Can You Still Get a Portugal Golden Visa Through Investment in 2026?

If you have heard that investing in Portugal can still qualify you for a Golden Visa, the answer is yes.

Portugal's Golden Visa remains open to qualifying non-EU, non-EEA, and non-Swiss nationals in 2026.

The main difference is that buying property no longer counts as a qualifying investment. Real estate was removed from the programme in October 2023, but several other routes remain available.

For investors who want Portuguese residency without moving to the country full-time, the Golden Visa remains unusual.

Holders can live and work in Portugal, travel within the Schengen Area, include qualifying family members, and maintain their residence status with relatively limited time in Portugal.

AIMA currently requires at least seven days in Portugal during the first year and 14 days during each subsequent two-year period.

The qualifying routes can broadly be divided into three types: investment through eligible funds, contributions to research or culture, and investment in Portuguese businesses.

The current Golden Visa routes fall into three broad categories.

A minimum investment of €500,000 can be made into qualifying Portuguese investment funds.

This is the main option for investors looking for a professionally managed investment without establishing or operating a business themselves.

Applicants can also qualify by donating capital towards approved activities in Portugal.

The minimum contribution is:

These routes differ from an investment fund because the capital is being contributed to an eligible activity rather than invested with the expectation of receiving a financial return.

Investors should note carefully that as donations, these contributions offer no way of recovering the funds and do not offer any returns.

Therefore, while the arts and heritage option does offer the cheapest route to the Golden Visa in nominal terms, these routes are not the preferred option for most investors.

There are also routes aimed at investors who want a more direct role in the Portuguese economy.

An applicant can qualify by incorporating a Portuguese company that they own and creating at least 10 jobs in Portugal, reduced to 8 in certain low-population areas. There is no set minimum capital investment for this route, but it does require real jobs to be created and maintained, including paying salaries and employer Social Security contributions.

Alternatively, at least €500,000 can be invested into an Portuguese company alongside the required creation of five permanent jobs that must be maintained for a minimum of three years.

These options are generally more relevant to entrepreneurs and active business investors than someone looking for a passive investment as they require a greater level of personal involvement and risk exposure.

Additionally, this route has strong overlap with the D2 Visa, both in terms of how it can be obtained and its target investors.

For that reason, many internationally based investors focus on the €500,000 investment fund route.

Investment funds have taken on a much larger role in the Golden Visa since property was removed from the programme.

The minimum qualifying investment is €500,000. The capital can be placed in a single eligible fund or divided between several qualifying funds, provided the total investment meets the required amount.

This allows an investor to make a qualifying investment without having to buy and manage an individual asset or operate a Portuguese business directly.

An investment fund brings together money from a number of investors. A professional fund manager then invests that capital according to the fund's stated strategy.

As an investor, you buy participation units in the fund rather than choosing and managing each underlying investment yourself.

Golden Visa funds can follow very different strategies. Portugal Homes currently works with funds covering areas such as manufacturing, hospitality, renewable energy, and clean technology.

The investment is still a financial investment, so returns depend on how the fund and its underlying assets perform.

A Portuguese investment fund does not automatically qualify for the Golden Visa.

Under the current ARI rules, the €500,000 must be invested in units of qualifying non-real-estate collective investment vehicles established under Portuguese law.

At the time the investment is made:

Investors can also spread the €500,000 between several eligible funds rather than committing the full amount to one.

These conditions are particularly important since the end of the property Golden Visa. Investing in a Portuguese fund is not enough on its own. The fund itself must satisfy the rules of the Golden Visa programme, and investors should demand proof of this before committing capital.

The exact portfolio depends on the fund.

Funds currently available through Portugal Homes include strategies focused on Portuguese companies operating in areas such as manufacturing, hospitality, renewable energy, and clean technology. Different funds may focus on growth companies, established businesses, or particular industries.

This means two funds can both qualify for the Golden Visa while having very different risk levels, expected holding periods, sectors, and return targets.

Golden Visa eligibility only confirms that the fund can meet the investment requirement for the residency application. Investors still need to assess the fund itself on normal investment terms.

The main practical advantage is that the investment is managed on the investor's behalf.

Someone qualifying through job creation or direct investment in a Portuguese company has to take a much more active role. A fund investor can remain relatively hands-off once the capital has been committed.

Funds may also provide exposure to several companies or assets within a single investment rather than placing the entire €500,000 behind one business.

There is also the possibility of a financial return. This separates the fund route from the research and cultural contribution routes, where capital is being directed towards an eligible activity rather than invested with the expectation of being returned.

Returns are not guaranteed, and the investment period deserves particular attention.

Portugal Homes notes that many funds are structured for around seven to ten years, with some potentially running longer. That can exceed the minimum period required for the Golden Visa itself. Investors should therefore understand when and how money can be returned before subscribing.

Residency eligibility is only one part of the decision.

Before investing, it is sensible to look at:

Liquidity can be particularly important. Participation units may be difficult to sell before a fund reaches maturity, so investors should be prepared for the capital to remain committed for the fund's expected life.

The lowest-risk fund, highest-return fund, and best Golden Visa fund are unlikely to be the same thing. The right choice depends on the investor's own priorities and tolerance for risk.

Choosing the fund is only the investment stage of the process.

Applicants will normally need a Portuguese tax number and bank account before making the investment. After the fund subscription and capital transfer have been completed, the applicant receives documentation confirming ownership of the qualifying fund units.

The Golden Visa application can then be submitted to AIMA with the required personal, financial, and investment documents. A biometric appointment in Portugal is also required as part of the residence process.

The qualifying investment has to be maintained while it continues to form the basis of the ARI residence permit. Applicants must also continue meeting the relevant renewal requirements, including the minimum periods of presence in Portugal.

This combination of a managed investment and limited stay requirements is one of the main reasons the fund route continues to attract internationally mobile investors who do not intend to relocate to Portugal immediately.

The Golden Visa is not the only option for someone who wants to invest in Portugal.

For people planning to establish, expand, or actively invest in a Portuguese business, the D2 Visa may be a better fit.

The D2 is aimed at entrepreneurs, freelancers, and investors carrying out business activity in Portugal. Its requirements are based around the proposed business and the applicant's ability to support it, rather than a fixed €500,000 fund investment.

That makes it particularly relevant to people who want a closer connection to their investment or intend to spend considerably more time in Portugal.

Property can also remain part of a wider investment plan. Foreign buyers are still able to purchase Portuguese real estate even though the purchase itself no longer qualifies for the Golden Visa. Residence and property investment can instead be treated as separate decisions.

Portugal Homes works with investors considering Golden Visa funds, business investment through routes such as the D2 Visa, and other ways to obtain residency in Portugal.

The right approach depends on the amount of capital involved, how active you want to be in the investment, and whether you intend to live in Portugal or maintain your main base elsewhere.

Portugal's Golden Visa remains available to investors, but the route you choose will depend on what you want from the investment as well as your residency plans.

Portugal Homes can help you compare qualifying Golden Visa funds, understand the investment requirements, and assess other routes such as the D2 Visa or direct property investment.

Speak to our team to discuss your plans and find the option that best fits your investment and residency goals.