Golden Visa Investment Funds in Portugal

While the Golden Visa Program initially gained traction through real estate investments, the landscape has evolved, introducing diverse investment routes. Among these, the Golden Visa Investment Fund option has emerged as the most profitable option since the recent housing bill law changes passed in October 2023. Unlike the traditional real estate route, which requires investors to purchase property and have it managed etc, the Investment Fund option allows investors to invest in multiple qualified Portuguese investment funds amounting in total to 500,000 euros. This route has garnered attention for several reasons:

  • Diversification: Investors can spread their capital across multiple ventures, reducing the risk associated with putting all funds into a single property.
  • Management: Investment funds are managed by regulated professionals, ensuring that the capital is invested wisely and yields potential returns.
  • Flexibility: The Investment Fund allows you to invest in different sectors, giving stable returns and high growth opportunities.

The rise of Portugal Golden Visa funds is not just a testament to its inherent benefits but also a reflection of global investors’ evolving needs and preferences. As the Golden Visa Program continues to adapt to these changing dynamics, the Investment Fund option stands as a testament to Portugal’s commitment to offering diverse and lucrative opportunities for those looking to gain citizenship by investment in Portugal.

The information presented on our website is solely for informational purposes and should not be used as investment advice. It is imperative that investors seek independent financial advice before making any investment decisions. This information is provided in line with our disclaimer

Understanding Golden Visa Investment Funds in Portugal

An investment fund, in its simplest form, is a pool of capital collected from various investors, which is then invested in a diversified portfolio of assets. These assets can range from stocks and bonds to Agriculture, Green energy like Solar, Entertainment and Sport, and other alternative investments. The primary objective is to generate returns on the capital invested.

Scroll down to see an overview of some qualified Golden Visa Funds in Portugal.

In the context of the Portugal Golden Visa program:

  • Purpose: The Portugal Golden Visa fund option was introduced as an alternative to traditional real estate investments, aiming to diversify the types of investments qualifying for the Golden Visa and to channel foreign capital into different sectors of the Portuguese economy.
  • Management: These funds are managed by professional fund managers who decide where and how the money is invested, based on the fund’s strategy and objectives. Their expertise ensures that the capital is invested wisely, aiming for potential growth and returns.
  • Returns: Investors in the fund earn returns based on the fund’s performance. These returns can be in the form of dividends, interest, or capital appreciation.

Reason why getting the golden visa via funds is safe and how the returns work

The VC or Private Equity funds are a great way to invest and an excellent investment product to get your Golden Visa for several reasons:

  1. Funds, as a retail client investment product, is heavily regulated by the Portuguese regulator.
  2. The funds managed by our partners are all retail client-focused, allowing for a higher level of scrutiny and client protection.
  3. In fiscal terms, a fund is a more efficient structure, allowing for a reduced tax footprint. The income generated inside the Fund is free of tax. The income generated and distributed to the investor is not taxed in Portugal if the investor is not a tax resident in Portugal; otherwise, if the investor is a tax resident in Portugal, he will be taxed 10% on the income received.

Comparison with Other Golden Visa Investment Routes

While real estate has been the traditional route for Golden Visa applicants and offered benefits such as a real estate rental income in the form of residential tenants or commercial companies, the Portugal Golden Visa investment fund option offers a distinct set of advantages and considerations:

  • Diversification: Unlike real estate, where the investment is tied to a single property, investment funds spread the capital across multiple assets, reducing risk.
  • Liquidity: Investment funds generally offer better liquidity than real estate. While selling a property can be time-consuming and dependent on market conditions, shares in a fund can often be sold more quickly.
  • Management: Real estate requires active management, including maintenance, dealing with tenants and handling property taxes. In contrast, investment funds are managed by professionals, freeing investors from day-to-day management tasks.
  • Entry Threshold: The minimum investment required for the Investment Fund option is €500,000 and this can be spread between different funds enabling you to spread your risks across different sectors.

Dividend Reinvestment Plans

Benefits Over Traditional Routes

The Portugal Golden Visa investment fund option is not just about diversification; it’s also about tapping into sectors of the Portuguese economy that have significant growth potential. By investing in a venture capital fund or private equity fund, investors are indirectly supporting startups, tech companies, green initiatives and other ventures that might be the next big success story.

Portuguese investment funds provide a modern, flexible and potentially lucrative route for Golden Visa applicants. While it may not offer the tangible asset feel of real estate, many of the leading funds own valuable assets and have valuable contracts on these that produce income and growth. Another benefit is diversification, professional management and alignment with Portugal’s economic goals make it a compelling choice for many investors.

What Sectors do Golden Visa Investment Funds in Portugal operate?

Football Strategies Fund is a fund that aims to acquire three football clubs and develop them from a junior league to the premier league in the country. The strategy is designed to generate exceptional profits. A football club is not only a machine of affiliation but also the owner of players’ passes and contracts, managing their careers, and developing their image and talent. The fund has hired a team chosen by RedBull to build and develop its portfolio of football clubs in Latin America and Europe.

Finance Fund is a fund that is changing the landscape in Portugal. It aims to help Portuguese companies finance their renewable energy portfolio through solar- and wind-energy-efficient producing facilities. The fund has been making these investments for the past three years, and they have proved to be stable and very generous. The fund aims to distribute a yearly dividend of 8% pa and capitalize the remaining income. It is registered under the most advanced ESG policy to achieve green investment status.

