Compare Golden Visa Investment Funds

The table below is a snapshot of some of Portugal’s leading Golden Visa investment funds. A more detailed version can be downloaded below.
The information and provided by the fund managers and fund advisors themselves. Please read the Definitions section below to help make sense of all the terminology.
Fund NameInvestment SectorInvestment ProfileMin InvestmentSubcription DeadlineFund LifetimeOpen to US Citizens? 
BlueCrow Growth FundReal Estate (Yielding Assets)Industrial, Agricultural€52,500December 20227 years
Bluetech IIInnovation & GrowthLater stage startups & Solid SMEs with growth potential€100,000May 202310 years
EQTY Global Growth FundReal Estate & Venture CapitalPrime Residential, Branded Residences & Mixed-Use Real Estate / Global Private Equity€100,000September 20238 years
Gaia Investment FundAgricultureWine & Cork - Land Acquisition & Business Development€150,000September 20238 years
impACT NOW FCRImpact InvestingImpact Early Stage Startups€100,000July 202310 years
Indico Blue FundStartups & SMEs in line with UN SDGsImpact Early Stage Startups€250,000June 202210+ years
MedCapital FundHealthcare (Acquisition of Controlling Stakes in Hospitals & Clinics)Consolidation & Operational Optimization€150,000June 20228-10 years
NEXT FundReal Estate (Yielding Assets)Retail - Prime Yielding Assets€200,000June 20226+ years
Odeon Private FundReal Estate (Yield & Development)Residential, Leisure & Hospitality€350,000April 20237 years
Pela Terra FarmlandAgricultureFarmland (Buy & Lease)€100,000January 20237 years
Portugal 88Tourism & Real Estate (Investment & Yield)Luxury Short-Term Rentals€350,000August 20238 years
Portugal Yield Fund IIReal Estate (Yielding Assets)Diversified & Low-Risk Yielding Assets€250,290October 20238 years
Prima Capital FundReal EstateBranded Residences€150,000 or €500,000December 20226+ years
Sustainable Innovation FundHealth & Life Science, Blue Economy, Energy EfficiencyInnovative companies certified by National Innovation Agency, with sustainable competitive advantages€250,000August 20227 years
The Impacto FundReal Estate (Development)Residential, Touristic, Student Accommodation€350,000February 20238 years


Fund Manager
Responsible for implementing the fund’s investment strategy, managing its trading activities, and complying with CMVM regulations.
Fund Advisor
Provides guidance and direction to the fund’s investment strategy. Usually very experienced and highly specialized in a particular sector.
Investment Profile
Refers to the types of investments the fund is targeting within a particular sector. For example, in the case of real estate, there are investment opportunities across a range of profiles – residential, tourism, retail, hospitality, and student accommodation.
Minimum Investment
The value which an investor must commit to the fund in order to enter. Funds that are designed specifically for the Golden Visa usually have a €350,000 threshold but other Golden Visa-eligible funds have minimum investment values starting at €50,000. However, until the end of 2021, the minimum investment amount into funds to qualify for the Golden Visa is €350,000.
Fund Lifetime
Also referred to as Fund Term. This is the period of time that the fund will be open. This total Fund Lifetime is typically split into Subscription Period, Investment Period, and Liquidation Period. It usually stretches from 6 to 10 years. All the funds presented here have declared that they will be operating for a minimum of 6 years so that all of their Golden Visa investors may hold their investment for the required period of time. It is usually possible to extend the Fund Lifetime, if necessary.
Investment Sector
Refers to the market sectors into which the Fund Managers and Advisors intend on investing the fund’s resources. Most Golden Visa funds in Portugal focus on real estate; Yielding Assets are those which have tenants paying a rental income, Developments are those which are purchased, upgraded/value-added, and then sold for a profit. A smaller portion of funds invests into sectors such as technology, agriculture, manufacturing, and Government bonds. Some funds specialize in one sector whilst others diversify between multiple sectors.
Investment Location
Simply states which countries the fund intends to target. Although the majority of funds are focused solely on Portugal, the rules mandate that 60% of the fund’s resources must be invested inside Portugal whilst it is permissible to invest 40% outside Portugal. Most Fund Managers/Advisors who choose to invest a portion of funds outside Portugal have a track-record in those other markets.
Annual Management Fee
A fee paid from the fund’s resources to the Fund Managers and Advisors for their ongoing management work. It typically ranges from 1% to 2.5% and is not subject to performance.
Annual Distribution Target
Refers to an amount that the Fund Managers have set as a target to pay out to investors each year. It is usually expressed as a percentage of the investment amount which is net of fund costs. This figure usually ranges from 3-5% but it’s important to remember that is a target rather than a guarantee.
Performance Fee
The percentage of the final profits distributed to the Fund Advisors at the end of the Fund Lifetime, after the Liquidation Period. It is expressed as a percentage of profits above the Annual Distribution Target. The Performance Fee varies significantly from fund to fund and is typically a commercial decision acting as a reflection of a) how active the Fund Advisors have been during the Fund’s Lifetime, and b) the greater overall profits which are typically associated with such activities. For example, a fund that has focused on actively sourcing, renovating, and selling residential development projects might set a higher Performance Fee than a fund that has focused on passive, yielding real estate assets.
Overall Return Target p.a.
The targeted annualized return paid out by the fund to each investor expressed as a percentage of their initial investment. The figure combines the Annual Distribution Target and the net profit distribution (after deducting the Performance Fee) divided by the number of years invested.
Those funds considered to be more passive and low-risk typically set a lower Overall Return Target p.a compared to the more active, dynamic funds.
Subscription Fee
Refers to the cost paid by an investor when entering into the fund. It is paid in addition to the investment amount and is used to cover administration, marketing, and fund-raising costs. Subscription Fees vary from fund to fund for a number of reasons.
Subscription Period
The maximum period in which the fund will be open to receiving new investment. In some cases, funds may reach their total investment capacity before the formal end of the subscription period and will therefore close the fund to new investment earlier than planned.
Eligible for US Citizens
States whether or not the fund is compliant with the requirements of US investors. All Golden Visa funds presented here have declared that they are compliant and that US Citizens are eligible.

For a more detailed look at the various funds including subscription fees, target investment returns, and performance fees please download the Detailed Fund Comparison

Request the Detailed Fund Comparison in PDF

Enter your details below to get instant access to the free guide.

Request Guide