Portugal Golden Visa Investment Funds: Complete Guide 2026

Why did the funds become the leading Portugal Golden Visa option?

Portugal Golden Visa investment funds became one of the key routes for three reasons: the real estate option was closed, fund investment is usually passive for the investor, and some funds offer potential returns at exit.

1. The real estate route was abolished. Portugal closed the real estate investment option for new Golden Visa applications in 2023[1]. Before the reform, real estate dominated the programme: from October 2012 to September 2023, the Portuguese government recorded 11,383 approvals through real estate purchases. 

Over the same period, 723 approvals were granted under the fund-related capital transfer route[2].

2. No need to manage property or business. Portugal Golden Visa fund investment does not require the investor to manage property, tenants, or daily business operations. Fund managers make investment decisions, monitor portfolio assets, and manage exits according to the fund’s strategy.

3. Funds may provide returns. Unlike donation-based options, Portugal Golden Visa investment fund options may allow investors to receive income or recover capital at exit. The result depends on the selected fund, fees, market conditions, and exit performance. Portugal Golden Visa investment fund returns are projections and are not guaranteed.

Which are the most popular Portugal Golden Visa investment funds?

The Portugal Golden Visa market includes numerous funds offering varying strategies, fee structures, and return profiles. Portugal Golden Visa fund investment starts at €500,000 

The fund must: 

• be established under Portuguese law;
• have a maturity of at least 5 years at the time of investment;
• invest at least 60% of its capital in companies headquartered in Portugal[3].

Below is an expanded comparison of investment funds based on available market information.

Portugal Golden Visa fund comparison table 

Fund	Type	Sector	Estimated return	Expected profit	Subscription deadline	Maturity term	Fees
Fund 1	Private Equity	Renewable energy	8.76%	8% annual dividenddistribution from the 2nd year + 80%	July 2026	10 years	Setup — 1.5%Management — 1.5%Performance — 20%
Fund 2	Venture Capital	Technologicalstartups	15.08%	100% to investors until capital + 5% IRRThen — 80% to investors and 20% to the fund	December 2026	11 years	Setup — 3%Management — 2%Performance — 20%
Fund 3	Private Equity	Agriculture and rural development	7.65%	3% annual dividenddistribution from the 2nd year + 80%	July 2026	8 years	Setup — 1.5%Management — 1.5%Performance — 20%
Fund 4	Venture Capital / Private Equity	80% — financial investments 20% — alternative investments	6—8%	6% — initial profit to investors2% — profit to the fundAbove 8% — 75% to the investor, 25% to the fund	July 2026	10 years	Setup — 2%Management — 2%Performance — 25%
Fund 5	Private Equity	Traditional companies for implementing AI	15—20%	6% — initial profit to investors2% — profit to the fundAbove 8% — 75% to investors, 25% to the fund	July 2026	10 years	Setup — 2%Management — 2%Performance — 25%
Fund 6	Venture Capital	Corporate credit, government bonds	10%	6.5% annually after the 1st year	December 2026	10 years	Management — 1.5%Performance — 20%
Fund 7	Private Equity	Hospitality	10%	4.5% annually after 2  years	July 2026	10 years	Subscription — 1%Management — 1.5%Performance — 20%
Fund 8	Private Equity	Renewable energy and cleantech	6—8%	6% annually	July 2026	10 years	Setup — 3%Management — 2.5%Performance — 30%
Fund 9	Private Equity	Renewable and sustainable energy	8%	N/A	July 2026	8 years	Setup — 0.425%Management — 0.4%Subscription — 1% or €2,500
Fund 10	Private Equity	Industrial manufacturing, education, agriculture,and energy	15%	2% annual dividend distribution after the 1st year	July 2026	8 years	Setup — 3%Management — 2%Performance — 20%

How to enter and exit an investment fund 

Portugal Golden Visa fund investment is available only through funds registered with and supervised by the Portuguese Securities Market Commission, CMVM[4]. Portugal Golden Visa fund investment consists of 3 main stages: subscription, management, and exit. 

1. Subscription 

The investor chooses a Portugal Golden Visa investment fund and purchases units worth at least €500,000. This stage includes the fund’s Due Diligence check, signing subscription documents with the fund manager, and transferring money to a Portuguese bank account.

2. Management 

After the subscription period, licensed fund managers invest the capital in accordance with the fund’s strategy. They monitor the portfolio, manage risks, and report to investors. 

