Portugal’s Leading Resource
on Golden Visa Funds

Portugal’s Leading
Resource
on Golden Visa Funds

Portugal’s Leading Resource
on Golden Visa Funds

Save time by comparing funds, receiving Golden Visa guidance, and connecting with fund managers in minutes. Everything you need in one place.

Compare 2026 Eligible Funds

Request Private Shortlist

How Can We Help You to Get Started?

Learn how Golden Visa Works.

Learn More

Understanding Golden Visa key features.

Learn More

Guidance for Golden Visa funds.

Learn More

Golden Visa funds Comparison

Learn More

New to Golden Visa and investment funds?
We're here to help.

Our Golden Visa Funds Guides will help make things clearer.

We’ve prepared resources to help explain and simplify the process. Take your time to read through the information below or, if you prefer, schedule a video call.

Speak to a specialist

What is the Golden Visa?

The Golden Visa was introduced in Portugal in 2012 and has been extremely popular with applicants from all over the world.

15k+

Applicants

82.9%

Going to Funds

€7.3Bn

Invested

The Golden Visa is a Citizenship By Investment program that allows non-EU nationals to obtain Portuguese residency and citizenship through various investment channels.

Those who hold a Portuguese Golden Visa are granted the freedom to live, work, and study in Portugal and throughout Europe as well. After five years, applicants are also eligible to apply for Portuguese citizenship.

CMS Lawyer Nuno Santos explaining what a Golden Visa Fund is.

Why has Portugal’s Golden Visa proven to be so popular?

Golden Visa holders can live, work and study in Europe

Learn More

Golden Visa holders can live, work and study in Europe

Learn More

You’ll have visa-free travel to Schengen countries

Learn More

You’ll have visa-free travel to Schengen countries

Learn More

Only required to spend 7 days in Portugal each year

Learn More

Only required to spend 7 days in Portugal each year

Learn More

Extend rights to a spouse & dependents

Learn More

Extend rights to a spouse & dependents

Learn More

Eligible for citizenship & travel visa-free to 186 countries

Learn More

Eligible for citizenship & travel visa-free to 186 countries

Learn More

Portugal is allowing for having dual citizenship

Learn More

Portugal is allowing for having dual citizenship

Learn More

The process to
obtain a Portuguese Golden Visa

Our team of experts and legal partners are available for a free Discovery Call to evaluate your situation and offer personalised Golden Visa guidance.

Book a discovery call

Connect directly to funds

01 Get Prepared

You will need a lawyer to make sure you have all the necessary paperwork and navigate through the Golden Visa application process.

02 NIF & Bank Account

Your NIF (Numero de Identificacao Fiscal) is basically your tax ID number. Your fiscal representative will help get you one assigned which will then allow you to open a Portuguese bank account.

This bank account is where you will eventually deposit your investment funds coming from outside of Portugal. This can also be done remotely.

Your NIF (Numero de Identificacao Fiscal) is basically your tax ID number. Your fiscal representative will help get you one assigned which will then allow you to open a Portuguese bank account.

This bank account is where you will eventually deposit your investment funds coming from outside of Portugal. This can also be done remotely.

03 Invest & Submit GV Application

After you’ve carried out sufficient research and decided which Golden Visa investment suits you best, you will proceed with the investment.

Your lawyer will then proceed with your Golden Visa application. This can also be done remotely.

After you’ve carried out sufficient research and decided which Golden Visa investment suits you best, you will proceed with the investment.

Your lawyer will then proceed with your Golden Visa application. This can also be done remotely.

04 Interview & Biometrics

Once your application has been submitted with all the relevant documents, AIMA (formely SEF) will invite you for an interview (to make sure the info provided matches the reality).

you’ll need to give your biometrics (photos, fingerprints, etc). The appointment is usually set 2-3 months after the application is submitted and you’ll need to travel to Portugal for this step.

Once your application has been submitted with all the relevant documents, AIMA (formely SEF) will invite you for an interview (to make sure the info provided matches the reality).

you’ll need to give your biometrics (photos, fingerprints, etc). The appointment is usually set 2-3 months after the application is submitted and you’ll need to travel to Portugal for this step.

05 Receive Golden Visa

Following your appointment at AIMA (formely SEF), it takes 4-6 months for the authorities to review all the information and issue your Golden Visa.

