Portugal Golden Visa 2025 – Ultimate Guide to Residency by Investment
Table of Contents
The Portugal Golden Visa (also known as the Portuguese Golden Visa program) is a residency-by-investment scheme that has attracted over 12,000 international investors since its launch in 2012. By making a qualifying investment in Portugal, non-EU citizens receive a renewable residence permit – with the opportunity to apply for Portuguese citizenship in about five years. Despite recent rule changes, Portugal’s Golden Visa remains active in 2025, continuing to draw interest from around the world. This comprehensive guide will explain exactly how the program works today – including the latest 2023 legislative updates (the end of real estate routes under the “Mais Habitação” housing law), all current investment options, and a spotlight on the popular investment fund route. We’ll also walk you through a step-by-step application process, provide an updated comparison table of investment pathways, and outline key benefits and tax considerations for global investors and digital nomads seeking EU residency.
What is the Portugal Golden Visa Program?
Portugal’s Golden Visa is a residency by investment program introduced in 2012 to boost foreign investment. In exchange for a qualifying investment (such as €500,000 in a fund or other options outlined below), investors receive a Portuguese residence permit for themselves and immediate family. Golden Visa residents gain the right to live, work, and study in Portugal, and can travel freely across Europe’s Schengen Area. Uniquely, the program’s flexibility means you do not need to relocate or become a tax resident – one only needs to spend an average of 7 days per year in Portugal (e.g. 14 days every two years) to meet the minimal stay requirement. After five years, Golden Visa holders become eligible to apply for permanent residency or citizenship, without giving up their original citizenship (Portugal allows dual citizenship). If naturalized as a citizen, you obtain one of the world’s strongest passports with full EU rights to live and work anywhere in Europe.
Key benefits of the Portuguese Golden Visa include:
Fast Track to EU Citizenship: Portugal offers one of Europe’s fastest pathways to citizenship (about 5 years) for investors, with no stringent residency obligation. In comparison, many other countries require 7–10+ years or strict physical stay.
Quality of Life & Safety: Portugal ranks among the world’s safest and most livable countries, with excellent healthcare, education, sunny climate, and a relatively low cost of living. Golden Visa families can enjoy this lifestyle immediately or keep the option as a “Plan B” for future relocation.
Travel Freedom: Your residence card allows visa-free travel throughout the 26 Schengen countries in Europe. Ultimately obtaining a Portuguese passport opens even greater global mobility.
Family Inclusion: The main investor can include spouse, children, and dependent parents under the same Golden Visa. All family members get the same rights to live, study, and later naturalize.
Favorable Tax Treatment: Simply holding a Golden Visa does not make you a tax resident of Portugal. If you spend fewer than 183 days per year in Portugal (as most investors do), you owe no Portuguese tax on non-Portuguese income. Even income from your Golden Visa investment (e.g. fund distributions) is typically tax-free in Portugal for non-residents. Portugal also imposes no wealth tax and no inheritance/gift tax on worldwide assets.
Recent Updates (2022–2025): No More Real Estate, New Rules
In late 2023, Portugal reformed the Golden Visa program under the “Mais Habitação” (“More Housing”) law. Concerned that Golden Visa real estate purchases were inflating property prices, the government eliminated all real estate-based investment routes and certain other options for new applicants. Effective October 2023, the following pathways were removed:
Residential Real Estate Purchase (all thresholds, including urban and low-density areas) no longer qualifies.
Capital Transfer of €1.5 million (e.g. large bank deposit) is abolished.
Funds Investing in Real Estate are disallowed; qualifying funds must focus on business equity rather than pure property.
These changes do not affect existing Golden Visa holders or applications submitted before the law. The program continues in 2025, but focuses on a refined set of investment routes that channel investors into more productive sectors.
Current Golden Visa Investment Options (Post-2023):
Investment Fund (Venture Capital) – €500,000 or more into a qualifying Portuguese fund.
Business Creation / Job Creation – either create 10 new full-time jobs, or invest €500,000 in an existing Portuguese company and create at least 5 new jobs.
Scientific Research Contribution – €500,000 donation to approved research institutions.
Cultural Heritage Donation – €250,000 donation to approved arts or heritage projects.
Each investment must be maintained for at least 5 years. With real estate off the table, the €500,000 fund route has surged in popularity as the most passive and straightforward option.
Why Choose Portugal’s Golden Visa? – Key Benefits
Portugal’s Golden Visa remains one of the most attractive residency-by-investment programs in the world, especially for Americans and other non-EU investors seeking a “Plan B” in Europe. Here are the top benefits and unique advantages of the Portuguese Golden Visa:
Fast Track to EU Citizenship: Portugal offers one of the shortest pathways to citizenship among investment visas. Golden Visa holders can apply for naturalization after just 5 years of residency, compared to 7–10+ years in many other countries. Successful naturalization grants a Portuguese passport, ranked 3rd most powerful in the world (visa-free access to 175+ countries, including the U.S. and UK). Portugal also allows dual citizenship, and the U.S. imposes no restrictions on dual nationality, so Americans can keep their U.S. passport while adding a Portuguese one.
Minimal Residency Requirement: The Golden Visa’s physical stay requirement is extremely low – just 7 days per year on average (14 days every two years). This means you do not need to move to Portugal or disrupt your life to maintain the visa. You can keep your primary residence and career elsewhere (e.g. in the U.S.) while still working toward EU residency rights. This flexibility is a huge draw for busy investors.
Family Inclusion: The program extends to immediate family members through family reunification. A single investment can cover the main applicant’s spouse, children, and dependent parents for no additional investment. Family members receive the same residency rights and timeline to citizenship. Notably, children born in Portugal to Golden Visa holders can also gain Portuguese citizenship under certain conditions, and Portuguese citizenship (once granted) can be passed to descendants. The Golden Visa thus offers a multi-generational benefit.
Freedom of Movement: Golden Visa residents can live, work, and study in Portugal freely, and travel visa-free across the Schengen Area (26 European countries). Even before obtaining a passport, your Portuguese residence card allows unlimited travel throughout EU/Schengen countries. If you become a citizen, you gain full EU rights to live and work in any EU country. In essence, the Golden Visa is a gateway to Europe for you and your family.
