Updated: June 2026

Case study · Portugal · Residence permit

How an Entrepreneur from Belarus Paid the Golden Visa Fund froma UAE Bank Account and Obtained Portugal Residence Permit

When funds are held in a Dubai account and the passport is Belarusian, the main question is not "where to get the sum," but "how to explain to a European fund the entire path of these funds." Our client, an entrepreneur from Belarus with UAE residency and a bank account in the UAE, wanted a Portugal residence permit through an investment fund. The funds were clean and verified, and the task was straightforward in essence: carefully demonstrate to the fund and AIMA the entire chain—from the UAE business to fund unit subscription. We explain how we managed this.

Sergey EvdokimovSergey EvdokimovManaging Partner, BRIDGESReading time9 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 an Entrepreneur from Belarus Paid the Golden Visa Fund from a UAE Bank Account and Obtained Portugal Residence Permit
Contents

Case at a glance

Situation, solution and outcome in seven lines

Client
Entrepreneur from Belarus, UAE Resident
Objective
Portugal Residence Permit through Investment Fund
Program
Portugal, Golden Visa (Residence Permit through Investment Fund, pathway to EU Passport)
Special Feature
Fund subscription payment from UAE account, Belarus passport
Key Considerations
transparent chain: UAE business—bank account—fund
Solution
UAE residency as a clean banking layer + complete file
Result
Fund unit subscription and Portugal residence permit

Client story

Client's Background

Where they started

The client had been operating in international business logic for several years: company and residency in the UAE, personal account in a Dubai bank, conducting settlements through it. Capital was earned transparently, taxes were in order, and he had long wanted to add a European base to his UAE foundation—an EU country residence permit that would provide his family mobility and a pathway to a passport.

Why the standard route did not work

Portugal was the best fit: since 2023, real estate has been excluded from Golden Visa, but an investment fund pathway remains, regulated by the local market regulator (CMVM), with a subscription starting from EUR 500,000. This is precisely a capital story rather than apartment purchase, and the client was satisfied with this option.

What BRIDGES had to solve

The only aspect requiring attention was the combination of "Belarusian passport + funds from Dubai." In itself, this is not a problem: UAE residency is a legitimate, transparent layer through which capital has passed. However, the European fund and AIMA must see not a fragment, but the entire chain: where the money originated in the business, how it reached the UAE bank account, and how it flows from there to the fund.

Why a standard answer would not do

The client came to BRIDGES precisely for this—to have the chain established in advance without stress, rather than patch it up when the fund and bank start asking questions.

I have a business and account in Dubai, a Belarusian passport, and wanted a European residence permit. I was concerned that with such a combination they would question the source of funds. Sergey and his team prepared everything in advance: showed where the money came from in the business, how it went into the UAE account, how it flows to the fund. As a result, the fund and Portuguese authorities did not ask a single unnecessary question. My funds were always clean—it just needed to be presented correctly.

Andrey · Entrepreneur, UAE ResidentThe name and certain identifying details have been changed to protect confidentiality.

Important Considerations

Important Considerations

There was no catastrophe to prevent here—there was capital that needed to be correctly presented. A combination of a passport from one country and an account in another is normal for international business but requires that the money chain be shown in full, without breaks. If this is not done in advance, fund and bank compliance becomes lengthy correspondence.

source of funds in the client's UAE business—down to document level;

  1. 01how capital reached the personal account in the Dubai bank;
  2. 02that the fund must be CMVM-regulated and qualify under Golden Visa;
  3. 03that payment from UAE to Portugal would pass banking compliance on both sides;
  4. 04that AIMA would accept the source of funds without additional requests.

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

    Analyzed the structure of the client's capital. First, we broke down how his funds were organized: business and residency in the UAE, income, how they accumulated in a personal account in Dubai. This gave us a complete picture of the source of funds and support for all subsequent documents.

  2. 02
    Stage 2

    Selected a regulated fund under Golden Visa. We chose an investment fund regulated by CMVM and qualifying under the program, with subscription from €500,000. This eliminated the risk of investing in a structure that does not grant residence permit rights and provided a transparent payment address.

  3. 03
    Stage 3

    Prepared source of funds documentation file. We collected documents for each link - from the origin of funds in business to their movement through the UAE account - and formatted them into a single file in language understandable to European compliance. Thus the fund received not scattered statements, but a coherent narrative.

  4. 04
    Stage 4

    Coordinated payment from the UAE with the fund's bank. The transfer from Dubai to Portugal undergoes verification on both sides. We pre-aligned the requirements of the receiving bank and the fund so that the payment would not be held up in compliance, and executed the fund subscription without delays.

  5. 05
    Stage 5

    Submitted residence permit application with confirmed investment. With the executed subscription and complete source of funds documentation, we submitted documents to AIMA. The source of funds from the UAE was fully disclosed, therefore no inquiries were made regarding it.

Takeaway. Conclusion: account in UAE with another passport - not an obstacle, but a legitimate link in the capital chain. Compliance is granted to those who disclose the complete route of funds in advance.

How we managed the case

How we managed the case

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

  1. 01

    Stage 1

    Analyzed the structure of the client's capital. First, we broke down how his funds were organized: business and residency in the UAE, income, how they accumulated in a personal account in Dubai. This gave us a complete picture of the source of funds and support for all subsequent documents.

