Portugal Golden Visa through investment funds: what the law requires in 2026

Buying property stopped qualifying for Portugal's Golden Visa, the residence permit for investment activity (ARI), on October 7, 2023. The fund route remains open: a capital transfer of at least €500,000 into units of a Portuguese fund that is not a real estate fund, with at least five years to maturity when you invest and at least 60% of its investments in companies headquartered in Portugal. You keep the units for five years from the date the permit is granted. For the other routes, see our Golden Visa overview for 2026.

What the law requires

The conditions are in Article 3(1)(d) of Law 23/2007, as amended by Law 56/2023 (Mais Habitação). AIMA, the agency that decides ARI applications, lists the fund route as subparagraph (vii).

• The minimum is €500,000 anywhere in Portugal. The 20% reduction for low-density areas covers only the job creation, research and culture routes.
• The fund must be a collective investment undertaking set up under Portuguese law. Real estate funds do not qualify, and the investment cannot be directed at real estate, directly or indirectly.
• You can split the amount across several funds if the total reaches €500,000 and comes from an international capital transfer.
• You can invest personally or through a single-member company (sociedade unipessoal por quotas) in which you are the partner.
• The investment must already be made when you apply.

Checklist: what to verify in a fund before you transfer

1. Find the fund on the CMVM list (cmvm.pt, then Sistema de Difusão de Informação, Fundos / Gestão de Ativos, Fundos de Investimento OIC). The entry shows the management company, fund type, status and registration date. The status should read "Em actividade" (active).
2. Check the management company on the CMVM list of Sociedades Gestoras, and search the names of everyone offering you units on the CMVM investor alerts page. The CMVM states that managing and marketing collective investment undertakings is reserved to entities it has authorized.
3. Read the management regulation (regulamento de gestão): Portuguese law, not a real estate fund, at least 60% in companies headquartered in Portugal, no direct or indirect real estate investment.
4. Do the maturity arithmetic. If you subscribe in November 2026, the fund's term must run to at least November 2031. The law measures maturity on the day you invest, but your five years run from the later date the permit is granted, so ask the manager in writing what happens if the fund ends first.
5. Before you subscribe, confirm the manager will issue the declaration AIMA requires on the capitalization plan, the five-year maturity and the 60% rule.
6. Transfer through a bank on Banco de Portugal's list of authorized institutions. AIMA requires that bank's declaration confirming the transfer.
7. Confirm you will receive a certificate of ownership of the units, free of charges and encumbrances, which AIMA also requires.
8. Read the exit terms. AIMA warns that selling or changing the investment can put renewal at risk while the permit depends on it.

Stays, renewals and longer-term status

The permit is valid for two years from issue and renews for two-year periods. Ask for renewal no later than 30 days before it expires. To renew, you need at least 7 days in Portugal in the first year and 14 days in each following two-year period, consecutive or not. Family members can apply at the same time as the investor, and the two-year wait for family reunification added in 2025 does not apply to them.

After five years you can apply for permanent residence under Article 80 of Law 23/2007, which requires basic Portuguese among other conditions. Since May 19, 2026, citizenship requires 10 years of legal residence for nationals of countries outside the EU and the Portuguese-speaking countries.

Fees and processing times

AIMA's fee table (Portaria 307/2023, updated February 26, 2026) lists, per person, €842.80 to analyze the application, €8,418.90 to grant the permit and €4,210.30 per renewal. Its column for in-person and digital service applies a 25% reduction: €632.10, €6,314.20 and €3,157.80. Family members pay the same grant and renewal fees.

The law gives AIMA 90 days to decide a first application, extendable by 30, and 60 days for a renewal. AIMA publishes no average processing time for ARI, so plan for variation. Our article on AIMA processing times covers the backlog.

What Urbanis does and does not do

Urbanis is a licensed real estate agency in Porto (AMI 24596) and holds no CMVM authorization. We do not sell, market, compare or recommend fund units. We do not give investment, tax or legal advice, and we make no promise about returns or about an AIMA decision.

To find recognized funds, start from the CMVM's own lists of investment funds and management companies linked above, and run the checks with the manager directly. We coordinate the rest of the move: relocation, independent lawyers for the AIMA application, a Portuguese bank account and a home to rent or buy in Porto. Our team works in Portuguese, English, Spanish and Hebrew.

Frequently asked questions

Is the €500,000 minimum lower in low-density regions?

No. The 20% reduction in Article 3(2) of Law 23/2007 applies only to the job creation, scientific research and culture routes, so the fund route stays at €500,000.

Source: Law 23/2007, consolidated text, Diário da República

How long do I have to keep the fund units?

At least five years, counted from the date the residence permit is granted.

Source: Regulatory Decree 84/2007, Article 65-B, Diário da República

Can a qualifying fund invest in real estate?

No. It must be a non-real-estate collective investment undertaking, and the law states that these investment routes cannot be directed, directly or indirectly, at real estate.

Source: Law 56/2023, Article 44, Diário da República

How many days do I need to spend in Portugal?

Seven days in the first year and fourteen days in each following two-year period, consecutive or not.

Source: AIMA, ARI FAQ, question 24

How do I check that a fund is registered with the CMVM?

Look it up on the CMVM list of investment funds (Fundos de Investimento OIC). The entry shows the management company, fund type, status and registration date.

Source: CMVM, Fundos de Investimento OIC

This article is general information, not investment, immigration, tax or legal advice, and does not replace guidance from a licensed advisor on your specific case.