Key Takeaways
- Portugal Golden Visa funds require a €500,000 minimum investment in CMVM-registered funds with 60% in Portuguese companies. Investors gain EU residency with just 14 days of physical presence every two years.
- Portugal’s tourism boom supports hospitality sector growth, with 31 million visitors in 2024 and a projected 22.6% GDP contribution by 2035. This trend strengthens asset-backed hospitality fund performance.
- Top funds like VIDA Fund focus on capital preservation through tangible hospitality assets and have historically outperformed equity-only options during volatility, supported by Deloitte audits.
- The program remains active in 2026 with improved AIMA processing times of roughly 12 to 18 months. Citizenship now generally takes 10 years after 2025 changes, while permanent residency remains available after 5 years.
- VIDA Capital connects US investors with the safest CMVM-approved Golden Visa funds and provides full application support through a concierge-style service.
Current Golden Visa Fund Rules and Eligibility in 2026
The Portugal Golden Visa fund route now follows strict CMVM rules that focus on regulated, transparent structures. Eligible funds must be CMVM-registered, invest at least 60% of capital in Portuguese companies, and maintain a minimum 5-year maturity period. Real estate investments are fully prohibited under the current framework.
All qualifying funds face ongoing oversight with semi-annual asset valuations, annual audits by major firms, and continuous CMVM supervision. Investors must keep the minimum €500,000 investment in place throughout the residency period. AIMA has shortened processing times, and new digital platforms expected from 2026 should reduce total approval timelines from previous 2 to 3 year backlogs to roughly 12 to 18 months.
The October 2025 citizenship law changes extended the naturalization timeline to 10 years for most applicants, counted from the first residency card. CPLP and EU citizens still qualify after 7 years. These changes do not alter Golden Visa residency rules or renewal requirements.
Top 8 CMVM-Approved Golden Visa Funds for Safety and Returns
1. VIDA Fund: Asset-Backed Hospitality Leader
VIDA Fund prioritizes capital preservation through asset-backed hospitality investments in Portugal. The fund has raised over €20 million from more than 50 investors and supported over 100 successful Golden Visa applications. The team focuses on acquiring and revitalizing undervalued Portuguese hotels and hospitality properties.
This “second life” strategy converts distressed or underperforming assets into premium, higher-margin properties. VIDA Fund charges a 1% subscription fee and submits to bi-annual Deloitte audits for transparency and governance. Historical performance has shown strong returns, although past performance never guarantees future results.
2. BlueCrow Capital: Technology and Real Assets Venture Capital
BlueCrow operates as a venture capital fund that targets Portuguese technology companies and selected real assets. These assets can include agriculture, energy infrastructure, and entertainment projects. The structure offers higher return potential but carries moderate to higher risk due to its equity exposure.
The minimum investment is €500,000, and the fund is CMVM-registered, with registration details available through official CMVM channels.
3. Iberis Capital: Mid-Market Private Equity Focus
The Iberis Greytech Co-Investment Fund concentrates on mid-market technology and logistics companies in Portugal. The private equity structure aims for moderate risk with more predictable performance patterns than early-stage venture capital. Target companies often have established revenues and clear growth plans.
Target IRR ranges from 8% to 12% annually, although returns remain unguaranteed and depend on market conditions and execution.
4. Oxy Capital: Broadly Diversified Portuguese Portfolio
Oxy Capital manages a diversified portfolio across several Portuguese sectors. The fund looks for growth opportunities in established businesses while maintaining CMVM compliance and risk controls. This approach suits investors who want sector diversification rather than a single-industry focus.
5. ActiveCap: Growth-Stage Expansion Strategy
ActiveCap targets growth-stage Portuguese companies that are ready to scale. The fund often invests in sectors aligned with EU development priorities, including renewable energy, technology, and innovation-driven industries. Investors gain exposure to companies with expansion potential and higher upside, paired with higher associated risk.
6. Mercúrio II Fund: Private Equity for Portuguese SMEs
Mercúrio Fund II, FCR (CMVM: 1851) launched in 2025 as a closed-ended private equity fund focused on Portuguese small and medium enterprises. The strategy avoids real estate entirely and concentrates on operating businesses. The fund has an 8-year lock-up period and a minimum €100,000 investment, which investors can scale up to meet Golden Visa thresholds.
7. Lince Yield Fund: SME Private Credit and Yield
Lince Yield Fund, FCR (CMVM: 2225) operates as a private credit fund that lends to Portuguese SMEs. The fund targets a 5% annual yield while emphasizing capital preservation. Investors commit to a 6-year lock-up period, with a minimum investment of €100,000.