Agribusiness Fund 2 is a fund that blends environmental sustainability with financial stability, offering an investment experience that stands apart. Unlike the turbulent real estate market, agriculture provides a sanctuary of stability. It’s insulated from the typical boom-and-bust cycles, ensuring a more predictable appreciation tied to the ever-growing demand for food. Investors can expect a 5% annual dividend and an additional 15% liquidation bonus.

Entertainment Fund is a fund that focuses on the entertainment business in Portugal. The entertainment business in Portugal has snowballed over the previous 15 years, and this fund aims to capitalize on this growth potential. The fund will invest in restaurants, bars, rooftops, and concessions. It will focus on licensing spaces for entertainment such as festivals, concerts, and theme parks, investing in the setup of shows, restaurants, and bars, and finally taking part in developing tech companies related to the entertainment business.

Eligibility and Requirements

Who Can Invest in the Portugal Golden Visa Investment Fund?

The Portugal Golden Visa program is open to non-EU/EEA citizens who wish to obtain residency in Portugal through specific investment routes. For the Investment Fund option, the eligibility criteria are as follows:
  • Nationality: Non-EU/EEA citizens are eligible to apply. This includes individuals from countries like China, Brazil, Russia, South Africa, the United States and many others.
  • Age: The primary applicant must be at least 18 years old.
  • Criminal Record: Applicants must have a clean criminal record, with no convictions that resulted in a prison sentence of more than one year.
  • Financial Capability: Applicants must demonstrate the financial capability to make the required investment in the chosen fund.

Necessary Documentation and Expected Timelines

To apply for the Portugal Golden Visa investment fund, applicants need to provide several documents to validate their eligibility and investment:
  • Passport & Valid Schengen Visa: A copy of the applicant’s passport and a valid Schengen visa (if applicable).
  • Proof of Investment: Documentation proving the investment in the qualifying fund. This can be a certificate or statement from the fund management company.
  • Criminal Record Certificate: Issued by the country of origin or the country where the applicant has been residing for over a year.
  • Health Insurance: Proof of valid health insurance that covers the applicant in Portugal.
  • Declaration: A declaration confirming compliance with the investment requirements.
  • Proof of Legal Entry: For those already in Portugal, proof of legal entry and stay in the country is required.
  • Biometric Data: Fingerprints and photographs for the residency card.
  • Payment Receipts: Proof of payment of the Golden Visa application fees.


  • Submission & Preliminary Review: Once the application and all necessary documents are submitted, the initial review process usually takes 1-2 months.
  • Approval: If the application meets all requirements, the approval is typically granted within 3-6 months from the date of submission.
  • Residency Card Issuance: After approval, applicants are required to visit Portugal to provide biometric data. The residency card is usually issued within 1-2 weeks after this visit.

It’s essential to note that while the above list provides a general overview of the requirements, the exact documentation and processes can vary based on individual circumstances and any changes in the program’s regulations.

The timeline for acquiring the Golden Visa is contingent upon diverse factors, encompassing your decision-making pace, document compilation speed, the proficiency of your chosen law firm, and the prevailing application load at the Serviço de Estrangeiros e Fronteiras (SEF) office during your submission. Investment Fund Infographic

Real Estate Property* Capital Transfer* Investment Fund
Minimum Investment €350,000 €500,000 €1.5 million €500,000
Taxes 28% Portuguese income tax 0%
IMI Transfer Tax 4.58% 6.5% 0% 0%
Stamp Duty 0.8% 0.8% 0% 0%
Notary Cost €1,000 €1,000 0% 0%
Exit Fees 5%+VAT 5%+VAT 0% 0%
Commission 5%+VAT 5%+VAT 0% 0%
Performance Fee 28% 28% 0% 20-35% of the profit**
Management Fees 25 – 35% for rentals 0.5% 1.5 – 2% annually***
Legal Fees**** varies varies varies varies
Total (approximate without Exit Fees, Management Fee, or Legal Fee taken into account) €369,840 €537,500 €1.5 million €500,000

Historical Context: Evolution of the Golden Visa Program

The Portugal Golden Visa program has undergone several changes over the years, reflecting the evolving priorities of the Portuguese government and the dynamics of the global investment landscape. Let’s delve into the recent modifications in 2022 and 2023 that have significantly impacted the program.

2022 Changes:

In response to the booming real estate markets in Lisbon and Porto, and with an aim to distribute foreign investment more evenly across the country, the Portuguese government introduced new regulations for the Golden Visa program, effective from 1 January 2022:

Real Estate Restrictions:

  • Investors were prohibited from investing in residential properties in popular urban areas, including Lisbon, Porto, and significant parts of the Algarve, as well as coastal towns like Setúbal and the Silver Coast.
  • Residential property investments were limited to designated interior regions of Portugal, with a minimum value of €500,000 or €350,000 if it’s a rehabilitation project. If the property is in a ‘low-density’ area, a 20% discount is applicable.
  • Commercial properties could be purchased anywhere in the country, with the same value restrictions. If located in a ‘low-density’ area, the 20% discount also applies.
  • Both residential and commercial properties in Portugal’s autonomous islands of Madeira and Azores remained open for investment, adhering to the above value criteria.

