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Our Golden Visa Funds Guides will help make things clearer.
We’ve prepared resources to help explain and simplify the process. Take your time to read through the information below or, if you prefer, schedule a video call.
What is the Golden Visa?
Before we dive straight into the Golden Visa Funds it might be helpful for us to explain the core concept of the Portuguese Golden Visa program first. If you’re already familiar with the Golden Visa then feel free to jump to the next section –
What is a Golden Visa Fund?
The Golden Visa is a Citizenship By Investment program that allows non-EU nationals to obtain Portuguese residency and citizenship through various investment channels. Those who hold a Portuguese Golden Visa are granted the freedom to live, work, and study in Portugal and throughout Europe as well. After five years, applicants are also eligible to apply for Portuguese citizenship.
The Golden Visa was introduced in Portugal in 2012 and has been extremely popular with applicants from all over the world. In just over a decade, Golden Visas in Portugal have been granted to approximately 13,000 applicants and more than 20,000 family members while the total value invested exceeds €7.3 billion.
Why has Portugal’s Golden Visa proven to be so popular?
The process to obtain a Portuguese Golden Visa
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The Portuguese Golden Visa Timeline
Year 0
Golden Visa is issued.
Valid for 2 years.
Year 1
Golden Visa is issued.
Valid for 2 years.
Year 2
First renewal at the end of Year 2. SEF/AIMA will check you've maintained your investment and the minimum stay requirement.
Golden Visa valid for another 2 years.
Year 3
Golden Visa is issued.
Valid for 2 years.
Year 4
Second renewal at the end of Year 4. SEF/AIMA will check you've maintained your investment and the minimum stay requirement.
Golden Visa valid for another 2 years.
Year 5
Eligible to apply for permanent residency or citizenship otherwise opt for a 2-year GV extension in Year 6.
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What kind of investments qualify me for the Golden Visa in Portugal?
The Golden Visa rules changed in October 2023. The table below shows a list of the eligible Golden Visa investment routes currently available.
Golden Visa Funds
Rules from October 2023
*Where the incorporated business must create at least five full-time jobs for a minimum of three years
What is a Golden Visa Fund?
In November 2018, the Portuguese Government amended the Golden Visa legislation to allow applicants to invest via a new route – the Golden Visa Investment and Venture Capital Funds.
In order to qualify, the investment fund or venture capital fund must be registered in Portugal and have at least 60% of its capital invested in Portuguese-registered companies. Golden Visa Funds invest into a variety of sectors including growth businesses, stocks & bonds, renewable energy, technology, agriculture, and other start up ventures. Some funds choose to specialise whilst others tend to diversify. It is important to carefully review the characteristics of each Golden Visa Fund and decide which one you feel most comfortable with.
What are the benefits of the Golden Visa Funds?
You’re probably curious about the benefits of investment into a Golden Visa investment fund so we’ve laid out the most significant ones below:
How can the Golden Visa benefit you?
Book a free Discovery Call to see how the Golden Visa could benefit you and your family.
Who can invest in a Golden Visa Fund?
The official government decree states that a Golden Visa Fund applicant is eligible to apply via a...
Capital transfer of the amount of 500 thousand Euros, 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.
In certain cases, the funds may demand additional information which would require the applicant to:
Be a ‘qualified investor’ which usually relates to total wealth and a knowledge of financial instruments and investment products
Prove the source of funds
Three elements to look for
What to look for in a
Golden Visa Fund?
We believe there are three key elements you need to evaluate when selecting a fund. They are Eligibility, Credibility and Profitability.
1 Eligibility
Not only should you ensure the fund is regulated by the CMVM (full list here) but you must also confirm that it meets the requirements established by SEF (See Subparagraph vii). It is recommended that you ask the fund manager the following questions:
Is this fund regulated by CMVM?
Is the fund eligible for Golden Visa applicants as per the criteria set forth by SEF?
If I were to invest now, are the funds’ characteristics (e.g. term, investment strategy) aligned with the requirements for Golden Visa applicants in the eyes of SEF?
It’s essential that you hold the investment for at least 5 years and that the fund follows an appropriate investment strategy and complies with the minimum threshold of 60% invested in Portugal in order to maintain its Golden Visa eligibility.
2 Credibility
Once you feel comfortable with all the above, the next step is to assess the Credibility of the Golden Visa funds that you’re considering. You should investigate:
The fund managers – Do they have the relevant experience and a track record for success? Are they qualified to lead the fund in this particular sector?
