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How to Select a Golden Visa Fund in 2025: Complete Investor's Guide

Published date:
August 1, 2025
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Updated on:
August 1, 2025
Dean Fankhauser
Written by:
Dean Fankhauser
Reviewed by:
Radica Maneva
How to Select a Golden Visa Fund in 2025: Complete Investor's Guide
Our Editorial Standards:

We use the highest editorial standards at Movingto by ensuring every article is written by a qualified lawyer or immigration expert and fact-checked by a Portugal licensed lawyer. Learn more about our Editorial Process.

Looking to get a residency visa by investing, but not keen on buying property? You’re not alone.

More and more applicants now favour the Portugal Golden Visa investment route via regulated funds, avoiding the hassle tied to owning property.

This investment fund option is growing fast, especially in places like Portugal, where Portuguese investment funds are regulated, tax-efficient, and hands-off.

But here’s the catch: not all Golden Visa funds are created equal.

Choosing the right one is about more than just getting a residence permit. It’s about protecting your money, making sure the fund is compliant, and working with a credible fund manager. And with so many options, venture capital funds, private equity, real estate-related funds, and more, it’s easy to feel overwhelmed.

That’s where this guide comes in. We’ll show you exactly how to select a Golden Visa fund, what to avoid, and how to spot the best opportunities, whether you're focused on immigration, returns, or both.

Need Help Choosing the Right Golden Visa Fund?

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What Is a Golden Visa Fund?

investment fund business meeting
What is a Golden Visa Investment Fund

A Golden Visa fund is a qualifying investment vehicle that allows foreign nationals to gain residency, and in some cases even citizenship, by placing capital into a government-approved investment fund, rather than buying property.

In plain terms: instead of purchasing real estate, you invest in a professionally managed fund that meets the legal and financial standards of a country’s Golden Visa program. This model is particularly common in Portugal, where Portugal golden visa funds are a key part of the Portugal Golden Visa Program.

So, how is this different from traditional property-based Golden Visa options?

Fund investments are designed for those who prefer a more passive approach. Licensed professionals handle funds, while property may involve upkeep, legal management, and unpredictable costs. They also allow you to spread your invested capital across a broader market, often with exposure to multiple sectors.

Why funds?

They're often hands-off, tax-efficient, diversified, and professionally managed, a smart alternative for Golden Visa investors who don’t want the hassle of real estate.

The types of funds available under various programs vary, but common categories include:

Venture Capital Funds These back early-stage startups and high-growth companies across emerging industries.
Private Equity Funds These focus on scaling or acquiring established businesses, often over a longer time horizon.
Real Estate-Related Funds These invest in residential or commercial property developments, rental income portfolios, or asset-backed projects.
ESG and Sustainability-Focused Funds Targeting projects that prioritise environmental, social, and governance standards alongside financial returns.
Diversified & Alternative Funds Some include exposure to bonds, infrastructure projects, or foreign financial institutions.

Each fund follows its own investment strategy, has different risk levels, and comes with specific requirements under the local Golden Visa application process.

Countries That Offer Fund-Based Golden Visas

While Portugal may have popularised the Golden Visa funding route, several other countries offer similar opportunities.

If you’re considering investing for residency or citizenship, it’s important to understand how different programs compare.

Below are some countries that allow Golden Visa investments via regulated funds, along with how their terms differ.

🇬🇷 Greece

Greece’s Golden Visa allows investments in real estate investment companies, mutual funds, and occasionally private equity funds.

The entry point is typically €500,000, but unlike Portugal, investors must hold the investment indefinitely to maintain their residency status.

Citizenship is possible after seven years of continuous legal residency.

🇪🇸 Spain

Spain permits a €1 million investment into financial assets such as investment funds or shares in Spanish companies.

While not as commonly used as real estate routes, it remains a valid path.

The residence permit can be renewed every two years, with the investment option to apply for citizenship after ten years.

🇵🇹 Portugal

Portugal Golden Visa Guide

Click to Read

Portugal was one of the first countries to offer the Golden Visa investment fund option for investment funds as a real alternative to property.

Investors can place a minimum investment of €500,000 into Portugal investment funds regulated by the Portuguese Securities Market Commission (CMVM), with a pathway to Portuguese citizenship after five years.

The fund manager must meet strict compliance standards.

🇦🇪 United Arab Emirates (UAE)

The UAE offers long-term residency visas linked to public investment funds or government-approved business initiatives.

A capital transfer of AED 2 million (approx. €500,000) into designated funds can lead to a 10-year visa.

However, this program does not automatically lead to citizenship, and eligibility depends on specific economic contributions.

🇮🇪 Ireland & 🇮🇹 Italy

Both Ireland and Italy offer investment-based immigration routes.

  • Ireland allows investment in approved Irish funds, including external fund management companies.
  • Italy’s Investor Visa permits fund investments in innovative startups or strategic businesses.