3. Exit during the fund divestment phase

Near the end of the fund lifecycle, the manager usually sells portfolio assets and distributes proceeds to unit holders. The investor receives their share of the proceeds after management fees, performance fees, operating expenses, and possible exit costs.

The divestment phase may take several months or years. Exact timing depends on the fund strategy, market conditions, and the sale of underlying assets.

What are the legal requirements for Portugal Golden Visa investment funds?

Portugal Golden Visa investment funds must comply with both immigration and securities rules. The Portuguese Securities Market Commission, CMVM, supervises investment funds and financial market entities. 

CMVM registration and verification

Registration means that the fund and its management company are subject to Portuguese financial regulation, reporting rules, governance requirements, and investor protection standards.

Investors can verify a Portugal Golden Visa fund through the CMVM investor portal, which provides information on authorised entities and investment market participants. A fund listed by CMVM is not automatically eligible for the Golden Visa: it must also meet requirements set by immigration law. 

60% investment in Portuguese companies

A qualifying Golden Visa Portugal fund must invest at least 60% of its capital in companies headquartered in Portugal. This requirement links the investment to the Portuguese economy and excludes funds that mainly operate abroad.

The remaining part of the portfolio may be allocated to other eligible assets, depending on the fund’s strategy and documents. Investors should check the fund prospectus and request written confirmation that the 60% requirement is met.

Minimum 5-year maturity

A Portugal Golden Visa investment fund must have a maturity of at least 5 years at the time of investment. This requirement is separate from the fund’s full lifecycle: many Portugal Golden Visa fund options operate for 6 to 10 years.

The maturity period affects exit planning. Investors should check whether the fund allows redemption, resale of units, or exit only at liquidation, as early exit may affect both liquidity and Golden Visa compliance.

No investment in real estate

Portugal Golden Visa funds must not be directly or indirectly related to real estate investment. This means that a fund focused on buying, developing, or managing real estate does not qualify for the Portugal Golden Visa. 

What types of investment funds qualify for the Portugal Golden Visa?

Portugal Golden Visa-eligible investment funds span multiple asset classes and investment strategies. Understanding the different fund types helps investors align their financial objectives and risk tolerance with appropriate investment vehicles.

Funds by asset class

Equity funds concentrate on purchasing shares in Portuguese companies, providing capital for business expansion, operational improvements, or strategic restructuring. These funds target established businesses with proven revenue streams.

Venture capital funds invest in early-stage Portuguese companies with high growth potential, particularly in technology, biotechnology, and innovative sectors. Venture capital funds carry higher risk profiles but offer the potential for substantial returns if portfolio companies succeed.

Private equity funds focus on mature Portuguese businesses, providing capital for expansion, acquisitions, or management buyouts. Private equity funds generally present lower risk than venture capital while targeting steady, predictable returns.

Renewable energy funds allocate capital to Portuguese clean energy projects, including solar installations, wind farms, and sustainable infrastructure. These funds align with Portugal's energy transition objectives and EU climate commitments.

Diversified multi-asset funds

Diversified funds invest across multiple asset classes, geographies within Portugal, and company stages to reduce portfolio concentration risk. A typical diversified fund might allocate: 

• 40% to established Portuguese corporate equity; 
• 25% to venture capital investments;
• 20% to renewable energy projects;
• 15% to fixed-income instruments.

Diversification benefits include reduced exposure to single-sector downturns, smoother return patterns over the fund lifecycle, and balanced risk-reward profiles suitable for investors seeking moderate growth with downside protection.

Venture capital vs private equity funds

Venture capital and private equity funds represent distinct investment approaches with different risk-return profiles. Venture capital funds suit investors with higher risk tolerance seeking exposure to Portuguese innovation ecosystems. 

Private equity funds appeal to conservative investors prioritising capital preservation and predictable returns.

Difference between venture capital and private equity funds

Characteristic	Venture capital fund	Private equity fund
Target companies	Early-stage startups and growth companies	Established businesses with proven business models
Investment stage	Seed, Series A, and Series B funding	Growth capital, buyouts, and restructuring
Risk level	High, as some portfolio companies may fail	Moderate, as portfolio companies usually have established revenue and operations
Return potential	High if portfolio companies perform well; some funds may target over 20% IRR	Moderate to high; some funds may target 8—15% IRR
Investment horizon	7—10 years	5—8 years
Sector focus	Technology, biotech, fintech, and innovation	Manufacturing, services, hospitality, retail, and other established sectors
Management involvement	Active guidance and board participation	Operational improvements and strategic oversight

Who can apply for the Portugal Golden Visa through a fund investment?