Your lawyer will be notified and you’ll be required to pay the Golden Visa application fees. This payment can be done remotely and your Golden Visa can be posted to you so that you can use it for your next visit.

Following your appointment at AIMA (formely SEF), it takes 4-6 months for the authorities to review all the information and issue your Golden Visa.

The Portuguese Golden Visa Timeline

Application Stage

Submit the online application to AIMA. Wait for approval and schedule biometrics and in-person interview. Finally, attend biometrics appointment and receive Golden Visa Card.

Can take 12-24 months

Years 1 & 2

First residence permit valid with 14-day minimum stay requirement. Renewal 30-90 days before expiry and AIMA will check you’ve maintained your investment and minimum stay requirement.

Valid for another 2 years.

Years 3 & 4

Second residence permit is valid with a minimum 14-day minimum stay requirements. AIMA will check you’ve maintained your investment and the minimum stay requirement.

Application Renewal

Year 5

At the end of year 5, you become eligible to apply for permanent residency or alternatively opt for a 2-year Golden Visa extension.

Year 10

Eligible to apply for Portuguese citizenship or simply maintain your permanent residency.

Year - 0

Golden Visa is issued.

Valid for 2 years.

Year - 2

First renewal at the end of Year 2. AIMA (formely SEF) will check you've maintained your investment and the minimum stay requirement.

Valid for another 2 years.

Year - 4

Second renewal at the end of Year 4. AIMA (formely SEF) will check you've maintained your investment and the minimum stay requirement.

Valid for another 2 years.

Year - 5

Eligible to apply for permanent residency or citizenship otherwise opt for a 2-year GV extension in Year 6.

Need guidance from an advisor?

We're here to answer your Golden Visa questions.

We are not permitted to share the marketing materials of each investment fund publicly. However, we can introduce you to the representatives of each fund who will provide you with this information directly.

Book a discovery call

Connect directly to funds

Portugal Golden Visa Investment Paths (Active 2026 Guidelines)

Golden Visa Funds

Acquisition of units in CMVM-regulated venture capital or private equity investment funds with absolutely zero real estate exposure.

€500,000

Existing Business Capitalization

Investment into an incorporated Portuguese business, strictly paired with creating at least 5 permanent, full-time jobs for a minimum of 3 years.

€500,000

Company Creation & Employment

Establish an entirely new business entity and directly create 10 local job positions (reduced to 8 jobs if located within a designated low-density area).

Project Dependent

Cultural Heritage Donation

Philanthropic donation directed toward public artistic production or national Portuguese cultural heritage projects.

€250,000

Scientific Research & Development

Capital transfers for financing research activities conducted by authorized public or private scientific institutions in Portugal.

€500,000

What is a Golden Visa Fund?

In November 2018, the Portuguese Government amended the Golden Visa legislation to allow applicants to invest via a new route – the Golden Visa Investment and Venture Capital Funds.

In order to qualify, the investment fund or venture capital fund must be registered in Portugal and have at least 60% of its capital invested in Portuguese-registered companies.

Golden Visa Funds invest into a variety of sectors including growth businesses, stocks & bonds, renewable energy, technology, agriculture, and other start up ventures.

Some funds choose to specialise whilst others tend to diversify. It is important to carefully review the characteristics of each Golden Visa Fund and decide which one you feel most comfortable with.

In November 2018, the Portuguese Government amended the Golden Visa legislation to allow applicants to invest via a new route – the Golden Visa Investment and Venture Capital Funds.

In order to qualify, the investment fund or venture capital fund must be registered in Portugal and have at least 60% of its capital invested in Portuguese-registered companies.

Golden Visa Funds invest into a variety of sectors including growth businesses, stocks & bonds, renewable energy, technology, agriculture, and other start up ventures.

Some funds choose to specialise whilst others tend to diversify. It is important to carefully review the characteristics of each Golden Visa Fund and decide which one you feel most comfortable with.

What are the benefits of the Golden Visa Funds?

You’re probably curious about the benefits of investment into a Golden Visa investment fund so we’ve laid out the most significant ones.

Faster process

Subscribing to a Golden Visa Fund in Portugal is typically simpler and more efficient than sourcing and acquiring real estate.

