Total Golden Visa Costs Breakdown

Fund fees vary significantly and compound over your holding period. On a €500,000 investment held for 7 years, fee differences can exceed €50,000.

Subscription Fee (One-Time)

• Typical range: 1-3%
• Cost: €5,000-€15,000
• Charged when you invest

Management Fee (Annual)

• Typical range: 1-3% per year
• Cost: €5,000-€15,000 per year
• Charged regardless of performance

Performance Fee (Variable)

• Typical structure: 20% of returns above hurdle rate
• Only applies if fund exceeds target returns
• Can be significant in high-performing funds

Example 7-Year Cost Comparison:

• Low-fee fund (1% subscription, 1.5% annual): ~€57,500 total fees
• High-fee fund (3% subscription, 3% annual): ~€120,000 total fees
• Difference: €62,500+ over 7 years

Golden Visa Legal Representation

• Typical range: €5,000-€15,000
• Covers application preparation, submission, liaison with AIMA
• Often includes NIF acquisition and power of attorney

Fund Advisory (If Using Independent Advisor)

• Typical range: €2,500-€10,000
• For independent fund selection assistance
• Note: Many "free" advisory services earn fund commissions instead

Document Translation & Apostille

• Typical range: €500-€1,500
• Certified translations of all required documents
• Apostille fees for foreign documents

Notarization & Certifications

• Typical range: €200-€500
• Document certifications as required

Total Estimated Legal/Advisory: €8,000-€25,000

Initial Application Fee

• AIMA processing: ~€533 per applicant
• Additional family members: ~€533 each

Residence Card Issuance

• Initial card: ~€5,325 (main applicant)
• Family members: ~€5,325 each

Biennial Renewals (Every 2 Years)

• Renewal fee: ~€2,663 per person
• Required until citizenship or program exit

NIF Application

• Cost: ~€10-€100 (varies by method)
• Required before investing

Citizenship Application (If Pursuing)

• Application fee: ~€250
• Applicable after residency period (now 10 years)

Total Government Fees (5 Years, Single Applicant): ~€10,500-€12,000

Tax Compliance (Nationality-Dependent)

US Investors:

• PFIC reporting (CPA fees): €500-€1,500/year
• FBAR filing (if threshold met): Often included
• 7-year total: €3,500-€10,500

UK Investors:

• Offshore fund tax filing: €200-€500/year
• 7-year total: €1,400-€3,500

Portuguese Tax Registration

• Annual tax filing (if required): €200-€500/year
• Depends on income sources and NHR status

Health Insurance

• Required for Golden Visa: €500-€2,000/year
• Varies by coverage level and age

Travel for Renewals

• Minimum presence requirement visits
• Biometric appointments
• Budget: €1,000-€3,000 over 5 years (varies by location)

Bank Fees

• Portuguese account maintenance: €0-€200/year
• International transfer fees: varies

What is TCO?

Total Cost of Ownership captures the full economic impact of your Golden Visa investment—not just the €500k minimum. TCO includes:

TCO = Entry Fees + (Annual Mgmt Fees × Years) + Performance Fees + Legal Fees + Government Fees

Why TCO Matters:

• Investors underestimate fee impact (the "Net-Net ROI" drag)
• 10-year citizenship timeline means fees compound longer
• Fee differences of 1% annually = €50,000+ difference over 10 years

TCO Worked Example (Conservative Fund, 10 Years)

TCO Worked Example (High-Fee Fund, 10 Years)

Fee Impact: The high-fee fund costs €60,000 more in fees—even though it generated higher returns.

With Law 61/2025 proposing 10-year citizenship (see Regulatory Status), compare costs under both scenarios:

7-Year Projection (Current 5-Year Citizenship + Buffer)

10-Year Projection (Proposed Citizenship Timeline)

Key Insight: The 10-year timeline adds €34,000-€71,000 in costs compared to 7-year—primarily from additional management fees and renewals.

Return Offset: Actual net cost depends on fund performance. A fund returning 5% annually would generate ~€280,000 in gains over 10 years, substantially offsetting fees.