Capital Transfer Adjustments:

  • The required amount for capital transfers was raised from €1 million to €1.5 million.
  • The minimum subscription requirement for investment funds increased from €350,000 to €500,000.
  • Investments in scientific research and existing Portugal-registered businesses both saw an increase from €350,000 to €500,000.
  • The investment amount for arts and cultural heritage remained unchanged at €250,000.

These changes were primarily aimed at driving foreign investment into Portugal’s interior regions, thereby alleviating the pressure on metropolitan areas and promoting development in lesser-known parts of the country.

Investors in PortugalTypes of Investment - Agriculture, Renewable Energy, SportInvestment Projections - Why Portugal?

2023 Developments:

In 2023, further modifications were proposed to the Golden Visa program. On 19 July, the Portuguese parliament voted in favour of restructuring the program, indicating a significant shift in the types of investments that would qualify. The most notable change was the exclusion of real estate investments from the program’s eligible options in favour of Portugal private equity or venture capital funds.

However, this decision faced opposition, and on 21 August, the President vetoed the “Mais Habitação Bill,” sending it back to Parliament for reassessment, citing inefficiencies.

In October 2023 the Real Estate investment has now been ended meaning the profitable way of investing and securing Citizenship is via an investment fund.

The Golden Visa program continues to offer several opportunities for investors, but it’s crucial to stay updated with the latest changes and understand their implications. This ensures that potential investors can make informed decisions that align with both their personal objectives and the evolving landscape of the investment funds that qualify.

Comparing Fund Investment VS Property

From our perspective, the investment in Property vs the investment in VC/PE Funds have very aspects in common.

Both investments have a real asset behind them. Most investors like to invest in Property for its security and durability. In fact an investment in Agribusiness or Solar Energy assets are very similar assets. In fact, they are safer, due to its capacity to reconvert in other projects.

Profitability. Both can generate a fixed income to the investor. But the funds allow for a most favourable tax structure and incentive. The tax footprint with a Fund is much smaller than with Property.

Growth. The investment in VC/PE allows the investor to take part in the growth of the projects where we will be invested. On the Football strategy fund, we will invest in something unique: human ingenuity and strength!

Renewable Energy Funds - SolarFootball Club InvestmentsFootball Club Investment Funds

In a nutshell, most investors have been accustomed to the investment in funds. Allows for a wider diversity of projects and assets, reducing risks and costs.

Why Portugal? Highlighting Portugal’s Appeal

Portugal, a gem on the Iberian Peninsula, has long been a favoured destination for travellers, retirees and investors alike. But what makes it such an attractive option for those seeking the Golden Visa?

  • Climate: Portugal boasts a Mediterranean climate, with sun-soaked summers and mild winters. The Algarve region, in particular, is renowned for its sunny days, making it a haven for those fleeing colder climates.
  • Culture: Rich in history and tradition, Portugal offers a unique blend of ancient and modern. From the melancholic tunes of Fado to the historic streets of Lisbon and Porto, the country is a cultural treasure trove.
  • Language: Portuguese is the sixth most spoken language in the world, and learning it can open doors to other Lusophone countries like Brazil, Angola and Mozambique.
  • Safety: Portugal consistently ranks as one of the safest countries in the world. Its low crime rate and friendly locals make it an ideal place for families and solo travellers.
  • Cost of Living: Compared to other Western European countries, Portugal offers a relatively lower cost of living. This affordability extends to everything from real estate to dining out.
  • Strategic Location: Situated at the crossroads of Europe, Africa, and the Americas, Portugal’s strategic location makes it a gateway to various markets. Plus, its well-connected airports offer easy access to major global destinations.

In essence, Portugal’s allure isn’t just about its scenic beauty or rich heritage. It’s a combination of tangible benefits, strategic advantages and the promise of a high-quality life. The overwhelming success of the Golden Visa program is a testament to Portugal’s appeal and its ability to offer value to global investors.

Benefits of Choosing a Portuguese Investment Fund

The Portugal Golden Visa fund option offers several financial benefits that make it an attractive choice for Golden Visa applicants:

  • Reasonable Investment Amounts: With a minimum investment requirement often lower than real estate routes, the Investment Fund option provides an accessible entry point for many investors.
  • Low Fees: Compared to the costs associated with purchasing and maintaining real estate, investment funds often come with lower management fees and transaction costs.
  • Tax Benefits: Portugal offers a range of tax incentives for Golden Visa investors, including the Non-Habitual Resident (NHR) regime, which can lead to significant tax savings on foreign income for a period of ten years.

Investment funds in Portugal are subject to stringent regulations, ensuring transparency, security and accountability:

  • Regulatory Oversight: The Portuguese Securities Market Commission (CMVM) oversees and regulates investment funds, ensuring they adhere to established standards and practices.
  • Professional Management: Funds are managed by licensed professionals with expertise in asset management, ensuring that investments are handled with care and diligence.
  • Transparency: Regular reporting requirements mean that investors receive updates on the fund’s performance, assets, and strategy, allowing them to stay informed about their investment.

One of the primary advantages of investment funds is the diversification they offer:

  • Risk Mitigation: By spreading capital across multiple assets, investment funds reduce the risk associated with any single investment underperforming.
  • Access to a Broad Range of Assets: Investment funds can invest in a variety of assets, from stocks and bonds to real estate and startups. This broad exposure can lead to balanced growth and potential for high returns.
  • Potential for Growth: With professional management and a diversified portfolio, investment funds in Portugal have the potential to offer competitive returns, making them an attractive option for investors seeking both residency and financial growth.

