Portugal Golden Visa Requirements: The 2026 Investor Guide l VIDA Capital

Last updated: October 13, 2026

Key Takeaways

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The Portugal Golden Visa remains active in 2026, with the €500,000 CMVM-regulated fund route as the only qualifying investment option after real estate was excluded in October 2023.
Applicants must be at least 18, have a clean criminal record, obtain a Portuguese NIF, prove source of funds from abroad, and maintain a minimal physical presence of 14 days every two years.
US investors now face a 10-year residency requirement for Portuguese citizenship under Lei Orgânica n.º 1/2026, effective for applications filed on or after 19 May 2026.
The program offers family inclusion, Schengen travel access, and a path to EU citizenship without requiring relocation or Portuguese tax residency.
VIDA Capital provides advisory services connecting US investors with the VIDA Fund and trusted legal partners throughout the Portugal Golden Visa process.

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Review Your Portugal Golden Visa Options With VIDA Capital

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What The Portugal Golden Visa Is In 2026

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The Portugal Golden Visa is a residency-by-investment program that gives non-EU investors Portuguese residency and a path to citizenship through a qualifying investment, currently a €500,000 investment in an eligible fund. Applicants in 2026 must follow the post-October 2023 rules, not the pre-reform framework.

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The core requirements, as administered by AIMA under the ARI framework, are:

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Be at least 18 years old.
Hold a clean criminal record, submitting a criminal record certificate from your country of origin or any country where you have lived for more than one year, and have no conviction for a crime punishable by deprivation of liberty exceeding one year.
Submit information on personal tax identification numbers, or equivalents, from your country of origin, residence, or tax residence. In practice, you obtain a Portuguese NIF before opening a bank account, making the qualifying investment, and filing the application.
Prove that the funds originate from abroad. Opening a Portuguese bank account is not strictly required, but remains the traditional and most common route.
Demonstrate that the investment results from an international transfer of capital originating outside Portugal.
Make a qualifying €500,000 fund investment.
Spend a minimum of 14 days in Portugal per two-year period.

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For a clean new application in 2026, most investors wait 12 to 18 months from complete application to first residence card. Legacy pre-reform files and backlog-affected cases can still take 2 to 3 years or longer.

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Core Eligibility Requirements For The Portugal Golden Visa

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Under AIMA's ARI guidance, applicants must be at least 18 years old and hold a clean criminal record, submitting a criminal record certificate from their country of origin or any country where they have lived for more than one year, and having no conviction for a crime punishable by deprivation of liberty exceeding one year. During the Portugal Golden Visa's five-year path, each two-year renewal cycle requires fresh criminal record certificates for every person on the permit. Updated certificates are also required for permanent residency or citizenship applications.

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Under Article 77 of Law No. 23/2007, applicants must submit their personal tax identification numbers from their country of origin, residence, or tax residence. In practice, obtaining a Portuguese NIF is a prerequisite for opening a bank account, making the investment, and filing the application. A lawyer can obtain the NIF remotely on your behalf.

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A Portuguese bank account can also be opened remotely with a lawyer acting under a power of attorney, although final approval remains with the bank and some banks may still require an in-person step. Both steps are standard pre-application tasks that a qualified immigration lawyer handles for the investor.

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For the fund route, applicants must also show that the investment results from an international transfer of capital originating outside Portugal, as required by AIMA's per-route document lists and anti-money-laundering rules. AIMA and regulated fund managers are obliged entities under EU anti-money-laundering rules, so they apply source-of-funds verification and KYC procedures. Because fund managers must follow the specific rules of their own jurisdiction, documentation tracing your capital to a lawful origin is essential.

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The minimum stay requirement is 14 days in every two-year period. This minimal physical presence requirement makes the Portugal Golden Visa one of the most flexible Plan B programs available to US investors, with no requirement to relocate or become a Portuguese tax resident. Holding the permit alone does not trigger Portuguese tax residency.

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For a clean new application in 2026, the Portugal Golden Visa process usually spans 12 to 18 months from a complete application to the first residence card. Legacy pre-reform files and backlog-affected cases can still take 2 to 3 years or longer.

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Portugal Golden Visa Investment Fund Requirements: The €500,000 Route

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Law 56/2023, published in the Diário da República on 6 October 2023 and in force from 7 October 2023, excluded the acquisition of real estate, including rehabilitation, as a qualifying investment for new Portugal Golden Visa applications. Existing and pending applications remain protected by transitional provisions. Since Portugal removed real estate and capital transfer routes in October 2023, the €500,000 CMVM-regulated fund route has become the primary Golden Visa pathway and now accounts for over 78% of all applications.

