Portugal Golden Visa in 2026: Fund Route, Costs and the New Naturalisation Timeline

The Portugal golden visa in 2026 requires a €500,000 investment in a fund regulated by the Portuguese securities regulator, seven days of presence in the country each year, and leads to permanent residence after five years and citizenship after ten under the law in force since May 2026. Total costs beyond the investment run to roughly €25,000 to €40,000 over the first five years for a family. The property route that made the program famous closed in October 2023; the fund route that replaced it is simpler, more liquid and, for most applicants, better. 

At a glance

• Investment: €500,000 in one or more CMVM-regulated funds that invest at least 60% of their capital in companies with a head office in Portugal and hold the investment for at least five years. 
• Presence: seven days in the first year and fourteen in each subsequent two-year period. • Family: spouse, dependent children (including adult children in education) and dependent parents on one application. 
• Timeline: permit issuance has historically been slow at AIMA; applicants should plan on twelve months or more from filing to the first residence card; Passport Legacy gives a current estimate before any investment is made. • Citizenship: ten years of legal residence, seven for nationals of Portuguese-speaking countries, with language at A2 level; permanent residence is available at five years.

What qualifies as an investment in 2026?

Since the property and capital-transfer routes were removed, three routes remain: the €500,000 fund investment, which accounts for the large majority of applications; a €200,000 donation to arts and heritage, or €500,000 to research; and the creation of ten jobs, or an investment of €500,000 in a Portuguese company that creates five. The fund route dominates because the capital is invested rather than given away, the investment is passive, and the funds are regulated. 

A qualifying fund must be authorised by the CMVM, must have a maturity of at least five years at the time of investment, and must invest at least 60% of its capital in Portuguese companies. Most are private equity or venture funds; some specialise in tourism, renewable energy, healthcare or agriculture, and a few are diversified. Returns are not guaranteed and capital is at risk. Investors should read the fund's regulation, understand the fee structure, and take independent financial advice, and Passport Legacy shortlists funds on governance and track record rather than on projected return. 

What does the golden visa cost in total?

Beyond the €500,000, which is returned at the fund's maturity subject to performance, the costs are: 

• Fund subscription and management fees, typically a subscription fee of 1% to 3% and an annual management fee of 1% to 2%, deducted inside the fund. 
• Government fees: an application analysis fee per applicant, an issuance fee for the first residence card, and renewal fees at each renewal, which together run into the low thousands of euros per person over five years. • Legal representation, translation and apostille of documents, a Portuguese tax number and bank account, and the residence card appointments. 

For a family of four, Passport Legacy's itemised estimates in 2026 run from roughly €25,000 to €40,000 over the first five years, excluding the fund fees deducted inside the investment. 

How much time must be spent in Portugal?

Seven days in the first year and fourteen in each subsequent two-year period, which can be consecutive or spread across visits. The requirement is a floor for the residence permit; it is not a route to tax residence, which follows presence of 183 days or a habitual home, and it is not enough for naturalisation, which requires actual residence. 

What did the May 2026 nationality law change?

Lei Orgânica 1/2026, in force from 19 May 2026, extended the period of legal residence required for naturalisation from five years to ten, and to seven for nationals of Portuguese-speaking countries, and revoked the route for descendants of Sephardic Jews. The language requirement remains A2 Portuguese. Applicants who completed five years and applied before 19 May 2026 are assessed under the previous law. 

For golden visa holders the change is significant. Under the previous rule, a permit obtained in 2021 could lead to a passport by 2026; under the new one, a permit obtained in 2026 leads to a passport in the second half of the 2030s. What has not changed is the residence permit itself, permanent residence at five years, or Schengen freedom of movement from the first card. 

What is the application process?

1. Obtain a Portuguese tax number and open a Portuguese bank account, both of which can be done with a power of attorney. 

2. Select and subscribe to a qualifying fund, and obtain the fund's declaration that the investment meets the golden visa criteria. 

3. Assemble the documents: passport, criminal record certificates, proof of investment, health insurance, and the declarations AIMA requires, translated and apostilled. 

4. File the application with AIMA online, pay the analysis fee, and wait for the biometrics appointment. 5. Attend the appointment in Portugal, pay the issuance fee, and receive the first residence card, valid for two years, followed by a three-year renewal and, at five years, the option of permanent residence.

Is the Portugal golden visa still worth it?

For an investor who wants a European residence base with the lightest obligations in Europe, an investment that is returned rather than spent, Schengen mobility from the first card, and family inclusion on one application, yes. For an investor whose sole objective is the fastest possible EU passport, the ten-year rule has moved the answer to Greece, and Passport Legacy's comparison of the two programs sets out where the line falls. Most families sit somewhere between the two, and the right answer is found by asking what the residence is for. 

Frequently asked questions

Can I still buy property for a Portugal golden visa? 

No. The property route closed in October 2023. The fund route, donations and job creation are the remaining options. 

How long does the Portugal golden visa take? 

AIMA processing has been slow for several years and timelines vary; applicants should plan on a year or more from filing to the first residence card and ask Passport Legacy for the current estimate before investing. 

Does the Portugal golden visa lead to citizenship? 

Yes, after ten years of legal residence (seven for nationals of Portuguese-speaking countries) under the law in force since May 2026, with A2 Portuguese. Permanent residence is available after five years. 

Passport Legacy has advised on the Portuguese program since its property era and works with regulated fund managers and Portuguese counsel. To model the fund route for a specific family, contact the team.