The Portugal Golden Visa programme imposes specific eligibility requirements on main applicants and permits the inclusion of qualifying family members.

Main applicant requirements

To qualify for the Portugal Golden Visa by investment fund, the main applicant must:

• be over 18;
• have no criminal convictions in Portugal or in the country of residence;
• provide police clearance certificates issued within the required validity period;
• have no outstanding tax debts or other financial obligations in Portugal;
• prove that the investment capital comes from legal sources outside Portugal;
• support the source of funds with documents such as bank statements, tax returns, employment records, business income documents, or sale agreements;
• hold valid health insurance accepted in Portugal. 

Family members and dependents

The Portugal Golden Visa allows main applicants to include eligible family members in a single application, extending residency rights to qualifying dependents.

Spouse or partner. Legally married spouses or partners in a registered civil union qualify as dependents. Same-sex partners must provide proof of legal marriage. Opposite-sex couples may demonstrate stable union relationships lasting at least 2 years.

Children. Minor children under 18 years of age qualify automatically with birth certificates. Adult children aged 18 to 26 may qualify if they are: 

• unmarried; 
• financially dependent on the main applicant;
• enrolled in full-time university education, supported by enrolment certificates and proof of financial dependency.

Parents and parents-in-law. Parents of the main applicant or spouse qualify if they are over 65 years of age and financially dependent on the applicant, demonstrated through bank statements showing regular financial transfers, shared residence documentation, or formal dependency declarations.

All family members must provide valid passports, police clearance certificates, translated and apostilled civil documents, and proof of relationship to the main applicant.

Discover the benefits of the Portugal Golden Visa and a unique way to EU citizenship

What documents are required for the Portugal Golden Visa fund investment?

The Portugal Golden Visa application requires documents that confirm the applicant’s identity, legal status, financial standing, and Portugal Golden Visa fund investment.

Personal documents

Applicants usually need to prepare the following personal documents:

• valid passport with at least 6 months of remaining validity;
• proof of legal entry into Portugal or the Schengen Area, such as an entry stamp or visa stamp;
• police clearance certificate from the country of citizenship;
• police clearance certificate from any country where the applicant has lived for more than 1 year;
• marriage certificate, if the spouse is included in the application;
• birth certificates for the applicant and dependants;
• proof of residential address, such as a utility bill, bank statement, or official correspondence;
• valid health insurance accepted in Portugal;
• recent passport-style photographs that meet Portuguese biometric photo requirements.

Investment and financial documents

For the Portugal Golden Visa by investment fund, applicants also need documents confirming the investment and the legal origin of funds:

• confirmation from the fund management company that the applicant has purchased fund units worth at least €500,000;
• confirmation that the Portugal Golden Visa qualified investment fund meets the ARI requirements, including the 5-year minimum maturity and 60% investment in companies headquartered in Portugal;
• proof that the fund is registered with and supervised by the Portuguese Securities Market Commission, CMVM;
• bank transfer records showing the movement of money from the applicant’s account to the Portuguese bank account used for the fund purchase;
• source-of-funds documents, such as tax returns, employment contracts, business ownership records, property sale agreements, dividend statements, or inheritance documents;
• Portuguese tax identification number, NIF[5];
• Portuguese bank account details.

All documents issued outside Portugal must be translated into Portuguese and legalised with an Apostille. If the applicant’s country is not a party to the Hague Apostille Convention, documents may need to be authenticated by the Portuguese consulate.

How to choose the right Portugal Golden Visa investment fund?

To choose the right investment fund qualified for the Portugal Golden Visa, investors should clearly understand their financial goals, risk tolerance, and time horizon. To make the best decision, one should do the following:

1. Define what they want to achieve, whether it’s wealth accumulation, steady income, or capital preservation. 
2. Assess risk tolerance carefully. For example, investing in real estate is typically less risky than investing in commercial properties or companies.
3. Evaluate the fund’s past performance and fees. While historical returns don’t guarantee future success, they can indicate the fund’s consistency and how well it has performed. Additionally, it is a good idea to consider the fund manager’s track record and expertise.
4. Pay close attention to the expense ratio and any entry or exit fees. These can significantly affect the investor’s returns over time. 
5. Review the fund’s liquidity and tax implications to ensure it fits the overall financial strategy.

Immigrant Invest experts help applicants contributing to Golden Visa investment funds in Portugal to define their goals, assess the risks, and choose the most suitable option.

What are the total costs for the Portugal Golden Visa investment fund option?