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Per AIMA's ARI conditions, a qualifying fund investment must meet all of the following criteria:

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The investment amount must be at least €500,000.
The fund must not invest in property, directly or indirectly.
The fund must have at least five years of maturity remaining at the time of the investor's subscription.
At least 60% of the fund's capital must be invested in companies headquartered in Portugal.

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There is no official AIMA-approved fund list. The MFSA (Malta Financial Services Authority) examines a collective investment scheme's compliance with the Act, applicable regulations, and Investment Services Rules at the application stage, considering the nature of the scheme and its investors. Investors should obtain documentary proof, including the fund's prospectus and subscription agreement, confirming that the vehicle satisfies every ARI requirement.

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US investors continue to dominate demand for Portugal Golden Visa funds and remain the leading nationality in terms of application volume. By June 2025, AIMA reported a 72% increase in Golden Visa approvals, with Americans as the main recipients.

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For a deeper look at the fund route's qualifying conditions, see VIDA Capital's dedicated guide: Portugal Golden Visa Fund Investment Requirements.

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VIDA Capital And The VIDA Fund: The Fund Route, Advised Properly

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With the fund route now the only qualifying investment, investors need both the right fund and the right advisor. VIDA Capital provides advisory services that connect investors with asset-backed opportunities in Portugal's hospitality sector through the VIDA Fund, guiding them alongside their Portuguese immigration lawyer through each stage of the Portugal Golden Visa journey. Each investor works with a dedicated point of contact within VIDA Capital's advisory team, and the team stays in close contact throughout the process.

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Through VIDA Capital's advisory services, investors can allocate capital into the VIDA Fund. VIDA Fund II, managed by STAG Fund Management and promoted by VIDA Capital, invests in overlooked luxury hospitality assets across Portugal, transforming them into luxury destinations through repositioning, expert management, and design-driven upgrades, and it invests in hotel operating companies rather than property ownership. The VIDA Fund's integrated owner-operator approach focuses on hands-on execution and sustainable growth. The fund targets the transformation of hospitality assets into premium, high-margin investments. Because the fund is asset-backed, grounded in physical hospitality businesses, it provides a layer of capital preservation that purely financial instruments do not.

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The team is transparent about all fees, including government charges, legal costs, and fund fees. VIDA Capital advises that clients should choose the visa path matching their genuine intentions, recommending the D7 for those who intend to live in Portugal most of the year with stable passive income and the Golden Visa for investors seeking a low-presence Plan B, rather than treating the D7 as a general substitute when the Golden Visa is not the right fit.

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Vida Ventures' inaugural fund, Vida Ventures I, closed in November 2017 with $255 million, and its second fund, Vida Ventures II, closed in August 2019 with $600 million. VIDA Fund II, managed by STAG Fund Management and promoted by VIDA Capital, is closed to new subscriptions and is therefore no longer open to investors seeking Portugal Golden Visa eligibility. Historical returns never guarantee future returns.

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VIDA Capital experienced a 571% increase in US website traffic in the first half of 2025 compared to the first half of 2024, reflecting the sharp acceleration in American investor interest in the fund route.

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Talk To VIDA Capital About The Fund Route

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What Changed After October 2023 And What Still Applies

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Many searches for "Portugal Golden Visa suspended" reflect confusion about the October 2023 reforms. The program continues to operate. Law 56/2023, published in the Diário da República on 6 October 2023 and in force from 7 October 2023, excluded the acquisition of real estate, including rehabilitation, as a qualifying investment for new Portugal Golden Visa applications, while existing and pending applications remain protected by transitional provisions. Fund investments remain a legal, approved option under AIMA's ARI framework.

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The program remains open and active as of 2026. Any competitor page still presenting property purchase as a qualifying route uses outdated information. The €500,000 fund route is the operative path for new applicants.

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Portugal Golden Visa Citizenship Requirements: The Updated Timeline

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The widely quoted five-year citizenship timeline no longer applies to new applicants. Portugal's Parliament approved a first version of the nationality law reform on 28 October 2025 and a revised version on 1 April 2026, and the reform was enacted as Lei Orgânica n.º 1/2026, published in the Diário da República on 18 May 2026 and in force from 19 May 2026.

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Under the amended Article 6(1)(b) of Portugal's Nationality Law, the residency requirement for naturalization is now:

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10 years of legal residence for nationals of countries outside the EU and CPLP, including US citizens.
7 years of legal residence for nationals of Portuguese-speaking countries (CPLP) and EU Member State citizens.