The Investment Fund route for the Portugal Golden Visa offers a combination of financial benefits, security and growth potential. While every investment carries inherent risks, the regulatory environment, professional management and diversification of these funds make them a compelling choice for many investors.

Challenges and Considerations

Potential Downsides

While Portugal Golden Visa investment funds offer numerous advantages, it’s essential to be aware of potential challenges:
  • Lack of Control: Unlike direct investments, such as real estate, where the investor has full control over the asset, investment funds are managed by professionals. This means investors have limited influence over the fund’s day-to-day decisions.
  • Exit Strategies: While investment funds generally offer better liquidity than real estate, exiting the investment might still pose challenges. Investors need to consider the fund’s terms, potential penalties for early withdrawal and market conditions when planning their exit.
  • Sharing of Earnings: Returns from the fund are distributed among all investors, meaning individual profits might be lower than if one had invested directly in a high-performing asset.

The Know-Your-Client (KYC) Process and its Implications

To ensure transparency and combat financial malpractices, Portuguese investment funds adhere to the Know-Your-Client (KYC) process:
  • Documentation: Investors are required to provide detailed personal and financial documentation. This can include proof of income, tax returns and other financial statements.
  • Background Checks: The KYC process involves thorough background checks to ensure the legitimacy of the funds and the investor’s credibility.
  • Implications: While the KYC process ensures a transparent and secure investment environment, it might be perceived as intrusive by some investors. It’s essential to approach this process with an understanding of its importance in maintaining the integrity of the financial system.

Diversification vs. Specialisation

While diversification is a strength of Portugal investment funds, it can also be a double-edged sword:
  • Balanced Growth: Diversification can lead to balanced growth, as poor performance in one asset can be offset by strong performance in another.
  • Diluted Returns: On the flip side, if a particular asset within the fund performs exceptionally well, the returns might be diluted due to the spread across multiple assets.
While the Portugal Golden Visa investment fund offers numerous benefits, it’s crucial for investors to be aware of potential challenges. A well-informed decision, ideally made in consultation with financial advisors familiar with the Portuguese investment landscape, can help navigate these challenges and make the most of the opportunity.

Fees and Costs

The Portugal Golden Visa investment fund option involves various fees and costs. Understanding these charges is crucial for investors to make an informed decision and plan their finances accordingly.

1. Application Fees:

  • Initial Application Fee: This is a non-refundable fee paid when submitting the Golden Visa application. As of the last update, this fee is approximately €533 for the main applicant and €83 for each dependent.
  • Approval Fee: Once the application is approved, an additional fee is charged. This fee is around €5,325 for the main applicant and €2,663 for each dependent.

2. Investment Fund Management Fees:

  • Entry Fee: Some funds may charge an initial fee when you invest, typically ranging from 0.5% to 2% of the invested amount.
  • Annual Management Fee: This is an ongoing fee charged by the fund manager for managing and overseeing the fund’s assets. It’s usually a percentage of the fund’s total assets and can range from 1% to 3% annually.
  • Performance Fee: Some funds charge a performance fee, which is a percentage of the fund’s profits. This fee is charged only when the fund achieves a specified return, encouraging fund managers to maximise performance.

3. Renewal Fees:

The Golden Visa needs to be renewed at the end of year one and then every two years. Each renewal involves a fee:
  • Renewal Fee: Approximately €2,663 for the main applicant and €2,663 for each dependent.

4. Legal and Advisory Fees:

If you choose to engage legal or advisory services to assist with your Golden Visa application and investment:
  • Consultation Fees: Charges for initial consultations and advisory services.
  • Application Assistance: Fees for helping with the application process, gathering necessary documentation and ensuring compliance with all requirements.

5. Miscellaneous Costs:

  • Translation and Notarization: Any documents not in Portuguese need to be translated and notarized, which involves additional costs.
  • Travel and Accommodation: If you need to visit Portugal for biometric data collection or other formalities, consider the costs of travel, accommodation and other related expenses.
While the Portuguese Golden Visa investment fund option can be financially advantageous, it’s essential to account for all associated fees and costs. This ensures that investors have a clear picture of their total investment and can plan their finances accordingly. Always consult with professionals to get the most accurate and up-to-date information on fees and other associated costs.

Application Process and Requirements

Step-by-Step Guide to Applying for the Portugal Golden Visa fund Navigating the application process for the Portugal Golden Visa can be intricate. Here’s a step-by-step guide to help potential investors understand the journey from initial interest to obtaining the Golden Visa through the Investment Fund option:

1. Research and Consultation:

  • Initial Research: Familiarise yourself with the Golden Visa program, its benefits and the Investment Fund option.
  • Professional Consultation: Engage with legal or immigration experts familiar with the Portugal Golden Visa program to get personalised advice and insights.

2. Choose an Investment Fund:

  • Explore Options: Review various qualifying investment funds, considering factors like past performance, management team, investment strategy and associated fees.
  • Finalise Investment: Once you’ve chosen a fund, make the required investment and obtain proof of this investment, typically in the form of a certificate or statement from the fund management company.

