Portugal Golden Visa - Residence Permit

In 2026, contact VisaConnect's Consultants and Portugal Lawyers, by telephone or complete the online Form or Schedule an office appointment in our offices in Sydney, Australia and Singapore, Hong Kong and London, UK for advice and assistance with your Portugal Golden Visa through a Fund Investment to obtain a Portugal Residency Permit!

Open Portugal Bank Account

VisaConnect's Consultant's and our Portuguese Lawyers can assist in the opening of your Portugal bank account, as a foreigner. Opening a Portugal Bank account is the first step before subscribing to the Investment Fund. See details of the main Portugal Banks below:

• Millennium BCP
• Caixa Geral de Depositos
• Banco BPI
• Novobanco
• ActivoBank

Bank Account Application

Clients can open bank accounts as Foreigners, with the assistance of their Portuguese Lawyer, through signing a Power of Attorney. One bank that is suitable for Portuguese residents is N26.

During the Bank account registration, Investors will be asked to provide the following information and documents:

• Email address
• First name
• Last name
• Country where you live
• Date of birth
• Password
• Phone number (Phone number in any country, but not a virtual number - must be able to receive SMS messages)
• Residential Mailing address (the address they will post your N26 Mastercard)
• Portuguese NIF Number
• Valid Passport or Certified copy
• Certified proof of Income

The Bank will request Client investors to respond to standard Anti Money Laundering (AML) questions, including:

• Gender
• Job title and industry
• City of birth
• Nationality
• Tax residency (the country where you pay tax)
• Tax ID number where you are a tax resident (optional)
• Agree to the Bank's terms and conditions

Funds Subscription Assistance

VisaConnect's Consultant's in cooperation with various Fund Managers and Portugal Lawyers, and we can advise and assist Investors, with the Fund Subscription Process, including the following:

• Promotional Fliers/Teasers
• Fund Powerpoint Presentation
• Management Regulation Prospectus
• Reservation Fee Letter
• Subscription application form
• Investor Profile Suitability Test application
• Source of Funds Statement
• KYC Due Diligence forms
• Bank Transfer Deposit to Fund Account
• Fund Declaration of Investment - Declaracao Entidade Gestora - issued by the Fund Manager

Documents for Fund Subscription

The Investor/Client must provide their Portugal Lawyers with the following supporting documents for the purpose of the Fund Subscription:

• Passport - Valid certified copy for all Applicants - to obtain the NIF
• Certified Proof of Address - to obtain the NIF
• Portuguese Fiscal Number (NIF) - The Investor´s lawyer may obtain a NIF for the client or the investor may go to a local Registry/Finanças office (apply by mail or online). In addition, the client must also choose a Portuguese Tax representative for communication purposes.
• Source of Wealth documents
• Certified Proof of Occupation
• Portuguese Bank Account details

Fund vs Property Investment

The Fund route offers the following benefits:

• 1. Tax Efficient - In almost all scenarios Funds are more tax efficient. Direct ownership entails numerous taxes from acquisition, rental and eventual sale. Funds are exempt from many of these taxes.
• 2. Fund market is Highly Regulated - The fact that the Fund market is higly regulated makes funds more secure and offers foreign investors peace of mind given that the Fund Manager, Custodian Bank and CMVM (regulator) supervises all their activity.
• 3. Simple and low maintenance - Holding property directly means dealing with numerous fees, tenants, repairs, building insurance, fiscal representation, mortgages and the conveyancing process.
• 4. Easy Exit - No complicated and costly sales process required.

Fund Investment Strategy

Most Portuguese Funds have an Investment Strategy for success, which includes the following factors:

• 1. Team - Have a like-minded, complementary skill-set team with local experience and a global perspective. Appoint best-in-class professional team and expert advisors to provide insight and overview to an ever-changing environment.
• 2. Quality - Buy quality real estate from premier developers with strong proven track records and after sale support.
• 3. Buy Well - Rule is NOT to lose money. Target Low to moderate Risk-Adjusted Returns with a focus on Capital Preservation.
• 4. Diversification - Provide an effective Portfolio Spread across property types, locations and development stages. Apply modern portfolio management where no single property value is more than 10% of the total investment.
• 5. Financially Efficient - Achieve significant tax and cost efficiencies for investments via Private Equity Funds, providing higher returns to investors than direct ownership of traditional real estate. Ability to have up to 50% leverage on real estate portfolio, taking advantage of historically low interest rates and providing enhanced leveraged returns.

