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Portugal Golden Visa Funds

A smarter path to Portuguese residency through professional, compliant fund investments.

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.

€500,000
Minimum investment
12 to 18 months
Typical processing time
5 years
Term before exit
Portugal Golden Visa fund investment landscape

What Exactly Are Portugal Golden Visa Funds?

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.



Target Returns Up to 20%

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.

12 to 18 Months

Most applicants secure residency within this timeframe, subject to AIMA’s current processing capacity.

CMVM Supervision

All eligible funds must be overseen by the Portuguese Securities Market Commission to ensure compliance and investor protection.

5 to 7 Year Exit

Most funds operate on medium-term cycles, offering exit at maturity through liquidation or structured buy-back options.





Key Characteristics of Portuguese Golden Visa Investment Funds

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.

Portugal Golden Visa Funds

Diversified, CMVM-regulated investment funds structured for residency under Portugal’s Golden Visa programme.

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.

3CC Portugal Golden Income

€100,000 minimum

Alternative income-focused fund combining Portuguese corporate bonds with global equities and digital assets.

  • 7 to 10% target returns
  • Weekly liquidity
  • Management fee: 1.5%
  • Performance fee: 20%

Steady Growth Investment Fund

€500,000 minimum

Multi-asset closed-ended vehicle for long-term wealth accumulation via bonds, equities, gold, and deposits.

  • Closed-ended, 5-year term
  • Capital preservation focus
  • No management or performance fees

Growth Blue Fund

€100,000 minimum

Closed-ended PE fund focused on SMEs in Portugal’s maritime and coastal sectors, with EIF anchor investment.

  • 10-year fund term
  • European Investment Fund anchor
  • Management fee: 2%
  • Performance fee: 20%

Lince Growth Fund I

€100,000 minimum

Closed-ended fund investing in Portuguese SMEs promoting circular economy and industrial innovation.

  • 15 to 20% target IRR
  • 7-year fund term
  • No management fee
  • Performance fee: 20%

Heed Top Investment Fund

€100,000 minimum

CMVM-regulated open-ended AIF with flexible allocation across Portuguese bonds, equities, ETFs, and international securities.

  • Daily redemption
  • 5% target return
  • Management fee: 1.5%
  • Performance fee: 20%

Solar Future Fund

€250,000 minimum

Private clean-energy fund focused on solar infrastructure and battery storage. Designed for impact and Golden Visa compliance.

  • 12% annual target returns
  • Closed-ended, 5-year term
  • Management fee: 2%
  • Performance fee: 20%

Lince Yield Fund

€100,000 minimum

Open-ended FCR fund offering stable yields through secured and mezzanine debt instruments, designed for income-focused investors.

  • Closed-ended, 6-year structure
  • Stable 5% dividends
  • Management fee: 2%
  • Performance fee: 20%


Types of Portugal Golden Visa Funds

Golden Visa eligible funds come in several structures, from high growth venture capital to conservative income strategies, so investors can match risk, liquidity and sector exposure to their own profile.

Regulated VC and PE vehicles Sector focused and diversified options Different risk and liquidity profiles
Growth and innovation Higher risk
Venture Capital Funds

Back early stage or fast growing companies, often in technology, software and IP driven businesses. Suited to investors who are comfortable with volatility in exchange for higher return potential and longer holding periods.

Established businesses Moderate risk
Private Equity Funds

Invest in mature companies that are expanding, restructuring or consolidating their sector. Focus is often on value creation, improved cash flow and capital preservation over a six to eight year horizon.

Tourism and services Sector specific
Hospitality Investment Funds

Target hotels, serviced apartments and tourism operating companies, rather than direct property ownership. Performance is linked to visitor demand, occupancy and operating margins in Portugal’s tourism market.

Energy transition Impact focused
Renewable Energy & Sustainability Funds

Allocate capital to solar, wind, storage, e mobility or other green infrastructure. Appeal to investors who want long term contracted revenues and exposure to the decarbonisation of the Portuguese economy.

Liquidity profile Flexible exits
Open Ended Funds

Offer periodic redemptions, for example daily, weekly or monthly, subject to notice periods and fund rules. Useful for investors who value optionality and the ability to rebalance before the end of their Golden Visa timeline.

Blended approach Hybrid risk
Balanced & Mixed Strategy Funds

Combine several strategies, for example a mix of private equity, venture capital and listed securities. Designed to smooth volatility while still targeting meaningful long term returns for residency investors.

Expected Returns, Fees and Hidden Costs

How Golden Visa investment funds generate returns, what fees you should expect, and the quiet costs that most brochures do not include.

How fees reduce your net return
7–12% Typical net outcome
Net return after fund costs
Management fee impact
Performance fee impact
Hidden operational costs
Based on typical Golden Visa fund structures targeting 10 to 15 percent gross IRR.
Target IRR Range

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.

Dividend Policy

Income funds distribute periodic dividends while growth funds reinvest profits until exit. Some offer mixed or tiered distribution models.

Fee Structure

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.

Other Costs Not in Brochures

Legal onboarding, banking compliance, FX spreads, transfer fees and third party administration costs can reduce net returns further.

Watch out for capital calls, TER inflation and USD to EUR currency spreads. These can significantly affect liquidity and the timing of your actual return.
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Frequently Asked Questions

01
What does “lawyer-led” actually mean?
Your case is prepared and filed by bar-licensed immigration counsel in the destination country. Our coordination team manages milestones and communication, but legal work is never delegated to sales staff or unlicensed intermediaries.
02
How are fees structured?
We issue a written scope with fixed fees and required third-party costs before you commit. There are no hidden commissions or preferred-product incentives. You pay your local lawyer directly for legal services, and Movingto for coordination where applicable.
03
How fast can I move from eligibility to filing?
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04
Do you earn commissions for recommending investments?
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Which countries do you cover?
We coordinate cases across multiple EU and global jurisdictions through licensed local counsel. Explore current options on our Countries page or ask us about a specific route if you don’t see it listed.
06
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Share your goals and timeline on our contact form. We’ll run an initial eligibility check, outline the route, documents, and expected timing, then introduce your destination lawyer to open the file. Prefer to research first? Visit the Relocation Hub for practical, source-linked guidance.