High Quality of Life: Portugal is regularly ranked among the safest, most livable countries. It was the world’s 7th safest nation in 2024, boasts excellent healthcare and education (including international schools), and offers a rich cultural lifestyle with sunny climate, beautiful beaches, and vibrant cities. The cost of living is also far lower than in the U.S. for comparable quality (e.g. rents ~60% lower in Lisbon than in Washington, DC). Many Golden Visa investors initially spend minimal time in Portugal, but appreciate having the option to settle or retire there in the future.
Tax Advantages & Flexibility: Simply holding a Golden Visa does not make you a tax resident in. If you stay less than 183 days/year (as most Golden Visa holders do), you owe no Portuguese tax on your worldwide income – no extra filing burden, no global wealth tax, no capital gains tax in Portugal on your foreign investments. Even income from your Golden Visa investment (e.g. fund dividends) is generally not taxable locally if you’re a non-resident. This is ideal for U.S. citizens, who can maintain their normal IRS filing and taxation at home without triggering new taxes abroad. (Note: If you do decide to relocate to Portugal and spend >183 days/year there, you’d become a tax resident and subject to Portuguese taxes – in that case, consult a tax advisor on foreign income and any applicable tax treaties or new incentive programs.) Additionally, Portugal has no inheritance or gift tax on worldwide assets (only a 10% stamp duty on Portuguese real estate passed to distant relatives), and no wealth tax, making it very friendly for high-net-worth individuals.
Strong Legal Rights & Stability: Portugal’s Golden Visa program is enshrined in law and has enjoyed broad political support over the years. Even amid policy tweaks, the government has reassured investors that their acquired rights will be respected. Residency obtained via Golden Visa grants you the same legal protections as any resident. Moreover, Portugal’s legal system and property rights are robust, adding security to your investments. Mercan Group further enhances investment security by offering a guaranteed buyback option in its fund, ensuring a clear exit strategy after the required holding period.
Why you should invest with Mercan
We have assisted over 50,000 immigrants to Canada from various origins and recruited more than 20,000 foreign workers to Canada, the USA, the Middle East, Malaysia, and the Caribbean. Additionally, we have raised over $2 billion in foreign investment for immigration programs in Canada, Portugal, Greece and the USA.
Investment Fund Option – Why Funds Are Favored
With real estate off the table, investment funds have quickly become the most popular Golden Visa pathway in 2025. This option involves investing €500,000 (minimum) into a qualifying Portuguese fund – typically a venture capital or private equity fund regulated by the Portuguese authorities (CMVM). Here’s why the fund route is so appealing to many investors:
Simplicity and Convenience: Investing in a fund is relatively straightforward – you subscribe to the fund units and transfer the capital, letting a professional fund manager deploy the money. There’s no need to manage a property or business yourself. It’s a passive investment by nature.
Diversification and Professional Management: Golden Visa funds often invest in multiple projects or companies, providing built-in diversification. They are managed by licensed professionals who vet opportunities, handle due diligence, and comply with regulations. In essence, you entrust your €500K to experts aiming to generate returns, rather than tying it all into one house or venture.
Compliance with New Rules: The funds currently eligible are structured to comply with the new Golden Visa regulations – i.e. they focus on business equity, not pure real estate. For example, a common strategy is investing in companies (such as hotel operating companies, tech startups, etc.) rather than directly buying properties. This way, the fund route aligns with Portugal’s push toward productive investments.
Lower Fees & Potential Tax Perks: Many Golden Visa funds are designed for international investors and may offer tax-efficient setups. Notably, if you are not a Portuguese tax resident, any income or gains from the fund can be free of Portuguese taxes (often the fund itself may be structured under the “Venture Capital” regime which is tax-exempt for non-residents). Additionally, some funds – like the one described below – charge minimal or no management fees, so more of your money remains invested.
Exit Strategy: Funds have a defined term (typically ~6–10 years) after which they liquidate assets and return capital to investors. Many Golden Visa funds target an exit around the 6-year mark (just about when you’d be eligible for citizenship), allowing you to get your principal back in a timely manner. This contrasts with real estate, which you’d have to sell on the market (with uncertainty about price or timing).
Moderate, Predictable Returns: While Golden Visa funds prioritize capital preservation (since the main “gain” for investors is the visa itself), many still aim to provide annual yields or profit upon exit. For instance, some offer fixed annual dividends or profit-sharing. The returns might not be sky-high, but they add a nice bonus on top of the residency benefit.
Of the various fund options in the market, one in particular has gained attention for its investor-friendly terms and strong track record – the Mercan Group’s Golden Visa Hospitality Fund. In the next section, we take a deep dive into Mercan’s fund, as it exemplifies the kind of secure, well-structured investment that many Golden Visa seekers are gravitating toward.
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Spotlight: Mercan Group’s Hospitality Fund (Structure, Portfolio & Benefits)
One of the standout Golden Visa funds in 2025 is the Mercan Group’s private equity hospitality fund, which focuses on high-end hotel projects in Portugal. Mercan Group – a Canadian-founded investment immigration firm – is a veteran in Portugal’s Golden Visa scene, with an extensive track record of developing hotels that qualified for the visa program. With the 2023 shift toward funds over real estate, Mercan’s Golden Visa-eligible fund has emerged as a premier option for investors seeking a secure, turnkey investment. Here we break down the key features of Mercan’s fund:
● Minimum Investment: €500,000 (for Golden Visa investors). This is the standard amount required by law for the fund route. (Mercan’s fund does accept smaller subscriptions down to €250K for non-visa investors, but €500K is required to obtain the visa).
● Fund Structure & Regulation: Target size of €140 million, structured as a CMVM-regulated closed-end venture capital fund focused on Portugal’s hospitality sector. Importantly, the fund invests in corporate equity (hotel operating companies) rather than directly in real estate – ensuring full compliance with Golden Visa rules. The fund is professionally managed, with reputable partners like Bison Bank serving as custodian and Ernst & Young as auditor, providing transparency and oversight. Mercan Group itself is the anchor investor, co-investing its own capital alongside Golden Visa clients– a strong vote of confidence in the fund’s prospects.