Features and Benefits of Portugal Funds

The main features of a Portugal Private Equity Fund are as follows:

• Structure - Type Fundo Capital de Risco | Venture Capital/Private Equity Fund
• Regulated by Comissao do Mercado de Valores Mobiliarios (CMVM) - Portuguese Securities Market Commission - Registration Code: 0000
• ISIN
• Fund Manager - Long history as trusted and experienced professionals in fundraising, deal flow and analysis and execution of investments, in their sectors of specialisation.
• Investment Adviser or General Partner
• Legal/Tax Adviser
• Custodian Bank
• Auditor
• Fund Launch (Seed Investors)
• Subscription Period from date Until date - usually around 15 - 21 months
• Liquidation Period Starting - eg. First Quarter 2028
• Fund Term - usually 7 - 10 years, with possible extensions of 1 or 2 x 12 months.
• Current Fund Size
• Fund Size Target - eg. €35 - 60 Million
• Minimum Participation - for example: €50,000, €150,000 or full €500,000
• Full investment for Golden Visa Requirement- €500,000
• Setup Fee - 3-5%
• Fund Management Fees and Expenses - 1% (p.a.)
• Performance Fee - 5 - 12% or 20% with a hurdle rate of 3%
• Yearly Gross Yield or Fund Expected Return - 6 % - 15 % or Overall return distributed at Redemption
• Fund Focus - exclusive focus on Capital Preservation or focus on High Yield
• Yearly Expected appreciation - 4 - 8% (Conservative Scenario)

Investment in Other EU Countries

VisaConnect's Consultants also assist with Residence by Investment in other EU Countries. See the web pages below:

• Cyprus Golden Visa - Cyprus Residence by Investment Program
• Greece Golden Visa - Greece Residence Permit
• Malta MPRP - Malta Permanent Residency Program
• Italy Golden Visa - Italy Residence Permit

VisaConnect London, UK - Office

Contact VisaConnect's Consultants at our London, UK office below:

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom

Telephone: (+44) 20 3807 8879        

VisaConnect Hong Kong Office

Contact VisaConnect's Consultants at our Hong Kong office below:

21st Floor, CMA Building
64 Connaught Road Central
HONG KONG

Telephone: (+852) 3840 9107

VisaConnect Singapore Office

Contact VisaConnect's Consultants at our Singapore office below:

7 Temasek Boulevard
No. 12-07 Suntec Tower One,
SINGAPORE, 038987

Telephone: (+65) 3105 1536

VisaConnect Australia Office

Contact VisaConnect's Consultants at our Sydney, Australia office below:

Suite 19, 103 George Street
Parramatta
NSW 2150
AUSTRALIA

Telephone: (+61) 2 9151 7350

Frequently Asked Questions - FAQ

How do I open a Portuguese Bank Account?

Usually, your Visa Agency and the Portuguese Lawyer will assist you with completion of application forms and supporting documents, so that you can open your bank account, without visiting Portugal. Note that the transfer of the €500,000 Euros for the investment would be transferred from your foreign bank account to your Portugal bank account. Then you would transfer the funds from the Portugal bank account to your Fund or Funds Depositary Bank accounts.

Can I invest in 3-4 Funds to 'spread the risk'?

Yes. It's definitely possible to invest in multiple Funds, but be aware that certain Funds have a minimum participation amount, which may be approximately €100,000 Euros, whereas other Funds stipulate that the entire investment amount of €500,000 Euros must be invested in their Fund.

What Form must I complete for each Fund Manager, before being accepted to invest?

Each Fund has their own Compliance process, which includes completion of a Form and supporting documents about the Investor, Due diligence checks, KYC, and Money laundering, but the Applicant often completes an 'Investor Profile Suitability Test' form (TESTE DE ADEQUAÇÃO DE PERFIL DE INVESTIDOR – PESSOA SINGULAR).

If I decide to invest in a Fund, do I need to sign an Agreement, with each Fund?

