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Portugal Golden Visa Fund Option: A Must-Read Guide

Portugal allows you to participate in a Portuguese investment fund and get a Golden Visa. 

Check out how the Golden Visa by investment fund option works, its advantages and disadvantages, compared to other available investment methods.

Here’s what you’ll find in this article:

Advantages of Funds Compared to Real Estate

As of late 2023, Portugal no longer allows you to invest in real estate or real estate-related funds to apply for a Golden Visa. Nevertheless, a comparison of fund vs. real estate investment options still put the fund investment scheme in perspective. So, here we go:


  • Diversified investment as opposed to purchasing one property
  • Possible tax advantages; You may not need to pay any taxes on your fund earnings in Portugal.There are no withholding taxes. The real estate rental income, on the other hand, is taxed at a flat rate of 28%
  • Low acquisition fees; there are just transaction fees. Whereas real estate acquisition comes with a hefty IMT tax and stamp duty
  • The investment is managed by professional managers.Whereas with real estate, you are on your own for property management unless you find a third party property manager, which will come at a cost

Disadvantages of Funds Compared to Real Estate


  • The Portuguese funds that qualify are classified as fundo de capital de risco, meaning ‘risk funds’, so there is a certain risk associated with this type of investment
  • The funds cannot guarantee the invested capital, nor any stable yield
  • An illiquid investment until maturity; although you can technically sell your participation unit, it is unrealistic that you will find a buyer before the maturity date

How To Choose Which Fund To Invest in

If you’re not a professional investor or someone who works in finances, you may find yourself lost when it comes to investing in a fund.  Let’s go step by step as to how you can go about choosing the right fund for your Portugal Golden Visa application.

Here are the 5 essential steps.

Decide on your Risk Appetite

Risk funds do not guarantee the preservation of the vested capital. With that, there are some risk funds that are “less risky” and some that are “high-risk”. 

So, first things first; depending on your appetite as an investor, you may prefer different types of funds.

High-Risk Loving Cowboys

If you are the kind of investor that likes risk, there are funds that focus on startups or companies in certain fields. If things go well, the portfolio companies these funds invest in may skyrocket in value. However, there is also the very viable risk that they may find the investment to bust and lose the invested capital completely.

Low-Risk Loving Conservative Investors

This used to be easy. If you did not love risk, real estate funds would be the obvious choice. However, as of late 2023, Portugal no longer allows you to apply for a Golden Visa through a fund that is directly or indirectly involved in real estate investments. That’s why, now the conservative options are some of the Private Equity funds in the market. I find these to be more suitable for conservative investors that want to hold the value of their investment, and not in the game to make a high risk, high return.

Analyze the Funds & Ask Questions

Like I stated above, different funds have different strategies in deploying their cash and creating an investment portfolio.

Some will focus on established companies in a certain vertical, others will go for startups, commodities, etc.

Make sure to meet up with the fund managers and ask all the questions you may have.  You can technically reach out to the funds and set these up on your own. However, I strongly suggest you use a professional advisor.  This is a significant investment and the right professional will make a difference in guiding you, saving you time, money, and headache. 

You can find some essential questions to ask later on in the article.

Beware of…

Funds with insufficient …. funds:

Funds that have not raised a minimum amount of committed capital to move ahead with investments

Golden Visa fundraisers dressed in Funds clothing:

Fund managers will “manage” the fund. But, that’s the technical management. In many cases, you will find that there is another company or a team behind the fund.  

In these cases, make sure to vet the team or the company behind the team. Watch out for any conflict of interest that may be present.

Real estate developers or Funds dressed in RCBI Consultant clothing:

It is not uncommon to find residency and citizenship by investment “advisory firms,” who are actually vehicles created by real estate developers or funds to move their product in the market.  It is rather easy to spot these, but nevertheless, beware of pushy salespeople that will particularly push you “a specific product.” However, fear not. As real estate funds no longer qualify for a Golden Visa, these are not eligible investments anyway.