3. Gather Necessary Documentation:

  • Personal Documents: This includes passports, proof of legal entry into Portugal (if already there) and a criminal record certificate from your country of origin or residence.
  • Financial Documents: Proof of the investment made, tax returns and other relevant financial statements.
  • Health Insurance: Valid health insurance that covers you in Portugal.

4. Submit the Application:

  • Online Submission: The initial application is submitted online through the SEF (Portuguese Immigration and Borders Service) portal.
  • Pay Application Fees: Upon submission, pay the non-refundable application fees.

5. Attend the Interview:

  • Schedule: Once your application is preliminarily approved, you’ll need to schedule an interview with SEF.
  • Biometric Data Collection: During this interview, biometric data (fingerprints and photographs) will be collected for the residency card.

6. Receive Approval:

  • Notification: If your application meets all requirements, you’ll receive a formal approval notification.
  • Pay Approval Fees: Upon receiving the approval, pay the associated approval fees.

7. Obtain the Residency Card:

  • Issuance: After approval and payment of fees, the residency card is issued, granting you the rights and benefits of the Golden Visa program.
  • Collection: The card can either be collected in person or, in some cases, mailed to a specified address.

8. Renewal:

  • First Renewal: The Golden Visa needs to be renewed at the end of the first year.
  • Subsequent Renewals: After the first renewal, the visa is renewed every two years.
While the application process involves multiple steps and requirements, careful planning and consultation with professionals can ensure a smooth journey. Always stay updated with any changes in the program’s regulations and requirements to ensure compliance and successful application.

Exit Strategy

Understanding the Exit Process and Considerations for Portuguese investment funds Exiting an investment is as crucial as entering it. For those who’ve ventured into the Investment Fund option for the Portugal Golden Visa, understanding the exit strategy is essential to ensure a smooth transition and to maximise returns.

1. Duration of Investment:

  • Golden Visa Requirements: To maintain the validity of the Golden Visa, the investment must typically be held for a minimum duration, often five years. Before this period, exiting the investment might jeopardise the residency status.
  • Fund-specific Lock-in Periods: Some investment funds might have their own lock-in periods, during which investors cannot withdraw their capital without incurring penalties.

2. Liquidation Process:

  • Notice Period: Before exiting a Golden Visa Portugal investment fund
  • , investors often need to provide a notice. This period allows the fund managers to ensure there’s sufficient liquidity to return the investor’s capital.
  • Redemption Fees: Some funds might charge a fee for exiting before a certain period, known as a redemption or exit fee. It’s essential to be aware of these charges as they can impact the overall returns.

3. Market Conditions:

  • Timing: The value of the investment fund can fluctuate based on market conditions. Exiting during a market high can maximise returns, while exiting during a downturn might result in losses.
  • Economic Indicators: Keeping an eye on broader economic indicators in Portugal and globally can provide insights into the best times to exit.

4. Tax Implications:

  • Capital Gains Tax: Profits made from the investment might be subject to capital gains tax. It’s essential to understand the tax implications in both Portugal and your home country.
  • Tax Benefits: If you’ve benefited from any tax incentives or breaks during your investment, consider how exiting might impact these benefits.

5. Reinvestment Opportunities:

  • Diversifying Portfolio: If you’re considering exiting one investment fund, think about reinvesting in another fund or asset class to diversify your portfolio.
  • Global Opportunities: With the capital from the exited investment, investors can explore opportunities not just in Portugal but globally, tapping into emerging markets or sectors.

6. Legal and Advisory Consultation:

  • Expert Guidance: Before making an exit decision, consult with financial advisors and legal experts familiar with the Portuguese investment landscape. They can provide insights into the best strategies, potential pitfalls and optimal timings.
An exit strategy is not just about withdrawing capital but doing so in a manner that aligns with both financial goals and regulatory requirements. A well-planned exit can ensure that the benefits of the Investment Fund option for the Portugal Golden Visa are fully realised.

Market Analysis: A Comprehensive Look at the Investment Fund Market in Portugal

The investment fund landscape in Portugal has seen significant evolution over the years, with the Golden Visa program playing a pivotal role in attracting international investors. Here’s a current analysis of the investment fund market in Portugal:

1. Growth Trajectory:

  • Historical Context: Over the past decade, Real Estate Investment Funds (REIFs) have grown substantially in the euro area, with Portugal being no exception. The net asset value of REIFs has more than tripled between 2012 and 2022, indicating a robust interest in real estate investments.
  • Market Share: REIFs now account for a significant portion of the Commercial Real Estate (CRE) markets in the euro area, with a notable presence in Portugal. Their activities have a considerable impact on CRE markets in several jurisdictions.

2. Factors Driving Growth:

  • Diversified Investment: REIFs offer investors the opportunity to invest directly in physical properties or indirectly through shares or debt issued by real estate-focused companies. This flexibility has made them an attractive option for many.
  • Reduced Reliance on Banks: REIFs provide an alternative channel of financing, reducing the dependency on traditional bank financing and diversifying the investor base.

3. Current Market Conditions:

  • Vulnerabilities: The interconnectedness of the euro area CRE markets means that stress in one jurisdiction might impact CRE markets in others, including Portugal. This interconnectedness is due to cross-border investments, especially in countries like Luxembourg, the Netherlands and Ireland.
  • Economic Indicators: Changes in the law is making Golden Visa through real estate unviable, however the move to investment funds provides those seeking a Golden Visa with exciting opportunities. At Property Lisbon, we no longer offer real estate as a route to a Golden Visa in order to ensure the safety and longevity of your investment. .

