Real estate is out as a qualifying route; the modern strategy is €500k into eligible, regulated funds—a structure closer to private equity than a “pay-to-stay” shortcut.
By Explorer Investments • Updated 2026
Typical Route
€500k
Mobility
Schengen
Presence
Minimal
Profile
Investors
“Explorer perspective: “The fund route keeps capital productive. Done right, it’s an investment thesis with a residency upside—not a donation.””
Portugal’s residency-by-investment is widely known as the Golden Visa (ARI). It’s designed for non-EU investors who want Portuguese residence—with the option to include family— without needing to relocate immediately.
The big idea: you maintain a qualifying investment and meet minimum stay rules, while enjoying Portuguese residence rights and the ability to travel in the Schengen Area under the standard framework for residents.
Official references (high authority)
In late 2023, Portugal removed real estate as a qualifying Golden Visa investment route. That shift pushed most new applicants toward the fund route (and other non-real-estate options).
Practically, this means the modern Golden Visa conversation is now about: investment strategy, risk, liquidity, fees, governance, and fund manager track record—i.e., a private equity mindset.
Funds can align residency objectives with a portfolio allocation approach: defined mandate, professional management, reporting, and an investment thesis (rather than owning property for compliance).
“Investment, not donation”
The goal is to keep capital productive—targeting returns via a structured strategy while fulfilling the residency requirement.
Preference for regulated structures
Many investors focus on regulatory oversight, transparency, governance, and reputable administrators/auditors.
Explorer tip: Pair the immigration timeline with the fund’s duration, redemption rules, and exit plan—this is where many applicants get surprised.
For a full overview of Explorer’s positioning and value creation approach, visit About Explorer.
Common checklist (high level)
Confirm the latest stay wording on the official ARI page: AIMA — ARI (Art. 90-A).
Explore the full workflow on Golden Visa Process.
Structure & governance
Economics & exits
If you want a numbers-first view, use ROI Simulator and compare outcomes across timelines.
Processing times can vary materially. Build your plan assuming administrative variability, and don’t align major life events (school moves, property purchases, tax residency shifts) to optimistic dates.
Pro move: treat immigration as a project with buffers—document readiness, banking compliance, biometrics scheduling, and renewal deadlines all matter.
Explore more analysis on Insights.
Yes—Portugal’s ARI (Golden Visa) remains available via qualifying routes such as eligible investment funds, donations, job creation, and R&D/cultural support (subject to current rules).
Real estate as a Golden Visa qualifying investment was removed in late 2023; most applicants now use the fund route or other qualifying options.
A common qualifying route is €500,000 into eligible, regulated investment funds.
No. Golden Visa residency is designed for low physical presence compared to typical relocation visas, provided you meet the minimum stay requirements.
Rules commonly reference at least 7 days in the first year and 14 days in subsequent periods (confirm your exact case before filing).
Yes. Family reunification is a core benefit of ARI, typically covering spouse/partner and dependents under applicable rules.
Portuguese residence permits support Schengen-area travel under standard Schengen rules for legal residents (travel is not the same as citizenship).
Portugal has pathways after several years of legal residency, but timelines and counting rules can be affected by renewals and administrative processing—plan conservatively.
Eligibility depends on fund structure, regulatory status, and compliance with immigration rules. Many investors prefer vehicles aligned with private equity/venture capital mandates and proper supervision.
Treating it like a paperwork exercise instead of an investment: weak due diligence on liquidity, fees, governance, and exit timelines can create surprises later.
If you want a fund-led Golden Visa strategy aligned with a private equity mindset, we can help you model outcomes, compare fund mechanics, and plan the immigration workflow end-to-end.
Whether you are exploring the Portugal Golden Visa for EU residency or you simply want to allocate capital to private equity funds in Portugal, our Investor Relations team can help. We will walk you through CMVM-regulated fund options, clarify how they work for residency and for pure investment, and coordinate with trusted immigration and tax advisers. Schedule your confidential, no-obligation strategy call today.
André Bandeira
ab@explorerinvestments.com
Maria Campos Silva
mcs@explorerinvestments.com
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Get your complete, free guide to the Portuguese Golden Visa. Learn how to invest with confidence through Explorer Investments, the country's largest private equity fund.
André Bandeira
ab@explorerinvestments.comMaria Campos Silva
mcs@explorerinvestments.comCopyright © 2025 Explorer Investments
It is recommended to consult Chapter V of Decree-Law nº 162/2014, of October 31st, published in the Official Gazette, as well as its revision by Law nº 2/2020, of March 31st. The information included here is of a general nature, and therefore each potential investor should seek independent advice (e.g., legal, financial, tax, etc.)