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The transitional provision of Lei Orgânica n.º 1/2026 states that administrative procedures pending on the date the law entered into force continue to be governed by the previous wording of the Nationality Law. Investors who submitted their citizenship application before 19 May 2026 remain under the prior framework. Citizenship applicants who had not filed their nationality application with IRN on or before 18 May 2026 are subject to the new Lei Orgânica n.º 1/2026 timelines of 10 years, or 7 years for EU and CPLP nationals, with no grandfathering of residence time.

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Residency and citizenship follow separate applications. The Golden Visa grants residency only and does not itself confer citizenship. Citizenship by naturalization requires a separate application filed with the IRN after the applicable residence period is met, which under Lei Orgânica n.º 1/2026 is 10 years of legal residence for most nationalities, or 7 years for EU and CPLP nationals, with the clock generally starting from the date the first residence card was issued. Citizenship is never guaranteed. Additional requirements for Portuguese citizenship include proof of sufficient knowledge of the Portuguese language, such as an A2 certificate, a solemn declaration of adherence to the fundamental principles of the democratic rule of law, and no final conviction with an effective prison sentence of more than 3 years for listed crimes such as terrorism, violent or organized crime, crimes against State security, or aiding illegal immigration.

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For a full breakdown of the application timeline, see: Portugal Golden Visa Application Timeline: 2026 Guide.

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Residency Mechanics, Renewals, And What The Permit Grants

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Golden Visa approval gives you a temporary residency permit valid for two years. Under Article 90-A of Portugal's Immigration Act, Lei 23/2007, the initial ARI residence card is valid for 2 years and is renewed in further 2-year periods, requiring two renewals to complete the five-year period while maintaining the qualifying investment and minimum stay requirements. Golden Visa holders and their family members who have completed 5 years under the ARI regime may apply for permanent residency under the specific Golden Visa framework, which is a distinct and more favourable route than standard permanent residency. Under the Portugal Golden Visa, the first residence card is valid for 2 years and is renewed in successive 2-year periods, so two renewals are typically made around year 2 and year 4 before reaching the five-year mark for permanent residency.

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The Golden Visa grants residency rights in Portugal only. During the residency period, it allows visa-free travel within the Schengen area for up to 90 days in any 180-day period. It does not grant the right to live, work, or study in other Schengen countries during the residency period.

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Once a Portuguese passport is secured through naturalization, the holder gains full access to live, work, study, and access public healthcare and education in any EU or Schengen country.

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Total Cost Beyond The €500,000 Investment

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Government fees are charged per family member by AIMA. The current fee schedule includes:

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Initial submission fee: The initial Golden Visa application analysis fee is €618.60 per applicant, including each family member, payable to AIMA at submission under the 2025 fee schedule, updated to €632.10 reduced and €842.80 standard as of 2026.
Card issuance fee: €6,179.40 per applicant, including each family member, with children at a reduced rate, payable by card at the biometrics appointment.
First renewal fee: €3,157.80 per person at the reduced digital-channel rate, or €4,210.30 at the standard rate, under AIMA's fee table, Portaria n.º 307/2023, charged per family member and due at year 2 after card issuance, plus a €632.10 analysis fee, or €842.80 standard.
Second renewal fee: €3,157.80 per family member at the digital-channel rate under AIMA's fee table in force from 1 March 2026, due two years after the first renewal.
Citizenship fee: The Portuguese citizenship application fee is €250 per adult applicant for a naturalisation case, due at submission and non-refundable if refused. The fee is €175 for an adult attribution application, such as through a Portuguese parent or qualifying grandparent, and €0 for attribution concerning a minor.

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Legal fees for the Portugal Golden Visa vary by firm and case complexity, typically ranging from €6,000 to €10,000 for a single main applicant and €15,000 to €20,000 for a family, rising to €35,000 or more for complex source-of-funds or cross-border cases. Fund management fees vary by fund and are charged separately, but most fees are charged to the fund itself rather than as an additional outlay on top of the investment.

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Because AIMA government fees are charged per person, a family of four generally pays the analysis, grant, and renewal fees four times over while the qualifying investment remains a single family-level commitment, though children may be charged at a reduced rate and a lower reduced-rate column may apply to in-person and digital applications.