● Fund Duration & Exit: 6-year minimum holding period. This aligns perfectly with the Golden Visa timeline (5 years to citizenship eligibility). Mercan offers a Guaranteed Buyback at the end of Year 6: investors can redeem their units and have 100% of the €500,000 capital returned. In practice, once you’ve completed the Golden Visa’s 5-year requirement (and obtained citizenship or permanent residency), Mercan will buy back your fund shares in year 6, returning your full principal. This capital protection via guaranteed exit is a rare feature among Golden Visa investments it essentially locks in your outcome upfront, greatly appealing to risk-conscious investors.
● Fixed Annual Returns: The Mercan fund pays out a fixed 2% annual yield on the invested capital (i.e. €10,000 per year on €500K). These interest payments are distributed yearly (after the first year) as income to investors. Notably, the returns are **paid regardless of the hotels’ performance, since Mercan effectively pre-commits to this coupon. This turns the investment into a steady income generator throughout the holding period – combining the stability of a bond (regular fixed interest) with the upside of real estate (the eventual sale of the asset). Few other Golden Visa funds offer fixed returns (most only pay if/when projects profit), so Mercan’s model is distinctive. Moreover, Mercan even offers bonus yields: investors who stay beyond the 6-year term can earn an additional +2% in later years (e.g. years 8, 10, 12), incentivizing longer-term partnership.
● Zero Fees: In another highly unusual move, Mercan’s fund charges no annual management fees or performance fees to investors. The typical fund in this space might charge ~1-2% management fee plus take 20% of any profits, which can erode returns. Mercan waives these fees – the full 2% yield goes to the investor untouched. Mercan instead earns its profit from the development projects themselves (developer margins, hotel operating revenue) rather than by “skimming” fees from investors. This alignment means what’s promised is what you get: if Mercan commits to 2% yearly, you receive that without hidden deductions. It’s a win-win alignment – Mercan succeeds when the hotels succeed, and investors aren’t nickel-and-dimed along the way.
● Tax Efficiency: Because the fund is structured under Portugal’s venture capital regime, distributions are typically tax-free in Portugal for non-residents. If you keep your tax residency abroad (which most Golden Visa investors do), your 2% annual interest is paid with no Portuguese withholding tax. In other words, you can keep the full amount of the yield. This, combined with no fund fees and the principal guarantee, means the effective cost of the investment is very low – you’re essentially earning a modest return in exchange for obtaining residency. (U.S. investors also have the option of using certain retirement accounts like IRA/401k to invest, making it even more tax-efficient, though this is a U.S.-specific benefit.)
● Hotel Project Portfolio: Unlike some funds that invest in abstract assets, Mercan’s fund directly funds tangible, high-end hotel developments – each associated with well-known international hospitality brands. As of 2025, the fund’s portfolio includes three flagship projects in prime locations:
PONTE DO VAU BEACH RESORT PORTIMÃO - PHASE 3
Hard Rock Hotel Algarve – A 5-star beachfront resort in Portimão, Algarve, being co-developed with Hard Rock International. Slated to open in 2026, it will feature ~275 luxury rooms and 150 branded apartments, multiple pools, restaurants, a Rock® Spa, and an exclusive beach club. This is Portugal’s first Hard Rock Hotel, occupying a spectacular oceanfront site (Praia do Vau) in the popular Algarve region. Construction began in early 2024 and is on track for summer 2026 completion
ALVOR BEACH RESORT
Alvor Autograph Collection Resort (Algarve) – A 5-star coastal resort in Alvor, Algarve, planned as part of Marriott’s Autograph Collection (Hilton-affiliated in earlier stages). The resort is an expansion of an existing property, adding 193 new rooms for a total of ~360 rooms. Phased development is underway. This project complements the Hard Rock by targeting the upscale family and luxury market under a different global brand.
BRIDGEVIEW GAIA HOTEL
Bridgeview Hotel Gaia (Porto) – A 4-star hotel development in Vila Nova de Gaia, Porto metro, just across the river from Porto’s historic center. Perched with panoramic views of the Douro River and Porto skyline, the Bridgeview aims to blend historic charm with modern design. It’s expected to partner with Accor Hotels (the group behind Sofitel, Novotel, etc.) as the franchise brand. This project gives the fund geographic diversification into Portugal’s second-largest city economy. With Porto’s tourism booming and Gaia becoming a trendy extension of the city (famous for its port wine cellars and new cultural attractions), the hotel is poised to benefit from high demand
All these projects are majority-owned by the fund (with Mercan co-investing), meaning Golden Visa investors collectively hold controlling equity stakes in each hotel’s operating company. Notably, Mercan’s in-house hotel management arm (Ace Hospitality Management) will operate the hotels under the franchise brands. This vertically integrated approach – where Mercan is the developer, fund manager, and operator – ensures tight control over execution and operations. Projects are more likely to complete on time and perform well since one experienced team (Mercan) is overseeing end-to-end, rather than handing off to third parties. For investors, it’s completely hands-off: you are not expected to manage anything day-to-day – Mercan handles development, construction, and hotel operations, while you enjoy passive income and the visa benefits.
● Investor Perks: Mercan offers lifestyle perks to its Golden Visa investors – for example, 7 free nights per year in any of Mercan’s hotels in Portugal. This means you and your family can vacation in Portugal annually, staying at luxury properties (including those your fund invests in) at no cost. It’s a fun bonus that not only saves you money on holidays but also lets you experience the quality of the developments firsthand.
● Track Record & Trust: Mercan Group isn’t a newcomer riding the Golden Visa wave – they have 35+ years of investment immigration experience globally and have raised over €2 billion for projects worldwide. In Portugal alone, Mercan has deployed €1.2 billion across 30+ hotel projects since 2015. They’ve already delivered multiple hotels that Golden Visa investors participated in (e.g. the Marriott Renaissance Hotel in Porto, several Holiday Inn Express hotels in Lisbon/Évora/Beja, the Sé Catedral Hilton in Porto). Hundreds of Mercan’s past investors have obtained their Portuguese residency cards – and even passports – through those projects. This proven track record in both real estate development and navigating the Golden Visa process translates into a smoother journey for new investors. Mercan’s deep familiarity with Portuguese immigration procedures (and close working relationships with lawyers and authorities) helps streamline paperwork and approvals, reducing bureaucratic headaches for you. In an industry where some operators are unproven, Mercan’s established reputation and high success rate (100% approval for their clients, according to company reports) provide peace of mind.
