Portugal's Golden Visa program remains the top choice for non-EU investors in 2026. The fund investment route offers EU residency without requiring you to relocate permanently. You only need to spend about seven days in total per year in Portugal.

Portugal now requires a minimum €500,000 investment in qualifying funds for the Golden Visa. Real estate stopped being an option back in October 2023 when rules changed. Private equity and venture capital funds are now how most people get approved. You need to hold the investment for at least five years to stay compliant.

Once that period ends, you can apply for permanent residency or citizenship options.

Current Golden Visa Requirements in 2026

The Portugal Golden Visa program has specific rules that all applicants must follow carefully. You must be at least 18 years old and hold non-EU citizenship status. A clean criminal record from your home country and Portugal is a must. 

The fund must have a minimum maturity of five years at investment time. All funds must be registered and regulated by Portugal's CMVM securities commission. 

• Minimum Investment: €500,000 in qualifying funds
• Stay Requirement: 14 days during the first two-year permit period
• Permit Structure: Initial permit valid for two years, then renewable every two years
• Citizenship Timeline: Five years of legal residency required under current rules
• Family Inclusion: Spouses, children, and dependent parents can join the application
• Tax Benefits: Capital gains and dividends taxed at zero through private equity funds
• Fund Rules: No direct or indirect real estate exposure allowed in qualifying funds
• Portugal Allocation: At least 60% of fund capital must be invested in Portugal

Guide to Fund-Based Residency in Portugal

Magnify Capital Partners: Retail and Hospitality Funds

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Magnify manages Golden Visa funds built around low risk and planned exits upfront. The team comes from senior banking and private equity backgrounds in Portugal. Their focus is structure first, returns second, and compliance always without exception.

CERES Food and Retail Fund

This fund invests in neighborhood supermarkets run by Sonae, Portugal's largest private retailer. Each property is built only after a 20-year lease gets signed officially. There are no break clauses in any of the signed lease agreements.

Forward purchase agreements with institutional buyers are locked in before construction ends completely. The exit strategy is set from day one with no market guessing required. Liquidity is baked in and the fund does not depend on uncertain markets.

HAVEN Hospitality Fund

This fund was created after the retail strategy proved successful with investors. It finances hotels across Lisbon, Porto, the Azores, and Madeira regions. Investors receive hotel stays that count toward the residency stay requirement directly. This removes the logistical burden of meeting the seven-day annual minimum requirement.

Share Classes and Buyback Option

Two share classes exist for different investor preferences and risk tolerance levels. One class includes a contractual buyback option with returns capped at 4.5% annually. This buyback option is written directly into the fund bylaws and regulator-approved.

The other class offers full fund performance with an 8% hurdle rate instead. The hurdle rate means the management company earns nothing until investors get 8%. Both structures are approved by the regulator and fully audited each year.

Investors must stay invested for a minimum of five years under the terms. At the end of that period, the buyback option lets investors recover capital. You don't have to wait for the full life of the fund to end.

US Investor Compliance

The funds are FATCA compliant and provide proper US tax reporting documents required. For non-residents, capital gains and dividends are taxed at zero percent. Magnify also offers an omnibus account option for faster onboarding timelines overall. This lets investors start the Golden Visa process without a Portuguese bank account.

Magnify handles the setup process end to end through external legal partners. That includes tax numbers, bank accounts, and all required documentation for applicants.

First Pharma Fund: Healthcare-Focused Golden Visa Investment

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PharmaForte offers a Golden Visa fund built around pharmacy acquisitions in Portugal exclusively. The strategy focuses on stability through a tightly regulated healthcare sector approach.

Why Pharmacies Work for Golden Visa Investors?

Portugal controls pharmacy licenses very strictly through government regulation and oversight. Distance rules prevent pharmacies from clustering in the same area together anywhere. Ownership caps stop any single entity from building a monopoly position overall.

The country has a small number of pharmacies serving its permanent population. Millions of tourists and new residents also pass through each year needing services. This scarcity keeps pharmacies profitable and resilient across all economic cycles.

Investment Strategy and Value Creation

The fund buys existing pharmacies and increases value through operational improvements only. Changes might include better product mix, marketing upgrades, or location moves strategically. Relocating a pharmacy closer to a hospital can significantly increase its value.

The underlying asset is the pharmacy license, which rises in value substantially. Demand stays constant because pharmacies sell goods that people always need daily.

PharmaForte has decades of experience advising, managing, and owning pharmacies in Portugal. This background lets them identify where value is being left on the table. Areas like online services, OTC products, and serving Portugal's aging population offer growth.

Fund Structure and Returns

The fund runs for eight years as a closed-end vehicle with clear terms. Minimum subscription is €100,000, so investors can spread across multiple funds easily. This allows Golden Visa investors to diversify while meeting the €500,000 total requirement.

Target return is 52% over the fund life, about 6.5% per year average. A 20% hurdle rate protects investors before managers take any profits at all.

The fund does not use omnibus investment accounts like some other funds do. PharmaForte cites concerns about shared due-diligence risks with omnibus structures. They want to keep each investor's process clean and independent throughout the term.

Contact: Call +351 914 227 316 or write to contact@visas.com

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BLZ Renewable Energy Fund for Portugal Golden Visa

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Renewable energy has become a strong option for Golden Visa fund investors seeking growth. This fund focuses on solar and wind projects across Portugal and Europe.