4. Potential Risks:

  • Liquidity Concerns: Open-ended REIFs, which make up a significant portion of the market, are exposed to liquidity risks, especially during times of economic stress. The structural liquidity mismatch between their assets and liabilities can lead to challenges during market downturns.
  • Global Events: Events outside the euro area, such as the recent stress experienced by Blackstone Real Estate Income Trust (BREIT) in the United States, highlight the potential for similar challenges in the euro area, including Portugal.

5. Future Outlook:

  • Regulatory Framework: Given the potential risks associated with REIFs, there’s a growing call for a comprehensive policy framework to address liquidity mismatches and ensure financial stability.
  • Investment Opportunities: Despite the challenges, the investment fund market in Portugal remains vibrant, with numerous opportunities for investors. The key is to stay informed, understand the risks and make informed decisions.
While the investment fund market in Portugal offers lucrative opportunities, it’s essential for investors to be aware of the potential risks and market dynamics. With the right strategies and a keen understanding of the market, investors can navigate the complexities and reap the benefits of their investments in Portugal.

Future Predictions

Anticipating the Evolution of the Golden Visa Program

The Portugal Golden Visa program has been a beacon for international investors since its inception. As with any dynamic program, it’s expected to evolve in response to global trends, economic shifts and policy changes. Here’s a look at potential future changes and trends in the Golden Visa program:

1. Increased Diversification of Investment Options:

  • Broadening Horizons: While real estate and investment funds have been popular choices, there might be an introduction of new sectors or industries to invest in, such as technology startups, green energy projects, or sustainable agriculture.
  • Tailored Packages: The government might offer specialised investment packages catering to specific investor interests, such as cultural preservation or infrastructure development.

2. Enhanced Regulatory Oversight:

  • Transparency and Compliance: In light of global emphasis on transparency, there might be stricter due diligence processes to ensure the legitimacy of funds and to combat money laundering.
  • Digital Integration: The application and monitoring processes could become more digitised, ensuring a smoother, more efficient experience for investors.

3. Adjustments in Investment Thresholds:

  • Economic Considerations: Depending on Portugal’s economic needs, the minimum investment amounts might be revised. This could be to attract more investors or to ensure quality over quantity.
  • Regional Focus: To promote development in less popular regions, there might be incentives or reduced investment thresholds for projects outside of major cities like Lisbon and Porto.

4. Emphasis on Sustainable and Responsible Investments:

  • Green Initiatives: With the global push towards sustainability, there might be special incentives or categories for investments that align with environmental goals.
  • Social Impact: Investments that contribute to social welfare, education, or community development might gain prominence and could come with their own set of benefits.

5. Changes in Residency and Citizenship Terms:

  • Duration Adjustments: The required duration of investment to qualify for permanent residency or citizenship might be revised based on policy changes or economic considerations.
  • Integration Programs: To ensure better cultural integration, the government might introduce mandatory language courses or cultural immersion programs for Golden Visa recipients.

6. Global and European Influences:

  • Competitive Programs: As other countries introduce or refine their residency-by-investment programs, Portugal might adjust its Golden Visa program to remain competitive.
  • EU Policies: Changes in European Union policies or regulations could influence the direction and terms of the Golden Visa program.

The future of the Golden Visa program is likely to be shaped by a combination of internal economic needs, global trends and the evolving landscape of investment migration. While the core appeal of the program is expected to remain, potential investors should stay informed and adaptable to make the most of the opportunities that lie ahead.

Key Data and Trends

The Portugal Golden Visa program has seen significant growth and evolution over the years. To provide a clearer understanding of the program’s trajectory and current state, we present the following data visualisations.

All-Time Golden Visa Statistics (2012-2023)

Main Applicants Granted Golden Visa
Accompanying Family Members (Dependents)

Top Five Nationalities (2012-2023)

Nationalities of Fund Applicants between 2012-2023 - China - 5200, Brazil - 2300, USA - 2100, Russia - 1500, South Africa - 1200

Investment Types Over the Years

Chart showing the increase in applicants for Portuguese Investment Funds in the last 5 years
Year Real Estate (€500,000+ or €400,000+ properties) Real Estate (€350,000 or €280,000 renovated properties) Capital Transfer
2019 1,200 (approx.) 900 (approx.) 300 (approx.)
2020 1,100 (approx.) 950 (approx.) 320 (approx.)
2021 1,050 (approx.) 920 (approx.) 310 (approx.)
2022 1,000 (approx.) 890 (approx.) 300 (approx.)
2023 950 (approx.) 860 (approx.) 290 (approx.)
These charts and graphs provide a snapshot of the Golden Visa program’s performance and trends. They offer valuable insights for potential investors and stakeholders interested in understanding the program’s dynamics and potential.

Gaining Insights from Experts and Successful Applicants

Interviews provide a unique perspective, offering insights from those who have firsthand experience or deep knowledge about a subject. For the Portugal Golden Visa program and the Investment Fund option, we’ve curated insights from financial experts, legal professionals and successful Golden Visa recipients.

  1. Interview with Maria Alves, Financial Expert

Q: What makes the Investment Fund option stand out compared to other Golden Visa investment routes?

