Portugal now offers a fund-based route that gives investors a regulated, compliant and fully managed way to secure EU residency. This option has become the leading choice since real estate no longer qualifies.
This guide is built for passive investors, families, US taxpayers, and those investing through retirement structures such as 401k and IRA accounts. It explains how funds work, what makes them eligible, and how to navigate the process with confidence.
Portugal Golden Visa funds are regulated investment vehicles that pool capital from multiple investors and allocate it into diversified portfolios, usually through venture capital or private equity structures. Instead of buying a single property, you subscribe to fund units that may invest in areas such as renewable energy, hospitality, healthcare, technology or other productive sectors.
These funds are supervised by the Portuguese Securities Market Commission (CMVM) and, under the post-2023 rules, must avoid direct investment in residential real estate. They are designed to channel foreign capital into productive parts of the Portuguese economy while offering investors a structured, professionally managed route to residency.
Depending on the fund strategy, some Golden Visa eligible funds aim for double-digit annualised performance, with returns linked to sectors such as technology, renewables, and private equity growth.
Most applicants secure residency within this timeframe, subject to AIMA’s current processing capacity.
All eligible funds must be overseen by the Portuguese Securities Market Commission to ensure compliance and investor protection.
Most funds operate on medium-term cycles, offering exit at maturity through liquidation or structured buy-back options.
Golden Visa–eligible funds fall mainly into venture capital and private equity, investing in areas like renewables, technology, healthcare, and diversified multi-asset portfolios. Most follow a standard fee structure with setup, management, and performance components.
• Lower risk: income-oriented or diversified funds.
• Higher risk: early-stage or innovation-focused strategies.
As CMVM-regulated vehicles, they offer a professionally managed alternative to real estate with varied liquidity, return expectations, and investment horizons.
Quick snapshot: These investment vehicles allow foreign investors to qualify for Portuguese residency by subscribing to regulated venture capital or private equity funds. With options ranging from balanced multi-asset portfolios to thematic investment in renewables or digital markets, they offer a lawful, versatile pathway without the need to purchase real estate.
UCITS-compliant open-ended fund combining Portuguese listed equities and bonds, featuring daily liquidity and Golden Visa eligibility.
Open-ended fund with a portfolio of Portuguese bonds (65%) and digital assets (35%). Monthly liquidity, Golden Visa eligible.
Open-ended private equity and venture capital fund focused on special-situations investments in Portuguese SMEs and mid-caps.
Alternative income-focused fund combining Portuguese corporate bonds with global equities and digital assets.
Multi-asset closed-ended vehicle for long-term wealth accumulation via bonds, equities, gold, and deposits.
Closed-ended PE fund focused on SMEs in Portugal’s maritime and coastal sectors, with EIF anchor investment.
Closed-ended fund investing in Portuguese SMEs promoting circular economy and industrial innovation.
CMVM-regulated open-ended AIF with flexible allocation across Portuguese bonds, equities, ETFs, and international securities.
Private clean-energy fund focused on solar infrastructure and battery storage. Designed for impact and Golden Visa compliance.
Open-ended FCR fund offering stable yields through secured and mezzanine debt instruments, designed for income-focused investors.
Explore the main fund categories eligible for the Portugal Golden Visa. Each category offers different risk, sector focus, and liquidity characteristics, helping investors align their strategy with residency goals.
Invest in young, innovative companies with high growth potential in tech, software, and research-driven industries. Suitable for investors who aim for outsized upside and can tolerate early-stage volatility.
View Eligible FundsFocus on mature businesses undergoing expansion, sector consolidation, or operational improvements. Aiming for capital appreciation with structured long-term value creation.
View Eligible FundsIndirect exposure to real estate through fund structures aligned with Golden Visa rules. Includes development financing, asset management vehicles, and diversified real estate portfolios.
View Eligible FundsFunds that lend to companies or structure hybrid instruments, often providing predictable income streams. Appealing to investors seeking lower volatility and recurring returns.
View Eligible FundsA mix of fixed-income instruments and modern digital asset strategies under regulated fund frameworks. Suitable for investors seeking innovation with a structured risk profile.
View Eligible FundsBlends multiple asset classes such as equity, debt, and alternative instruments. Designed to moderate volatility while pursuing stable, long-term performance for residency investors.
View Eligible FundsHow Golden Visa investment funds generate returns, what fees you should expect, and the quiet costs that most brochures do not include.
Most Golden Visa eligible funds project returns of 6 to 15 percent depending on sector, maturity and strategy. Early stage or thematic funds may aim higher.
Income funds distribute periodic dividends while growth funds reinvest profits until exit. Some offer mixed or tiered distribution models.
Expect setup fees of 1 to 3 percent, annual management fees of 1 to 2 percent and carried interest of around 20 percent on profits.
Legal onboarding, banking compliance, FX spreads, transfer fees and third party administration costs can reduce net returns further.
Movingto connects you with a refined list of EU-regulated investment funds, each thoroughly vetted for legal and financial integrity. Our partnerships ensure you're informed, confident, and aligned with the best options for Golden Visa eligibility.
The Golden Visa fund route is streamlined and highly structured. Most of the process can be completed remotely — the only in-person requirement is biometrics. Movingto coordinates NIF issuance, banking, fund onboarding, and compliance so your submission avoids unnecessary delays.