With this combination of capital protection, fixed returns, zero fees, a strong project portfolio, and an experienced team, it’s clear why Mercan’s fund is widely regarded as one of the best Golden Visa investment options in 2025. It addresses the main concerns investors have (safety of principal, some income, low hassle, exit strategy) while delivering the core benefit (residency). As a result, many consider it an “ideal Golden Visa fund” for conservative investors seeking a low-risk, turnkey solution. In fact, with the end of direct real estate routes, funds like Mercan’s have become the premier route to Portuguese residency.
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Eligibility and Requirements
Now that you know the investment options, let’s confirm who is eligible for the Portugal Golden Visa and what requirements applicants must meet. The criteria are straightforward:
Non-EU/EEA/Swiss Citizen: The Golden Visa is only open to third-country nationals (i.e. not citizens of an EU member state, EEA country, or Switzerland). Americans, Canadians, Brits, Australians, Chinese, Russians, South Africans, etc. – all qualify. (If you are an EU citizen or have EU permanent residence, you don’t need a Golden Visa – you already have freedom of movement in Portugal.)
Adult (18+ Years Old): Applicants must be at least 18 years of age. There’s no maximum age, and no special senior requirements – retirees are welcome. Children cannot be primary applicants, but can be included as dependents.
Clean Criminal Record: You must not have a serious criminal conviction on your record. Specifically, you’ll need police clearance certificates from your country of origin (and country of residence, if different) showing no criminal convictions above a certain severity (generally crimes with over 1-year prison sentences could disqualify). Minor offenses or old convictions might be considered case-by-case. Portugal also conducts its own security checks. Essentially, the program is intended for reputable investors.
Make a Qualifying Investment: You must commit to one of the qualifying investments in Portugal (from the list in the previous section) and maintain it for at least five years. This means the money should stay invested in Portugal throughout the Golden Visa period. For example, if you choose a fund, you hold your fund units for 5+ years; if you donate to culture, that’s immediate and done; if you start a business, you keep it running with required jobs for at least 5 years. Selling or withdrawing the investment too early can jeopardize your visa and future citizenship application.
Minimum Stay Requirement: Portugal requires Golden Visa holders to spend at least 7 days in country in the first year, and 14 days in each subsequent two-year period. This averages to just 7 days per year (which can be accumulated in one trip or multiple). With the new 3-year card, it’s expected you’ll need about 21 days over three years. This requirement is very lenient – essentially a short vacation in Portugal each year will satisfy it. You’ll need to keep travel records (passport stamps, etc.) to prove you met this when applying for renewals or citizenship. Most investors find this easy; many spend more time simply because they enjoy visiting Portugal!
Basic Documents and Health Insurance: Along with proof of investment and clean record, you’ll need a valid passport and likely health insurance covering Portugal (at least for the initial application, to show you won’t be a public burden). Portugal doesn’t demand any specific educational degree, language skill (for residency), or management experience – there are no education or language prerequisites to get the Golden Visa. (Language only comes into play if you later apply for citizenship, where an A2 basic Portuguese exam is required.) You’ll also need to obtain a NIF (Portuguese tax ID number) and a local bank account to make the investment – a lawyer or advisor usually helps with these as part of the process.
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Step-by-Step Guide: Golden Visa Application Process (2025)
Applying for a Golden Visa through Mercan’s exclusive investment fund route is a structured process that our legal and administrative team manages from start to finish. With Mercan Group’s end-to-end support, investors enjoy a smooth experience as every step – from opening a bank account to obtaining your residence cards – is handled by experts. Below we outline the Golden Visa Portugal application process with Mercan’s investment fund, step by step:
Step 1: Prepare Funds and Initial Setup (Bank Account & NIF)
The first step is ensuring you have the required capital ready for the Mercan Golden Visa fund (a minimum of €500,000, plus extra for associated fees). Mercan’s team will guide you through setting up the essentials in Portugal. This includes opening a Portuguese bank account (often possible via a representative without a physical trip) and obtaining a Portuguese tax identification number (NIF). Having a local bank account is necessary to transfer your investment funds, and the NIF is required for any official transactions. Mercan’s experts, in partnership with local legal advisors, help arrange these quickly, laying the groundwork for your Golden Visa Portugal journey.
Step 2: Document Preparation with Mercan’s Support
Next, you will gather all required documents for the Golden Visa application, with Mercan’s legal team providing a detailed checklist and hands-on support. Key documents include: valid passport copies for all applicants, recent police clearance certificates (issued within 90 days) from your country of residence, proof of health insurance, and proof of your fund investment (such as a subscription certificate or bank transfer receipt). You will also need payment receipts for the application fee and certain completed forms or declarations (like the official application form and compliance affidavits). If any document is not in English or Portuguese, Mercan’s team will assist in getting official translations and apostilles as needed. Our in-house lawyers (and partner attorneys) take care of notarizing documents and ensure everything meets Portuguese requirements, so you don’t have to navigate the bureaucracy alone. This thorough preparation prevents delays and makes the submission process much smoother.
Step 3: Subscribe to Mercan’s Golden Visa Investment Fund
With documents in progress, you will proceed to make the qualifying investment in Mercan’s Golden Visa fund. Mercan Group’s investment specialists will walk you through subscribing to the private equity fund step by step. This involves reviewing and signing the fund subscription documents and transferring the required €500,000 into the fund’s designated account or escrow. It’s important that the investment is completed (or firmly committed) before the visa application is submitted. Mercan’s team ensures you receive official proof of your fund subscription – for example, a subscription certificate or bank confirmation of the transfer – which will be included in your application as evidence of investment. (All investments under the Golden Visa program must be verifiable by the authorities.) By choosing Mercan’s fund route, you benefit from a vetted, government-approved investment that meets all Golden Visa criteria, and our staff handles the administrative steps of the investment for you.
