Portugal’s Golden Visa, through a regulated fund.
Since the property route was withdrawn, the €500,000 fund subscription has become the main way into Portugal’s Residence Permit for Investment (ARI). We handle the legal file end to end.
A European residence you don’t have to move for
The Golden Visa is a residence permit, not a tax residence. You keep your life where it is and still build a legal foothold in the EU for your whole family.
Schengen mobility
Travel and stay across the 27 Schengen countries without applying for a visa, for up to 90 days in any 180.
Almost no stay requirement
Seven days in Portugal in the first year, then fourteen days in each subsequent two-year period. Weekends count.
The whole family, one investment
Spouse or partner, children under 18, dependent students under 26 and dependent parents — all on the same €500,000. Only the government fees multiply.
The capital keeps working
Unlike a donation, a fund subscription remains yours. It can appreciate, it can fall — but it is an investment, not a fee.
Residency in months. Citizenship in a decade.
Parliament approved a revised Nationality Law on 1 April 2026, promulgated on 3 May and in force since 19 May 2026. It doubles the residency required for citizenship — ten years for most nationalities, seven for EU and Portuguese-speaking (CPLP) nationals.
The Golden Visa itself was not touched: thresholds, stay requirements, family reunification and the five-year route to permanent residency all stand. So if you want a passport fast, the door narrowed in May. If you want a European residence for your family, almost nothing changed.
Your clock, step by step
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Investment completed
Funds transferred from an account in your name to the fund, through a Portuguese bank. The manager and the bank issue the declarations the application needs.
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First residence card issued ← the clock starts here
Not the filing date, not the biometrics date. The issuance date of your first card is what counts under the new law.
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Year 5 — permanent residency
Apply for permanent residency and stop renewing cards. Requires A2 Portuguese. Unchanged by the 2026 reform.
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Year 7 — citizenship (EU & CPLP nationals)
For nationals of EU member states and Portuguese-speaking countries — Brazil, Angola, Mozambique, Cape Verde and others.
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Year 10 — citizenship (all other nationalities)
Plus an A2 language test, a civic and historical knowledge assessment, and a formal commitment to democratic principles.
The qualifying investment routes
Property, and any fund with direct or indirect real estate exposure, stopped qualifying in October 2023. What remains is the list below — and in practice most applications now go through a fund.
| Route | Minimum | What it involves |
|---|---|---|
| Investment fund or venture capital fundMost usedNon-real-estate, CMVM-regulated | €500,000 | Subscription of units in a fund constituted under Portuguese law, with at least five years’ maturity remaining and at least 60% of its value invested in companies headquartered in Portugal. |
| Company capital + jobs | €500,000 | Incorporating a Portuguese company or reinforcing the capital of an existing one, combined with the creation of five permanent jobs maintained for three years. |
| Scientific research | €500,000 | Transfer of capital into public or private research institutions integrated in the national scientific and technological system. |
| Arts & cultural heritage | €250,000 | Support for artistic production or the recovery and maintenance of national cultural heritage, through recognised public or private entities. |
| Job creation | 10 jobs | Creation of at least ten permanent jobs in Portugal. No fixed capital threshold, but the operational burden is significant. |
Amounts are the legal minimums per main applicant. Family members do not multiply the investment — only the government fees. Low-density-territory reductions apply to some routes; we confirm this for your specific case.
What a Golden-Visa-eligible fund actually looks like
We do not distribute funds and we take no commission from managers — so instead of pitching you a product, here is what the eligible universe contains, and what to check before you sign anything.
Portuguese law
The fund must be constituted under Portuguese law and supervised by the CMVM, the Portuguese securities regulator.
Domestic allocation
At least 60% of the fund’s value invested in commercial companies headquartered in Portugal.
Five-year maturity
At the moment you subscribe, the fund must have a remaining maturity of at least five years.
No property
No direct or indirect real estate exposure — this is where most disqualifications happen.
Two profiles you will meet in the market
Several Portuguese managers now run open-ended structures purpose-built for Golden Visa subscribers, typically alongside their long-running flagship funds. The characteristics below are representative of what is currently available. They are illustrative, not a recommendation, and terms differ from one manager to the next.