The total cost of obtaining a Portugal Golden Visa through the investment fund route includes the qualifying investment, government fees, fund management charges, and ancillary expenses.

Fund-related fees

Subscription fee. A one-time entry fee is charged when purchasing fund units, typically ranging from 0.5 to 7.5% of the investment amount, depending on the fund type. 

Private equity and venture capital funds generally charge higher subscription fees, 3 to 7.5%, while diversified mutual funds charge lower fees, 0.5 to 2%. Some funds waive subscription fees entirely.

Management fee. An annual fee covering fund administration, investment management, and operational costs, ranging from 1 to 2.5% of the total fund value. Management fees are deducted annually from fund assets and reduce net returns to investors.

Performance fee. Also known as carried interest or success fees, performance fees are charged on profits generated by the fund, ranging from 10 to 25% of returns above a specified hurdle rate, often 5 to 8%. Performance fees are paid at the end of the fund's lifecycle or during divestment phases when profits are realised.

Government and legal fees

Applicants pay government fees and service costs in addition to the €500,000 Portugal Golden Visa fund investment[6]:

1. Application processing fee: €632.10 per family member, paid when the Golden Visa application is submitted to AIMA.
2. Residence permit card fee: €6,314.20  per family member, paid after final approval and before the residence card is issued.
3. Document translation and legalisation: €500 to 1,500 per applicant, depending on the number of documents, translation requirements, and Apostille fees.

Travel and ancillary costs

Biometric appointment travel. Flights, accommodation, and living expenses for the mandatory in-person visit to Portugal for biometric data submission vary based on the applicant's country of origin and travel preferences.

Health insurance. Annual health insurance premiums for coverage valid in Portugal typically cost €400 to 1,000 per person per year, depending on age and coverage level.

Renewal costs. The residence permit must be renewed every two years after the initial one-year period. Renewal fees are payable per person, plus legal fees if professional assistance is required.

Expenses when investing in funds

Cost item	Single investor	Family of 4
Investment	€500,000	€500,000
Subscription fee	Up to 7.5%, €37,500	Up to 7.5%, €37,500
Management expenses	1—2.5% annually, €5,000—12,500 per year	1—2.5% annually, €5,000—12,500 per year
Performance fee	At least 10% of profit	At least 10% of profit
Tax on investment income	14% for Portuguese tax residents or 0% for non-residents	14% for Portuguese tax residents or 0% for non-residents
Application processing fee	€632.10	€2,528.40
Residence permit card fee	€6,314.20	€25,256.80
Medical insurance	€400+	€1,600+
Document translation and notarisation	€500–1,000	€2,000–4,000
Total, excluding variable fund fees and taxes	€507,846+	€531,385+

What are the tax implications of Portugal Golden Visa investment funds?

Tax obligations for Portugal Golden Visa holders depend on their tax residency status. Tax residency is determined by the time spent in Portugal and the investor’s residential ties to the country.

Tax on fund income for Portuguese tax residents

An individual usually becomes a Portuguese tax resident if they spend more than 183 days in Portugal during any 12-month period beginning or ending in the calendar year[7]. They may also become a tax resident if they have a habitual residence in Portugal and intend to keep it as their main home.

Portuguese tax residents are taxed on worldwide income. This includes investment fund distributions, dividends, and capital gains. Investment income is usually taxed at rates of 14 to 28%, depending on the income type, source, and the investor’s circumstances.

Portuguese tax residents must file annual tax returns in Portugal. They may also be eligible for foreign tax credits if the same income is taxed in another country.

Tax exemption for non-residents

Golden Visa holders who do not meet the tax residency criteria remain non-residents for Portuguese tax purposes. Non-residents are usually taxed only on Portuguese-source income.

Investment fund income and capital gains may be exempt from Portuguese tax if the income qualifies as non-Portuguese-source income or benefits from an applicable tax treaty. The exact treatment depends on the fund structure and the investor’s country of tax residence.

Portugal does not impose inheritance tax in the same way as many other countries. However, stamp duty or other tax rules may apply in specific cases, so investors should obtain individual tax advice before transferring Portuguese assets to heirs.

US tax considerations: PFIC, FBAR, and FATCA

Portugal Golden Visa fund for Americans requires additional tax planning. US citizens and tax residents remain subject to US tax and reporting obligations even if they live abroad.

PFIC classification. A foreign corporation is classified as a Passive Foreign Investment Company, PFIC, if 75% or more of its gross income is passive, such as interest, dividends, or rents[8]. A company may also be treated as a PFIC if 50% or more of its assets produce, or are held to produce, passive income. 

