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.