Portuguese Golden Visa funds

Secure European residency while earning returns on your investment

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Calculate the cost

€500,000

Minimum investment

12+ months

Obtaining period

5 years

Term before exit

What are the funds? Key aspects List of funds How to exit Benefits How to choose How to obtain List of documents

What are the Portugal Golden Visa funds?

An investment fund is a pool of capital managed by professionals and invested across multiple assets. Portugal Golden Visa Funds are regulated investment vehicles eligible for the visa, which grants a 2-year residence permit to foreign nationals.

Overseen by the Portuguese Securities Market Commission, funds invest in startups, green energy, healthcare, and technology. Investors may exit after 6—10 years, with potential returns of up to 20% per year.

To obtain the Portugal Golden Visa, an investor must purchase fund units worth at least €500,000, prove legal income, hold a clean criminal record, and have no debts in Portugal. Immediate family members are also eligible.

Practical guide to the Portugal Golden Visa and its funds

Tips on choosing a suitable fund
Tax insights and expected returns
Full cost breakdown and timeline
Eligibility requirements and FAQs

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Key aspects of the Portugal Golden Visa funds

Types. Portugal’s Golden Visa allows investment in regulated venture capital or private equity funds. Venture capital targets early-stage startups, while private equity focuses on mature companies. Funds cover sectors such as technology, renewable energy, sustainable agriculture, tourism, and manufacturing.

Associated fees vary between funds, but typically include a setup fee of 1 to 3%, a management fee of 1 to 3% per year. Performance fee is usually around 20% of profits.

Risk levels depend on the fund’s strategy, sector, and the maturity of portfolio companies:

low to moderate — diversified funds in established sectors;
moderate to high — venture capital in early-stage tech startups.

How the Portugal Golden Visa fund investment works

Portugal Golden Visa fund investment follows a simple, three-stage model and can be completed remotely with professional and legal support.

The investment consists of:

Subscription. The investor selects a qualifying Portuguese fund and purchases units worth at least €500,000. This stage includes Due Diligence, signing agreements with the fund manager, and transferring funds to a Portuguese bank account.
Management. Over 6 to 10 years, licensed managers invest in Portuguese companies, energy projects, or financial instruments. Depending on the fund, expected annual returns range between 7 and15%.
Exit. After the holding period, the investor sells fund units through fund redemption, resale on the secondary market, or fund liquidation.

A €500,000 investment held for 10 years may generate about €40,000 in annual dividends starting in the second year. Over time, total dividend income can reach around €400,000. At the end of the term, the investor recovers the initial €500,000, and the total exit value may reach up to €1.1 million after fund growth.

5 benefits of investing in funds for the Portugal Golden Visa

Remote investment process

The entire process can be completed online through a power of attorney, including fund subscription and the Portugal Golden Visa application. A visit to Portugal is required only for biometrics.

Steady investment returns

Fund investments eligible for the Portugal Golden Visa typically focus on private equity or venture capital in sectors such as technology, renewable energy, or securities. These are sectors with strong growth potential.

While returns are not guaranteed, target yields usually range between 7 and 15% per year.

Regulated investment environment

Funds operate under Portuguese and EU financial regulations, with strict rules on licensing, audits, transparency, and reporting. Golden Visa–eligible funds undergo additional compliance checks, reducing risks linked to fraud or mismanagement.

Professional management

Portugal Golden Visa funds are operated by licensed fund managers. They conduct Due Diligence, diversify portfolios, and manage risk on behalf of investors.

Applicants do not need to spend time understanding the intricacies or managing the investments themselves.

Diversification of assets

Funds invest across multiple sectors and asset classes, including financial instruments such as bonds, equities, and government securities, while also allocating part to alternative assets like renewable energy, hospitality, or agriculture.

The diversification reduces reliance on a single market and helps balance risk and returns.

In Portugal, private investment funds eligible for the Golden Visa are regulated by the Portuguese Securities Market Commission, or Comissão do Mercado de Valores Mobiliários, CMVM. They must be managed by licensed fund management companies, or Sociedade Gestora de Organismos de Investimento Coletivo, SGOICs, which are supervised by the CMVM.

Therefore, the funds comply with both national and European financial regulations, ensuring transparency, investor protection, and proper risk management.

Célia Castilho

Head of the Portuguese office

How to choose the investment fund

1. Check the fund manager. Work with licensed advisors who carry out regulatory and operational Due Diligence on investment funds. They verify that a CMVM-licensed company manages the fund, assess the manager’s track record and experience in the Portuguese market, and confirm compliance with Portugal Golden Visa requirements.