Many Portugal Golden Visa investment funds may fall under PFIC rules.

Form 8621 filing requirement. US persons who own shares in a PFIC may need to file Form 8621 with their US tax return. The requirement may apply if they receive distributions, recognise gains, make certain elections, or meet other reporting triggers under US tax law.

FBAR reporting. US persons must file FinCEN Form 114, Report of Foreign Bank and Financial Accounts, if the total value of their foreign financial accounts exceeds $10,000 at any time during the calendar year[9]. Portuguese bank accounts and certain fund-related accounts may count towards this threshold.

FATCA reporting. US persons may also need to report specified foreign financial assets on Form 8938 if their total value exceeds the relevant threshold[10]. Portugal Golden Visa investment fund holdings may need to be reported if the threshold is met.

US investors should consult a qualified tax adviser before choosing a Portugal Golden Visa fund. This is especially important for PFIC compliance, FBAR and FATCA reporting, and possible tax elections that may affect the final tax burden.

5 advantages of Portugal Golden Visa investment funds

Portugal Golden Visa investment funds combine a residence investment with professional portfolio management. Investors purchase fund units worth at least €500,000 and may use this investment as a basis for a Portugal Golden Visa application, provided that the fund meets program requirements.

1. Regulated investment environment

Portugal Golden Visa investment fund options are supervised by the Portuguese Securities Market Commission. Fund management companies are subject to financial regulation, reporting duties, governance rules, and investor protection standards.

This regulatory framework reduces risks related to mismanagement and lack of transparency. Investors should still verify the fund, management company, investment strategy, fees, and Golden Visa eligibility before subscribing.

2. Portfolio diversification

Portugal Golden Visa investment funds usually invest across several assets, companies, or sectors. Depending on the fund strategy, the portfolio may include private equity, venture capital, renewable energy, healthcare, technology, agriculture, hospitality, manufacturing, or financial instruments.

Diversification reduces dependence on a single asset or sector. It does not remove investment risk, but it may help balance potential returns and losses over the fund’s lifecycle.

3. Potential investment returns

Portugal Golden Visa investment fund returns depend on the fund type, sector, management quality, market conditions, fees, and exit performance. Some private equity and venture capital funds target higher annual returns than conservative investment options.

Target returns are projections, not guaranteed income. Before investing, applicants should review the fund prospectus, fee structure, risk rating, historical performance, and exit rules.

4. Professional fund management

Portugal Golden Visa fund investment is usually passive for the investor. Licensed fund managers select assets, monitor portfolio companies, manage risks, prepare reports, and plan exits according to the fund’s strategy.

This structure suits investors who do not want to manage property, tenants, or daily business operations in Portugal. The investor’s main tasks are to choose a suitable qualifying fund, complete Due Diligence, transfer the investment, and maintain compliance with Golden Visa requirements.

5. Pathway to residence and Portugal citizenship

Portugal Golden Visa by investment fund gives the main applicant and eligible family members residence rights in Portugal. Residents may live, work, and study in Portugal and travel within the Schengen Area.

After 5 years of legal residence, Golden Visa holders may apply for permanent residence, provided that they meet the legal requirements. Under the recently approved nationality law reform, the citizenship timeline has increased to 10 years for most foreign nationals[11]. 

Applicants also need to meet other requirements, including a clean criminal record and knowledge of the Portuguese language.

What are the risks and disadvantages of Portugal Golden Visa investment funds?

Portugal Golden Visa investment funds involve financial, immigration, and procedural risks:

1. Low liquidity. Most Portugal Golden Visa funds operate for 6 to 10 years. Early exit may be difficult, involve discounts, or depend on the resale of units on the secondary market.
2. No guaranteed returns. Portugal Golden Visa investment fund returns are projections. Capital value may fall, and fees can reduce net profit.
3. Processing delays. AIMA processing times may vary due to workload, document checks, and appointment availability. Delays may affect residence card issuance and family planning.
4. Policy changes. Portugal Golden Visa and citizenship rules may change. Investors should monitor official updates and avoid assuming that current timelines or requirements remain unchanged.
5. Strict documentation. Fund subscription and Golden Visa applications require KYC checks, proof of legal source of funds, valid documents, translations, and Apostilles. Incomplete documents may delay the process.

Before investing, applicants should review the fund prospectus, fees, exit rules, risk rating, and Golden Visa eligibility. Legal and financial advisers help assess whether a Portugal Golden Visa fund matches the investor’s goals and risk profile.