Portuguese equities, open-ended
Built to satisfy the domestic-allocation rule while keeping a slice of international diversification. For investors who accept market volatility in exchange for equity returns.
- Structure
- Open-ended, indefinite duration
- Portuguese equities
- ≈ 65% of the portfolio
- Global equities
- up to ≈ 35%
- Equity exposure floor
- ≥ 85% of NAV
- Pricing
- Daily NAV, published
- Dealing
- Any business day
- Redemption notice
- ≈ 4 business days
- Income
- Capitalisation (reinvested)
- Subscription fee
- ≈ 2.5% on the GV unit class
- Recommended horizon
- 5 years
- Risk indicator (SRI)
- 4 / 7 — medium
Structures of this type commonly exclude controversial sectors — gambling, controversial weapons, tobacco and thermal coal — and cap foreign-exchange exposure at around 35% of net assets.
Portuguese corporate debt, open-ended
Bonds and commercial paper issued by companies, mostly investment grade. For investors whose priority is the residence permit rather than the return, with a lower risk profile.
- Structure
- Open-ended, indefinite duration
- Debt instruments
- ≥ 80% of NAV
- Portuguese issuers
- ≥ 65%
- EU / US listed bonds
- up to ≈ 35%
- Credit quality
- Mainly investment grade
- Equities
- Not permitted
- Pricing
- Daily NAV, published
- Redemption notice
- ≈ 6 business days
- Subscription fee
- ≈ 1.75% on the GV unit class
- Recommended horizon
- 60 months
- Risk indicator (SRI)
- 3 / 7 — medium-low
Currency risk beyond roughly 35% of net assets is normally hedged, and derivatives are used for hedging purposes only, within the limits set by the regulator.
How you subscribe
Some Golden Visa share classes are distributed exclusively by the manager — onboarding, KYC and compliance run directly with them. Others are available through distributor banks or a global account. This changes the paperwork and the timeline, so confirm it early.
Dedicated vs flagship
A manager’s flagship Portuguese equity fund may look similar to its Golden Visa version, but they differ on management fees, subscription conditions, redemption terms and allocation. The dedicated class exists to satisfy the ARI rules — the flagship one may not.
If you are a US taxpayer
Portuguese funds are PFICs for US tax purposes. Several managers now issue an annual PFIC statement, which is what your accountant needs for a QEF election. Ask for a sample before you subscribe — not every manager provides one.
The nine things we check before signing off on a fund as ARI-eligible.
Open-ended or closed-ended?
Both can qualify. They behave nothing alike, and the difference matters far more than a percentage point of projected return.
Open-ended Liquid
- Daily NAV, published — you always know what you hold
- Subscribe or redeem on any business day, subject to a few days’ notice
- Full amount invested at once — no capital calls to track
- Indefinite duration, which satisfies the five-year maturity test
- Easy to exit once the five-year holding requirement is met
- Returns follow public markets, including down years
- Upfront subscription fee reduces the amount actually invested
Closed-ended (VC / PE) Illiquid
- Higher return targets, if the manager delivers
- Exposure to private Portuguese companies you cannot buy on a market
- Fixed term, often eight to ten years — longer than your permit needs
- Capital calls: your money goes in over time, on the manager’s schedule
- Valuations quarterly or semi-annually, and largely at the manager’s estimate
- No practical exit before wind-down; secondary sales are rare and discounted
- Performance depends heavily on a small number of holdings
A blunt rule of thumb: if the residence permit is the objective and the return is a bonus, liquidity and transparency usually matter more than headline projections. If you are genuinely investing for return and the permit is incidental, the calculation is different. We will tell you which one you are.
From first call to residence card
Most of it is done remotely. You come to Portugal once, for biometrics.
Eligibility and family scoping
We map who can be included, confirm your nationality’s position under the new law, and set out the realistic timeline in writing before you spend anything.
NIF and Portuguese bank account
Portuguese tax number and a bank account in your name, both arranged remotely under power of attorney. The account has to be yours — the transfer to the fund must come from it.