In both cases, careful structuring and clean criminal records are required, and residency must be maintained for several years before naturalisation is possible.

Key Criteria for Choosing a Golden Visa Fund

Legal Eligibility & Regulatory Compliance

golden visa fund lawyers
Golden Visa Investment Fund Lawyers

Make sure the fund is officially authorised and approved under the Golden Visa rules of the country in question.

It’s not enough for a fund to simply be based in Portugal or Greece; it must meet strict criteria set by financial authorities and immigration regulators.

For example:

  • In Portugal, funds must be registered with the CMVM
  • In Greece, approval typically comes through the Hellenic Capital Market Commission (HCMC).

These bodies ensure the fund adheres to regulations, uses licensed managers, and provides transparency in how your capital invested is handled.

🚩 Red flag: Avoid any fund that claims to “qualify” without documentation or that’s run by entities not recognised by national financial regulators. If it’s not listed with the relevant commission, it’s a gamble.

When in doubt, request proof of registration and fund approval directly from the manager and verify it with the regulator’s website if needed.

Not Sure If a Fund Is Fully Approved?

We help investors verify fund eligibility, regulatory status, and compliance — before they commit. Don't take chances with your Golden Visa investment.

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Investment Strategy & Sector Focus

Golden Visa funds vary widely in what they invest in and the strategy behind them.

Some are built around real estate, offering more predictable returns. Others target startups (venture capital) or growth-stage businesses (private equity) or focus on ESG, like green energy or social impact.

Ask yourself:

  • Do I prefer stable income, or am I open to higher-risk, higher-return strategies?
  • Am I comfortable with exposure to a single sector, or do I want broad diversification?

Request a fund summary or slide deck. A credible fund should clearly explain:

  • What sectors it targets
  • How capital will be deployed
  • What kind of returns it is aiming for

If the strategy is vague or overly broad, that’s a red flag.

Track Record & Fund Manager Reputation

A fund is only as strong as the team behind it.

Before committing, take a moment to vet the fund manager. Look beyond the branding and ask questions that reveal whether they actually know what they’re doing.

Here’s what to check:

  • Years of experience managing investment funds
  • Previous successful funds (not just in the Golden Visa space)
  • Sector expertise: Do they have a background in real estate, startups, or finance?
  • Skin in the game: Are they personally co-investing?

If a manager avoids specifics, gives vague timelines, or lacks experience managing third-party capital, proceed cautiously.

Transparency & Governance

A well-run Golden Visa fund should be transparent about how your money is managed — full stop.

Here’s what to look for:

  • Quarterly investor reports
  • Access to audited financial statements
  • An independent fund administrator or custodian overseeing operations

These checks exist to protect investors, especially those who aren’t based locally and can’t monitor things in person.

Fees & Cost Structure

Golden Visa funds often come with multiple layers of government fees, some transparent, others... less so.

Here are the common ones to expect:

  • Management fee – typically 1–2% annually
  • Performance fee (carry) – usually 10–20% of profits
  • Subscription or setup fee – a one-time fee when you enter the fund
  • Admin or custody fees – smaller ongoing charges

💡 Recommendation: Always request a full fee schedule upfront. Hidden costs can eat into your returns over time.

Fee Type Typical Range Purpose
Management Fee 1% – 2% per year Covers ongoing fund operations and manager salaries
Performance Fee 10% – 20% of gains Incentivises the manager to maximise returns
Subscription Fee 0.5% – 3% (one-time) Upfront entry cost into the fund
Admin/Custody Fees 0.2% – 0.5% annually Third-party oversight and fund administration

Fund Duration, Lock-in Period & Exit Terms

Golden Visa funds are typically closed-end, meaning your money is tied up for a set period, often 6 to 10 years.

But here’s where it gets tricky: that timeline doesn’t always align with the residency or citizenship schedule.

For example:

  • You might qualify for citizenship in 5 years.
  • But the fund may not return capital until year 8

This mismatch can affect your liquidity and long-term planning.

💡 Choose a fund that’s either:

  • Tailored to the Golden Visa timeline
  • Or offers partial redemptions / a clear early-exit clause

And always clarify: When can I get my money back, and under what conditions?

Risk Profile & Diversification

Every fund carries a level of risk, and no, not all risks are created equal.

Some Golden Visa funds aim for capital preservation; others are structured around growth or speculative returns. The question is: how much risk are you willing to take?

A real estate-linked fund might provide more stable returns, but with lower upside. On the other hand, venture capital or emerging market-focused funds may offer the potential for higher gains, along with higher volatility.

Diversification is also key. A fund that invests in multiple sectors or geographies is generally more resilient than one tied to a single asset or project. It's also worth checking whether currency exposure plays a role, especially if your income is in USD or GBP but the fund operates in euros.