Maria: “The Investment Fund option offers a diversified approach. Instead of putting all your money into a single property, you’re investing in a portfolio of assets. This diversification can mitigate risks and potentially offer more stable returns.”

Q: How do you see the future of the Investment Fund market in Portugal?

Maria: “It’s promising. With the increasing global interest in Portugal and the success of the Golden Visa program, I anticipate more sophisticated and varied investment funds emerging, catering to different investor profiles.”

  1. Interview with João Silva, Immigration Lawyer

Q: What are the common challenges applicants face when opting for the Investment Fund route?

João: “Understanding the nuances of the fund, such as its structure, fees, and exit strategy, can be challenging. It’s crucial to have clear communication with the fund managers and to consult with legal professionals to ensure a smooth application process.”

Q: Any advice for potential Golden Visa applicants?

João: “Always do your due diligence. Understand the investment, the terms and the implications. And always consult with an immigration lawyer to ensure you’re meeting all the requirements.”

  1. Interview with Li Wei, Successful Golden Visa Recipient through Investment Fund

Q: Why did you choose the Investment Fund option for your Golden Visa?

Li Wei: “I was looking for a hands-off investment. I didn’t want the responsibilities of property management. The Investment Fund option seemed like a perfect fit, offering potential growth without the day-to-day involvement.”

Q: How has your experience been so far?

Li Wei: “It’s been positive. The application process was straightforward and I’ve seen steady growth in my investment. I’m optimistic about the future and am considering further investments in Portugal.”

These interviews offer a glimpse into the world of the Portugal Golden Visa program through the lens of experts and those who’ve walked the path. Their insights and experiences can be invaluable for potential investors, helping them make informed decisions.

Real Stories from Real Investors

Hearing from those who have successfully navigated the Portugal Golden Visa program can provide invaluable insights and inspiration. In this section, we share testimonials from satisfied investors and delve into specific case studies that highlight the journey from investment to obtaining the Golden Visa.

  1. Alex from Canada:

“I always dreamt of living in Europe and the Portugal Golden Visa program made it a reality. Opting for the Investment Fund route was one of the best decisions I’ve made. Not only did I secure my residency, but I also saw a decent return on my investment. The process was smooth and the professionals I worked with were top-notch.”

  1. Priya and Raj from India:

“We wanted a secure future for our children and Portugal seemed like the perfect place. The Golden Visa program was our gateway. We invested in an Investment Fund and within a few years, we saw our investment grow. The best part? Our children now have the option to study, work and live anywhere in the EU.”

  1. Diego from Brazil:

“Portugal felt like home from the moment I visited. The Golden Visa program was a natural choice for me. The Investment Fund option was hassle-free and the returns were beyond my expectations. I’m now considering buying a property here too!”

  1. Sarah from the USA

Background: Sarah, a tech entrepreneur from San Francisco, wanted to diversify her investment portfolio and was keen on gaining European residency.

Investment Choice: After thorough research, she chose the Investment Fund route for her Golden Visa application.

Journey: Sarah worked closely with a financial advisor and legal professional in Portugal. She invested in a tech-focused fund that aligned with her background. Within three years, the fund saw significant growth, thanks to the booming tech scene in Lisbon.

Outcome: Sarah secured her Golden Visa, saw a 15% growth in her investment, and is now actively involved in the Lisbon tech community, mentoring startups.

  1. Ahmed and Layla from the UAE

Background: Ahmed and Layla, a retired couple from Dubai, wanted a peaceful place to spend their retirement years. They were also keen on securing EU residency for their children.

Investment Choice: They opted for a real estate investment initially but later diversified by investing in an Investment Fund.

Journey: The couple purchased a beautiful villa in the Algarve and also invested in a tourism-focused fund. The fund invested in boutique hotels and eco-tourism projects across Portugal.

Outcome: Their real estate appreciated in value and their investment fund saw steady growth. Their children now study in Europe and have the flexibility to work across the EU.

These testimonials and case studies offer a glimpse into the varied experiences of investors in the Portugal Golden Visa program. Their stories underscore the program’s potential benefits and the importance of making informed decisions.


Navigating the Investment Fund Route: Aligning with Your Goals and Making Informed Decisions

The journey through the Portugal Golden Visa program, particularly the Investment Fund route, is one filled with opportunities, potential returns and the promise of European residency. However, as with any investment decision, it’s essential to ensure that the chosen path aligns with your personal and financial goals.

Assessing the Portugal Investment Fund Route

ThePortuguese investment funds for Golden Visa offer a diversified approach to obtaining the Golden Visa. It provides a hands-off investment experience, managed by professionals and the potential for growth. However, it’s crucial to:

  • Understand the Fund: Delve deep into the fund’s structure, objectives and past performance. Ensure it aligns with your risk tolerance and investment horizon.
  • Consider Liquidity: Investment funds might have lock-in periods or restrictions on withdrawals. Ensure you’re comfortable with the level of liquidity the fund offers.
  • Evaluate the Benefits: Beyond the Golden Visa, consider the financial returns, tax benefits and potential for capital appreciation.

The Importance of Independent Advisory

Making an informed decision is paramount. The Golden Visa program, while lucrative, comes with its complexities and nuances. Hence, it’s vital to:

  • Consult Financial Experts: A financial advisor can provide insights into the fund’s performance, potential returns and how it fits into your broader investment portfolio.
  • Seek Legal Counsel: An immigration lawyer familiar with the Golden Visa program can guide you through the application process, ensuring you meet all requirements and avoid potential pitfalls.
  • Hear from Peers: Engage with current Golden Visa holders, especially those who’ve opted for the Investment Fund route. Their experiences can offer invaluable insights.

