Portugal Golden Visa Funds: best investment options
Portugal has become a top destination for high-net-worth individuals seeking European residency. The Residence Permit for Investment Activity (ARI), better known as the Portugal Golden Visa, was created in 2012 to attract foreign investment.
Since the changes approved in October 2023, real estate investment options are no longer eligible. This shift has made investment funds and venture capital funds the main route to obtain residency, with a minimum required investment of €500,000.
This article will explore exactly what potential applicants need to know about securing the Golden Visa through investment funds: requirements, advantages, and risks, so you can decide if this is the right path to live in Portugal.
Note: Our local team has professional experience analyzing investment funds in Portugal. We do not provide personalized financial advice or act as consultants, but we can share an independent opinion and help clarify the process. If you’re looking for local support or simply want to clear up doubts, feel free to reach out, we’ll be happy to help.
Is there a list of eligible investment funds for Golden Visas?
There is no official public list from the government that enumerates all eligible funds.
What exists is the registry of funds supervised by the CMVM, and among these, only some meet the criteria required by the program.
Therefore, it is important to always confirm with the fund manager or with a specialized lawyer before investing.
Best investment funds for Golden Visas
The choice always depends on the investor’s profile, risk tolerance, and the strategy they wish to follow.
Even so, it is possible to compare different funds through objective criteria such as:
- Investment strategy: equities, bonds, venture capital (private equity), etc.
- Sector exposure: technology, real estate, Portuguese companies, corporate debt, among others.
- Associated risk: equity or venture capital funds tend to be more volatile, while bond funds generally offer greater stability.
- Track record and reputation of the management company: evaluate the experience, size, and credibility of the fund manager.
- Fees and costs: analyze subscription, management, and redemption fees that impact net returns.
Examples of funds available in Portugal
To illustrate, here are some funds frequently mentioned in the context of Golden Visas:
- IMGA Ações Portugal: invests in shares of companies listed on Euronext Lisbon.
- IMGA Portuguese Corporate Debt: focused on bonds issued by Portuguese companies.
- BTG Pactual GV Corporate Bonds 60/40: combines Portuguese corporate debt (60%) with Latin American bonds (up to 40%).
- ActiveCap I - Portuguese Growth Fund, FCR: venture capital fund oriented towards growing national companies.
- Indico VC II: venture capital fund focused on technology.
⚠️ Important note: This list is for informational purposes only and does not constitute investment advice. Before subscribing to any fund, it is essential to review the official prospectus, consult specialists, and assess the risks according to your profile and investment objectives.
What are the requirements to obtain a Golden Visa through funds?
To qualify for the Portugal Golden Visa through investment funds, applicants must meet a series of financial and legal requirements. Below are the main conditions:
1) Minimum investment
The minimum amount required by law is €500,000, applied to eligible investment funds or venture capital funds. The funds must be transferred from a Portuguese bank account held in the investor’s name.
The investment can be placed in a single fund or spread across several, as long as the total reaches the minimum threshold.
2) Eligible funds and CMVM supervision
Not all funds available on the market qualify for the Portugal Golden Visa.
- The funds must be registered with and supervised by the Portuguese Securities Market Commission (CMVM).
- Additionally, only funds that do not invest directly or indirectly in residential real estate are eligible, following the legal changes introduced in 2023.
3) Minimum holding period
Investors must keep their capital invested for at least five consecutive years.
- Selling or redeeming the investment before that period results in the loss of Golden Visa eligibility;
- After five years, the investor can either withdraw the funds or keep them invested, depending on their personal strategy.
4) Additional documents and conditions
Beyond the investment itself, applicants must also comply with other legal requirements:
- Clean criminal record: a certificate is required from the country of origin and any country where the applicant has lived for over a year;
- Health insurance: valid in Portugal and across the European Union;
- Minimum stay in Portugal: unlike other visas, the Golden Visa is very flexible. Investors only need to spend an average of seven days per year in Portugal;
- Proof of lawful funds: applicants must demonstrate that their investment capital comes from legitimate sources.
5) Renewal and residency maintenance
The initial residence permit is valid for two years, renewable for two further periods of two years each. During renewals, the investor must prove that the investment remains active and that all legal requirements continue to be met.
How does the application process work?
The application process for the Portugal Golden Visa through investment funds is relatively straightforward, but it involves several legal and administrative steps. Below, we describe the typical path for an investor:
Selection of the investment fund
The first step is to identify and select an eligible investment fund, meaning one that meets the legal requirements for the Golden Visa (more details below). There are several options in Portugal, ranging from equity and bond funds to venture capital funds. We list some below for you to explore!
Obtaining the NIF and opening a bank account
To invest in Portugal, the applicant needs to:
- Request a NIF (Tax Identification Number) from the Portuguese Tax Authority.
- Open a bank account in Portugal in your own name, where the investment capital will be deposited.
Transfer and subscription of the investment
The minimum amount of €500,000 must be transferred to the bank account in Portugal and then applied to the selected fund. Proof of the transfer and subscription is required, as these will be used in the application process.
Collection of documentation
In addition to proof of investment, the applicant must prepare:
- Criminal record certificate (issued within the last 90 days);
- Certified copy of the passport;
- Health insurance valid in the European Union;
- Proof of the legal origin of funds;
- Declaration from the fund management entity confirming the subscription.