Ultimately, your risk appetite should match the fund’s structure, and the fund manager should be upfront about what kind of investor the product is designed for.

Tax & Currency Implications

Before choosing a Golden Visa investment fund, it’s important to understand how taxes and currency shifts could affect your returns both in the country you're investing in and at home.

Some countries, like Portugal, offer favourable tax regimes for foreign investors. Under the Non-Habitual Residency (NHR) scheme, for instance, certain types of foreign income, including gains from a qualifying investment, may be exempt from Portuguese taxation for up to 10 years. But this doesn't mean you're fully off the hook; your home country might still tax your income or capital gains.

You’ll also want to consider currency exposure. If your assets are in USD or GBP and you're investing in euros, unfavourable exchange rates could eat into your gains or, conversely, amplify them.

💡 Best practice: Speak with a cross-border tax advisor before investing. A 1% shift in exchange rates or tax treatment can make a meaningful difference to your real return, especially when you're investing €500,000 or more.

Fund-Based Golden Visa Programmes Compared

Country Route Type Min. Investment Residency Required Time to Citizenship Dual Citizenship Allowed Fund Types Allowed Visa-Free Travel Access
🇵🇹 Portugal Golden Visa (RBI) €500,000 ~7 days/year 5 years ✅ Yes VC, PE, Regulated Funds Schengen, EU
🇬🇷 Greece Golden Visa (RBI) €500,000 ❌ Not required 7 years ✅ Yes Mutual Funds, RE Funds Schengen
🇪🇸 Spain Golden Visa (RBI) €1,000,000 ❌ Not required 10 years ❌ (Limited) Investment Funds, Business Equity Schengen
🇦🇪 UAE Investor Visa (LTR) AED 2M ✅ Required (flexible) Not automatic ✅ Yes Public Investment Fund GCC, strategic countries
🇮🇪 Ireland Immigrant Investor Programme €1,000,000 ✅ Required 5 years ✅ Yes Approved Irish Funds EU
🇮🇹 Italy Investor Visa (RBI) €250,000+ ✅ Required 10 years ✅ Yes Startups, Strategic Funds Schengen, EU

As you can see, while multiple countries offer fund-based residency paths, the rules, timelines, and investment types vary widely.

Choosing the right country and the right fund depends on your goals, whether that’s fast-track citizenship, visa-free travel, or long-term capital growth.

Red Flags to Avoid

Not every Golden Visa investment fund is what it claims to be.

In fact, some are designed more for marketing than for investor protection. If you're evaluating investment options, keep an eye out for these classic red flags:

🚩 “Guaranteed” returns No legitimate fund can promise fixed returns. If it sounds too good to be true — it probably is.
🚩 No proof of regulation Always ask for documentation showing the fund is authorised by the local financial regulator (like CMVM in Portugal).
🚩 Complex ownership structures If it’s hard to figure out who’s actually running the fund — walk away.
🚩 Very short or open-ended terms Proper funds are structured around clear timelines. Anything too vague or flexible may not align with Golden Visa rules.
🚩 Only one investor or project in the fund Lack of diversification or institutional involvement is a big risk factor.

These red flags aren’t just technicalities; they’re often the difference between a safe, qualifying investment and a costly mistake. Unfortunately, many first-time Golden Visa investors are lured in by flashy promises or pressured to make quick decisions without proper vetting.

If you're unsure whether a fund is legitimate, take a step back. A few smart questions now could save you from years of complications or worse, a rejected Golden Visa application.

Best Golden Visa Lawyers

Speak to a Specialist

Due Diligence Checklist

Investing in a Golden Visa fund isn’t just about getting a residency card; it’s also about protecting your capital. The responsibility to dig deeper falls on you. Yes, fund managers will pitch their strengths.

Yes, you’ll hear about “government approval” and “low risk.” But unless you see real documentation, it’s just marketing.

Before committing, run through this checklist to make sure you're backing something solid:

How to Get Help Choosing the Right Golden Visa Fund

Choosing the right Golden Visa fund isn’t just a matter of checking a few boxes.

Between regulatory rules, financial structures, risk levels, and long-term goals, it can quickly become overwhelming, even for seasoned investors.

That’s where expert guidance makes all the difference.

Our team works exclusively with Golden Visa applicants and has helped hundreds of families evaluate their options, compare funds, and avoid costly missteps.

Whether you're just beginning to explore the idea or already reviewing fund brochures, we’ll help you cut through the noise and move forward with confidence.

A quick consultation can help you:

  • Understand which fund types match your personal goals (income, growth, diversification)
  • Get clarity on legal eligibility and how immigration rules apply in your case.
  • Navigate tax considerations, structuring, and cross-border implications
  • Review documents and deadlines to make sure nothing’s missed

Need Help Choosing the Right Golden Visa Fund?