Comparison of Available Portugal Golden Visa Funds

The available funds in the Portuguese market, which would qualify you for a Golden Visa are listed below.

Already Closed Funds

Monarque Portugal L1 Fund

  • Investment Strategy: Yielding commercial real estate, bonds, and equities
  • Minimum Investment Amount: €350,000
  • Fund Maturity: 10 years
  • Subscription Deadline: November 2021


Portugal Yield Fund

  • Investment Strategy: Diversified yielding real estate
  • Minimum Investment Amount: €350,000
  • Fund Maturity: 10 years (w/ possibility to exit before)
  • Subscription Deadline: April 2021


Rock Capital Fund

  1. Investment Strategy: Residential real estate in Lisbon
  2. Minimum Investment Amount: €50,000
  3. Fund Maturity: 7 years (w/ potential extensions)
  4. Subscription Deadline: October 2021


SIF Investment Fund

  • Investment Strategy: Residential real estate
  • Minimum Investment Amount: €50,000
  • Fund Maturity: 10 years (w/ exit option after 6 years)
  • Subscription Deadline: June 2021


Golden Bridge Fund

  • Investment Strategy: Residential real estate development in Portugal
  • Minimum Investment Amount: €50,000
  • Fund Maturity: 6 years
  • Subscription Deadline: June 2021

[get more information]


  • Investment Strategy: Commercial real estate properties in Lisbon and Porto
  • Minimum Investment Amount: €350,000
  • Fund Maturity: 6 years (w/ potential extensions)
  • Subscription Deadline: January 2021

Vintage Fund

  • Investment Strategy: Ties to a 5-star hotel in Lisbon
  • Minimum Investment Amount: €350,000
  • Fund Maturity: 6 years (w/ potential extensions)
  • Subscription Deadline: April 2021

Aston Gold Fund

  • Investment Strategy: Real estate development and residential and commercial property rentals
  • Minimum Investment Amount: €50,000
  • Fund Maturity: 7 years
  • Subscription Deadline: December 2021

[get more information]

Greytech II Fund

  • Investment Strategy: Opportunistic acquisitions of large companies in Portugal
  • Minimum Investment Amount: €250,000
  • Fund Maturity: 8 years (w/ potential extensions)
  • Subscription Deadline: December 2021

[get more information]

Impacto Fund

  • Investment Strategy: Healthcare companies across Portugal and the rest of Europe
  • Minimum Investment Amount: €250,000
  • Fund Maturity: 10 years (w/ potential extensions)
  • Subscription Deadline: December 2021
  • [get more information]

Inception Fund

  • Investment Strategy: Healthcare companies across Portugal and the rest of Europe
  • Minimum Investment Amount: €250,000
  • Fund Maturity: 10 years (w/ potential extensions)
  • Subscription Deadline: December 2021
  • [get more information]

Portugal Opportunities Fund

  • Investment Strategy: Diversified real estate: student housing, nursing homes, hospitality
  • Minimum Investment Amount: €50,000
  • Fund Maturity: 10 years (w/ exit option at 6 years)
  • Subscription Deadline: December 2021

[get more information]

Are funds safe?

Yes, they are safe. All funds in Portugal are regulated by the Portuguese Securities Market Commission called CMVM.

Each fund is also audited by an independent third party on a yearly basis. 

Nevertheless, it’s best to be handheld by a professional consultancy firm, when analyzing the funds and going through your fund subscription to apply for a Portugal Golden Visa.

How do the fund managers make their money?

Fund managers typically get paid in two ways:

  1. Annual fund management fee:
    • This should be between 1% to 2%, anything below or above is a red flag
    • This will generally only cover the overhead for the team and their work
  2. Performance fee at the end:
    • This should be between 20% to 30% of the profits, anything above is a red flag
    • This is the actual incentive that your fund managers will have to build a well-performing portfolio

Should I use a professional?