Step 4: Online Application Submission via AIMA Portal
Once your documents are compiled and the fund investment is in place, Mercan’s legal team will submit your Golden Visa application online through Portugal’s AIMA portal (Agência para a Imigração e Mobilidade, which replaced the former SEF system). We will upload digital copies of all your documents and application forms to the ARI (Autorização de Residência para Investimento) platform on your behalf. At this stage, an initial government processing fee is due – approximately €605 per main applicant (and slightly less for dependents) – which Mercan will help you pay to officially lodge the application. The submission date is important, as it locks in your place in the processing queue and even counts toward your residency time. From this point, the application is in AIMA’s system, and you can legally proceed to the next steps knowing Mercan has handled the filing correctly.
Step 5: Biometrics Appointment – Scheduling and Support
After submission, AIMA will review your file and issue a pre-approval (also called approval in principle) once everything is in order. In practice, this review can take a number of months due to high demand, but Mercan monitors the application and keeps you informed. As soon as pre-approval is granted, it’s time to schedule your biometrics appointment in Portugal – and Mercan’s team will assist with all logistics. Appointment slots for Golden Visa applicants are released on AIMA’s online scheduling system, typically on a quarterly basis, and they fill up on a first-come, first-served basis. Our staff will help secure a convenient location (such as Lisbon or Porto, among others) and date for your appointment. We stay vigilant for slot openings (if needed, considering less busy regional offices to get you an earlier date).
Once your appointment is set, Mercan’s Corporate Hosting & Hospitality team can assist in planning your trip to Portugal. We ensure you know exactly which original documents to bring along: this will include all the originals of the documents you submitted (passports, police certificates, investment proof, etc.) for verification. If any document has expired by this time (for example, if an updated police clearance is needed because the original aged past 90 days), Mercan will help you obtain a refreshed version in advance. In short, we handle the scheduling and preparation so that you can attend the biometrics appointment with confidence.
Step 6: Attending Biometrics and Verification in Portugal
On the scheduled date, you (and any family members included in the application) will attend the biometrics appointment in Portugal. This is an in-person visit at the chosen AIMA office where your fingerprints and photographs are taken for your residence permit card. A Mercan representative or partner will be on hand to guide you through the check-in process if needed. During this appointment, the immigration officials will cross-check your original documents against the digital copies in your application, ensuring everything matches and is up to date. Thanks to Mercan’s thorough document preparation, this step is typically straightforward and brief – usually just biometric data collection and signing some forms. After capturing your biometrics, if AIMA requires any additional documents or clarifications, Mercan’s legal team will promptly address those requests (we keep a close eye on the AIMA portal and email notifications for any follow-up). With the biometrics completed, you have done your part in person; Mercan will handle all remaining interactions with AIMA as your application moves into the final stage.
Step 7: Final Approval and Residence Permit Fee
Following the biometrics appointment, your file goes into the final review queue at AIMA. In a few months – historically around 4 to 9 months after biometrics, though the new digital system aims to speed this up – you will receive final approval for your Golden Visa. Mercan’s team keeps track of your application status and will immediately inform you (and provide the official approval notice) once your application is approved. At this stage, you are nearly a resident of Portugal! The last formal step is to pay the residence permit issuance fee to have your residence card produced. The fee is roughly €5,000 per person for the first Golden Visa card (government fees are subject to change; often quoted around €5,200–€5,500 each). Mercan will guide you through this payment on the AIMA system so that it’s done correctly and on time. For a family application, we’ll ensure all members’ fees are paid and confirmed. Once the fees are paid, the authorities will begin printing your residence permit cards.
Step 8: Delivery of Residence Cards
After the issuance fees are settled, your Portuguese residence cards will be produced and delivered. Typically, it takes about 2–3 weeks for the biometric cards to be printed and sent out. Mercan’s legal representatives in Portugal can receive the cards on your behalf (as your official address for correspondence) or you may opt to pick them up in person, depending on AIMA’s procedures and your preference. As soon as the cards are ready, Mercan will arrange to get them safely to you. These residence permit cards are highly secure biometric IDs that officially confirm your status as a Portuguese resident under the Golden Visa program. Upon receiving your card, you can celebrate – you and your family are now legally residents of Portugal, with all the rights that come with the Golden Visa! Mercan’s end-to-end involvement ensures that even this delivery step is coordinated seamlessly, so you obtain your documents without hassle.
Step 9: Ongoing Renewals and Residency Maintenance
The Golden Visa residency is valid for a limited duration and must be maintained through periodic renewals until you reach the five-year milestone. Mercan’s team continues to support you in these subsequent years to keep your residency status in good standing. Under current rules, your first Golden Visa residence card will be valid for either 2 or 3 years (recent policy changes have aimed to streamline renewals by issuing a 3-year initial permit, followed by a 2-year renewal). Before your permit expires, Mercan will help you submit a renewal application online and schedule another biometrics appointment for the renewal. Typically, you will renew twice (once at year 2/3, and again at year 5) to cover a full five-year period of residency. Each renewal requires paying a government renewal fee (about €3,000 per person per renewal) and evidence that you still meet the Golden Visa conditions. This means you must maintain your investment in the Mercan fund (do not divest or withdraw the €500,000 during the initial five years) and fulfill the minimum stay requirement in Portugal. The residency requirement is modest – at least 7 days in the first year and 14 days in each subsequent two-year period (or an equivalent total of 21 days over a 3-year period under the new scheme). Mercan provides guidance on these obligations, reminding you to keep travel records (flight tickets, hotel receipts) as proof of your visits. We make the renewal process as straightforward as the initial application, helping with paperwork, scheduling, and any translations or notarizations needed. With Mercan’s ongoing support, you can confidently maintain your Portuguese residency status throughout the Golden Visa program.