Call us in Portugal: +351 962 591 995 Call us in Spain: +34 699 921 707
Speak to an Expert

Conclusion

Choosing the right Golden Visa fund isn’t just about ticking boxes for residency; it's about where and how you want to grow your capital. This decision blends immigration, investment, and long-term life planning.

Take the time to do your due diligence. Read the fine print. Speak to professionals. But don’t wait forever; these programs can tighten or disappear with little warning, especially as demand rises.

Whether you’re drawn to venture capital, real estate income, or ESG opportunities, the right fund is out there. The sooner you start looking, the more options you’ll have on the table.

Your visa. Your money. Your move—make it count.

Frequently Asked Questions

Can I hold the fund through an external fund management company?

Yes — some Portuguese Golden Visa funds are managed by external fund management companies, often offering additional services like tailored investor support, local legal advice and streamlined onboarding. Always verify these managers are duly authorised by the Portuguese Securities Market Commission (CMVM).

What is the minimum investment amount for fund eligibility?

While a few countries accept lower thresholds by law, most Golden Visa programs require a minimum investment amount of €500,000. Some funds may set higher thresholds for practical reasons (co-investment, minimum fund size), so ask about minimums early in your due diligence.

How can I be sure my investment is a qualifying investment for visa purposes?

A qualifying investment must meet official fund criteria, including investment strategy, domicile of assets, and minimum holding period. Ask the manager for a legal opinion confirming visa eligibility. That fills the gap between marketing claims and actual Golden Visa program compliance.

Are my capital gains taxed in Portugal or at home under fund investments?

Under Portugal’s NHR regime, many foreign-sourced fund gains may be taxed favourably or even be exempt. However, capital gains may still be reportable in your home country. Always consult a tax expert in both jurisdictions to avoid surprises.

Can family members be included in my Golden Visa fund investment?

Yes—most Golden Visa investors include family members (spouse, children, even parents). However, structure your fund subscription accordingly and declare this from the start. Some funds also issue capital transfer documents family-wide, aiding seamless application.

Do I need a Portuguese bank account or tax identification number (NIF) before investing?

Some funds require you to open a Portuguese bank account and obtain an NIF (tax identification number) in advance. This ensures compliance with CMVM regulations and reduces delays in both fund setup and your Golden Visa application.

What fees beyond fund charges should I expect on top of my fund investment?

In addition to the management fee, performance fee, and administrative costs, expect extra costs such as:

  • Legal fees for paperwork and fund acceptance
  • Application and government processing fees
  • Fund subscription fees if taken at the onboarding phase

Make sure you account for all these before committing capital.

How is a “fund portfolio” structured in Golden Visa funds?

The fund portfolio composition varies; some are heavily weighted towards Portuguese companies and real estate, while others are diversified globally. Ask for a portfolio breakdown, review sector exposure, geographic allocation, and third-party custodianship to validate claims.

What happens if the Golden Visa program rules change during my investment period?

Regulations can and do change. Some programs reduce capital thresholds or discontinue funding paths. A well-run fund will adapt its operations and communicate how regulatory changes affect your investment. Choosing a fund with transparent governance helps you navigate these shifts more confidently.

Can non‑financial foreign entities invest in Golden Visa funds?

Yes—both individuals and non-financial foreign entities (such as holding companies or trusts) can sometimes subscribe, depending on jurisdiction. That structure can offer flexibility but comes with added compliance requirements, especially around AML documentation.

How long does the Golden Visa fund process take—from capital transfer to residency?

Timing varies by country, but typically:

  • Fund subscription, documentation, and capital transfer: ~4–8 weeks
  • Golden Visa application processing: 3–6 months

Selecting a fund aligned with the residency timeline avoids misaligned residency status and citizenship eligibility delays.

How does foreign investment play a role in the Portuguese Golden Visa program?

Foreign investment is the cornerstone of the Portuguese Golden Visa program. Rather than relying solely on domestic capital, the Portuguese government strategically encourages international investors to inject funds into regulated sectors, including qualifying investment funds.

These funds are typically overseen by local authorities and must meet specific criteria to be eligible for Golden Visa purposes. For investors, it’s not just about residency; it’s about participating in a structured ecosystem where foreign capital fuels innovation, development, and long-term growth within Portugal.

Are most Portuguese investment funds reviewed by the Portuguese tax authorities?

Yes, most Portuguese investment funds that qualify under the Golden Visa regime undergo regulatory scrutiny, not just from the CMVM (financial regulator), but also from the Portuguese tax authorities.

This helps ensure the fund structure aligns with tax transparency rules and that any benefits extended to foreign investors, like under the NHR regime, are properly applied. While this doesn’t mean all Portuguese funds are automatically low-risk, it does add a layer of oversight that can give investors additional peace of mind.

How we reviewed this article

All Movingto articles go through a rigorous review process before publication. Learn more about the Movingto Editorial Process.

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