Introduction: A Golden Visa Through Investing in Lisbon Hospitality

Hello and welcome back to our blog! Today’s topic returns to Portugal, a nation whose Golden Visa programme continues to attract significant global attention. Rather than presenting a standard overview, this discussion offers something more distinct — a look at an alternative, fund-based route that brings investors into the heart of Lisbon’s thriving hospitality sector.

Since real estate was removed from the list of qualifying investment options for the Golden Visa in 2023, many investors have been left wondering how they can make a comfortable, more traditional investment in an established city such as Lisbon while still securing access to one of Europe’s most attractive citizenship-by-investment programmes. This article addresses that precise concern: investing in Lisbon for the Portugal Golden Visa.

The Agenda: What We Will Cover

We will begin with some fundamental questions: Why consider investing in Lisbon? And why the hospitality sector in particular? Following that, I will introduce a compelling new opportunity — a fund-based investment in a hotel development located in the Lisbon metropolitan area.

We will look at the basics of this investment, from its location and infrastructure to its financial structure and strategic potential within the Golden Visa framework. Importantly, I will also examine the advantages and drawbacks of this type of investment so that you can evaluate whether it suits your objectives.

Bear in mind that this is general information and should not be taken as individual investment advice. Always consult a qualified advisor who understands your personal financial situation before making any commitments.

In addition, I will conduct two comparative analyses. First, we will compare this Lisbon-based fund with other available fund-based investment options. Then, I will compare it to another hospitality sector investment I have previously discussed on this channel — namely, the Navigator Collection. This approach should help clarify what to look for in your own investment decision and whether this type of fund fits your goals and family plans within the Portugal Golden Visa programme.

If you are just starting out and unfamiliar with the Golden Visa, I strongly recommend watching my overview video that provides a high-level explanation of the programme as it stands in 2025. That video covers what the visa is, how it works, key updates, timelines, the citizenship journey, and how to choose a compliant and viable investment.

Why consider investing in Lisbon?

To begin, let us consider the appeal of investing in Lisbon. Many of my viewers are based in distant parts of the world — from California to Kazakhstan — and it is entirely natural that some may not be familiar with the geography or economic profile of Portugal. For most international investors, the capital city offers a greater sense of familiarity and security than smaller towns or rural areas.

This confidence is not just emotional. Lisbon’s property market has more than doubled in value over the past decade, much of that growth fuelled by foreign investment. More notably, the hospitality sector adds a particularly compelling angle. Lisbon currently has the highest number of tourists per hotel in the European Union, with approximately 125,000 tourists arriving annually for each hotel in the city. That is a startling ratio and one that highlights Lisbon’s chronic undersupply of quality accommodation.

To put this into perspective, Paris has triple Lisbon’s relative hotel capacity per tourist. Rome has double. Madrid and London each have around one and a half times as much. Clearly, Lisbon’s tourism infrastructure is lagging behind demand — and this presents an opportunity for strategic investment.

Of course, as most of you will be aware, real estate investment is no longer eligible for Golden Visa purposes. So, how can one invest in Lisbon’s tourism potential while remaining compliant with visa regulations? That is the question we will address shortly.

Why the Hospitality Sector?

The hospitality industry in Portugal has long been a popular choice for Golden Visa applicants, and with good reason. Let us briefly outline the key factors that support this strategy.

First, the sector has a solid track record and strong relevance to the national economy. Hospitality accounts for 16 percent of Portugal’s GDP, amounting to roughly €40 billion annually. When investing overseas, it is usually wise to back sectors where the host country demonstrates a competitive advantage — and hospitality is undoubtedly one of Portugal’s strengths.

Second, it is a relatively reliable sector. One reason for this is that it is supported by both domestic and international demand, unlike many commodity-dependent industries. This dual demand base creates resilience against local economic downturns and ensures that hospitality remains a dependable pillar of the economy. History has shown that even during challenging times, holidays tend to be one of the last expenditures that people forgo.

Third, the cash flow models in the hotel industry are generally predictable. Hotel performance can often be forecast with a high degree of accuracy, which allows some operators to offer yields in advance. This means that some investment structures are able to transfer much of the risk from the investor to the hotel operator itself. It also enables investors to realise returns earlier, a model that we work to secure for our clients wherever possible. This very principle applies to the case study featured in today’s video.

Finally, there are fringe benefits. Many hospitality sector investments offer investors additional perks such as free stays in the hotels they help finance. These stays can help meet the seven-day annual physical presence requirement associated with maintaining one’s Golden Visa and eventually qualifying for citizenship. Depending on the hotel group or fund, this requirement can be fulfilled in considerable style.

Overview of Golden Visa Investment Routes (2025)

Let us now step back and briefly review the viable routes to securing a Portuguese Golden Visa under the current legislation:

1. Job Creation – This option involves the creation of ten permanent jobs within Portugal. While it technically qualifies, it is relatively high risk and demands active, hands-on management, which makes it a less popular choice.