8. Horizon Fund: Portuguese Bonds with Digital Assets Blend
Horizon Fund (CMVM: 2122) functions as an open-ended alternative fund with a blended portfolio. Around 65% of assets sit in Portuguese bonds, while up to 35% can be allocated to digital assets. The minimum investment is €100,000 with a 5-year lock-up period, although Golden Visa eligibility still requires a total of €500,000.
|
Fund Type |
Risk Level |
Capital Preservation |
Target IRR |
|
Asset-Backed (VIDA) |
Low-Medium |
High |
6-12%* |
|
Equity-Only (BlueCrow) |
High |
Medium |
8-15%* |
|
Private Equity (Iberis) |
Medium |
Medium |
8-12%* |
Asset-backed hospitality funds like VIDA often provide stronger capital preservation because they hold tangible assets that can be sold if needed. Equity-only structures can face higher principal loss risk during market downturns. Portugal’s sustained tourism growth adds another layer of support for hospitality-focused strategies.
Secure your EU residency and a path to EU citizenship with a Portugal Golden Visa using VIDA Capital’s guidance on selecting asset-backed funds.
Golden Visa Application Timeline with VIDA Capital Support
The Golden Visa process follows a clear sequence and works best with experienced legal representation. Applicants first obtain a Portuguese tax number (NIF) and open a Portuguese bank account. Qualified law firms can complete both steps remotely for international investors.
VIDA Capital connects investors with specialized Golden Visa law firms and coordinates the fund subscription process. After completing the €500,000 fund investment, the legal team submits the online application through AIMA’s platform. AIMA then schedules biometric appointments for the main applicant and all included family members.
The initial residency card remains valid for two years. Renewals occur every two years until the investor reaches five years of residency and qualifies for permanent residency. Because card issuance often takes around one year after approval, many investors complete only one renewal within the five-year period. Citizenship applications become available after 10 years under current rules.
Golden Visa Costs, Fees, and Family Advantages
|
Expense |
Amount/Family Member |
Payment Timing |
|
Initial Application Fee |
€618.60 |
Application Submission |
|
Card Issuance Fee |
€6,179.40 |
Biometrics Appointment |
|
Renewal Fees (2x) |
€3,023.20 each |
Years 2 and 4 |
Legal fees usually range from €16,000 to €20,000 per family, depending on firm, complexity, and service scope. VIDA Fund charges a 1% subscription fee on the total investment amount. Families can include spouses, unmarried dependent children under 26 who study full-time, and parents or in-laws over 65 or financially dependent on the main applicant.
Golden Visa holders gain visa-free travel across the Schengen area for up to 90 days in any 180-day period. The residency permits allow holders to live, work, and study in Portugal and access public healthcare and education. Portugal’s ranking as the 7th safest country in the world adds security for families seeking a stable base and global mobility.
FAQ: Safety, Returns, and Rules for 2026
Which Portugal Golden Visa funds offer the safest capital preservation?
Asset-backed funds such as VIDA Fund generally provide stronger capital preservation because they hold real hospitality assets with intrinsic value. These assets can be sold to recover capital if required. Equity-only funds lack this collateral and can face deeper drawdowns during market stress.
VIDA Fund’s focus on Portuguese hospitality assets benefits from the country’s tourism growth and offers transparency through regular Deloitte audits and CMVM oversight.
Is Portugal’s Golden Visa program still active in 2026?
Portugal’s Golden Visa program remains fully active in 2026, with the fund investment route serving as the main option after the 2023 removal of real estate paths. AIMA has improved processing times and continues rolling out digital tools for faster handling of applications. The program still offers low physical stay requirements and broad family inclusion.
What returns can investors expect from Golden Visa funds?
CMVM-regulated Golden Visa funds typically target annual returns between 6% and 12%, depending on strategy and risk level. Asset-backed funds like VIDA aim for steady returns with a focus on capital protection. Venture capital and growth funds may target higher returns but carry higher volatility and risk.
All return figures represent targets only, and historical performance never guarantees future results.
How long does the citizenship timeline take under the 2025 rules?
The October 2025 citizenship law changes extended the standard naturalization timeline to 10 years for most Golden Visa investors. The clock starts from the date of the first residency card issuance. CPLP nationals and EU citizens still qualify after 7 years.
Permanent residency remains available after 5 years, which provides long-term EU residency rights before full citizenship eligibility.
How can investors verify CMVM fund registration?
Investors can verify CMVM registration by checking the Portuguese Securities Market Commission’s public registry. Each legitimate Golden Visa fund lists an official CMVM registration number. Investors should confirm this number, review annual audit reports, and ensure the fund complies with the 60% Portuguese company investment rule.
Conclusion: Why VIDA Capital Is a Secure Golden Visa Partner
VIDA Fund’s asset-backed hospitality strategy, combined with VIDA Capital’s concierge advisory support, offers a secure and transparent route to EU residency and eventual citizenship. The fund’s record of more than €20 million raised and over 100 successful Golden Visa applications shows consistent execution in Portugal’s expanding tourism market.
Secure your EU residency and a path to EU citizenship with a Portugal Golden Visa using VIDA Capital’s expert guidance and asset-backed investment approach.
