Offices
+36 70 421 32 63

Updated: June 2026

Case study · Portugal · Residence permit

How a Commercial Real Estate Fund Provided Portugal Residence Permit and Live Euro Dividends

Since direct real estate investment in Portugal's Golden Visa has been closed, investments are now made through funds - but even here you can choose an option where €500k not only sits idle but generates live euro dividends. Stanislav wanted exactly this, plus a residence permit for all generations of his family. We explain how we selected a commercial real estate fund with rental income and secured his residence status.

Igor VencIgor VencReal Estate Managing Director, BRIDGESReading time8 min readVerificationReviewed by an expert

This case is based on a real matter. The name and certain identifying details have been changed to protect confidentiality.

BRIDGES client story - How a Commercial Real Estate Fund Provided Portugal Residence Permit and Live Euro Dividends
Contents

Case at a glance

Situation, solution and outcome in seven lines

Client
Stanislav, approximately 56 years old, real estate developer from Almaty; wife and parents
Objective
Portugal Residence Permit + Live Euro Dividends
Program
Portugal, Golden Visa (Residence Permit via Investment Fund, pathway to EU passport)
Key Considerations
Direct real estate investment is closed - investments are made through funds
Solution
Commercial real estate fund (leading bank), dividends from shopping center rental income
Income
Approximately 4.5% annually in euros
Outcome
Residence Permit for all family generations, capital generating returns

Client story

Client's Story

Where they started

Stanislav is a real estate developer, and he approached the investment as a real estate market professional: it was important to him that the invested €500k not only provide residency status but also generate income. The goal was clear and appealing - a Portugal residence permit for himself, his wife, and elderly parents, plus live euro dividends.

Why the standard route did not work

First, what's important to know about Portugal today: direct real estate purchase under Golden Visa has been closed since 2023. Investments are now made through licensed funds. For Stanislav, this wasn't a problem but rather a choice: among various funds, you can select one that generates regular income.

What BRIDGES had to solve

He was specifically attracted to euro dividends. Many funds simply hold capital until exit after several years, but Stanislav wanted rental income - regular payments. This was met by a commercial real estate fund from a leading bank: it invests in income-generating properties such as shopping centers and pays dividends from rental income streams.

Why a standard answer would not do

Stanislav approached BRIDGES for expert fund selection: a fund that meets Golden Visa requirements, generates live euro dividends, and is verified for reliability. Plus, securing residence permits for all family generations, including elderly parents. Not a rescue plan, but a professional investment with income.

Andrés chose a commercial property fund paying dividends from rent. Everyone has Portuguese residence, and the capital brings income in euros.

Stanislav, 56 · Stanislav, Real Estate DeveloperThe name and certain identifying details have been changed to protect confidentiality.

Important Considerations

Important Considerations

This wasn't a problem - it was a choice. Direct real estate investment in Portugal's Golden Visa is closed; investments are made through funds. But funds vary: some simply hold capital until exit, others pay regular dividends. To generate euro income, it's important to select the right fund - and verify its reliability.

Direct real estate in Golden Visa is closed - funds only;

  1. 01Funds vary: some hold capital, others pay dividends;
  2. 02For euro rental income, an income-generating fund (commercial real estate) is needed;
  3. 03The fund must be licensed and reliable;
  4. 04Residence permits are issued for all family generations.

The logic of the solution

How the matter progressed: from checks to result

The chart is built from the facts of this matter and shows the logic of the work without decorative or unverified data.

  1. 01
    Stage 1

    We explained the fund options distinction based on income objectives. Stanislav knew that direct real estate was closed, but not all funds are equal. We showed the difference: some simply hold capital, others pay dividends. Since the goal was rental income in euros, an income-generating fund was needed. This immediately narrowed the selection to the correct category.

  2. 02
    Stage 2

    We selected a commercial real estate fund from a leading bank. We chose a fund investing in income-generating assets - shopping centers and similar commercial properties - which pays dividends from rental income. The challenge was finding a fund that was both income-generating and reliable, managed by a leading bank rather than a questionable asset manager.

  3. 03
    Stage 3

    We verified the fund's reliability and license. As a market professional, I examined the fund as I would for myself: regulatory license, fund manager, property portfolio, and the reality of rental income. This protected against investing in attractive packaging without genuine returns.

  4. 04
    Stage 4

    We structured the €500k investment in the fund. We executed the qualifying investment in the selected fund so that it both met Golden Visa requirements and fit into the scheme of regular dividends - approximately 4.5% per annum in euros.

  5. 05
    Stage 5

    We processed Residence Permit for all family generations. Stanislav wanted status for his elderly parents as well. We obtained Residence Permit for the entire family - him, his spouse, and parents - processing them as family members of the principal applicant.