2. Assess transparency. Ensure access to key documents such as the Private Placement Memorandum, audited reports, and legal disclosures. Reliable funds provide regular updates and clearly explain their structure and compliance with the Portugal Golden Visa rules.

3. Review diversification and strategy. A strong fund spreads investments across several sectors, such as technology, renewable energy, or manufacturing. Confirm the strategy and ensure the fund avoids residential real estate, which is no longer eligible.

4. Analyse returns and risks. Most Portugal Golden Visa funds target annual returns of 7—15%, depending on risk level and investment focus. Check the fund’s duration, usually 6 to 10 years, and understand exit options.

Immigrant Invest works with vetted funds that meet all Portugal Golden Visa requirements and helps select options aligned with investment goals and risk profile.

Who can invest in the Portugal Golden Visa investment funds

Investor

Over 18
No criminal record or prosecution
Money for investments is earned outside of Portugal
No debts in Portugal
Capable of confirming the legality of the income
Medical insurance

Spouse or partner

No criminal records or prosecutions
In a registered marriage or unregistered relationship with the investor
If not registered, being in a relationship with the investor for at least 2 years
Same-sex couples included

Children under 18

Children aged 18 to 26

Financially dependent on the investor
Live with the investor or study at a university
Unmarried

Parents

Financially dependent on the investor

Does the Portugal Golden Visa fit your budget?

The total cost depends on family composition. We can provide a free, individualised calculation for your case, covering additional expenses like taxes, insurance, and more.

Get the cost calculation

We will send you a quote by email within 1 hour.

Expenses under the investment funds option

The minimum investment under the fund option is €500,000. In addition to this, applicants pay the following fees:

application fee — €605 per person;
residence permit fee — €6,046 per person;
documents preparation — €2,000+;
health insurance — €400+ per person.

The total cost of obtaining the Portugal Golden Visa is at least €509,051 for a single applicant and at least €530,204 for a family of four.

Portugal Golden Visa total cost

Family composition	Single applicant	Family of four
Investment	€500,000	€500,000
Application fee	€605	€2,420
Residence permit fee	€6,046	€24,184
Documents preparation	€2,000+	€8,000+
Health insurance	€400+	€1,600+
Total	€509,051+	€530,204+

How to obtain the Portugal Golden Visa via fund investment

In Immigrant Invest’s experience, the process of obtaining the Portugal Golden Visa takes at least 12 months. The legal team guides investors throughout the entire procedure.

Preliminary Due Diligence

Collection of documents

Fund selection

Fulfilment of investment

Application for residency and submission of biometrics

Obtaining residence cards

1 day

Preliminary Due Diligence

Immigrant Invest conducts a preliminary Due Diligence check to identify any circumstances that might prevent the applicant from participating in the Portugal Golden Visa program.

Upon successful completion of the check, Immigrant Invest prepares a service agreement to provide further support. The process is fully confidential.

Documents required for obtaining the Portugal Golden Visa

The list of required documents depends on the applicant’s background, but in general it includes:

Valid passport.
Birth certificates for children, if applicable.
Marriage certificate, if applicable.
Tax identification number of the country of residence.
Portuguese tax identification number, NIF.
Documents outlining the good standing with the Portuguese Tax and Customs Authority and Social Security system.
Certificate of no criminal record issued by the current country of residency.
Completed form authorising the Agency of Integration, Migrations, and Asylum, AIMA, to access criminal records in Portugal.
Documents proving the legitimate source of investment capital.
Confirmation of residential address in Portugal, like a utility bill.
Sworn Statement by which the applicant declares to comply with all the minimum quantitative and time requirements for the investment activity in Portugal.
Evidence of an international transfer of money for investing.
Documents confirming the investment, like a subscription certificate or declaration from the fund manager.
Receipt for an application fee.
Health insurance.

All documents not in English must be translated into Portuguese, and the translation must be certified by a Portuguese lawyer. If a document was originally issued in English, it can be submitted in English unless the authorities specifically request a Portuguese translation.

Célia Castilho

Head of the Portuguese office

Why trust Immigrant Invest

Immigrant Invest has been helping investors from all over the world obtain residency in Portugal and beyond since 2006. We know the nuances of laws in each foreign jurisdiction, how Due Diligence is carried out, and the best ways to resolve potential issues.

Immigrant Invest lawyers are members of the IMC, the worldwide association for immigration and citizenship by investment. Our team also includes certified AML Officers, who conduct a preliminary Due Diligence check. This significantly increases the chances of Golden Visa approval to 99%.

Our team

Our legal and migration experts know the law inside out and ensure a smooth residency process.

