What Are Open-Ended Funds? A Guide for Golden Visa Investors
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Understand how open-ended funds work for Portugal’s Golden Visa. Learn why GoldenVisaFundsPortugal.com recommends the Oxy and Optimize funds for flexibility, liquidity, and long-term stability.
Intro
When investing for Portugal’s Golden Visa, choosing the right fund structure is as important as choosing the fund itself. Among the options available, open-ended funds stand out for their flexibility, liquidity, and investor-friendly features — particularly for those planning a long-term route to residency and citizenship.
At Golden Visa Funds Portugal (GVFP), we promote two open-ended funds — Oxy Capital and Optimize Investment Partners — both fully regulated by the CMVM and designed to meet Golden Visa eligibility while maintaining investor liquidity and professional management.
👉 Explore our complete list of regulated and vetted funds in the Portugal Golden Visa Hub
Key Point | Details |
|---|---|
Program Status | Active and accepting new applications (2025) |
Main Route | Fund investment (real estate route closed) |
Minimum Investment | €500,000 (regulated fund) |
Stay Requirements | 7 days in the first year, 14 days every two years |
Citizenship Eligibility | After 5 years (proposal for 10 years not yet law) |
Recommended Funds |
What “Open-Ended” Means
An open-ended fund continuously accepts new investors and allows existing investors to redeem their shares on a periodic basis (subject to fund rules). This flexibility makes them ideal for Golden Visa investors who want both residency compliance and liquidity.
In contrast, closed-ended funds have a fixed capital pool and do not permit redemption until the fund’s maturity (usually 7–10 years).
Why Open-Ended Funds Are Appealing for Golden Visa Investors
Liquidity & Flexibility — Investors can redeem part or all of their investment (after a defined period), providing freedom if financial goals or life plans change.
Professional Management — Both Oxy Capital and Optimize funds are managed by licensed teams under CMVM supervision, offering active portfolio oversight.
Regulatory Compliance — Fully Golden Visa-eligible, meeting the €500,000 minimum investment threshold and all residency program standards.
Diversification — Typically, these funds invest across asset classes such as bonds, equities, and private debt — reducing concentration risk.
Ideal for 5-Year Citizenship Planning — Since investors may wish to maintain exposure only for the required residency period, open-ended structures align perfectly with this timeframe.
Feature | ||
|---|---|---|
Structure | Open-ended | Open-ended |
Manager | Oxy Capital S.A. | Optimize Investment Partners |
Focus | Portuguese SME growth, innovation, and credit strategies | Balanced portfolio of fixed income & equities |
Minimum Entry | €500,000 (Golden Visa compliant) | €500,000 (Golden Visa compliant) |
Liquidity | Periodic redemptions allowed (per fund rules) | Periodic redemptions allowed (per fund rules) |
Investor Profile | Those seeking exposure to real-economy projects with strong management | Those preferring a diversified, lower-volatility exposure |
Regulation | CMVM-regulated | CMVM-regulated |
Both funds are actively managed and designed to comply fully with Golden Visa investment requirements while providing flexibility that most closed-ended funds cannot offer.
Stage | Key Action | Fund Relevance |
|---|---|---|
Application | Invest €500,000 in a regulated fund | Oxy & Optimize are fully eligible |
AIMA Processing | Provide proof of subscription | Fund managers issue certified proof |
Residency Phase | Maintain investment for 5 years | Liquidity ensures flexibility for exits or reallocation |
Citizenship Application | Apply after 5 years | Open-ended fund redemptions can align with exit timing |
Internal Links
Explore the latest fund listings & performance data in our Fund Explorer.
For country-wide context, see Residency & Citizenship Comparison: Portugal vs Spain, Malta & Greece.
FAQs
Q1: Are open-ended funds riskier than closed-ended funds?
A: Not necessarily. Open-ended funds must maintain liquidity buffers and diversified holdings. Their risk depends on strategy and management, not structure alone.
Q2: Can I redeem my investment before 5 years?
A: Technically yes, though you must maintain the minimum €500,000 investment to keep your Golden Visa active until you reach citizenship eligibility.
Q3: Are Oxy and Optimize officially Golden Visa eligible?
A: Yes — both are CMVM-regulated and structured to meet Portugal’s Golden Visa requirements.
Q4: What happens if the Golden Visa program changes?
A: Existing investors are usually protected (“grandfathered”) under the rules active at the time of their application.
Q5: What are the fees or costs involved?
A: Fund management fees typically range between 1–2% annually, plus legal and application fees (around €10–15k total).
Choosing the right fund is critical for both compliance and performance. GVFP’s in-house experts review every fund’s regulation status, management team, and liquidity profile to ensure alignment with your goals.
👉 Contact GVFP today to:
Receive a tailored shortlist of open-ended and closed-ended funds.
Compare the Oxy & Optimize funds side-by-side.
Email: hello@goldenvisafundsportugal.com
Pedro Lopes
Partner at goldenvisafundsportugal.com
Pedro Lopes is a seasoned real estate professional with over a decade of entrepreneurial experience. As a partner at goldenvisafundsportugal.com, Pedro brings extensive expertise in the Portuguese Golden Visa program, with a particular focus on the fund investment route.
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