Portugal Golden Visa Investment Fund List

As of 2025, Portugal offers a €500,000 minimum investment in qualifying funds for Golden Visa eligibility. These include venture capital funds (FCRs), private equity funds (FCPs), and funds that invest in the Portuguese economy, job creation, or cultural production. Real estate funds must now focus on commercial properties, tourism, or rehabilitation projects in low-density areas.

Your investment must be maintained for a minimum of 5 years from the date your Golden Visa is issued. Early withdrawal or reduction below the minimum threshold will jeopardize your residency status. Most funds have terms of 5-8 years, aligning with Golden Visa requirements. You should understand the fund's liquidation strategy before investing.

Target returns vary by fund type and strategy, typically ranging from 3-12% annually. Growth equity and venture funds tend to offer higher potential returns with greater risk, while more conservative funds focusing on fixed assets or debt typically offer lower but more stable returns. Historical performance is available for established funds but not guaranteed for future returns.

Portugal's investment funds are regulated by the CMVM (Portuguese Securities Market Commission). All funds must have an authorized management company, independent custodian bank, and regular audits. Fund prospectuses must clearly outline investment strategy, risk factors, and fee structures. The regulatory framework follows EU standards, providing substantial investor protection.

Typical fund fees include subscription fees (0-3%), management fees (1-2% annually), performance fees (15-20% of profits above a hurdle rate), and administrative expenses. Golden Visa applicants should also budget for application fees (€533 per person), residence permit fees (€5,325 for main applicant, €5,110 for family), and legal services (€6,000-€10,000 for the entire process).

The process begins with selecting a qualifying fund and completing KYC/AML procedures. You'll sign subscription documents, transfer funds to the custodian bank, and receive confirmation of your investment. Your legal representative will then submit the Golden Visa application with proof of investment, personal documentation, and criminal background checks. Biometric appointments and card issuance typically follow 3-6 months after application.

The CMVM (Portuguese Securities Market Commission) maintains an official registry of all approved investment funds in Portugal. However, not all listed funds qualify for Golden Visa purposes. Investment migration consultancies and specialized law firms typically maintain curated lists of Golden Visa-eligible funds that are regularly updated. Always verify a fund's Golden Visa eligibility with both the fund manager and your legal advisor.

When reviewing fund lists, consider the fund's track record, management team experience, investment strategy alignment with your risk profile, minimum investment amount, fund term length, exit strategy, and fee structure. Request the fund's prospectus and historical performance data. Consider consulting with an independent financial advisor who specializes in Portuguese investment vehicles to help evaluate your options.

Portugal Golden Visa fund lists typically include several categories: venture capital funds investing in Portuguese startups, private equity funds focusing on established businesses, real estate development funds for commercial or tourism projects in eligible areas, renewable energy infrastructure funds, and cultural production funds. Each fund type offers different risk-return profiles. As of 2025, pure residential real estate funds are no longer eligible for Golden Visa purposes.

The CMVM regularly updates its master registry of approved funds, but doesn't specifically designate Golden Visa eligibility. Private Golden Visa fund lists maintained by immigration consultancies are typically updated quarterly or when significant changes occur to fund availability or regulations. Always check the publication date of any fund list and verify the current status of any fund before proceeding with investment.

No, the €500,000 minimum investment must be made in a single fund to qualify for the Golden Visa program. Spreading investments across multiple funds, even if they total €500,000 or more, does not satisfy the requirement. However, you can invest more than the minimum in a single fund or make additional investments in other funds after meeting the Golden Visa requirement.

Several specialized investment migration platforms now offer comparison tools for Golden Visa-eligible funds, allowing investors to filter by minimum investment, expected returns, risk level, industry focus, and fund duration. These platforms typically provide summary prospectuses and facilitate introductions to fund managers. However, they may not include all eligible funds, and some may charge referral fees that could influence recommendations.