Vladlena Baranova

Head of Legal & AML Compliance Department, CAMS, IMCM

Pavel Reshetnikov

Consultant, Compliance Anti Money Laundering Officer

Priscila Carvalho

Investment Migration Expert

Frequently asked questions

How much do I need to invest to get residency in Portugal?

To qualify for a Portugal Golden Visa through a fund investment, you must invest a minimum of €500,000 in a regulated fund approved by Portuguese authorities.

Other options include:

supporting arts and cultural heritage — €250,000+;
contribution to research activities — €500,000+;
investment in a business that creates 5+ jobs — €500,000+;
opening a company that creates 10+ jobs — no minimum investment requirement.

What is the qualifying investment fund in Portugal?

A qualifying investment fund is a Portuguese-regulated venture capital or private equity fund that meets specific criteria set by the government. It must:

be supervised by the Portuguese Securities Market Commission, CMVM;
be legally structured for Golden Visa eligibility;
not invest in residential real estate;
hold investments for a minimum period aligned with the Golden Visa requirements.

What is CMVM in Portugal?

CMVM stands for Comissão do Mercado de Valores Mobiliários, the Portuguese Securities Market Commission. It is the national regulator responsible for overseeing financial markets, investment funds, and fund managers. A fund regulated by the CMVM is subject to legal and financial oversight, ensuring transparency, investor protection, and compliance with Portuguese law.

What is the difference between regulated and non-regulated funds?

Regulated funds are authorised and monitored by CMVM. They must follow strict rules on reporting, fund structure, investor protection, and portfolio transparency. These are the only types of funds eligible for the Portugal Golden Visa.

Non-regulated funds operate outside CMVM supervision and offer no government-backed investor protection. Investing in them does not qualify for the Golden Visa.

To choose a fund meeting both the Golden Visa requirements and your personal goals, consider working with an experienced agent.

What is the 500k visa in Portugal?

The “500k visa” refers to the Portugal Golden Visa obtained by a €500,000 investment in a qualifying fund. It allows non-EU investors and their families to:

live and work in Portugal;
travel freely within the Schengen Area;
apply for permanent residency or citizenship after 5 years, without needing to live in Portugal full-time.

Why is Portugal ending the Golden Visa?

Portugal did not end the Golden Visa. However, the government abolished the real estate and capital transfer routes in 2023 to address concerns about housing affordability and speculation.

The fund investment route remains open. The Portuguese government now also encourages investment in science, culture, and job creation rather than property.

Can I get residency in Portugal if I buy property?

No, buying residential property no longer qualifies for the Golden Visa. Previously, property purchases of €500,000 or more were eligible, but that route was officially closed in 2023.

Now, investors can obtain the Golden Visa by investing in one of the following:

fund units;
projects supporting arts and cultural heritage;
scientific research;
business.

What are the disadvantages of the Portugal Golden Visa?

While the Golden Visa offers many benefits, there are some drawbacks:

limited liquidity — fund investments are typically locked in for 6—10 years;
financial risks — many qualifying funds aim for moderate returns, and investment performance is not guaranteed;
application backlog — processing delays are common, although they have improved recently;
strict documentation — the obtaining procedure requires certified legal documents and proof of clean funds.

Would I lose my Golden Visa if the total value of my participation unit depreciates?

No, for Portugal’s Golden Visa, the key requirement is that the minimum investment threshold is met at the time of subscription and that the investment is maintained during the qualifying period. Subsequent market depreciation of participation units does not lead to cancellation of the residence permit. The risk arises only if the investment is redeemed, withdrawn, or otherwise falls below the required structure due to the investor’s actions.

What changed in Portugal’s nationality law in 2025, and how does it affect the Portugal Golden Visa?

In October 2025, Parliament approved amendments that propose extending the residence period required for citizenship. If enacted, the new thresholds would be 10 years for most applicants and 7 years for EU and CPLP nationals. The amendments also envisage a change in how the qualifying period is calculated, with the count expected to start from the issuance of the first residence card rather than the application date.

Immigrant Invest closely monitors the legislative process and provides the most up-to-date information as soon as official implementation details are confirmed.

Would I lose my Golden Visa if the total value of my participation unit depreciates?

What changed in Portugal’s nationality law in 2025, and how does it affect the Portugal Golden Visa?

Immigrant Invest closely monitors the legislative process and provides the most up-to-date information as soon as official implementation details are confirmed.

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Schedule a meeting at one of the offices or online. A lawyer will analyze the situation, calculate the cost and help you find a solution based on your goals.

Célia Castilho

Head of the Portuguese office

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