Submission of the application
With all the documentation gathered, the application is submitted online to AIMA (Agency for Integration, Migration and Asylum), which took over the responsibilities previously held by SEF. The application fee must be paid at this stage, which is €806.80 if submitted in person or €618.60 if submitted through the digital portal (see more pricing details here).
After preliminary approval, an appointment is scheduled for biometric data collection (photograph, fingerprints, and signature).
Approval and issuance of the residence permit
If all requirements are met, the applicant will be granted a temporary residence permit valid for two years. This permit must be renewed at the end of each 2 years until the 5 years required by law are completed. After this period, it is possible to apply for permanent residency or even Portuguese citizenship.
Renewal and compliance
During the validity period of the Golden Visa, the investor must:
- Prove that the investment remains active;
- Meet the minimum stay requirement in Portugal (an average of 7 days per year);
- Keep documentation up to date (e.g., clean criminal record and valid health insurance).
Benefits of investing in funds for the Golden Visa
Potential for financial return
While real estate investments were often “locked” in assets with limited income, funds allow capital to be allocated to companies, startups, or strategic sectors with growth potential. Thus, in addition to securing residency, the investor may generate profits on the invested amount.
Less bureaucracy and simplified management
Investing in funds eliminates the burdens of managing real estate, such as maintenance, additional taxes, rentals, or vacancy risks. Subscription is carried out relatively easily through a management company regulated by the CMVM, which reduces administrative effort.
Regulatory security
All funds eligible for the Golden Visa are supervised by the CMVM, ensuring transparency, regular audits, and greater investor protection compared to unregulated investments.
Possibility of diversification
With a single investment, it is possible to gain indirect exposure to multiple companies and sectors, reducing the risks associated with relying on a single asset.
Why are investment funds now the main option?
For many years, real estate was the most chosen path to access the Golden Visa in Portugal. More than 90% of the total investment raised between 2012 and 2022 came from property purchases. This boosted the construction and urban rehabilitation sectors but also generated criticism related to rising housing prices in Lisbon and Porto.
To redirect capital into the productive economy, the government approved major changes to the program in October 2023. Options linked to real estate (direct acquisition of housing or funds investing in that segment) are no longer eligible for the Golden Visa.
As a result, investment funds and venture capital funds gained prominence and became the preferred route for foreign investors. These funds are supervised by the CMVM (Portuguese Securities Market Commission) and are required to invest in strategic areas of the economy, such as:
- Startups and innovative companies,
- Renewable energy and the green transition,
- Technology and industry,
- Health and biotechnology,
- Infrastructure and projects of national interest.
In addition, the entry amount of €500,000 is competitive compared to other European residency-by-investment programs. The fund route even offers a simpler and more passive solution, allowing investors to delegate the professional management of their capital.
This shift has led to growth in the number of applications based on funds. Although full official data for 2024 is still being consolidated, it is already clear that the profile of foreign investors, especially from the United States, Brazil, and the Middle East, is adapting to this new reality.
Comparison with the (former) real estate investment
Risks and precautions to consider
Despite the advantages, investing in funds for the Golden Visa is not risk-free. Investors must conduct a careful analysis before proceeding with the subscription.
Market risk
As with any financial investment, there are no guarantees of return. Performance depends on the success of the companies or sectors where the fund allocates capital. Economic fluctuations, sector crises, or poor management decisions can negatively impact results.
Credibility of the management company
Not all funds have the same track record or market experience. It is crucial to verify the reputation of the management company, the performance of other funds it manages, and whether it strictly complies with CMVM regulations.
Liquidity limitations
The invested capital is locked for at least 5 years (mandatory requirement to maintain Golden Visa eligibility). This means the investment cannot be easily redeemed in case of urgent liquidity needs.
Fees and commissions
Funds may include management and performance fees, which affect the final net return. It is important to review the prospectus and the cost policy carefully.
Diversification and strategy
Although many funds are already diversified, investors should pay attention to the dominant sector. Concentrating only on high-risk areas (such as very early-stage startups) can increase the probability of losses.
Conclusion
Investment funds have become the main route to obtaining the Golden Visa in Portugal. In addition to meeting the legal requirements, they offer diversification, professional management, and potential financial returns.
If you are considering this option, you don’t need to make a decision alone. If you need assistance, please don't hesitate to contact us.
FAQs (frequently asked questions)
Is it enough to invest in a Portuguese golden visa to obtain residency?
Yes, as long as the minimum amount of €500,000 is invested and the fund is registered and approved by the CMVM.
Can I choose any Portugal golden visa fund?
No. Only funds that meet the legal criteria (CMVM supervision, minimum holding period, among others) are eligible for the Golden Visa. In this article, we provide some examples.
How long do I need to stay in Portugal per year?
The required average is 7 days per year, which can be cumulative (e.g., 14 days over two years).
Can I include my family in the Golden Visa?
Yes. The program allows the residence permit to be extended to the spouse, dependent children, and, in some cases, dependent parents.
What happens if the Portugal golden visa fund does not generate profit?
The right to the Golden Visa remains valid as long as the legal requirements are met. However, the investor may lose part of the invested capital due to the fund’s negative performance.
Do I have to manage the fund or monitor the investments?
No. Management is carried out by the fund management company, which is supervised by the CMVM. The investor only receives periodic reports.
Is it possible to sell the participation before 5 years?
In practice, no. The law requires that the investment be maintained for at least 5 years to secure the Golden Visa.
