VNIS Investment

Portugal immigration

Portugal Golden Visa 2026: fund subscription from €500,000

The Portugal Golden Visa retains its appeal for Vietnamese families through one uncommon condition: an average presence of only seven days a year. The real estate route was removed in 10/2023. The principal route in 2026 is a subscription to a regulated investment fund, from €500,000.

Figures updated 08/2026

Principal investment route
CMVM fund from €500,000
The real estate route closed in 10/2023
Minimum stay
7 days a year (average)
Travel
Free movement within Schengen
Path to citizenship
5 years under the law in force
A bill to extend this is under debate; factor in the risk of change
AIMA processing time
2–3 years in practice
Substantial backlog; industry figures, not a commitment

Overview

Following the Mais Habitação law of October 2023, the Portugal Golden Visa no longer accepts real estate investment or a simple capital deposit. Four routes remain in force in 2026: a subscription from €500,000 into an investment or venture capital fund supervised by the CMVM, provided the fund does not invest directly in real estate and allocates at least 60% to Portuguese companies; scientific research funding from €500,000; cultural and heritage funding from €250,000; or incorporating a company that creates 10 jobs.

Applications are received by AIMA, which replaced SEF in 2023. There is one point we always state to investors in advance: the backlog is substantial. According to industry statistics, the actual period from filing to receipt of the first residence card averages around 2–3 years, although AIMA is accelerating biometrics appointments during 2026.

On citizenship, the law in force allows an application after five years of lawful residence together with Portuguese at A2 level. The Portuguese parliament is, however, debating a bill that would extend the required residence period to 7–10 years. This is a legal risk you should weigh before deciding.

The programme's greatest value lies in its family scope and its light obligations: your spouse, dependent children and dependent parents all receive residence cards; the family travels freely within the Schengen area; and only an average of seven days a year in Portugal is required to maintain the card.

Programmes

Routes currently open

Golden Visa — Investment Fund Route

Source: aima.gov.pt

Subscribe at least €500,000 into an investment or venture capital fund licensed by the Portuguese securities commission, and maintain the subscription for as long as you hold the card. This is the most widely used route in 2026.

Investment / cost
€500,000 into the fund, plus government fees, legal fees and fund management fees (commonly 1–2% per year)
Estimated timeline
Completing the investment and filing: 2–4 months; first residence card: 2–3 years in practice given the AIMA backlog; cards are issued on a two-year cycle
Benefits
  • Three generations may be included in one application (spouse, children, dependent parents)
  • Only an average of seven days a year in Portugal
  • Free movement across 29 Schengen countries
  • A path to EU citizenship (under the law in force: five years, with Portuguese at A2)
Key requirements
  • Evidence of lawful source of funds, with capital transferred into Portugal from abroad
  • The fund must be supervised by the CMVM, must not invest directly in real estate, and must allocate at least 60% to Portuguese companies
  • Clean criminal record, health insurance, a NIF tax number and a Portuguese bank account
  • Fund capital is an investment exposed to market risk — obtain independent fund due diligence; no return is guaranteed

The list of eligible routes follows the amending law of 10/2023; processing times are industry figures — to be reconfirmed before publication

Golden Visa — Cultural heritage and scientific research funding

Source: aima.gov.pt

A non-refundable donation from €250,000 towards a national cultural heritage project, or from €500,000 to a public or recognised scientific research institution.

Investment / cost
From €250,000 (cultural; reducible by 20% for projects in low-density areas) or €500,000 (research)
Estimated timeline
As for the fund route: filing is quick, but the AIMA processing wait is long
Benefits
  • The lowest financial threshold among the Golden Visa routes still in force
  • No investment performance to monitor, unlike the fund route
Key requirements
  • The donation is non-refundable — the capital is forgone entirely, in exchange for a lower total cost
  • The project must be certified as eligible by the competent cultural or scientific authority
  • The same background and source of funds conditions as the fund route

A less common route with a limited number of eligible projects — each project requires individual due diligence

D7 / D8 — Passive income and digital nomad visas (for reference)

Source: vistos.mne.gov.pt

Not Golden Visa routes, but a lower-cost option for those with stable passive income under the D7, or working remotely for a foreign company under the D8. In exchange, both require actual residence in Portugal.

Investment / cost
No investment required; income evidence: the D7 from the Portuguese minimum wage per month, the D8 requiring more (roughly four times the minimum wage)
Estimated timeline
Visa issuance at the consulate: several months; the residence card is then issued in Portugal
Benefits
  • Substantially cheaper than the Golden Visa
  • The same path to citizenship after five years (under the law in force)
Key requirements
  • Actual residence in Portugal is required (unlike the Golden Visa, which requires seven days a year)
  • Evidence of regular income and accommodation in Portugal

Income thresholds are tied to the national minimum wage and change annually — to be reconfirmed before publication

How we work

The Portugal case path

  1. 01

    Assess your eligibility

    1–2 working sessions

  2. 02

    Select the programme

    1–3 weeks

  3. 03

    Prepare the file

    2–6 months, depending on the programme

  4. 04

    File and monitor

    Per the processing schedule of the adjudicating authority

  5. 05

    Settlement and beyond

    A long-term relationship

Further reading

Updates on Portugal

Visa D7 và D8 Bồ Đào Nha: Lựa chọn chi phí thấp thay Golden Visa

Quốc tịch Bồ Đào Nha sau 5 năm: Cơ hội và rủi ro thay đổi luật 2026

Golden Visa Bồ Đào Nha mất bao lâu? Sự thật về thời gian xử lý AIMA

Answers

Frequently asked questions

Does the Portugal Golden Visa still allow real estate purchases?

No. Since October 2023, buying real estate — including indirectly through a property fund — is no longer an eligible Golden Visa route. The principal route today is a subscription of at least €500,000 into a CMVM-licensed fund with no real estate exposure. You may still buy a home in Portugal to live in or to let, but doing so creates no residence right.

How long does the Portugal Golden Visa take to produce a card?

Completing the investment and filing takes only a few months. The delay lies with AIMA processing and issuance of the first residence card: an average of around 2–3 years according to industry statistics, given the backlog, although AIMA is accelerating biometrics scheduling during 2026. This timing risk belongs in the family plan, particularly where a dependent child is approaching an age limit.

Is a €500,000 fund investment safe, and is the capital returned?

Capital subscribed to a fund is an investment exposed to market risk: its value may rise or fall, and no fund is permitted to guarantee capital or returns. Funds typically have a life of 8–10 years; the investor receives capital back on exit. Before subscribing, assess the strategy, the management team, the fee structure and the track record. We recommend engaging an independent financial adviser alongside your immigration counsel.

How long until Portuguese citizenship, and what are the risks?

Under the law in force, you may apply for citizenship after five years of lawful residence, together with a Portuguese A2 certificate. The Portuguese parliament is, however, considering a bill that would extend this to 7–10 years depending on the category, and the method of counting the period may also change. Anyone deciding during 2026 must accept the risk that citizenship law changes while the card is held.

Which family members may be included in a Golden Visa application?

Your spouse, children under 18, dependent children over 18 — unmarried and in full-time education — together with dependent parents of both spouses may all receive residence cards under family reunification within the same application.

This information is provided for reference and does not constitute legal advice. Immigration policy may change at the discretion of each country. Contact VNIS Investment for an assessment based on your actual circumstances.

Beyond Future

Assess your family's eligibility for Portugal

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