Alternative investment fund options in Europe

Portugal Golden Visa fund investment is not the only route for investors who want residence in Portugal or another EU country. Applicants may also compare other qualifying options in Portugal and fund-based residence programmes in Greece and Hungary.

Other Portugal Golden Visa options

Portugal Golden Visa applicants may choose several investment routes besides funds. Available options include:

• creation of at least 10 jobs in Portugal;
• investment of at least €500,000 in scientific research;
• investment of at least €250,000 in arts, cultural heritage, or cultural production;
• investment of at least €500,000 in a Portuguese company, combined with the creation or maintenance of jobs.

These options may suit investors who want to support culture, research, or business development instead of choosing a Portugal Golden Visa investment fund. However, they differ by cost, documentation, control over the investment, and expected return. Applicants should compare the requirements before choosing a route.

Fund investment options in Greece and Hungary

Greece Golden Visa. Investors may qualify by purchasing units in licensed investment funds, with the threshold of €350,000[12]. Greece also offers other routes, such as real estate and bank deposits. 

The Greek residence permit is valid for 5 years and may be renewed if the investment is maintained.

Hungary Golden Visa. Hungary offers a Guest Investor residence permit through the purchase of real estate fund shares of at least €250,000[13]. The fund must be registered by the Hungarian National Bank, and at least 40% of its net asset value must be invested in residential real estate in Hungary. 

The residence permit is valid for up to 10 years and may be extended for another 10 years.

How Immigrant Invest can help

Immigrant Invest provides professional support to investors who apply for the Portugal Golden Visa through investment funds. The team helps at each stage: preliminary Due Diligence, fund selection, document preparation, application submission, biometrics, and residence card collection.

Preliminary Due Diligence

Immigrant Invest’s Legal & AML Compliance Department checks the investor before the application starts. The screening covers sanctions lists, PEP status, criminal records, court cases, and previous visa refusals.

In case of risks, Immigrant Invest lawyers assess whether they can be resolved before submission. Depending on the case, Immigrant Invest may suggest additional documents, a different application strategy, or an alternative residence by investment programme. 

Fund selection

The team helps investors compare Portugal Golden Visa investment fund options and choose a fund that matches their goals and risk profile. Immigrant Invest checks whether the fund meets Golden Visa requirements and explains fees, expected returns, risks, and exit terms.

Document preparation

Lawyers guide the investor through obtaining a Portuguese tax number, opening a bank account, collecting documents, proving the legal source of funds, and preparing translations and Apostilles. They also monitor document validity to reduce the risk of delays.

Application and biometrics 

Immigrant Invest submits the Golden Visa application and communicates with AIMA on the client’s behalf. Lawyers coordinate the biometrics appointment in Portugal and help ensure that documents are valid and complete at the appointment.

Ongoing support

After the first residence card is issued, Immigrant Invest continues to assist with renewals, family applications, and questions about permanent residence or Portugal citizenship. The final decision on any application is always made by the Portuguese authorities.

Key takeaways for Portugal Golden Visa investment fund applicants

1. Purchasing investment fund units is the most popular way to get a Portugal Golden Visa. Applicants must contribute at least €500,000 in units.
2. Expected returns range from 3 to 15% annually, depending on the fund strategy and asset allocation.
3. Obtaining residency takes at least 12 months due to a large backlog at the immigration agency AIMA. 
4. Taxation depends on residency status: non-residents are exempt from Portuguese tax on fund income, whereas Portuguese tax residents are taxed on worldwide income. 
5. Investors must hold assets in funds for at least 5 years. After 5 years, they may sell the fund units with returns. 
6. After 5 years of residing in Portugal, investors may obtain permanent residency. Citizenship in Portugal is available after 10 years of legal residence, provided the applicant meets residency and language level requirements.

Frequently asked questions

Sources:

1. Source: Golden Visa law, Diário da República
2. Source: ARI statistics, SEF
3. Source: ARI requirements, AIMA
4. Source: Investor protection, CMVM
5. Source: NIF rules, Portuguese Government Portal
6. Source: Portugal residence permit fees, AIMA
7. Source: Tax residency, OECD
8. Source: PFIC reporting, IRS
9. Source: FBAR rules, FinCEN
10. Source: FATCA reporting, IRS
11. Source: Nationality reform, Portuguese Parliament
12. Source: Greece Golden Visa, Greece Government
13. Source: Guest Investor Visa, OIF