Team Experience and Development Approach

The management team has over 25 years developing energy projects across multiple European countries. They often develop projects in-house rather than buying finished assets only from others. This lets them control costs and secure grid connection rights at better prices.

Entering projects earlier in the value chain is designed to improve returns significantly. It also reduces reliance on overheated secondary markets where prices are inflated.

Why Renewable Energy Works for Golden Visa?

EU climate targets and government policy create long-term demand for clean energy production. Unlike real estate, investors can receive payouts from ongoing cash flow streams directly. This offers more flexibility when your five-year Golden Visa requirement gets met officially. Battery storage costs are falling and grid upgrades are coming soon to improve.

Energy infrastructure differs from real estate in one very important way for investors. Investors can be paid out without forcing the sale of the underlying asset. This gives more flexibility at the point when Golden Visa residency requirements are completed.

Market Outlook for Iberian Energy

New grid connections to France are expected later this decade to ease constraints. These upgrades should reduce pricing pressure from excess solar production in Iberia currently. The fund sees strong returns supported over the long term by EU policy.

Portugal continues to stand out among European Golden Visa programs for investors. The €500,000 threshold remains competitive compared to other EU residency programs available.

Stag INZ Fund: Distributed Solar Strategy for Golden Visa

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Stag Fund Management runs a renewable energy fund focused on distributed solar installations. The fund finances companies that install solar solutions for end customers directly.

Fund Structure and Risk Control

The fund uses shareholder loans plus equity stakes in operating solar companies combined. Solar equipment stays owned by the fund throughout the entire investment term completely. Customer demand is confirmed before Stag puts any capital into a project at all. This removes the risk of paying first and hoping sales come later down the line.

Stag is not just a single fund operator in the Portuguese market currently. It is a regulated fund management company overseeing many different funds for investors. This adds confidence for investors who care about governance, valuation, and reporting standards. Stag is licensed and supervised by Portugal's securities regulator CMVM directly. This oversight shapes how information is produced and how capital is managed.

Returns and Fundraising Progress

Target return is 8% per year with early results showing low double digits. The fund has raised over €15 million from Golden Visa and other investors combined. Investors can secure their place by paying a subscription fee before close dates.

Fast Onboarding Without Portuguese Bank Account

A custodian solution removes the need to open a Portuguese bank account immediately. This lets the whole application process move much faster than traditional routes allow. Bank account setup in Portugal can otherwise take weeks or even months waiting. Investors can complete onboarding and pay a subscription fee by the close date. They then have additional time afterward to transfer the main investment amount.

The Golden Visa fund route is designed for people who want maximum optionality. You get minimal required time in Portugal, Schengen mobility, and family inclusion benefits. Your capital keeps working rather than sitting idle in a bank account somewhere.

Contact: Call +351 914 227 316 or write to contact@visas.com

→ Book a consultation

VIDA Capital: Distressed Hotel Turnaround Strategy

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VIDA Capital runs funds focused on buying and improving underperforming hotels in Portugal. The strategy aims to buy at discounts, fix operations, then exit at higher values.

Why Portugal Remains Practical for Golden Visa Investors?

Portugal remains one of the most practical Golden Visa options in Europe right now. You can qualify without relocating your life or moving your family permanently. The stay requirement is light and usually does not trigger Portuguese tax residency. Renewals work smoothly over time if you follow the compliance requirements properly.

Investors can split the €500,000 minimum amount across multiple eligible funds for diversification. VIDA Capital's fund timelines are built specifically to match Golden Visa requirements exactly.

Investment Approach for Hotel Turnarounds

VIDA 1 and VIDA 2 target distressed or struggling operating hotels across Portugal. The team improves performance through better management and operational changes systematically. Once the portfolio stabilizes, the fund exits at improved valuations for all investors.

The idea is simple: buy hotels at a discount when they're underperforming badly. Improve operations and performance metrics over the investment holding period carefully. Then exit once the portfolio is stabilized and showing strong financial results.

Return Structure and Governance

The funds pay annual dividends plus a larger payout when the fund winds down. VIDA states a target of doubling investor capital over the fund life completely. Multiple independent valuations and third-party audits provide oversight and governance protection always.

VIDA believes its structure remains Golden Visa compliant despite real estate restrictions applied. The fund focuses on operating businesses rather than property ownership alone technically. Regulated fund management adds confidence for investors who care about proper governance standards.

AIMA Processing Updates

There has been a noticeable rise in appointment scheduling for Golden Visa applicants recently. The interview also covers what options exist for people who want to relocate early. Lawyers have used various approaches during long processing delays to help clients.

How to Choose the Right Portugal Golden Visa Fund?

Picking the right Golden Visa fund depends on your personal financial goals and timeline. Start by figuring out your risk tolerance and preferred investment sectors for growth.

Stable funds focus on retail, healthcare, or hospitality with predictable cash flows.

Growth funds target renewable energy or tech startups with higher return potential available.

Check whether the fund offers a buyback option matching your five-year timeline needs.

Let Our Team Help You Pick the Right Golden Visa Fund

Choosing a Golden Visa fund isn't something you should figure out on your own. Our immigration consultants have worked with dozens of CMVM-registered funds and know the differences. We'll look at your timeline, risk comfort, and family situation before making any recommendations.

You get a shortlist that fits your goals, not a generic sales pitch.

→ Book a call and we'll walk you through the options

Contact: Call +351 914 227 316 or write to contact@visas.com