Fund selection and onboarding
We shortlist eligible funds against your risk profile, liquidity needs and tax position, then coordinate the manager’s KYC and suitability process. You decide; we verify that what you chose actually qualifies under Article 90.º-A.
Transfer and subscription
Capital transferred and units subscribed. The manager issues the declaration of investment and the bank issues the transfer declaration — the two documents the application stands on.
ARI application filed with AIMA
Full family file submitted through the official portal: criminal records, apostilles, certified translations, health insurance, proof of investment. We prepare and submit all of it.
Biometrics in Portugal
One trip, all applicants. We schedule the appointment, brief you on what to bring, and attend with you. Cards are issued after approval.
Renewals and stay tracking
We count your days for you, handle each renewal, and file at year five.
What it costs beyond the €500,000
The investment is the headline number, but it is not the only one. Government fees are charged per person, so a family of four multiplies them — not the investment.
Two things worth reading twice. The subscription fee is a real cost, not a formality: at 2.5%, €12,500 of your capital never reaches the market — so ask whether a lower-fee unit class exists. And management fees run annually against the fund’s assets, on top of that entry fee.
Government fees follow the AIMA schedule in force (last revised February 2026) and are updated periodically; the figures above are indicative and confirmed in your written proposal.
Is this the right route for you?
It usually fits if…
- You want an EU base for the family without relocating now
- You can commit €500,000 for five years without needing it back
- You are an EU or CPLP national — your citizenship clock is seven years, not ten
It probably doesn’t if…
- A passport within five years is the whole point — that door closed in May 2026
- You are looking for a guaranteed return; there isn’t one
- You intend to move to Portugal full time — a D7 or D8 visa is usually cheaper and faster
If the second column describes you, tell us — we would rather point you to the right visa than sell you the wrong one.
Questions we get every week
I applied before the law came into force. Am I protected?
Administrative procedures already in progress on 19 May 2026 continue to be governed by the previous Nationality Law. Whether your specific file counts as “in progress” depends on what was filed and when. Send us the details and we will tell you where you stand.
Can I still buy property in Portugal for the Golden Visa?
No. The real estate route was removed in October 2023, and funds with direct or indirect real estate exposure no longer qualify either. You can of course still buy property in Portugal — it simply will not support an ARI application.
Which fund should I choose?
That is your decision, and it should be made with an adviser who is regulated to give investment advice. Our role is different: we verify that the fund you choose actually qualifies under Article 90.º-A, we run the legal file, and we flag the things that trip applications up — real estate exposure, insufficient remaining maturity, unit classes that do not meet the threshold, and transfers made from the wrong account.
Can I sell the fund units after five years?
The investment must be maintained for the minimum five-year period counted from the grant of the permit. After that — and provided your residency status is settled — you can redeem. With an open-ended fund this is a matter of days’ notice; with a closed-ended fund you are tied to the fund’s own wind-down schedule, which is often longer.
Do I become a Portuguese tax resident?
Not automatically. The Golden Visa grants the right to reside; tax residency follows from actually living in Portugal (broadly, more than 183 days a year, or maintaining a habitual residence here). Most Golden Visa holders spend 7 to 14 days a year and remain tax resident elsewhere. Your fund’s income and gains still have tax consequences in your home country — take advice there.
How long does the whole process take?
Preparation and investment typically run two to three months. After filing, the timeline depends on AIMA’s scheduling of biometrics and its processing backlog, which has been the main variable in recent years. We give you a current, realistic estimate at the eligibility call rather than an optimistic one on a web page.
Let’s find out whether it works for your family.
A 30-minute call with a Portuguese lawyer. We go through your nationality, your family, your timing and your capital, and you leave with a written note setting out the realistic route — including whether the Golden Visa is the wrong one for you.
- No cost and no obligation for the first call
- Fixed legal fees, agreed before we start
- No commission from funds, banks or introducers
- Portuguese lawyers, based in Braga
Request your eligibility note
We reply within one business day.
By submitting you agree to be contacted about your enquiry. We do not share your details with fund managers, banks or third parties.
