residence and commitments.
The requirement to spend only 14 days in Portugal every two years allows you to develop ties with the country at a manageable pace. You can explore different regions, understand the healthcare system, and plan your long-term move, all while keeping your primary base elsewhere.
Portugal’s stable political environment, established legal system, and EU membership add confidence for long-term planning. Once you eventually obtain Portuguese citizenship, you gain full EU and Schengen rights, which significantly broaden your options for living, working, studying, and accessing public services across the EU and Schengen Zone.
How Portugal compares with Greece and Spain
The European residency-by-investment landscape has shifted over recent years. Spain has discontinued its Golden Visa program, removing one prominent option from the market. Greece continues to offer a Golden Visa, but its path to citizenship requires seven years of living there with substantial physical presence and tax residency, which means paying taxes there during that period.
Portugal’s structure remains competitive for investors who value flexibility. It combines low minimum stay requirements, a defined investment structure through funds, and a path to citizenship that does not require relocation, as long as you meet residency duration rules and other legal criteria.
|
Criteria |
Portugal Golden Visa |
Greece Golden Visa |
Spain Golden Visa |
|
Program Status |
Active and open |
Active with longer-term residence and tax requirements for citizenship |
Discontinued |
|
Minimum Investment |
€500,000 (fund investment) |
€250,000–€800,000 (varies by location and asset type) |
N/A |
|
Residency Requirement |
14 days every 2 years |
No minimum to keep residency, but significant physical presence needed for citizenship |
N/A |
|
Citizenship Timeline |
10 years of residency for most applicants, 7 years for CPLP and EU nationals |
7 years with physical presence and tax residency |
N/A |
Frequently asked questions about Portugal retirement planning investment options
What is Portugal’s Golden Visa and how does it support retirement planning?
Portugal’s Golden Visa is a residency-by-investment program that enables non-EU investors to obtain Portuguese residency within the European Union through a qualified €500,000 investment in eligible Portuguese funds. For retirement planning, it creates a structured path to live in Portugal, gain visa-free travel within Schengen for short stays, and, over the long term, pursue permanent residency and potential citizenship if you meet the legal requirements.
The investment component can support capital preservation and diversification, especially when allocated to asset-backed funds. The residency component provides a long-term option for you and your family in a stable EU country.
Do I get rights to live, work, or study in other EU countries with the Golden Visa?
The Golden Visa grants residency rights only in Portugal. It allows visa-free travel within the Schengen Area for up to 90 days in any 180-day period but does not grant the right to live, work, or study long term in other EU or Schengen countries.
Full EU rights to live, work, study, and access public healthcare and education throughout the European Union and Schengen Zone arise only after you obtain Portuguese citizenship. This distinction is important for retirement planning, since citizenship, not residency, unlocks those broader options.
Is the Portugal Golden Visa program still active for fund investments?
Yes. As of 2025, Portugal’s Golden Visa program remains active and open to new applicants. The main route now runs through qualifying fund investments of at least €500,000, including asset-backed funds such as hospitality-focused vehicles that meet regulatory standards.
The 2023 reforms removed direct eligibility for personal property purchases, which shifted the program toward professionally managed fund structures. For many retirement-focused investors, this has clarified the path and strengthened the role of regulated investment vehicles.
What are the advantages of asset-backed investments like the VIDA Fund for retirement planning?
Asset-backed investments can support retirement goals in several ways:
- They provide exposure to tangible properties that typically retain some intrinsic value, even during market volatility.
- They offer potential income and appreciation tied to the performance of a growing sector, such as tourism and hospitality in Portugal.
- They are run by professional teams who manage and transform the assets, rather than requiring investors to oversee individual properties.
For investors using the Portugal Golden Visa as part of a retirement strategy, an asset-backed fund that buys and transforms existing hotel properties can combine capital preservation aims with growth potential. Golden Visa eligibility is an added benefit of such structures, not their only purpose. All investments carry risk, and outcomes are not guaranteed.
How does VIDA Capital support investors throughout the Golden Visa process?
VIDA Capital acts as an advisory partner for investors considering the Portugal Golden Visa and asset-backed hospitality funds. Its role includes:
- Helping investors understand how a Golden Visa fund investment fits into their broader retirement and family planning.
- Providing information on the VIDA Fund and similar qualified fund structures.
- Introducing investors to experienced Portuguese immigration lawyers when needed.
- Coordinating communication among investors, legal counsel, and fund managers throughout the multi-year residency journey.
This advisory support seeks to make the process clearer and more manageable, so investors can focus on high-level decisions while professionals handle the detailed steps and compliance.
Conclusion: aligning your retirement plan with Portugal’s Golden Visa
Portugal brings together quality of life, safety, and a well-defined residency-by-investment framework that can support long-term retirement and family planning. The Golden Visa, now centered on regulated fund investments, allows high-net-worth individuals to connect part of their portfolio to a growing EU economy while building a structured path toward permanent residency and, eventually, citizenship.
Asset-backed hospitality funds, including strategies like the VIDA Fund advised by VIDA Capital, provide one way to access Portugal’s tourism sector through existing properties that are bought and transformed, not newly built. This approach can help balance capital preservation aims with measured growth potential, while satisfying Golden Visa investment requirements. Historical performance is not a guarantee of future results, and all investments involve risk.
Thanks to minimal stay requirements and multi-generational family inclusion, Portugal’s Golden Visa remains a competitive Plan B for retirees who value flexibility. You can gradually deepen your connection to Portugal, maintain global mobility within Schengen for short stays, and work toward permanent residency and potential citizenship under the current legal framework.
Important disclaimer: Past performance is not indicative of future results. All investments involve risk, and specific returns are not guaranteed. Prospective investors should carefully review all fund documentation and consult with qualified legal, tax, and financial advisors before making investment decisions.
