I would assume not but does anyone know the details of the law?
I.e. if the renewal is treated as applying for dependent status every time, then once the main investor no longer holds a GV, it should be impossible for spouse/children to hold dependent GV.
But if the renewal is simply renewing their previously held status (GV), maybe it is possible?
This has implications for the spouse/children’s citizenship. If their first GV is delayed compared to the main investors, then if the investor becomes a citizen too quickly and the spouse/children cannot renew their GVs, they may not be able to fulfill the 5 year residence requirement for their own citizenship!
Reading the following threads may be helpful (and avoid repetition).
Assuming that the original investor is a spouse/parent, and he/she achieves citizenship, then there may be no reason to continue GV as the dependents can apply for citizenship via ther relationship with the main investor (naturalisation via marriage or birth - see below).
Naturalisation can be via marriage: If you are married to a Portuguese citizen you may obtain Portuguese citizenship after three years as long as you make your declaration while you remain married.
Naturalisation via birth if born outside of Portugal with a parent of Portuguese nationality (ie citizen)
Naturalisation by residence: Minimum residence period of 5 years.
The following link is to the Ministry of Justice which gives the rules and deals with applications: Nacionalidade portuguesa | Justiça.gov.pt. The relevant information is in Portuguese. There are other requirements for citizenship, including a clear police record & language - all on the Ministry of Justice site.
I think this only applies to children born after the parent becomes a citizen?
Our lawyers have told us that minor children can become citizens after the parent naturalizes, but it requires that they (1) were Portugal residents for 5 years (2) are studying in Portugal at the time of application.
(1) is satisfied by 5 years of GV, but that still presents a problem if e.g. a child is born after the main investor starts the GV, and then cannot renew after the main investor becomes a citizen, and therefore is stuck with less than 5 years of GV.
Your lawyers are right. The information for a minor is at the following link:Como obter a nacionalidade portuguesa. The minor has to prove connection to the portuguese community through (1) legal residence in Portugal (for 5 years); (2) registration with the Finance and the National Health System (or regional health services); (3) proof of studying in Portugal.
The alternative to continuing GV is acquiring a connection with Portugal through education and residence.