Takeaway. Conclusion: direct real estate in the Golden Visa is closed, but income-generating funds exist. A commercial real estate fund pays dividends from rental income, and €500k are not frozen but generate rental income in euros, providing Residence Permit to the entire family.

How we handled the matter

How we handled the matter

The work was split into verifiable stages so that every conclusion rested on documents.

  1. 01

    We explained the fund options distinction based on income objectives

    Stanislav knew that direct real estate was closed, but not all funds are equal. We showed the difference: some simply hold capital, others pay dividends. Since the goal was rental income in euros, an income-generating fund was needed. This immediately narrowed the selection to the correct category.

  2. 02

    We selected a commercial real estate fund from a leading bank

    We chose a fund investing in income-generating assets - shopping centers and similar commercial properties - which pays dividends from rental income. The challenge was finding a fund that was both income-generating and reliable, managed by a leading bank rather than a questionable asset manager.

  3. 03

    We verified the fund's reliability and license

    As a market professional, I examined the fund as I would for myself: regulatory license, fund manager, property portfolio, and the reality of rental income. This protected against investing in attractive packaging without genuine returns.

  4. 04

    We structured the €500k investment in the fund

    We executed the qualifying investment in the selected fund so that it both met Golden Visa requirements and fit into the scheme of regular dividends - approximately 4.5% per annum in euros.

  5. 05

    We processed Residence Permit for all family generations

    Stanislav wanted status for his elderly parents as well. We obtained Residence Permit for the entire family - him, his spouse, and parents - processing them as family members of the principal applicant.

  6. 06

    We launched euro income alongside the status

    The family received Portugal's Residence Permit, and €500k began generating approximately 4.5% per annum in euros from rental income. The capital is not frozen but works - exactly the rental income that Stanislav sought in selecting the fund.

How the work went

From first contact to the result

  1. 01We explained the fund options distinction based on income objectives
  2. 02We selected a commercial real estate fund from a leading bank
  3. 03We verified the fund's reliability and license
  4. 04We structured the €500k investment in the fund
  5. 05We processed Residence Permit for all family generations
  6. 06We launched euro income alongside the status

The sequence and timing reflect this specific case and depend on how complete the documents are and on the decisions of the competent authorities.

Expert comment

Stanislav is a developer, my kind of person: for him, money must work, not sit idle. In Portugal, it is important to understand immediately - direct real estate in the Golden Visa program was closed as of 2023; now only funds are available. But funds vary, and here I always explain the distinction: some simply hold your half-million until exit years later, others pay regular dividends. If a client needs rental income in euros, I turn to a commercial real estate fund from a leading bank - it invests in shopping centers and pays from the rental stream, approximately 4.5% per annum in euros. I vet the fund as I would for myself: license, fund manager, actual properties. And we obtained the Residence Permit for all family generations, including parents. As a result, capital works rather than being frozen. This is smart investment, not merely status acquisition.

Igor Venc, Real Estate Managing Director, BRIDGESIgor VencReal Estate Managing Director, BRIDGES

Outcome

What the client received

What was required
How we did it · Result
Capital must work
income-generating fund instead of "capital preservation" · rental income dividends
Rental income in euros
commercial real estate fund · approximately 4.5% per annum
Reliability
license and property verification · fund from a leading bank
Residence Permit for entire family
all generations as family members · status for all
Residence Permit for entire family
all generations as family members · status for all

What was needed: the investor wanted to avoid freezing €500k and obtain live dividends in euros, plus Residence Permit for all family generations. What we did: explained the fund options distinction based on income objectives; selected a commercial real estate fund from a leading bank; verified its reliability and license; structured the €500k investment; processed Residence Permit for the entire family, including parents. What the client received: Portugal Residence Permit for all family generations and income of approximately 4.5% per annum in euros.

Practical takeaway

What matters in a similar situation

  • Conclusion: direct real estate in the Golden Visa is closed, but income-generating funds exist. A commercial real estate fund pays dividends from rental income, and €500k are not frozen but generate rental income in euros, providing Residence Permit to the entire family.
  • Stanislav obtained both EU resident status for all family generations and working capital - because we selected a fund that pays live dividends rather than simply holding funds.
  • A commercial property fund managed by a major bank can pay real rental dividends rather than just meet the programme requirement. We will look at this option.

FAQ

Questions people ask in a similar situation

01Can one obtain Portugal's Residence Permit through real estate?

Directly - no, as of 2023 real estate is excluded from the Golden Visa. Investments are made through licensed funds. However, a commercial real estate fund allows income from rental revenue while remaining within the program framework.

