The Portugal Golden Visa programme offers non-EU nationals the opportunity to obtain a residence permit in Portugal by making a qualifying investment in the country.
By Atty. George Chisuse, Managing Partner · 2026-10-26 · Legal review: 27 October 2026
One of the investment routes available under the current legal framework involves a minimum investment of EUR 500,000 in an eligible Portuguese investment fund. This option is particularly attractive to international investors seeking European residency while maintaining their business interests, professional commitments and personal lives outside Portugal.
Vassilev & Chisuse Law Firm (VC Law) works with a Portuguese investment fund in connection with the Golden Visa programme, providing legal assistance to prospective applicants throughout the process, from the initial eligibility assessment and preparation of documentation to coordination of the residence permit application in Portugal.
The Portugal Golden Visa, officially known as the Residence Permit for Investment Activity (Autorização de Residência para Investimento - ARI), is a residence-by-investment programme designed for eligible non-EU nationals.
Subject to satisfying the applicable legal requirements, successful applicants may obtain a Portuguese residence permit allowing them to reside and work in Portugal and travel within the Schengen Area in accordance with the relevant rules.
One of the programme's distinguishing features is its relatively limited physical presence requirement. This makes it particularly relevant to international investors who wish to retain their primary residence, business activities and family commitments in another country.
Importantly, the Golden Visa is a residence-by-investment programme, not a direct citizenship-by-investment scheme. Obtaining a residence permit does not automatically confer Portuguese or European Union citizenship.
The Golden Visa programme is primarily intended for nationals of countries outside the European Union, the European Economic Area and Switzerland who are able to make a qualifying investment and meet the applicable immigration requirements.
It may be particularly relevant to:
- Entrepreneurs and international business owners seeking greater mobility and flexibility;
- Private investors interested in establishing a long-term connection with Portugal;
- Individuals looking to secure an additional European residency option;
- Families considering international relocation, education or long-term residence planning.
Applicants must satisfy the relevant legal requirements, provide the necessary supporting documentation and demonstrate the lawful origin of the funds used for their investment.
The programme also provides opportunities for eligible family members to obtain residence permits through family reunification, subject to the applicable conditions.
Eligibility is assessed on an individual basis, taking into account factors such as nationality, family circumstances, source of funds and the proposed investment structure.
Investing in a qualifying Portuguese investment fund is one of the routes available under the Golden Visa programme.
As of October 2026, this investment route requires a minimum commitment of EUR 500,000. The relevant legislation allows investment through certain Portuguese collective investment undertakings that meet the statutory requirements, including restrictions relating to real estate investments.
Not every investment fund established in Portugal qualifies for the Golden Visa programme.
A fund's eligibility depends on its legal structure, investment policy and compliance with the applicable regulatory and immigration requirements. Careful legal assessment of the proposed investment is therefore an essential part of the process.
VC Law works with a Portuguese investment fund that may provide a suitable investment route for prospective Golden Visa applicants.
Through an individual consultation, our legal team can provide further information regarding the fund, its investment structure, the applicable conditions and the legal considerations associated with the application process.
It is important to note that investing in a fund involves financial risk, including the potential loss of some or all of the invested capital. Furthermore, approval of a Golden Visa application is not guaranteed and remains subject to the decision of the competent Portuguese authorities.
One of the principal advantages of the Portuguese Golden Visa programme is that it does not require applicants to relocate permanently to Portugal.
Under the residence requirements published by the Portuguese Agency for Integration, Migration and Asylum (AIMA), Golden Visa holders are generally required to spend a minimum of seven days in Portugal during the first year and fourteen days during each subsequent two-year period.
This limited physical presence requirement allows qualifying investors to maintain their principal residence and professional activities abroad while retaining their Portuguese residence status, provided that all applicable conditions continue to be met.
Tax residency is a separate matter and should be assessed in light of each applicant's individual circumstances and the relevant tax legislation.
Applying for a Portuguese Golden Visa through an investment fund involves several legal, financial and administrative stages.
The process generally begins with a preliminary assessment of the applicant's eligibility and an examination of whether the proposed investment meets the requirements of the Golden Visa programme.