Tax efficiencies

Qualified managers

Carefully regulated

How can the Golden Visa benefit you?

Book a free Discovery Call to see how the Golden Visa could benefit you and your family.

Book a discovery call

Connect directly to funds

Who can invest in a Golden Visa Fund?

Our team is on hand to answer your Golden Visa questions and guide you through the process.

Book a discovery call

Connect directly to funds

The official government decree states that a Golden Visa Fund applicant can apply by transferring at least 500,000 Euros for the acquisition of units in investment funds or venture capital funds.

These funds must be dedicated to the capitalization of companies under Portuguese law, have a minimum maturity of five years, and ensure that at least 60% of the investments are in companies headquartered in Portugal.

The official government decree states that a Golden Visa Fund applicant can apply by transferring at least 500,000 Euros for the acquisition of units in investment funds or venture capital funds.

These funds must be dedicated to the capitalization of companies under Portuguese law, have a minimum maturity of five years, and ensure that at least 60% of the investments are in companies headquartered in Portugal.

In certain cases, the funds may demand additional information which would require the applicant to:

Be a ‘qualified investor’ which usually relates to total wealth and a knowledge of financial instruments and investment products
Prove the source of funds

What to look for in a Golden Visa Fund?

We believe there are three key elements you need to evaluate when selecting a fund. They are Eligibility, Credibility and Profitability.

Eligibility

View funds

Eligibility

Credibility

Profitability

Eligibility

Not only should you ensure the fund is regulated by the CMVM (full list here) but you must also confirm that it meets the requirements established by AIMA (formely SEF). It is recommended that you ask the fund manager the following questions:

Is this fund regulated by CMVM?

Is this fund regulated by CMVM?

Is this fund regulated by CMVM?

Is the fund eligible for Golden Visa applicants as per the criteria set forth by AIMA (formely SEF)?

Is the fund eligible for Golden Visa applicants as per the criteria set forth by AIMA (formely SEF)?

It’s essential that you hold the investment for at least 5 years and that the fund follows an appropriate investment strategy and complies with the minimum threshold of 60% invested in Portugal in order to maintain its Golden Visa eligibility.

Credibility

Once you feel comfortable with all the above, the next step is to assess the Credibility of the Golden Visa funds that you’re considering. You should investigate:

The fund managers- Do they have the relevant experience and a track record for success? Are they qualified to lead the fund in this particular sector?

Once you feel comfortable with all the above, the next step is to assess the Credibility of the Golden Visa funds that you’re considering. You should investigate:

The fund managers- Do they have the relevant experience and a track record for success? Are they qualified to lead the fund in this particular sector?

Once you feel comfortable with all the above, the next step is to assess the Credibility of the Golden Visa funds that you’re considering. You should investigate:

The fund managers- Do they have the relevant experience and a track record for success? Are they qualified to lead the fund in this particular sector?

The legal framework – Are the legal documents in line with what’s required to operate the fund accordingly and to protect your investment? We highly recommend appointing a lawyer to assist with this entire process and they should carry out due diligence on your behalf.

The legal framework – Are the legal documents in line with what’s required to operate the fund accordingly and to protect your investment? We highly recommend appointing a lawyer to assist with this entire process and they should carry out due diligence on your behalf.

Profitability

After you have established that a fund is both eligible for the Golden Visa and credible in terms of its fund managers and legal framework, you will then need to review the security and potential upside to your investment. Funds operate in many different ways to it’s not always possible to compare them perfectly but the key points are:

Overall strategy – Is the fund’s chosen sector promising and does the investment strategy and risk profile seem appropriate for you? How long will your investment be tied up and how do they plan to return it to you? I.e. What is their exit strategy?

Overall strategy – Is the fund’s chosen sector promising and does the investment strategy and risk profile seem appropriate for you? How long will your investment be tied up and how do they plan to return it to you? I.e. What is their exit strategy?

Overall strategy – Is the fund’s chosen sector promising and does the investment strategy and risk profile seem appropriate for you? How long will your investment be tied up and how do they plan to return it to you? I.e. What is their exit strategy?

Annual dividend payable – Most funds will offer an annual dividend for the duration of the term. Some are fixed and others are variable depending on the commercial conditions of the fund. It’s important to consider these returns in the context of the wider picture when making your decision.