The legal framework – Are the legal documents in line with what’s required to operate the fund accordingly and to protect your investment? We highly recommend appointing a lawyer to assist with this entire process and they should carry out due diligence on your behalf.
It’s essential that you hold the investment for at least 5 years and that the fund follows an appropriate investment strategy and complies with the minimum threshold of 60% invested in Portugal in order to maintain its Golden Visa eligibility.
3 Profitability
After you have established that a fund is both eligible for the Golden Visa and credible in terms of its fund managers and legal framework, you will then need to review the security and potential upside to your investment. Funds operate in many different ways to it’s not always possible to compare them perfectly but the key points are:
Overall strategy – Is the fund’s chosen sector promising and does the investment strategy and risk profile seem appropriate for you? How long will your investment be tied up and how do they plan to return it to you? I.e. What is their exit strategy?
Annual dividend payable – Most funds will offer an annual dividend for the duration of the term. Some are fixed and others are variable depending on the commercial conditions of the fund. It’s important to consider these returns in the context of the wider picture when making your decision.
Capital upon exit – At the very least, you will expect to have your original investment returned to you. In addition, the fund may offer a portion of the profits made throughout the lifetime of the fund.
*This is a reminder that we are not financial advisors and do not intend to give any financial advice or specific recommendations related to funds. If you would like to invest in a fund or if you have some questions, we can introduce you to a specialist.
Due to changes in the Portuguese Golden Visa legislation in October 2023, Golden Visa-eligible funds are now by far the most popular investment route for potential investors The table below highlights the key features of investing in a Golden Visa fund.
Golden Visa Funds
Why invest in a
Golden Visa Fund?
If you’re still unsure as to which kind of investment you should make to obtain your Golden Visa, the list on the right highlights some key factors which point to why a Golden Visa investment fund may be the best option for you.
Starting your own company in Portugal isn’t a logistically viable option
You don’t want to run a business and manage a team of 10 people
You want a hands-off, hassle-free route to your Golden Visa
Having expert investors managing your money is a more comfortable solution
How to choose the right Golden Visa Fund for you?
It is important to review and compare the various Golden Visa Investment Funds in order to understand how they work and decide which of them may be best suited to your preferred investment strategy and risk profile.
1 Sector
A fund's chosen investment sector should play a key role in your investment decision.
Golden Visa Funds are permitted to invest across a range of sectors and the variety of funds is increasing as the overall ecosystem becomes more mature.
As of October 2023, Golden Visa Funds can no longer invest in traditional real estate but fortunately, there is a selection of top funds exploring opportunities in agriculture, biotech, eco-tourism, food retail, growth businesses, and venture capital.
Impact investing or ESG investing is starting to play a bigger role in Golden Visa Funds' investment principles and strategies.
Golden Visa investors should consider which sectors they feel most comfortable with and think about whether environmental and social investment principles form part of their investment decision.
2 Risk Profile
It is vital for Golden Visa investors to align their appetite for risk with the corresponding risk profiles of each of the Golden Visa Funds. We use three labels:
Conservative - The least risky profile. These are usually yield-generating funds (e.g. logistics centres & agriculture) which typically have a lower returns and lower upside potential. Conservative funds appeal to Golden Visa investors focused on capital preservation rather than profits.
Moderate - Medium-risk. Most funds fall into this category as they try to balance medium returns via development projects & growth-business investments. Moderate funds appeal to Golden Visa investors who want to generate healthy returns on their investment.
Ambitious - The most risky profile with the highest upside potential. Usually reserved for pure venture capital funds that are focused on startups & new technologies. Ambitious funds make educated bets on pioneering businesses with big breakout potential & they appeal to Golden Visa investors who are comfortable risking their capital for higher returns.
Note: Funds with the same risk profile may not operate in exactly the same way so it's important to investigate their strategies closely. Some Golden Visa Funds consider themselves to work across two risk profiles - e.g. Conservative/Moderate or Moderate/Ambitious
3 Diversification
Golden Visa investors are permitted to spread their €500,000 investment across multiple funds but you may also find the diversification you need within a single fund that has made diversification a core element of their investment strategy.
Diversifying your Golden Visa investment is an important consideration because it allows you to blend sectors, risk profiles, and, in some cases, different geographical markets.
Keep in mind that investing in multiple Golden Visa Funds will require more paperwork and could slow down your application process. Most Golden Visa applicants limit their investments to just one or two funds.
Need some assistance? We're here to help.
Our team of experts and legal partners are available for a free Discovery Call to evaluate your situation and offer personalised Golden Visa guidance.