The next stage involves gathering the necessary documentation, verifying the lawful origin of the investment funds and completing the relevant banking and investment formalities.
Once the required conditions have been satisfied, the residence permit application is submitted to the Portuguese Agency for Integration, Migration and Asylum (AIMA).
Applicants may also be required to attend an in-person appointment in Portugal for the collection of biometric data.
Following a favourable decision by the competent authorities, the residence permit is issued. Its subsequent renewal is subject to continued compliance with the applicable legal requirements.
Processing times may vary depending on the individual circumstances of the application and the administrative workload of the Portuguese authorities.
The Golden Visa programme may provide a pathway towards permanent residence in Portugal, subject to compliance with the relevant statutory requirements.
Obtaining Portuguese citizenship, however, is a separate legal process governed by Portuguese nationality legislation.
Amendments to the Portuguese nationality framework that entered into force on 19 May 2026 introduced different minimum qualifying periods for naturalisation depending on the applicant's nationality, together with additional statutory conditions.
Accordingly, the Portugal Golden Visa should primarily be viewed as an opportunity to obtain lawful residence in Portugal rather than as a guaranteed route to a European passport.
Prospective applicants considering permanent residence or citizenship as part of their long-term plans should obtain individual legal advice regarding the requirements applicable to their circumstances.
Applying for a Portugal Golden Visa through an investment fund involves a combination of immigration law, financial regulation and investment-related legal considerations.
A thorough preliminary assessment and careful preparation of the application are essential to identifying potential legal issues and ensuring that the relevant requirements are properly addressed.
Vassilev & Chisuse Law Firm (VC Law) provides legal assistance to prospective Golden Visa applicants, including:
- Preliminary assessment of eligibility under the Portuguese residence-by-investment programme;
- Review of the documentation and legal requirements applicable to the proposed investment;
- Guidance regarding the documents required for the residence permit application;
- Coordination with legal and other professionals in Portugal;
- Legal assistance throughout the administrative application process.
VC Law works with a Portuguese investment fund that may be considered by prospective applicants seeking to obtain residence in Portugal through a qualifying investment.
Further information regarding the fund, the applicable investment conditions and the relevant legal procedures can be provided following an initial assessment of the applicant's individual circumstances and investment objectives.
The specific terms of the investment, associated costs and subsequent steps are discussed as part of an individual consultation.
The minimum investment under this route is EUR 500,000 in an eligible Portuguese investment fund that satisfies the relevant statutory requirements, including the restrictions relating to real estate investments. Additional government, legal and administrative fees may apply.
No. Direct real estate purchases are no longer an eligible investment route for new applications under Portugal's Golden Visa programme. However, investment in a qualifying non-real-estate investment fund remains one of the options provided under the applicable legislation.
Yes. The programme provides for family reunification, allowing eligible family members to apply for residence permits, subject to the applicable legal requirements. Eligibility depends on the family relationship and the individual circumstances of each applicant.
No. A Golden Visa grants residence rights but does not automatically lead to Portuguese citizenship. Naturalisation is subject to a separate application procedure and the nationality requirements in force at the relevant time.
Permanent relocation is generally not required. Golden Visa holders must, however, comply with the minimum physical presence requirements and all other conditions applicable to their residence permits.
Prospective applicants may contact VC Law to discuss the available investment route, the applicable legal requirements and the application procedure. Further information concerning the fund and its conditions can be provided following an initial assessment of the applicant's circumstances.
If you are considering obtaining Portuguese residency through an investment fund, obtaining appropriate legal guidance at an early stage can help you understand the applicable requirements and assess whether the programme is suitable for your circumstances.
Vassilev & Chisuse Law Firm provides legal assistance in connection with the Portugal Golden Visa programme and works with a Portuguese investment fund as a potential investment route for eligible applicants.
Contact VC Law to discuss your eligibility, learn more about the available investment opportunity and explore the next steps towards obtaining a Portuguese residence permit.
Disclaimer: This article is provided for general information purposes only and does not constitute individual legal, tax, immigration or investment advice, an offer to subscribe for investment fund units, or a guarantee that a residence permit will be granted. All legal requirements and investment conditions should be verified at the time of application.