Portugal’s Golden Visa program is going through one of its most important moments in years. Investors want clarity. Families want a reliable plan B. And policy changes in Portugal and across Europe are raising new questions about timelines, requirements, and long-term stability.
In this interview, Scott speaks with Alex Onona of Vita Capital to break down what is happening, why it matters, and what investors should know before making a decision.
The conversation covers the real mechanics of the Golden Visa, the proposed shift from five to ten years for citizenship, the status of AIMA delays, tax rules, and the investment strategy behind Vita Capital’s Golden Visa fund.
This article gives you the core takeaways in clear language so you can understand your options and act with confidence.
How Portugal’s Golden Visa Stands Out
Most European residency-by-investment programs have closed or tightened. Ireland, Malta, and Spain are clear examples. Portugal remains open and accessible, and two features set it apart.
• It allows residency and eventual citizenship with minimal physical presence.
• It does not require tax residency or relocation.
Investors only need to spend one week a year on average. That simple requirement keeps Portugal at the top for people who want a backup residency or a future EU passport without uprooting their lives.
The Physical Stay Requirement
Alex outlines how the stay rules work in practice.
• First residency card: one year, with one week of physical presence.
• Renewals: two-year periods, each requiring two weeks.
• The visit does not need to be consecutive.
As long as you maintain your investment and meet this schedule, your residency remains valid.
The 500,000 Euro Investment Rule
To qualify, applicants must invest 500,000 euros in one or more eligible funds. Vita Capital accepts investments starting at 250,000 euros, which makes diversification possible. Investors can split their capital across several funds if they want different risk profiles.
How Long Funds Stay Invested
Vita Capital’s fund runs for six and a half years. That aligns with the Golden Visa timeline, which requires five years of investment before applying for permanent residency or citizenship. The structure keeps everything in the same window so investors can complete the entire process within one cycle.
The Proposed Change: Five Years to Ten Years
Portugal’s parliament recently approved a proposal to increase the citizenship timeline from five years to ten. This does not change the Golden Visa itself. It changes the citizenship law.
The President now has three options.
• Approve the law.
• Veto it and send it back.
• Send it to the Constitutional Court for review.
Given his background in constitutional law, many expect him to seek a review. If that happens, the process could stretch for months.
The key point: past changes have never been retroactive. Investors who entered under the existing rules kept their rights. That pattern has held for every major change.
Should Investors Wait or Move Forward
Investors are split. Some prefer to wait for clarity. Others are pushing forward because Portugal is the only remaining program that offers residency without relocation. Vita Capital has seen that most of its investors are continuing despite the uncertainty. The ten-year timeline is not ideal, but still attractive for people who want a long-term European backup plan.
What Date Actually Matters
Alex stresses one thing: it is the date you submit your Golden Visa application that counts, not the date you start preparing documents. That means obtaining an NIF and opening a bank account are helpful steps, but the real trigger is the formal submission of your application after investing.
Why AIMA Delays Are Improving
Delays at AIMA created frustration. Some applicants waited months beyond the expected timeline to receive their appointment. Over the past few weeks, however, AIMA has issued a surge of new appointments, including many cases that had been stalled.
There are two reasons for the shift.
• Public criticism after a government official admitted Golden Visa cases were being delayed.
• Legal pressure from applicants and law firms.
As a result, appointments are now moving faster for both older and newer files.
Tax Rules for Investors
Investors who do not relocate owe no Portuguese taxes on their fund income. Dividends and capital gains are fully exempt for non-residents. The rule only changes if someone spends more than six months a year in Portugal.
For those who eventually relocate, Portugal offers favorable tax structures, including the revised NHR 2.0 program, which can reduce taxes on foreign income for ten years.
Will the Golden Visa Be Closed
Alex believes that the program will eventually end or become less attractive. Structural pressure from the European Union is strong. Portugal’s current government supports the program, but that support may not last forever. He expects any major changes to be at least a year away, but the long-term direction points toward closure or stricter requirements. That is why many investors are acting now.
How Vita Capital Invests
Vita Capital focuses on distressed hotels. They acquire operating hotels at a discount, renovate and reposition them, improve management, increase profitability, and then sell the portfolio at the end of the fund cycle.
Key features:
• Hotels are bought at 10 to 30 percent below market value.
• They acquire both the operating company and the underlying real estate.
• They avoid development risk by working only with existing operating assets.
• They use insurance and conservative financing to control risk.
• They target an internal rate of return around 12 percent.
In Vita Fund 1, they distributed dividends from the first year, ahead of the planned schedule, which helped build investor confidence.
Compliance With Fund Rules
Some investors worry that hotel assets count as real estate, which is no longer allowed for Golden Visa investments. Vita Capital resolved this by structuring its acquisition as investment in operating companies rather than property development. Their structure has passed legal scrutiny, and investors have already received Golden Visa approvals, confirming that the model is compliant.
Oversight and Security
The fund is regulated by the Portuguese equivalent of the SEC. All investments require review by the regulated fund manager and independent valuations. Deloitte audits the fund twice a year. Vita Capital cannot move money without approvals from the regulated entities. This structure protects investors and prevents misuse of funds.
Moving to Portugal Before Approval
Some investors want to relocate sooner. Although the cleanest approach is to wait for the AIMA appointment, law firms have successfully helped some investors stay in Portugal longer than a tourist visa allows once they have applied for the Golden Visa. This requires proper legal support and specific travel rules, but it can be done when necessary.
Final Takeaway
Portugal’s Golden Visa remains one of the strongest residency-by-investment options in the world. The rules may change. The citizenship timeline may increase. But the program is still open, still accessible, and still backed by predictable laws that have never harmed previous applicants.
For investors who want a solid plan B and a reliable path into the European Union, this is a window that may not stay open for long.
Alex’s message is simple. The earlier you begin, the more control you have over the outcome.
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Want to talk to Alex or Scott? Call +351 914 227 316 (Whatsapp) or email contact@visas.pt and we'll get you in touch.