Step 10: Portuguese Citizenship or Permanent Residence (After Five Years)
One of the greatest advantages of the Golden Visa with Mercan is that it sets you on a clear path to Portuguese citizenship (or permanent residency) after just five years. The clock starts from the date you submitted your initial Golden Visa application, and time spent waiting for approval counts toward this five-year requirement – a helpful rule change that accelerates your timeline. When you reach the five-year mark, Mercan’s legal team will assist you in preparing either a citizenship application or a permanent residence application, depending on your goal. Citizenship is the ultimate prize for most investors, since a Portuguese passport grants EU citizenship and the freedom to live and work anywhere in the EU. To apply for citizenship, you will need to show proof that you maintained your residency status for five years (your Golden Visa renewals and minimal stay records cover this), a clean criminal record, and a basic A2 level Portuguese language certificate. (Don’t worry – Mercan connects you with resources for learning Portuguese and obtaining the language certificate during your residence period.) Notably, Golden Visa participants are generally presumed to meet the “integration” requirement for citizenship as long as they complied with the program’s stay requirements. If you prefer not to obtain a second passport, you can choose to apply for permanent residency instead, which does not require a language test.
Mercan and our partner lawyers will guide you through whichever post-five-year route you pursue. Important: You must keep your Mercan fund investment in place until you have secured either citizenship or a permanent resident (PR) card, as prematurely withdrawing could jeopardize your eligibility. Once you become a Portuguese citizen, you can finally divest your investment (e.g. redeem your fund units) without issue. Portugal allows dual citizenship, so you won’t have to renounce your original citizenship. Gaining that Portuguese passport is a momentous achievement – it means unrestricted access to live, work, and study across the EU, and visa-free travel to over 180 countries. Mercan takes pride in having guided you through the entire Golden Visa Portugal process, from the initial fund investment to the ultimate goal of citizenship. With our comprehensive support, the five-year journey to European residency and beyond becomes a rewarding and stress-free experience.
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Portugal Golden Visa for Americans – Special Considerations
Can Americans apply for the Portugal Golden Visa? Absolutely yes – U.S. citizens are fully eligible for the Golden Visa program. In fact, the United States has rapidly risen to become the #1 source of Golden Visa investors in recent times. Portugal’s offering is often touted as the ultimate Plan B for Americans seeking greater global mobility and a foothold in Europe. Here’s why Portugal is so appealing to U.S. investors, and what Americans should keep in mind:
Dual Citizenship Friendly: Neither Portugal nor the U.S. require you to renounce citizenship. The U.S. government recognizes dual citizenship, and obtaining Portuguese nationality does not jeopardize your U.S. citizenship. Portugal likewise allows dual citizenship. This means an American can become a Portuguese citizen after 5 years and hold two passports – gaining EU rights while still being American. This is a huge draw for Americans who want an insurance policy without giving anything up.
Minimal Stay = Easy Commitment: As mentioned, just 7 days a year in Portugal is required. For an American with a job or business stateside, this is very manageable – essentially a yearly vacation in Europe. You don’t have to relocate or disrupt your children’s schooling in the U.S. if you don’t want to. Many American Golden Visa families treat it as a long-term option: keep living and working in the U.S. while the 5-year clock runs, then decide if they want to spend more time in Europe after getting the passport.
Fast Path to an EU Passport: The 5-year citizenship timeline is a major advantage for Americans. Alternatives like moving to Canada or Australia require permanent relocation and often longer to citizenship (and those passports don’t give EU access). Other EU residency programs (e.g. Spain, Italy) take 7-10 years for citizenship and usually require actual residency. Portugal is uniquely quick and lenient with the stay, making it arguably the best ROI for an American to obtain a second passport. Especially for American investors worried about domestic instability or just seeking global freedom, Portugal’s passport opens 27 EU countries for living and nearly the entire world for visa-free travel.
Cultural and Language: Portugal has a sizeable expat community and is generally English-friendly, especially in Lisbon, Porto, and the Algarve region where many Americans and Brits reside. Daily life is navigable in English, though learning basic Portuguese is encouraged (and necessary for citizenship). Culturally, Americans find Portugal welcoming, laid-back, and safe. It’s also quite modern – high-speed internet, good infrastructure – making it feasible to work remotely if needed (note: separate from Golden Visa, Portugal even offers a Digital Nomad Visa for remote workers). Many Americans on Golden Visas eventually fall in love with Portugal and spend more than the minimum time because they enjoy it!
Popularity and Demand: U.S. demand has spiked, partly due to socio-political factors. With other countries shutting down their investor visa programs (e.g. the UK and Ireland ended, Spain), Portugal stands out. Americans made up about 20% of all Golden Visa applicants in 2023. This American influx means you’ll find plenty of fellow U.S. expats going through the same journey – online forums have dedicated threads for Americans comparing notes. It also means some services have become tailored to Americans (e.g. some funds offer guidance on using Self-Directed IRAs for investment, allowing Americans to use retirement funds penalty-free for the Golden Visa)
Bottom Line for U.S. investors: The Portugal Golden Visa is a highly accessible and advantageous program. It grants an “EU insurance policy” – the right to live in Europe – without forcing any immediate changes to your life. If you value having options for your family’s future or an escape hatch in turbulent times, this program is worth serious consideration. And with discussions that Portugal’s program might eventually tighten or close (depending on political winds), many advisors suggest Americans act sooner rather than later while the opportunity exists.
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FAQ – Frequently Asked Questions about Portugal’s Golden Visa
A: No – despite rumors, Portugal is not shutting down the Golden Visa in 2025. What happened in 2023 is that the government removed certain investment types (like real estate) from the program, but kept other routes open. The Golden Visa program remains active and continues to accept new applicants under the revised rules. Existing Golden Visa holders are unaffected and can renew as normal. Officials have reiterated that investor interest is still welcome in Portugal (especially in funds and job-creating investments). Of course, policies can always change, but as of now the program is alive and well – just more focused on productive investments.
A: The minimum is €250,000, which applies to the cultural heritage donation option. All other options require €500,000 or more – whether it’s €500k into a fund, €500k into a business creating jobs, or €500k into a research project. (The only exception was the old €1.5 million capital transfer, which is no longer available.) In practice, most investors go for the €500k fund investment. Keep in mind, that’s the investment amount; you’ll need additional funds for fees (government fees, legal fees) as described above. Also, if including family, you do not need to invest more per family member – one investment covers the main applicant and dependents.