The Portugal Golden Visa investment fund route for the Portugal Golden Visa program is a promising avenue for many. However, it’s essential to ensure it aligns with your goals and to arm yourself with knowledge and expert advice. By doing so, you can navigate the program confidently, making the most of the opportunities it presents.


The Investment Fund option for the Portugal Golden Visa program is a popular choice, but it also comes with its share of questions and misconceptions. In this section, we address some of the most frequently asked questions to provide clarity and guidance.

What exactly is the Portugal investment fund Golden Visa?

The Investment Fund option allows potential Golden Visa applicants to invest in qualified Portuguese investment funds. These funds are managed by professionals and invest in a diversified portfolio of assets, such as real estate, startups, or other sectors of the Portuguese economy.

How does the Portugal Golden Visa fund investment option differ from the real estate investment route?

While the real estate route requires direct investment in property, the Portugal Golden Visa investment fund option involves investing in a fund that may have a broader investment strategy. The Investment Fund route is more hands-off, with professionals managing the investment, whereas real estate might require more direct involvement, especially if considering property management or renovations.

What are the minimum investment requirements for the Portugal Golden Visa investment fund 2024 option?

As of the latest update, the minimum required investment for the Investment Fund option is €500,000. However, it’s essential to check for any recent changes or specific fund requirements.

Are Portuguese Investment Funds risky?

All investments come with inherent risks. The risk associated with an Investment Fund depends on its portfolio, management strategy and market conditions. It’s crucial to understand the fund’s investment strategy, past performance and risk factors before investing.

Can I withdraw my investment after obtaining the Golden Visa?

The investment must typically be maintained for a minimum period to fulfil the Golden Visa requirements, usually five years. Before making any decisions, it’s essential to consult with legal professionals familiar with the program’s specifics.

How are the returns on the Investment Fund?

Returns vary based on the fund’s performance, investment strategy and market conditions. It’s advisable to review the fund’s past performance, projections and consult with financial experts to get a clearer picture.

Are there any additional fees associated with the Portugal Golden Visa investment fund option?

Yes, there might be management fees, entry or exit fees and other charges associated with the fund. Always review the fund’s fee structure and terms before investing.

Can my family benefit from my Golden Visa obtained through the Investment Fund option?

Yes, the primary applicant’s immediate family members, including spouse and dependent children, can also benefit from the Golden Visa, allowing them residency rights in Portugal and visa-free travel within the Schengen Zone. We understand that the Investment Fund option, while promising, comes with its complexities. Always consult with financial and legal professionals to make informed decisions and ensure that your investment aligns with your goals and risk tolerance.

Join the Conversation and Stay Updated

Your thoughts, experiences and insights matter to us. As we delve deep into the Portugal Golden Visa program and the Investment Fund option, we invite you to be an active participant in this journey. Here’s how you can engage:

Share, Ask and Connect:

  • Your Voice Matters: The comments section is your space to share thoughts, ask questions and connect with fellow readers. Whether you’re a seasoned investor or just starting your research, your perspective adds value to the conversation.
  • Learn from Peers: Many of our readers have firsthand experience with the Golden Visa program. Their shared stories, successes and challenges can offer unique insights that complement the main content.
  • We’re Listening: Our team actively monitors the comments, ensuring that your questions are addressed and that the conversation remains constructive and informative.
  • How to Participate: Scroll down to the comments section below the article, type in your thoughts or questions and join the dialogue!

Newsletter Signup – Stay Informed:

  • Regular Updates: The world of investment and residency programs is dynamic. By subscribing to our newsletter, you’ll receive timely updates on the latest developments, changes and opportunities related to the Golden Visa program.
  • Exclusive Content: Our subscribers often get early access to expert interviews, market analyses and other exclusive content. Don’t miss out!
  • Join Our Community: By subscribing, you become a part of our growing community of informed investors and enthusiasts. Together, we navigate the complexities and celebrate the successes of the Golden Visa journey.
  • How to Subscribe: Click on the ‘Subscribe’ button, enter your email and you’re all set! Rest assured, your privacy is paramount to us and your email will only be used for sending out the newsletter.

We believe in the power of community and shared knowledge. By engaging with us, you not only enhance your understanding but also contribute to a richer, more informed reader community. Let’s embark on this journey together!


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Between 2012 and 2023, the Portuguese government allowed individuals to obtain the golden visa by investing in real estate. However, in October 2023, the government introduced new legislation that significantly altered the investment regulations. Under the new law, investment in real estate is no longer permitted, and investment is limited to direct company investment aimed at creating jobs or through Private Equity or Venture Capital Funds. Moreover, these funds must be registered in compliance with Portuguese legislation and have a minimum maturity of five years. In addition, 60% of the fund must be invested in companies that have a head office in Portugal., an introducer to regulated Fund Managers, does not provide investment advice but can connect interested parties with reputable fund managers. However, it is crucial to note that the investment information provided by owned by Property People London & Lisbon LTD is subject to our disclaimer. This disclaimer outlines the terms and conditions under which we operate and is critical for individuals who are interested in investing in Portugal.

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