Annual dividend payable – Most funds will offer an annual dividend for the duration of the term. Some are fixed and others are variable depending on the commercial conditions of the fund. It’s important to consider these returns in the context of the wider picture when making your decision.

Capital upon exit – At the very least, you will expect to have your original investment returned to you. In addition, the fund may offer a portion of the profits made throughout the lifetime of the fund.

Capital upon exit – At the very least, you will expect to have your original investment returned to you. In addition, the fund may offer a portion of the profits made throughout the lifetime of the fund.

What are the key features of a Golden Visa Fund?

Due to changes in the Portuguese Golden Visa legislation in October 2023, Golden Visa-eligible funds are now by far the most popular investment route for potential investors.

Key Points

Golden Visa Funds

Investment Threshold

€500,000

Entry Taxes

None

Ongoing Taxes

Can be optimised to zero

Income Potential

Specific to each property but yields range around 3-6%

Security

Regulated by several Government agencies

Management

Handled by professional fund managers

Control

In the hands of fund managers

Flexibility

Very hard to exit before the set term, usually 5-7 years. Doing so would compromise your GV status

Profits at Exit

Depends on the fund but keep in mind that managers are incentivise to hit high targets

Tax Efficiency

0% tax for non-residents and just 10% tax for residents

Geography

Allows investment throughout Portugal

Discover eligible Golden Visa Funds

Discover Golden Visa Funds

Why invest in a Golden Visa Fund?

If you’re still unsure as to which kind of investment you should make to obtain your Portuguese Golden Visa, the list on the right highlights some key factors which point to why a Golden Visa investment fund may be the best option for you.

Book a discovery call

Connect directly to funds

Starting your own company in Portugal isn’t a logistically viable option

You don’t want to run a business and manage a team of 10 people

You want a hands-off, hassle-free route to your Golden Visa

How to choose the right Golden Visa Fund for you?

It is important to review and compare the various Golden Visa Investment Funds in order to understand how they work.

Sector

View funds

Sector

Risk Profile

Diversification

Sector

A fund's chosen investment sector should play a key role in your investment decision.

Golden Visa Funds are permitted to invest across a range of sectors and the variety of funds is increasing as the overall ecosystem becomes more mature.

As of October 2023, Golden Visa Funds can no longer invest in traditional real estate but fortunately, there is a selection of top funds exploring opportunities in agriculture, biotech, eco-tourism, food retail, growth businesses, and venture capital.

Impact investing or ESG investing is starting to play a bigger role in Golden Visa Funds' investment principles and strategies.

Golden Visa investors should consider which sectors they feel most comfortable with and think about whether environmental and social investment principles form part of their investment decision.

Risk Profile

It is vital for Golden Visa investors to align their appetite for risk with the corresponding risk profiles of each of the Golden Visa Funds. We use three labels:

Conservative - The least risky profile. These are usually yield-generating funds (e.g. logistics centres & agriculture) which typically have a lower returns and lower upside potential. Conservative funds appeal to Golden Visa investors focused on capital preservation rather than profits.

It is vital for Golden Visa investors to align their appetite for risk with the corresponding risk profiles of each of the Golden Visa Funds. We use three labels:

Conservative - The least risky profile. These are usually yield-generating funds (e.g. logistics centres & agriculture) which typically have a lower returns and lower upside potential. Conservative funds appeal to Golden Visa investors focused on capital preservation rather than profits.

Moderate - Medium-risk. Most funds fall into this category as they try to balance medium returns via development projects & growth-business investments. Moderate funds appeal to Golden Visa investors who want to generate healthy returns on their investment.

Moderate - Medium-risk. Most funds fall into this category as they try to balance medium returns via development projects & growth-business investments. Moderate funds appeal to Golden Visa investors who want to generate healthy returns on their investment.

Ambitious - The most risky profile with the highest upside potential. Usually reserved for pure venture capital funds that are focused on startups & new technologies. Ambitious funds make educated bets on pioneering businesses with big breakout potential & they appeal to Golden Visa investors who are comfortable risking their capital for higher returns.

Moderate - Medium-risk. Most funds fall into this category as they try to balance medium returns via development projects & growth-business investments. Moderate funds appeal to Golden Visa investors who want to generate healthy returns on their investment.