  2. 02

    Stage 2

    Selected a regulated fund under Golden Visa. We chose an investment fund regulated by CMVM and qualifying under the program, with subscription from €500,000. This eliminated the risk of investing in a structure that does not grant residence permit rights and provided a transparent payment address.

  3. 03

    Stage 3

    Prepared source of funds documentation file. We collected documents for each link - from the origin of funds in business to their movement through the UAE account - and formatted them into a single file in language understandable to European compliance. Thus the fund received not scattered statements, but a coherent narrative.

  4. 04

    Stage 4

    Coordinated payment from the UAE with the fund's bank. The transfer from Dubai to Portugal undergoes verification on both sides. We pre-aligned the requirements of the receiving bank and the fund so that the payment would not be held up in compliance, and executed the fund subscription without delays.

  5. 05

    Stage 5

    Submitted residence permit application with confirmed investment. With the executed subscription and complete source of funds documentation, we submitted documents to AIMA. The source of funds from the UAE was fully disclosed, therefore no inquiries were made regarding it.

  6. 06

    Stage 6

    Completed residence permit issuance for the family. After approval, the client and his family received Portuguese residence permit. The Emirates capital base gained European support, and the residence permit itself opened the path to a future EU passport upon compliance with program timelines.

Expert comment

The combination "CIS passport plus Dubai account" frightens clients more than it should. They think a European fund will see money from the UAE and immediately suspect foul play. In reality, UAE residency and account are a legitimate, transparent layer through which capital has already passed. The whole question is whether you disclose the chain completely or in pieces. We always build it in advance: here is the business, here is how funds reached the account, here is the transfer to the regulated fund. When the fund and AIMA see the complete route, no questions arise. This client's funds were clean from the beginning - our work was not to "launder" but to competently present them. That is why everything went smoothly: fund subscription, residence permit, without a single unnecessary inquiry.

Sergey Evdokimov, Managing Partner, BRIDGESSergey EvdokimovManaging Partner, BRIDGES

Outcome

What the client received

What was required
How we did it · Result
Demonstrate source of funds
Documentation file covering entire UAE chain · Approved without inquiries
Avoid wasted investment
Fund under CMVM regulation · Qualification under Golden Visa
Execute payment from Dubai
Coordination with fund's bank · Fund unit subscription
Obtain residence permit
Submission to AIMA with investment · Portuguese residence permit for family
Obtain residence permit
Submission to AIMA with investment · Portuguese residence permit for family

What was: an entrepreneur from Belarus with business and account in the UAE wanted Portuguese residence permit through an investment fund, and needed to transparently show subscription payment from Dubai account. What we did: analyzed capital structure; selected a CMVM-regulated fund; prepared source of funds documentation; coordinated payment from UAE with fund's bank; submitted and completed residence permit issuance. What the client received: fund unit subscription and Portuguese residence permit for the family.

Practical takeaway

What matters in a similar situation

  • Conclusion: account in UAE with another passport - not an obstacle, but a legitimate link in the capital chain. Compliance is granted to those who disclose the complete route of funds in advance.
  • Client added European support to his Emirates base without stress - because the chain "business - account - fund" we built and documented before the first compliance question.

FAQ

Questions people ask in a similar situation

01Is it possible to fund a Portuguese investment fund from a UAE account?

Yes. It is important to demonstrate a transparent chain: origin of funds in business, their movement through the UAE account, and transfer to a regulated fund. UAE residency is a legitimate banking layer, not an obstacle.

02Does a Belarusian passport prevent obtaining Portuguese residence permit through a fund?

No, not by itself. Compliance reviews the source of funds clarity and verification, not the passport. A complete capital chain documentation file addresses fund and AIMA concerns.

03Which fund qualifies for Portugal's Golden Visa?

An investment fund regulated by CMVM and qualifying under the program, with a subscription from €500,000. Real estate has been excluded from the program since 2023.

04What is verified when subscription payment is made from abroad?

Source of funds and the legality of their accumulation at all levels—from the business through to the account from which payment is made. The fund's bank and AIMA must see a coherent, verified transaction history.

05Does such a residence permit provide a pathway to EU citizenship?

Yes, Portugal's Golden Visa, provided program timelines and conditions are met, leads to the right to apply for citizenship. Exact timelines and requirements are clarified under current regulations.

06Capital held in an offshore account, yet you want Portugal residence through a fund?

We will establish a transparent capital chain from your business and account through to fund unit subscription, and conduct payment and application in a manner that satisfies compliance and AIMA requirements.

About the author

Sergey Evdokimov

Author: Sergey Evdokimov

Managing Partner, BRIDGES

As Founder and Managing Partner of BRIDGES, I am responsible for the firm's strategy and personally lead its most complex client matters, including cases in which citizenship or residence decisions require a strategic view and consideration of capital.

I begin by defining the objective: the outcome the client needs, the facts that affect the choice, and the matters that require further review. I then establish the available directions, the sequence of work, and the key decision points.

Once the strategy has been agreed, I oversee the BRIDGES team's key decisions and remain involved at the stages that shape the course of the matter. The purpose is to give the client a clear rationale for the chosen direction and a precise understanding of the next steps.

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

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Dmitry NagyInternational Tax Consultant, BRIDGES
Dmitry Nagy, International Tax Consultant, 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.