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The qualifying investment generally must be maintained throughout the residency period and at each renewal; disposing of it early can put your Golden Visa renewal and status at risk.
The Golden Visa is conditional on keeping the qualifying investment in place. At each renewal you must show that the investment, for example your holding in an eligible fund, still meets the programme's requirements.
Selling or reducing the investment below the threshold before you have secured a more stable status can lead to non-renewal or loss of the permit. If you are considering changes to your investment, get advice first and time any disposal so it does not undercut your residency, particularly before you reach permanent residence or citizenship eligibility.
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