Can I renew my Golden Visa if my initial investment is no longer viable?

Renewing a Portuguese Golden Visa is not automatic.

AIMA applies strict requirements during every renewal stage to confirm that your qualifying investment has been maintained without interruption for the entire five-year residency period.

If your original investment becomes non-viable, the rules become complicated and sometimes unforgiving.

The Core Rule: You Must Maintain Your Investment

Portugal requires Golden Visa applicants to keep the same qualifying investment throughout the full five-year residency period.

If the investment is no longer valid when you apply for renewal (because the fund closed, lost eligibility, or failed to meet legal requirements), AIMA can refuse the renewal.

This rule has become even stricter due to Portugal’s “complete-file” requirement.

AIMA immediately rejects any renewal application that lacks updated proof that the investment is still valid and compliant.

What If Your Portugal Golden Visa Fund Becomes Non-Compliant?

Since the 2023 reforms removed real estate and bank deposit routes, most investors now use Portugal Golden Visa Funds, such as venture capital, private equity, cultural production, or scientific research funds.

If the fund becomes non-compliant (for example, by failing to maintain the required percentage of investment inside Portugal, restructuring in a way that disqualifies it, or shutting down), your investment may no longer meet Golden Visa criteria.

AIMA often views this as a break in continuity.

Even if you reinvest in another qualifying fund afterward, the interruption can cause:

• A denied renewal

• Loss of legal residency

• Loss of accumulated years toward citizenship

Because of this, choosing a stable and well-regulated fund from the beginning is essential.

Can You Replace the Investment and Still Renew?

There is no guaranteed way to switch investments mid-process without consequences.

AIMA evaluates these situations case by case, but their general position is strict: the original investment must remain valid from the moment you apply until the moment you qualify for permanent residency or citizenship.

Reinvesting into a new fund may help in some limited situations, but it depends on:

• When the original investment failed

• Whether the failure occurred before or after a renewal cycle

• Whether you can still present complete, compliant documentation

Portugal's current administrative backlog and strict documentation standards strongly recommend seeking professional legal guidance if your investment becomes risky or unstable.

Does the Requirement End After Permanent Residency or Citizenship?

Yes. Once you reach permanent residency or citizenship, you are no longer required to maintain the investment. Until that point, continuity is mandatory.

Final Thoughts

Golden Visa renewal is possible only if your initial investment remains valid and compliant throughout the required period.

If your Portugal Golden Visa Fund becomes non-viable, renewal becomes difficult and may disrupt your entire pathway to residency.

Selecting a reliable, compliant, and conservatively managed fund is one of the most important long-term decisions a Golden Visa investor can make.