Yes. You will need to complete a Subscription Agreement (Boletim Subscricao), which includes the following information:

1. 1. Identification (Contact details).
2. 2. Politically Exposed Persons?
3. 3. Income Source/Relevant Wealth Data.
4. 4. List of Attached Documents - such as Proof of Overseas address, Copy of Taxpayer card, Proof of Profession/Retirement and Evidence of Portuguese bank account.
5. 5. Subscription Identification - Number of Units and amount that you will invest in the fund in Euros.
6. 6. Form of Payment - bank transfer.
7. 7. Signatures (Assinaturas) - signed and dated by the Fund Manager and the Investor.

What are the main advantages of Funds Investment compared to the previous Property Investment route?

A Fund Investment has less fees and taxes associated with it, as opposed to purchase of Property in Portugal, and the Fund should generate a higher Annual Net income than Property. Generally, a Fund may have a Set-Up fee, Management fee - around 1% per annum, and Performance fee - around 5-10%. Note that all fees are deducted from invested capital. Whereas, a Residential Investment has the following fees and taxes: Property Management fees, Condominium fees, Maintenance costs, Insurance policies, Deed Charges, Fiscal and Legal representative costs, Transfer tax, Annual Gross IRR, Municipality tax, Net income Tax and Property maintenance costs.

What are the steps required to get a Golden Visa through Funds Investment?

1. 1. Visa Agency Assistance - sign agreement with VisaConnect for Agency assistance and advice.
2. 2. Applicant's Intention to Subscribe to the Fund (s) - complete KYC process.
3. 3. Portuguese Lawyer - VisaConnect's referral to a Portuguese Lawyer and sign Agreement with Lawyer for Golden Visa assistance.
4. 4. Open Portuguese bank account.
5. 5. Subscribe to the Fund (s) and make the Investment.
6. 6. Golden Visa Residency Card approved.

What are the Significant Benefits of Investing in Portugal?

A. Quality of Life.

B. Political and Social stability.

C. Modern Infrastructure.

D. Accress to free world class education.

E. 4th Strongest Passport - 188 visa free countries - as at 2025.

F. Access to free and universal healthcare.

G. 3rd safest country in the world.

H. Best country in Europe for expats.

I. Favourable tax and fiscal regime.

J. Access to Schengen Area. K. Mediterranean Food, Nature & Lifestyle.

After making the Investment, do I receive a Confirmation document from the Fund?

Yes. You will receive a Declaracao Entidade Gestora (Fund Declaration), which will be signed and dated by the Directors of the Fund and specify the number of Units and total amount in Euros invested.

What type of Investment Portfolio should I select?

Note that since October 2024, Funds have new Property Real Estate restrictions, so the Fund can no longer comprise any Property projects. There are many different types of investment, with some investments generating higher annual returns than other investments, including: 1. Wine - Vineyards and Cork production. 2. Agricultural Properties - Irrigated farmland is a very attractive & scarce asset class that offers investors a combination of a steady yearly income and high exit returns due to the natural appreciation of the land. 3. Farmland - Sustainable development - Organic agriculture improves nutrition and supports local food. Protects bio-diversity, halts and reverses land degradation, and promotes vital ecosystems through their farming methods. In addition, Sustainable agricultur sequesters carbon and creates more resilient landscapes. 4. Solar Energy - renewable energy investment projects, based in Portugal.

Does a Fund need to be registered with the Portuguese Securities market Commission (CMVM)?

Yes. The Fund would need to be supervised and regulated by the Portuguese Securities Market Commission (CMVM) - Comissão do Mercado de Valores Mobiliários, with an Authorised Number.

What is an ideal Target Return, on my Investment?

Each fund has a different Target Return, and some Funds may be regarded as more conservative, with a focus of 'Capital Preservation', while other funds may be regarded as more speculative, but with a higher Target Return. 

What is the Constitutional Court Ruling regarding the Portugal Golden Visa?

In October 2025, the Constitutional Court upheld the 10-year citizenship timeline and confirmed that the clock starts at the issuance of residency permits, not the application date. The Court struck down four provisions, including automatic denial of citizenship for serious crimes.

This is significant for expats and current or prospective Golden Visa holders in Portugal, as processing times for residence permits now typically range from two to four years. Previously, the five-year residency requirement started from the application date; now, it begins when residency is granted.

As a result, the total timeline to Portuguese nationality could extend up to 14 years—2-4 years for residency plus 10 years for citizenship. The existing law requiring five years of residency remains in place while Parliament reviews the Court's decision.