2. Scientific Research Donation – Requires a non-refundable donation of €500,000 to support research activities in Portugal.

3. Cultural Heritage Donation – A donation of €250,000 to the preservation of cultural heritage. Although more affordable than scientific research, it still entails a complete capital loss and is not widely adopted.

4. Investment Funds – Requires a €500,000 investment into a regulated fund overseen by the Portuguese Securities Market Commission (CMVM). These funds must allocate at least 60 percent of their capital into Portuguese listed securities. This route offers greater control, lower risk and improved potential for return — and is the focus of today’s featured opportunity.

5. Commercial Incorporation – Involves a €500,000 investment directly into a Portuguese company. Like fund investments, this is becoming increasingly popular due to the flexibility and strategic oversight it offers.

It is critical to note that any investment involving real estate must be fully compliant with both the letter and spirit of current Golden Visa law. That means such investments must support local businesses and avoid contributing to pressure on residential housing markets.

Introducing Aqua Praia Lisboa

This brings us to the investment we are exploring today — a new hospitality project titled Aqua Praia Lisboa. This fund-based opportunity requires a €500,000 investment, qualifying under the fund category of the Golden Visa. The funds will be allocated to the hotel management company that will operate the new hotel, which is not yet complete. Construction is expected to finish in early 2027.

Aqua Praia Lisboa will be a mid-sized property featuring 122 one-bedroom apartments across four floors. It will offer two swimming pools, a co-working space, a gym, and two rooftop terraces with panoramic views. The site is located close to the beach and served by Tram Line 3, offering convenient access to the city. In fact, I used to live very close to this site and learnt to surf on the same beach — although, admittedly, not with much elegance.

Location: Caparica – Investing in Lisbon’s Seaside Gateway

The hotel is situated in Caparica, a suburb often referred to as Lisbon’s Beach. It is a popular weekend destination for locals who flock to its Atlantic shores with surfboards in hand. Whilst you are not directly in the city centre, you are still investing in Lisbon and the immediate surrounding area. For context, the Atlantic here is significantly colder than the Mediterranean, so wetsuits are a must.

From a practical standpoint, the hotel is just 17 minutes by car from Avenida da Liberdade and 25 minutes from Lisbon Airport. Transport via ride-hailing services like Bolt or Uber generally costs between €15 and €20. Additionally, the site is well integrated into the public transport network.

Of particular note is the planned construction of a new underwater tunnel that will link Costa da Caparica directly to the city centre. It is encouraging to see government investing in Lisbon in this way. Once completed, this tunnel will significantly reduce travel time and alleviate traffic congestion on the existing 25th of April Bridge, which currently serves as the main connection between Lisbon and the south bank of the Tejo River.

Enhancing Local Connectivity and Lifestyle

A key infrastructural update set to benefit the Aqua Praia development is a new tunnel which significantly eases access to Lisbon. This improvement in transportation is welcomed by locals and prospective investors alike, particularly considering the well-known traffic congestion in the region during peak hours.

Better connectivity naturally increases the appeal of nearby real estate developments like Aqua Praia. The project sits just a five-minute drive from the coast—specifically, the stunning Costa de Caparica. This beach, stretching over 30 kilometers, remains relatively untouched by overdevelopment, preserving its natural charm. It’s a favorite spot for both locals and tourists, which adds lifestyle appeal to the investment.

The surrounding amenities are comprehensive. The Almada Forum shopping centre is only minutes away, providing access to international retail brands, gyms, and essential services like healthcare facilities. Notably, there are three golf courses in the vicinity, as well as a university health center, all of which enhance the area’s long-term livability and investment value.

Investment Structure and Financial Mechanics

The Aqua Praia Lisboa project is structured around a fund-based investment of €500,000. This amount is fully required upfront, as the included return of €95,000 cannot be deducted from the principal investment. One of the primary advantages of this hospitality sector investment is that it offers this €95,000 return immediately, thereby reducing credit risk.

Crucially, the exit strategy is predefined: after the investor obtains Portuguese citizenship through the Golden Visa program, they will receive an in-kind payment in the form of a one-bedroom apartment within the hotel. This unit has been independently valued at €512,000, contingent on the completion of the hotel according to the proposed plans.

While the asset is not liquid during the investment period, investors do benefit from a seven-night annual stay at the hotel during the term. Once the title deed is transferred post-citizenship, investors have the freedom to either retain the apartment for personal use or continue to generate income through the hotel management program.

Importantly, this investment complies fully with Portugal’s 2025 Golden Visa regulations. While the structure is not categorized as a direct real estate investment, it follows a fund investment model where capital flows into a hotel management company.

Visualizing the Project: Design and Style

The project includes modern, high-standard room designs and common areas that reflect classic Lisbon aesthetics. Renderings show a clean, pastel-toned visual language, with nods to traditional blue-and-white Portuguese tiles. These visual cues not only help investors imagine the completed product but also reinforce the cultural authenticity of the development.