Note: Funds with the same risk profile may not operate in exactly the same way so it's important to investigate their strategies closely. Some Golden Visa Funds consider themselves to work across two risk profiles - e.g. Conservative/Moderate or Moderate/Ambitious

Diversification

Golden Visa investors are permitted to spread their €500,000 investment across multiple funds but you may also find the diversification you need within a single fund that has made diversification a core element of their investment strategy.

Diversifying your Golden Visa investment is an important consideration because it allows you to blend sectors, risk profiles, and, in some cases, different geographical markets.

Diversifying your Golden Visa investment is an important consideration because it allows you to blend sectors, risk profiles, and, in some cases, different geographical markets.

Keep in mind that investing in multiple Golden Visa Funds will require more paperwork and could slow down your application process. Most Golden Visa applicants limit their investments to just one or two funds.

Keep in mind that investing in multiple Golden Visa Funds will require more paperwork and could slow down your application process. Most Golden Visa applicants limit their investments to just one or two funds.

Frequently Asked Questions

General Information

Eligibility and Application

Investment Options

Benefits and Rights

What is the Portugal Golden Visa?

Why are the Golden Visa Investments so popular?

How long is the Golden Visa valid for?

What are the Golden Visa application costs?

How long does the Golden Visa application process take?

How will the Golden Visa rule changes in October 2023 affect me?

Frequently Asked Questions

General Information

Eligibility and Application

Investment Options

Benefits and Rights

What is the Portugal Golden Visa?

Why are the Golden Visa Investments so popular?

How long is the Golden Visa valid for?

What are the Golden Visa application costs?

How long does the Golden Visa application process take?

How will the Golden Visa rule changes in October 2023 affect me?

Frequently Asked
Questions

General Information

Eligibility and Application

Investment Options

Benefits and Rights

How Can We Help You to Get Started?

How Can We Help You to Get Started?

Learn how Golden Visa Works.

Learn More

Understanding Golden Visa key features.

Learn More

Guidance for Golden Visa funds.

Learn More

Golden Visa funds Comparison

Learn More

New to Golden Visa and investment funds?We're here to help.

New to Golden Visa and investment funds?We're here to help.

Our Golden Visa Funds Guides will help make things clearer.

Speak to a specialist

Speak to a specialist

What is the Golden Visa?

What is the Golden Visa?

15k+

15k+

Applicants

82.9%

82.9%

Going to Funds

€7.3Bn

€7.3Bn

Invested

Why has Portugal’s Golden Visa proven to be so popular?

Why has Portugal’s Golden Visa proven to be so popular?

Golden Visa holders can live, work and study in Europe

Learn More

Golden Visa holders can live, work and study in Europe

Learn More

You’ll have visa-free travel to Schengen countries

Learn More

You’ll have visa-free travel to Schengen countries

Learn More

Only required to spend 7 days in Portugal each year

Learn More

Only required to spend 7 days in Portugal each year

Learn More

Extend rights to a spouse & dependents

Learn More

Extend rights to a spouse & dependents

Learn More

Eligible for citizenship & travel visa-free to 186 countries

Learn More

Eligible for citizenship & travel visa-free to 186 countries

Learn More

Portugal is allowing for having dual citizenship

Learn More

Portugal is allowing for having dual citizenship

Learn More

The process toobtain a Portuguese Golden Visa

The process toobtain a Portuguese Golden Visa

The process toobtain a Portuguese Golden Visa

Book a discovery call

Book a discovery call

01

Get Prepared

02

NIF & Bank Account

03

Invest & Submit GV Application

04

Interview & Biometrics

05

Receive Golden Visa

The Portuguese Golden Visa Timeline

The Portuguese Golden Visa Timeline

The Portuguese Golden Visa Timeline

Application Stage

Years 1 & 2

Years 3 & 4

Year 5

Year 10

Year - 0

Year - 2

Year - 4

Year - 5

Need guidance from an advisor?

New to Golden Visa and investment funds?
We're here to help.

New to Golden Visa and investment funds?
We're here to help.

The process to
obtain a Portuguese Golden Visa

The process to
obtain a Portuguese Golden Visa

The process to
obtain a Portuguese Golden Visa