02Which funds generate income in euros?

Income funds, such as commercial real estate funds, pay regular dividends from rental income streams (shopping centers and similar properties). Unlike "hold-to-maturity" funds, capital is actively generating returns rather than frozen.

03How much income can be generated from a fund?

Commercial real estate income funds can yield approximately 4.5% per annum in euros from rental income. Specific returns depend on the fund and its portfolio, but capital is actively working rather than locked up.

04How can fund reliability be verified?

Through regulatory license verification, fund manager reputation (for example, a leading bank), portfolio composition, and the authenticity of rental income. Only licensed funds should be selected, not questionable management companies.

05Can elderly parents be included in the Residence Permit application?

Yes, Portugal's Residence Permit is issued to family members, including dependent parents with demonstrated financial dependency. All generations of the primary applicant's family receive status.

06Which documents were key in this case?

We explained the fund options distinction based on income objectives. Stanislav knew that direct real estate was closed, but not all funds are equal. We showed the difference: some simply hold capital, others pay dividends. Since the goal was rental income in euros, an income-generating fund was needed. This immediately narrowed the selection to the correct category. We selected a commercial real estate fund from a leading bank. We chose a fund investing in income-generating assets - shopping centers and similar commercial properties - which pays dividends from rental income. The challenge was finding a fund that was both income-generating and reliable, managed by a leading bank rather than a questionable asset manager.

07Why did the standard route not suit the client?

First, what's important to know about Portugal today: direct real estate purchase under Golden Visa has been closed since 2023. Investments are now made through licensed funds. For Stanislav, this wasn't a problem but rather a choice: among various funds, you can select one that generates regular income.

08What risk had to be closed before filing?

This wasn't a problem - it was a choice. Direct real estate investment in Portugal's Golden Visa is closed; investments are made through funds. But funds vary: some simply hold capital until exit, others pay regular dividends. To generate euro income, it's important to select the right fund - and verify its reliability. Direct real estate in Golden Visa is closed - funds only;

09How did BRIDGES check that the chosen solution would hold?

We processed Residence Permit for all family generations. Stanislav wanted status for his elderly parents as well. We obtained Residence Permit for the entire family - him, his spouse, and parents - processing them as family members of the principal applicant. We launched euro income alongside the status. The family received Portugal's Residence Permit, and €500k began generating approximately 4.5% per annum in euros from rental income. The capital is not frozen but works - exactly the rental income that Stanislav sought in selecting the fund.

10What confirmed the result in the end?

What was needed: the investor wanted to avoid freezing €500k and obtain live dividends in euros, plus Residence Permit for all family generations. What we did: explained the fund options distinction based on income objectives; selected a commercial real estate fund from a leading bank; verified its reliability and license; structured the €500k investment; processed Residence Permit for the entire family, including parents. What the client received: Portugal Residence Permit for all family generations and income of approximately 4.5% per annum in euros. What was required: How we did it · Result. Capital must work: income-generating fund instead of "capital preservation" · rental income dividends. Rental income in euros: commercial real estate fund · approximately 4.5% per annum. Reliability: license and property verification · fund from a leading bank. Residence Permit for entire family: all generations as family members · status for all. Residence Permit for entire family: all generations as family members · status for all

About the author

Igor Venc

Author: Igor Venc

Real Estate Managing Director, BRIDGES

I lead the international real estate practice at BRIDGES and coordinate cross-border transactions from the selection of an ownership structure through to completion. I assess the legal position of the property and its suitability for the client's objectives.

Before the client assumes obligations under a transaction, I review title and possible encumbrances, assess whether the property is suitable for the client's objectives, and examine the implications of the chosen ownership structure. The review is organised in a clear sequence so that the relevant findings can be addressed before completion.

During the consultation, we will examine the purpose of the acquisition, the proposed ownership model and the intended use of the property. Once the engagement begins, I coordinate the property review, transaction preparation and the key decisions of the BRIDGES team through to completion.

Prepared on the basis of BRIDGES practice and reviewed by a subject-matter expert.

Discuss your situation with Igor

We will review your situation and propose a solution

Describe your task in a few words. We will study your situation, assess the legal and practical options and propose the next step based on your goals, documents and country.

Confidential · no obligations · answered by the relevant specialist

Or message us on WhatsApp or Telegram

Anna KovalevskayaHead of Legal, BRIDGES
Anna Kovalevskaya, Head of Legal, BRIDGES

Names and certain details have been changed to protect client confidentiality. The result described reflects one specific situation and is neither a public offer nor a guarantee of a similar outcome. Programme terms are stated as of 2026 and may change - please confirm current parameters with a BRIDGES consultant.