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Family Inclusion In The Portugal Golden Visa Application

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A single €500,000 investment covers the main applicant and eligible family members, including spouse or partner, dependent children, and dependent parents, with no additional investment per person, though each dependent adds roughly €3,000 in government fees. Eligible family members include:

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A spouse or partner. For documentation, you can present either a marriage certificate or other proof of relationship, such as for a common-law partner.
Economically dependent children who are full-time students, not working, and not married at any point during the residency program until the Golden Visa application.
Parents or in-laws who are either above 65 years of age, where dependency may be presumed but evidence of reliance is still expected, or, regardless of age, financially dependent on the main applicant with documented proof.

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Family reunification applications may be filed simultaneously with the main applicant's ARI, but they always depend on approval of the ARI or Golden Visa application. For a full breakdown of documentation requirements, see: Portugal Golden Visa: Family Requirements Explained.

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How To Apply For The Portugal Golden Visa With A Lawyer

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A qualified immigration lawyer is essential at every step of the Portugal Golden Visa process. The steps are:

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Pre-application: Choose a law firm. VIDA Capital can help identify trustworthy, specialized offices. With your lawyer, obtain your NIF remotely and open a Portuguese bank account remotely. Then choose your qualifying fund investment and invest €500,000.
Application submission: Under a power of attorney, your lawyer submits the initial Portugal Golden Visa application online through the AIMA portal on behalf of you and your included family members. This step involves extensive documentation, so legal expertise helps prevent delays or rejections.
AIMA approval and biometrics: Applicants attend an in-person biometrics appointment at an AIMA office in Portugal to provide fingerprints, a photograph, and a signature, with the residence card following approval. Your lawyer coordinates this appointment and prepares you for it.
Residency card issuance: You receive your temporary residency permit, valid for two years. Under the Portugal Golden Visa, the first residence card is valid for 2 years and is renewed in successive 2-year periods, so two renewals are typically made around year 2 and year 4 before reaching the five-year mark for permanent residency.
First renewal, year 2: Your lawyer helps you prove continued ownership of the investment and maintenance of all conditions, including the 14-day minimum stay in each two-year period. Updated criminal records and biometrics are required.
Second renewal, year 4: The second renewal requires re-proving the same conditions as the first renewal, including maintaining the qualifying investment, meeting the 14-day minimum stay in the two-year period, holding a valid passport, having health insurance, providing a criminal record certificate where applicable, maintaining tax and social security regularity, and paying the applicable fees.
Permanent residency, year 5: After holding a temporary residence permit for at least five years of legal residence in Portugal, a third-country national can apply for permanent residence, Autorização de Residência Permanente, under Article 80.º of Lei n.º 23/2007, provided they also meet the conditions on criminal record, means of subsistence, accommodation, and basic Portuguese.
Citizenship, after the required residency period: Under Lei Orgânica n.º 1/2026, US nationals, as nationals of countries other than CPLP member states and EU Member States, must have resided legally in Portugal for at least 10 years before filing a naturalization application, with this requirement applying to applications submitted from 19 May 2026 onward. Applications already pending on or before 18 May 2026 remain governed by the prior 5-year regime.

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For a clean new application in 2026, the process usually spans 12 to 18 months from a complete application to the first residence card. Legacy pre-reform files and backlog-affected cases can still take 2 to 3 years or longer. For a step-by-step walkthrough, see: Portugal Golden Visa: Step-by-Step Application Guide.

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Get Matched With A Trusted Immigration Lawyer

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How Portugal Compares To Other European Residency Programs

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Portugal currently stands out as one of the few European countries that offers a path to citizenship without relocation. Spain ended its Golden Visa program in April 2025. Greece still offers a residency-by-investment program, but obtaining long-term residency and citizenship there requires living in Greece for seven years and paying taxes there, which matters for investors seeking a Plan B rather than a primary residence.

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Among Europe's main golden visa programmes, Portugal's 7-days-in-year-one-then-14-days-every-two-years minimum stay is the differentiator because it is the only programme that combines residency, Schengen access, and a path to citizenship without having to live in the country, while Greece and the UAE require no minimum stay at all to maintain residency but do not offer a comparable citizenship route without relocating. Portugal's Golden Visa grants legal EU residency with a minimum physical stay of 14 days every two years, which suits investors who want European optionality without disrupting their existing lives, businesses, or tax positions.

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Frequently Asked Questions

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What Is The Portugal Golden Visa?

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The Portugal Golden Visa is a residency-by-investment program that allows non-EU investors to gain Portuguese residency and a path to citizenship through a qualifying investment. As of 2026, the qualifying investment is €500,000 into an eligible fund that does not invest in property, has a minimum maturity of five years, and allocates at least 60% of its capital to companies headquartered in Portugal. AIMA administers the program under the ARI framework.