A: Cheapest: The €250,000 cultural donation is the lowest entry point in terms of amount. However, since it’s a donation, you won’t get that money back. The “best” option depends on your goals: The fund investment is very popular because it’s passive and you can potentially earn returns or at least get your €500k back after 5-6 years. If you are entrepreneurially inclined and don’t mind managing a business, the company investment route could be satisfying, as you’re growing a venture and creating jobs (but it’s more work). Research and cultural contributions are straightforward but amount to a lost sum financially. For most, the fund route offers a good balance of meeting the requirements with limited hassle and upside potential – especially if you choose a reputable fund with a solid strategy (like hospitality, tech, etc.). Always evaluate the fund’s performance and terms; some funds even provide capital guarantees or buy-backs (e.g. Mercan’s hospitality fund with a guaranteed buyback). That can de-risk the investment considerably.
A: The Golden Visa can include your immediate family through the family reunification process. This typically covers:
Spouse or legal partner (including common-law partners in some cases, with proof of stable relationship).
Children under 18 years old automatically. Also adult children up to age 26 can be included if unmarried and financially dependent on the parents (e.g. students). You’ll need to show they are in school or dependent.
Parents of the main applicant or spouse, if they are financially dependent. Usually, parents should be above a certain age (often 65+ for ease of proving dependence, or if under 65, demonstrate they rely on you and have no income).
Notably, the program does recognize same-sex spouses/partners equally, and generally is inclusive (Portugal is LGBTQ+ friendly and allows those families the same reunification rights).
All family members will need to also provide documents like clean criminal records (for adults) and meet the general criteria (no EU citizenship, etc.). They receive their own residency cards and enjoy the same rights. Including family does raise the total government fees (since each person pays fees), and legal fees may be higher for more people, but no additional investment is required beyond the initial qualifying investment by the main applicant.
A: It varies. In the past few years, applicants have seen around 1.5 to 2.5 years from application to getting the residence cards, due to SEF’s backlog. However, with the transition to AIMA and process streamlining, this timeline is expected to improve. Optimistically, one might target ~12 months from application to approval under the new system, but that’s not guaranteed yet. Key milestones: You apply (say month 0), get pre-approval (maybe month 6-12), biometrics (month 9-15), final approval (month 15-24), then card delivery (month 16-25). Once you have the card, the “5-year residency” countdown is already well underway (recall it counts from application date now). Many 2022 applicants are only getting approvals in 2024, etc. If you apply now and the system speeds up, you could realistically have your card in 2025. The government has committed more resources to clear pending cases by mid-2026. So the trend is positive. Bottom line: be prepared for possibly a year or more of waiting, and try not to stress – your application counting toward time is a silver lining. Use the time to prepare for your eventual move or citizenship test.
A: For the Golden Visa residency itself, no language requirement exists. You can get and renew the Golden Visa with zero Portuguese language knowledge. However, if you aim for citizenship after 5 years, you will need to pass a basic language test (A2 level). A2 is quite elementary – think of it as conversational basics. Many investors take Portuguese classes during their Golden Visa period or use apps like Duolingo, then take a simple exam (which involves some reading, writing, and speaking at a basic level). The citizenship language requirement is standard in Portugal for all naturalization (even spouses of Portuguese need it). The good news is A2 is not hard – it’s roughly equivalent to being able to handle simple everyday situations and answer basic questions. If you start learning gradually, 5 years is plenty of time to reach A2. There are also exemptions (for example, if you have a condition that prevents you from learning language or for older ages sometimes). But generally, plan to learn a bit – it’s part of the integration process and can be an enjoyable aspect of engaging with the culture.
A: The main obligations are:
Maintain your investment for 5 years. Don’t withdraw or liquidate it early.
Meet the minimum stay (7 days/year).
Maintain clean criminal record. If you get convicted of a serious crime during the period, it could affect renewals.
Keep your documentation updated – for each renewal you’ll need new police certificates, etc., so keep an eye on that when the time comes.
Notify SEF/AIMA of changes: e.g. if you change address, or if a family member no longer qualifies as dependent, etc. (Your lawyer usually handles communications.)
Aside from that, enjoy Portugal! There’s no requirement to contribute or get involved in anything specific. If you become a tax resident, then you’d have to file taxes in Portugal, but if not, there’s no annual filing like some visas have. It’s quite straightforward.
A: Yes. A Golden Visa residence permit gives you the right to live and work in Portugal, just like any other legal resident. You can take up employment (though few do, as most GV investors are financially independent or remote workers). You can also start a business, invest in additional properties, etc., beyond your Golden Visa investment. Many Golden Visa holders use the opportunity to buy vacation homes (though those won’t count for the visa now, you can still buy property as a resident) or even launch startups in Portugal’s growing tech scene. Your family members (spouse, adult children) can also work or study freely in Portugal. Note that if you work and earn income in Portugal, you’d likely become a tax resident, which then invokes normal taxation. But legally, having a GV means you do have access to the labor market. Some families move to Portugal and work remotely for U.S. companies, which is fine (you’d then weigh tax residency issues and possibly use NHR if it were still available, but it’s not for new people now). In any case, having the Golden Visa gives you full flexibility to live an everyday life in Portugal if you choose.
A: Citizenship is not automatic; you must apply for it and meet the requirements. After five years of holding a temporary residence (Golden Visa counts as such) and meeting the stay requirement (which you will have if you followed the rules), you are eligible to apply for citizenship or permanent residency. To get citizenship, in addition to 5 years legal residency, you need to:
Pass the A2 language test (as discussed).
Have no serious criminal record (some minor offenses might be okay, but anything major could disqualify).
Be in good standing with tax and social security (i.e. you don’t owe Portugal money).
Show some integration – usually proven by the language test, and they might ask if you have connections in Portugal (own property, memberships, etc., but usually not strict for Golden Visa folks).
You apply at a nationality office or Portuguese consulate, and it takes several months. Once approved, you attend a ceremony or at least pick up a Portuguese ID and passport. From then, you are a dual citizen (if keeping your original citizenship). As a citizen, you obviously don’t need the Golden Visa anymore – you have all rights in Portugal (like voting, etc.) and in the EU. If someone chooses not to go for citizenship (or fails the language test), they can apply for permanent residency (PR). PR has no expiration (just renew card every 5 years with a small fee) and no stay requirement, but it doesn’t give an EU passport. It does let you live in Portugal indefinitely. Most go for citizenship since it’s more beneficial and Portugal allows dual nationality.