  • Technically, you can go through the process all by yourself.
  • However, I strongly recommend you use a professional consultancy firm, as well as a legal professional.
  • I would advise you to steer clear of “one-stop-shop” consulting firms that claim to have a lawyer within the firm.  
  • An investment professional should help you with your investment and possibly walk you through your application process. 
  • A legal professional should perform all the due diligence and submit the actual applications.  
  • Having these mixed up may leave you exposed to in the middle of a conflict of interest.
Investment StrategyFund MaturitySubscription DeadlineMinimum Investment Amount

ActiveCap I


Invest in Portuguese companies
with growth opportunities and with
an R&D component

10 years



Black Bull Fund





BlueCrow Fund

Diversified yielding real estate:
Retail, agricultural, industrial, hospitality

7 years

December 2022


CGA Fund

Diversified real estate in Portugal and the US:
Hospitality, residential, retail, retirement

6 years
(w/ potential extensions)

December 2022



Residential real estate in Portugal and
major funds in Europe

7 years
(w/ potential extensions)

May 2022


Impact Now Fund

Early-stage impact startups

10 years

12 July 2023


Indico Blue

Ocean-related startups and SMEs

10 years

September 2023


New Edge Fund

Real estate and bonds

10 years
(w/ possibility to exit after 6 years)

March 2022



Luxury real estate in Portugal and
Mediterranean countries

6 years
(w/ potential extensions)

February 2022


PelaTerra Fund

Yielding agricultural real estate

7 years

March 2022


Planeur Portugal Fund

Real estate, Eco-Tourism, Eco-Agriculture,
Technology, and Manufacturing

10 years

October 2022


Prima Capital Fund

Short Term Residential Real Estate



€150,000 for Senior Eqty 
€500,000 for Junior Eqty

Sustainable Innovation Fund

Mid-size Portuguese companies focused on
sustainability and social impact

7 years

June 2022


Portugal Gateway Fund

Opportunistic acquisitions of
companies with growth potential

10 years
(w/ option to exit after 5 years)

November 2022



Private healthcare companies: clinics and hospitals

10 years

December 2021


Participating In Portuguese Funds: How It Works

Choose an investment advisory firm and a legal firm.

Get your NIF number and open a Portuguese Bank Account.

Meet with funds and choose the fund/s you will invest in.

Prepare the application and KYC documentation needed for fund subscription.

Transfer your funds to your bank account and then to the fund/s.

Complete fund subscription.

Submit your Golden Visa application to SEF and set your biometrics appointment.

Obtain your Portugal Golden Visa card & renew when the time comes.

2023 Changes to the Portugal Golden Visa Portugal Rules

The Portuguese Golden Visa program is facing some serious changes in late 2023. The Portuguese government:

  • Eliminated the below investment options from being eligible for a Golden Visa:
    • All real estate acquisitions (€500,000, €400,000, €350,000, €280,000)
    • Real estate related fund investments of €500,000
    • Capital transfer of €1,500,000
  • Restriction of location in the real estate investment option pertaining to the Golden Visa program.  In light of this restriction, residential properties in urban areas such as Lisbon and Porto are excluded. Only property investments in interior territories of Portugal qualify for the Golden Visa program. No restrictions are applied for commercial properties though.

One of The Blogler community members obtained a Portuguese Golden Visa through the fund option. She contributed a case study detailing her process, check it out here.

When Did the Fund Option Become Available for Portuguese Residency?

The investment fund option was always in existence.  However, the minimum investment amount was lowered from €500,000 to €350,000 in 2018.  With that, more and more qualifying funds started appearing on the market, as of 2019. 

Then, in 2022, the fund option threshold popped back up to €500,000.

Finally, in 2023, the fund option got restricted to Private Equity and Venture Capital funds that are not involved in real estate.

What other Investment Methods qualify me for a Golden Visa in Portugal?

Portugal’s Golden Visa program is strongly associated with a residency by property investment. However, there are other available types of investments that are just as attractive, if not more.

  These investment methods include:

  • Creation of 10 jobs in a Portuguese company,
  • Participation of €500,000 or more in Portuguese Investment Funds or Venture Capital,
  • €350,000 or more of an Investment in Scientific Research,
  • €250,000 or more of an Investment in Artistic Production and Conservation of Cultural Heritage.