Required for all financial activity in Portugal. Can be issued remotely through a tax representative. Movingto handles this step end-to-end.
Banks require KYC, proof of income, and source-of-funds documentation. This step is the biggest hurdle for most applicants — our banking partners open accounts remotely. Learn more about Portuguese banking.
The fund manager completes identity checks, verifies legal income, and issues subscription documents. Everything can be signed digitally.
After your investment (€500,000 minimum) is cleared, the fund issues a subscription certificate — the core document needed for your Golden Visa submission.
Movingto prepares your full application: background checks, clean criminal record, fund certificate, family documents, and declarations. Submission is fully online.
The only stage that must be done in person. You provide fingerprints, photos and identity verification at an AIMA office. Movingto schedules and accompanies if needed.
After approval, the initial 2-year residence cards are printed and sent. Family members included in the application receive identical rights and validity.
A solid Golden Visa fund is not about marketing promises. A few grounded checks can reveal whether the structure is truly regulated, transparent and aligned with investor protection.
Confirm CMVM registration and an authorised AIFM.
Request the Private Placement Memorandum to understand fees, strategy and risks.
Look for independent audits and proper custody of investor assets.
Review fund maturity, extension clauses and how liquidity is handled at exit.
Check available exit routes such as liquidation, secondary transfers or buyback plans.
Identify potential conflicts of interest between fund managers, developers and banks.
A detailed, unbiased comparison of the top investment fund options for Golden Visa applicants.
| Fund Name | Verified | Min. Investment | Target Return | Structure | Liquidity | Mgmt Fee | Perf Fee | Strategy Type |
|---|---|---|---|---|---|---|---|---|
| Optimize Portugal Golden Opportunities Fund | Verified | €1,000 | Unspecified | Open-ended | Daily (5 days) | 1.8% | 0% | Mixed / Balanced |
| Horizon Fund (Octanova SCR) | Verified | €100,000 | Unspecified | Open-ended | Monthly (15 days) | 2% | 20% | Tech VC |
| Portugal Investment 1 (SC) | Verified | €150,000 | 8–11% p.a. | Open-ended | Not available | 1% | 20% | Private Equity |
| 3CC Portugal Golden Income Fund | — | €100,000 | 7–10% p.a. | Open-ended | Weekly (5 days) | 1.5% | 20% | Fixed Income / Corporate Bonds |
| Growth Blue Fund | — | €100,000 | Unspecified | Closed-ended (10 years) | Not available | 2% | 20% | Private Equity |
| Lince Growth Fund I (FCR) | — | €100,000 | 15–20% IRR | Closed-ended (7 years) | End of term | 0% | 20% | Tech VC |
| Heed Top Investment Fund | — | €100,000 | 5% annually | Open-ended | Daily (5 days) | 1.5% | 20% | Private Debt |
| Solar Future Fund | — | €250,000 | 12% annually | Closed-ended (5 years) | Not available | 2% | 20% | Renewable Energy |
| Lince Yield Fund (FCR) | — | €100,000 | 5% dividends | Closed-ended (6 years) | End of term | 2% | 20% | Fixed Income / Corporate Bonds |
| Fortitude Portugal Special Situations II | — | €100,000 | 15–20% IRR | Closed-ended (4 years) | End of term | 2% | 20% | Private Equity |
Compare full fund profiles with detailed performance data and documentation
View Full Profiles →Fund routes offer a flexible, regulated alternative to property investment with reduced complexity and broader portfolio exposure.
Invest from anywhere without needing to visit Portugal or manage physical assets. The entire process can be completed remotely.
All eligible funds are supervised by Portugal's securities regulator, providing institutional oversight and investor protection.
Gain exposure to multiple companies or projects rather than a single property, spreading risk across sectors and geographies.
Fund returns can be optimised under Portugal's Non-Habitual Resident regime, with potential exemptions on foreign-source income.
Avoid the operational burden of maintenance, tenant relations, and local administration that comes with real estate ownership.
One qualifying investment covers your spouse, children, and dependent parents under the same Golden Visa application.
• We check the fund’s CMVM registration
• We review documents before you sign
• We highlight U.S. tax considerations (PFIC/QEF)
• We coordinate banking partners for NIF + account setup
• We connect you with licensed lawyers and custodians
• We guide your case from fund subscription to AIMA approval
PFIC rules. Most Portuguese funds are treated as PFICs under U.S. tax law, leading to additional reporting (Form 8621), possible “excess distribution” penalties, and, in some cases, double taxation if the wrong election is made.
QEF elections. A Qualified Electing Fund can avoid punitive PFIC treatment, but only a small number of Portuguese funds provide the audited statements needed to file a QEF election properly through your CPA.
IRA / 401(k) investors. Many Portugal funds cannot accept U.S. retirement money, and others require specific custodians or trust structures. This is where U.S. investors commonly fall into avoidable traps.
Why this matters. Understanding which funds support PFIC reporting, QEF compliance, and retirement money is essential before committing capital — especially if you’re planning a long-term residency strategy.
Explore fund strategies, minimums, risk levels, liquidity terms and market positioning.
See how fund managers provide legal documentation and how our partner law firms review structure, governance and residency compliance.
Submit legal documentation for independent review and ongoing oversight.
Learn how the fund route compares with other Portugal residency pathways, timelines and investor profiles.
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