For those interested in a closer look at the visuals, additional materials and detailed renders are available directly through the investment advisor’s contact.

Analytical Breakdown: Pros and Cons

Let’s examine the key advantages and drawbacks of investing in Lisbon the Aqua Praia Lisboa opportunity with a clear, objective lens.

Pros:

• Prime Location: Situated in Greater Lisbon, with strong existing and planned public transport connectivity.

• Fixed Returns: A pre-agreed return of €95,000 removes uncertainty, especially useful for cash flow planning.

• No Fees: No entry or annual management fees, which contrasts favourably with most fund investments that carry such costs.

• Tax Efficiency: Returns are tax-free in Portugal (subject to the investor’s country of residence).

• Asset-Based Exit: Investors receive an apartment valued above the investment amount, supporting long-term wealth accumulation.

Cons:

• Construction Risk: As with any off-plan development, there is a higher risk associated with project delivery timelines and specifications.

• Lack of Liquidity: This is a long-term commitment; investors should not expect early access to funds.

• Fixed Exit Structure: No option for a cash payout; exit is via real estate only, which may not appeal to all investors.

• New Venture: The hotel business is not yet operational, meaning no historical performance data is available.

• Tax on Exit: A real estate purchase tax of approximately €36,000 will apply when the investor takes possession of the apartment.

Comparison With Other Investment Options

When compared to other fund investments, Aqua Praia offers several distinctive features:

• No Entry or Management Fees: This sets it apart from typical funds, which often charge 1–2% annually.

• Predictable Returns: Unlike variable market-linked funds, Aqua Praia’s return is fixed and certain.

• Lower Volatility: The lack of market exposure means reduced volatility, which is ideal for conservative investors.

However, liquidity remains a key limitation. Traditional funds generally offer a more flexible exit strategy, sometimes with only short lock-in periods. Aqua Praia, in contrast, ties investors to a longer horizon with a fixed in-kind return.

Comparing Aqua Praia With the Navigator Collection

For a more nuanced view, it’s helpful to contrast Aqua Praia with another popular Golden Visa hospitality investment: the Navigator Collection.

While Aqua Praia offers rare access to a Lisbon-based asset, which is hard to find in the Golden Visa space, the Navigator’s lower entry point, operational stability, and higher flexibility make it appealing to a broader audience.

That said, investors focused exclusively on investing in Lisbon for the Golden Visa, perhaps for long-term residency or property portfolio reasons, may find Aqua Praia a compelling choice. For those prioritizing ROI and reduced risk, Navigator could be the more pragmatic path.

Working with Holborn Assets: A Direct and Trusted Approach

One of the key advantages of investing in Lisbon via this investment opportunity, and indeed any Golden Visa pathway facilitated by Holborn Assets, is the direct nature of the relationship. When you engage with Jonathan Ralph, you’re not dealing with intermediaries. Instead, you’re working directly with a large team of professionals whose singular focus is delivering effective, compliant and timely results for their clients.

Jonathan Ralph is a partner at Holborn Assets. While he would be your personal point of contact throughout the process, a dedicated team of specialists supports every application behind the scenes, ensuring that each case progresses smoothly. This collaborative approach is conducted entirely within the Holborn structure, providing clarity, accountability and consistency throughout your Golden Visa journey.

Investing in Lisbon with Holborn Assets

Holborn Assets has earned its position as the number one Golden Visa agent in Portugal based on case volume. It is also recognized as the largest expat-focused wealth management firm operating globally. This reflects not only their reach and resources but also their deep understanding of the complexities involved in cross-border investment and residency planning.

The firm’s success has been validated through numerous industry awards and an impressive Trustpilot rating, maintaining five stars based on several thousand client reviews. This reputation for excellence is supported by a transparent, client-first approach.

Taking the Next Step

For those interested in the Aqua Praia Lisboa investment or any other Golden Visa opportunities, the next step is to book a free consultation. This can be done using the QR code shown in the video or by following the booking link found in the video description or the pinned comment below the video. Alternatively, you can email Jonathan directly via the Contact Us section on this website.

The initial consultation is free of charge and provides an opportunity to discuss your individual goals, assess the suitability of Aqua Praia or other options, and receive personalized guidance on navigating Portugal’s residency-by-investment programme.

Stay Informed

To stay updated with the latest developments in the Portuguese Golden Visa space, including new projects, regulation updates and expert analysis, viewers are encouraged to like and subscribe to the channel. This ensures you remain at the front of the queue for timely investment opportunities and essential information.

For those still considering whether this residency route is right for them, a helpful video offering a broader overview of Portugal’s Golden Visa options is available as an in-screen link at the end of the video. This can also be viewed here. This is a great resource for building background knowledge before engaging in a consultation.

Looking at investing in Lisbon? Do these Portugal Golden Visa options fit your objectives, or would you like to explore the matter further? 

For a personal review and advice tailored to your situation, click the button below for a free consultation with Jonathan.