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Is The Portugal Golden Visa Still Active In 2026?

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The program remains open and active as of 2026. Property ownership was permanently excluded as a qualifying investment in October 2023, but the program itself was neither suspended nor closed. Fund investments remain a legal, approved option under AIMA's ARI framework. US investors are currently the leading nationality by application volume.

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What Is The Minimum Stay Requirement?

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The minimum stay requirement is 14 days in every two-year period, and the days do not need to be consecutive. This requirement is tested at each renewal, so maintaining travel records matters. The minimum stay is far below Portugal's day-count tax residency threshold of more than 183 days in a qualifying 12-month period, so most Golden Visa holders do not become Portuguese tax residents on the day-count test alone. Under Article 16 of the CIRS, they may still become tax residents if they maintain a dwelling in Portugal in circumstances indicating an intention to keep and occupy it as their habitual residence.

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Do I Have To Relocate To Portugal?

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The Portugal Golden Visa does not require relocation. Holding the permit alone does not make you a Portuguese tax resident. The program functions as a Plan B, providing EU residency and a path to citizenship with minimal disruption to your existing life and business.

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How Does The October 2025 Citizenship Reform Affect US Investors?

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The reform was enacted as Lei Orgânica n.º 1/2026, published in the Diário da República on 18 May 2026 and in force from 19 May 2026. For US nationals, as non-EU and non-CPLP third-country nationals, the residency requirement for Portuguese naturalization is now 10 years of legal residence, up from the previous 5 years, for applications filed on or after 19 May 2026, while applications filed on or before 18 May 2026 remain under the old 5-year regime. Nationals of Portuguese-speaking countries, CPLP, and EU citizens have a reduced requirement of seven years.

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Civil servants apply the new timelines strictly. Anyone who had not filed a nationality application with IRN by 18 May 2026 is subject to the new timelines under Lei Orgânica n.º 1/2026, seven years for EU and CPLP nationals and 10 years for other nationals, with no grandfathering of accrued residence time. Portuguese citizenship by naturalization is not automatic and requires a separate application with additional eligibility criteria, including proof of sufficient knowledge of the Portuguese language through a test or certificate, such as an A2-level qualification, sufficient knowledge of Portuguese culture, history, and national symbols, knowledge of fundamental rights and duties, a solemn declaration of adherence to the democratic rule of law, no conviction to an effective prison sentence over 3 years for serious crimes, no UN or EU restrictive measures, capacity for self-subsistence, and legal residence in Portugal of at least 7 years for Portuguese-speaking countries or EU Member States or 10 years for other nationals.

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What Rights Does The Golden Visa Residency Grant?

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The Golden Visa grants residency rights in Portugal only. During the residency period, holders can travel visa-free within the Schengen area for up to 90 days in any 180-day period. It does not grant the right to live, work, or study in other Schengen countries during the residency period. Once a Portuguese passport is obtained through naturalization, the holder gains full access to live, work, study, and access public healthcare and education in any EU or Schengen country.

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How Are Family Members Included?

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A spouse or equivalent partner, dependent minor or incapacitated children, dependent unmarried adult children in full-time study, commonly up to about age 26, and first-degree ascendants, parents or parents-in-law, may be included. Each family member must meet the relevant documentation and dependency tests, and each pays separate AIMA fees, while the investment remains at the family level.

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Conclusion: Getting The Requirements Right Before You Commit

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The Portugal Golden Visa remains viable in 2026 when you work from the current rule set. Property is permanently excluded, the €500,000 fund route is the operative path, and the citizenship timeline changed on 19 May 2026, with US investors now facing a 10-year residency requirement for naturalization under Lei Orgânica n.º 1/2026. Every requirement in this guide is dated and attributed to AIMA or the Diário da República.

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Independent legal counsel plays a central role. A qualified immigration lawyer should accompany you from NIF registration through every renewal and, later, your citizenship application. VIDA Capital can connect you with trusted, specialized law firms and guide you through the fund investment decision with full fee transparency and direct advice, including recommending the D7 when the Golden Visa does not match your goals.

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VIDA Capital's advisory team is headquartered in Lisbon and available to meet in person or remotely. To speak with the team about the Portugal Golden Visa and the VIDA Fund, you can reach out directly.

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Start Your Portugal Golden Visa Journey

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Portugal Golden Visa Requirements: The 2026 Investor Guide

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