Frequently Asked Questions

What is the Portugal Golden Visa Fund option?

The legal definition of the option on the SEF Legislation is as follows:

“Capital transfer of the amount of €500,000, or higher, for the acquisition of units of investment funds or venture capital fund of funds dedicated to the capitalization of companies, capital injected under the Portuguese legislation, whose maturity, at the moment of the investment, is, at least, of five years and, at least, 60% of the investments are realized in commercial companies with head office in national territory; ”

What are the types of Investment Funds in Portugal?

There are a number of different investment fund types available, which qualify for the Golden Visa.  These types include:

  • Real Estate Funds; mainly invest in real estate (these are no longer eligible as of late 2023)
  • Securities Funds; mainly invest in stocks
  • Venture Capital Funds; mainly focus on startups and other companies

The risk levels and strategies of each type of fund vary widely.  

Why did Portugal come up with the fund option for Golden Visa?

The Portuguese government has two main objectives in enabling the investment fund method within the Golden Visa program.  These are:

  • To attract international capital to tangible assets, companies, and the stock market through the various funds,
  • To encourage the formation of new funds, particularly in strategic sectors, stimulating the economy in Portugal.

How much do I need to invest in a Portuguese fund to be eligible for the Golden Visa?

Until December 31st, 2021, the minimum investment amount required for the investment fund option of Golden Visa was €350,000. To qualify for residency through Portugal Golden Visa in 2023, the minimum amount of investment is €250,000.

In comparison to some of the other popular investment methods such as  €1.5 million capital transfer, the minimum investment required for the investment fund is rather low.

Is there any management hassle with my fund investment?

The acquisition of subscription units in a Portuguese fund is simple and fast.  Particularly when the process is compared to some of the other investment options like urban rehabilitation real estate investment, set up of Portuguese companies, or generation of jobs in Portugal.

It is sufficient to provide a document issued by the fund manager to the SEF and apply for the Golden Visa.  In each available fund, there is an authorized fund management company, which implements the fund strategy in assessing, closing, and managing the investments made by the fund. In other words, you can enjoy the passenger seat, while the car is driven by a professional.  No tenants, termites, or unpaid rents to deal with.

What additional costs will I be faced with when subscribing in a Portuguese fund?

Subscription in a Portuguese fund has little additional costs, compared to some other investment options.

Buying real estate in Portugal involves a number of costs.  These include the Municipality Property Transfer Tax (IMT), stamp duty, notary fees, and legal fees.  Additionally, there is a Municipal Property Tax (IMI), which needs to be paid on an annual basis.

As for the funds, there will be no IMT or IMI taxes, nor any stamp duty.  You will also be looking at relatively lower notary fees and legal fees. Some funds have an upfront subscription fee. Almost all funds have a yearly management fee.  The annual management fees typically range between 1%-2%.  Overall, this means the initial subscription to a fund saves you %7-%8 on top of the investment amount.

What is typically the ROI and the Capital Gains on Portuguese private equity funds?

Depending on the risk appetite, the investment strategy, and the investment type, the funds may generate a handsome return.  These returns may realize on an annual basis and/or at the maturity date of the fund.

The annual target return for investment funds differs between funds. However, it would not be unusual for the projected returns to range between 3% to 10% depending on the fund.  Some funds choose to distribute annual dividends, while some choose to accumulate and distribute the earnings at the exit.  Most funds, however, do both.

In most cases, if the fund manages to make a positive earning at maturity, the fund management will have a performance fee.  This makes sure that the incentives of the fund management is aligned with that of the investors/subscribers. 

Can I invest in more than one fund, as long as the total amount I invest is €500,000?

Yes.  You may diversify your investments and invest in as many funds as you want.  As long as the total amount you invest is at least €500,000, you qualify to apply for Golden Visa Portugal.  The only thing you should watch out for are your legal fees, which will increase exponentially, the more funds you apply for.

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