A: You can! The Golden Visa doesn’t force you to stay only 7 days; that’s just the minimum. You are free to live in Portugal year-round if you want. If you do, you’d become a tax resident (and as noted, NHR is no longer an option for tax breaks, so you’d be taxed normally). But you’d also integrate faster, perhaps learn the language quicker, etc. Some Golden Visa families initially plan minimal stay but later fall in love with Portugal and move sooner. That’s perfectly fine. The Golden Visa actually offers a lot of flexibility – it’s one of the few visas that doesn’t require you to stay, but doesn’t stop you from staying either. The only thing to be mindful of: if you stay long enough to be tax resident, handle your taxes accordingly. And note if you ever wanted to count those years towards citizenship in another country, you can’t use them elsewhere once you’re Portuguese resident (small point for those considering multiple residencies). But overall, moving to Portugal on a Golden Visa is straightforward – you have legal residency, so you can rent/buy a home, register for public healthcare (after 183 days residence), etc., like any resident. Many find Portugal so hospitable that they do end up residing there at least part-time.
A: Mercan Group is a leading investment and immigration consultancy with a strong presence in Portugal’s Golden Visa arena. Mercan has developed and promoted several Golden Visa-eligible projects, particularly in the hospitality sector (hotels and resorts). They offer an investment fund (Mercan Private Equity Fund) that pools investor capital into hotel development projects in Portugal – an option that qualifies for Golden Visa as a venture capital investment. Mercan’s model often includes developing hotels in partnership with major brands (e.g, Marriott, Hilton), and providing Golden Visa investors a share in the project plus a fixed income and a guaranteed buyback of their investment after 6 years. This approach has attracted many Golden Visa seekers who want a secure, hands-off investment with the residency benefits. Mercan also has a track record in immigration programs beyond Portugal (e.g, Canada, USA EB-5, etc.), having assisted over 50,000 immigrants worldwide. In the context of the Golden Visa, Mercan can guide investors through the entire process – from choosing the right investment (like their fund or projects) to handling paperwork via their network of lawyers, to ultimately securing the residency. Essentially, Mercan’s offerings aim to fill the gap left by the real estate route by providing high-quality investment fund options backed by real assets (hotels) but structured to comply with the new regulations. Investors interested in Mercan’s Golden Visa fund can request a free consultation or download a detailed guide to learn more about the fund’s terms and benefits. (Disclaimer: While Mercan’s projects are designed to meet Golden Visa requirements, always perform your own due diligence or consult independent advice before investing.)
Introduction
The aim of this material is to provide information of some characteristics of MERCAN PRIVATE EQUITY FUND I – FUNDO DE CAPITAL DE RISCO FECHADO (the “Fund”) and is not an offering document for any securities or financial product or a solicitation of any offer to sell any security or financial product or to participate in any trading strategy. This material is intended for your analyses and your preliminary interest in receiving further documents.
Decision to Invest
Any decision to invest in the Fund should be made after reviewing the further Fund documents, which would contain material information not contained herein and which would supersede this information in its entirety, conducting such investigations as the investor deems necessary and consulting the investor’s own legal, accounting, and tax advisors in order to make an independent determination of the suitability and consequences of an investment in the Fund.
No Investment Advice
MERCAN does not provide investment advice of any kind and the decision to request further detailed information about the Fund is a judgement of the investor.
Confidentiality
The information contained herein is confidential information and any unauthorized change, disclosure, reproduction, or sharing of this document is expressly prohibited, and also its disclosure can be restricted by law in certain jurisdictions. The recipient agrees that it will, and it will cause any of its directors, partners, officers, employees, and representatives to use such information only to evaluate its potential interest in the Fund and for no other purpose.
Suitability and Risks
Investing in the Fund is speculative, not suitable for all investors, and intended for experienced and sophisticated investors who meet the required qualifications and who are willing to bear the high economic risks of such investment, which can include, but are not limited to: loss of all or a substantial portion of the investment; lack of liquidity in that there may be no secondary market for the securities and none is expected to develop; restrictions on transferring interests in the Fund; and potential lack of diversification and resulting higher risk due to concentration.
Conscious Decision to Invest
Investing in the Fund must be a conscientious decision and the Investor must evaluate if he is in position to proceed with the investment or not, at the sole risk and responsibility of the Investor. This material is not intended to provide, and should not be relied upon for, any specific investment strategy.
Forward-Looking Statements
This material can contain forward-looking statements, which give current expectations of the Fund’s future activities and future performance. Any or all forward-looking statements in this material may turn out to be incorrect. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Although the assumptions underlying the forward-looking statements contained herein are believed to be reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurances that the forward-looking statements included in this discussion material will prove to be accurate.
No Obligation to Revise Statements
In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation that the objectives and plans discussed herein will be achieved. Further, no person undertakes any obligation to revise such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Informative and Non-Binding Nature
All the information provided by MERCAN in this material on the Fund is merely informative and non-binding, intended only to publicize the existence of the Fund, and official information on the Fund should be requested from the Fund’s marketing entity. This document is for informational purposes only and should not be relied upon.
Accuracy and Responsibility
While all of the information in this document is believed to be accurate, we make no express warranty as to the completeness or accuracy of the information, nor can we accept responsibility for errors appearing in the document. None of the Fund’s service providers shall assume or otherwise have any responsibility or any liability whatsoever to recipients, recipients’ affiliates, or any of recipients’ affiliates’ directors, officers, managers, employees, or representatives resulting from the use of the information and material contained in this presentation.
Regulatory Compliance
Interests in the Fund will not be registered under the U.S. Securities Act of 1933, as amended, or any state or non-U.S. securities laws, or with any non-U.S. securities regulator, and the Fund will not be registered under the U.S. Investment Company Act of 1940, as amended. The securities described herein have not been recommended by any U.S. federal or state or non-U.S. securities commission or regulatory authority, including the Securities and Exchange Commission. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this document. Any representation to the contrary is a criminal offense.
Terms and Conditions
The terms and conditions of this disclaimer may be subject to change without notice and if any provision of this disclaimer is found to be invalid or unenforceable, the remaining provisions will continue to be valid and enforceable.