The Portugal Golden Visa investment fund has become one of the most sought-after routes for non-EU investors seeking residency, especially after real estate investments were removed from the program in 2023. To qualify, you need to invest at least €500,000 in a Portuguese venture capital or private equity fund, and the fund must put at least 60 percent of its investments into Portuguese companies. Additionally, you need to keep your investment for at least five years.
In this guide, we’ll take a look at how the Portugal Golden Visa funds work, the main requirements and criteria, the costs associated, and the top benefits of this investment route.
Portugal Golden Visa Investment Fund: Key Takeaways
⚠️ Portugal Nationality Law Changes 2025
On June 23, 2025, the Portuguese Government announced plans to amend the Nationality Law and the legal framework governing immigration. The proposals have passed the plenary vote on October 28, 2025, which marks a significant step forward in the legislative process.
Among the measures under discussion are an increase in the residence requirement for nationality from five years to ten years – seven years for nationals of CPLP and EU countries – and a change to how residency time is calculated, so that the clock would start when residency is issued rather than when the application is submitted.
These changes are not yet law. They must still undergo Presidential review. At that stage, the President may promulgate the law, issue a veto, or request a review by the Constitutional Court. The final text may still be amended, including any transitional provisions or possible grandfathering rules, but they might not be enacted because the law is not final until its promulgated.
For the latest information regarding these changes, read Portugal Nationality and Citizenship Changes 2025
What is the Portuguese Golden Visa Investment Fund?
Portugal Golden Visa Investment Fund Requirements
For the investment fund option, a capital transfer into Portuguese investment funds or venture capital funds to the amount of or greater than €500,000 is needed to procure legal residency in Portugal.
Prerequisites for the Golden Visa fund investment include:
- Funds must be focused on the capitalization of companies, registered under Portuguese law
- A minimum maturity of five years at the time of investment
- At least 60 percent of the investment value is made in commercial companies on Portuguese-owned territories
If you are interested in applying for the Portuguese Golden Visa through a Venture Capital Fund (FCR), you should carefully make your decision based on two important criteria:
- Fund eligibility for the Portuguese Golden Visa
- Fund credentials, including fund strategy, management pedigree, and legal obligations
Not all Portugal private equity funds qualify for the Golden Visa program. You need to make sure the chosen fund fulfills all the necessary technical requirements as listed by the Portuguese immigration authorities, AIMA, and that the investment fund is regulated by the Portuguese CMVM.
Required documents
- Declaration by the credit institution authorized or registered in the national territory with the Banco de Portugal, attesting to the effective transfer of an amount equal to or greater than what is required;
- Certificate proving ownership of the participation investment fund units, free of charge and charges (issued by the entity responsible for maintaining a registered updated version of the holders of participation units, under the terms of Portuguese legislation, of the respective management regulation or contractual instrument);
- Declaration issued by the management company of the respective Golden Visa fund investment, attesting the viability of the capitalization plan, the maturity of at least five years, and application of at least 60 percent of the investment in commercial companies based in Portugal;
- Certificate of commercial registration, if the investment is made through a company single shareholder, demonstrating that the applicant is the partner, cf. Article 65a (13) of Regulatory Dec. 84/07, of 11/05, in its current wording.
Risk and Return Profile of Portugal Golden Visa Investment Funds
When looking at Portugal Golden Visa investment funds, the level of risk depends on a few key factors: what the fund invests in, how spread out those investments are, and how experienced the managers are. Some funds focus on tech or renewable energy, so both the risks and the possible returns can be quite different from one fund to another.
Some funds may offer limited potential for capital appreciation with a safer investment profile, while others may have a more leveraged approach aiming to provide Golden Visa investors with multiples of the capital invested. For example, high-growth companies focused on technology have a different profile from property development projects that tend to have a more predictable cash-flow curve.
Some Portuguese Golden Visa Investment Fund programs may offer the opportunity of an early exit, but generally, the investor should expect to realize all gains after five to ten years.
The risk-return profile of these funds will vary according to the sector exposure and portfolio diversification (i.e., how many companies comprise the fund portfolio).
Example of risk-return levels based on sector exposure and investment portfolio diversification:
Fees and Costs for Portugal’s Golden Visa Investment Fund
The Portugal Golden Visa investment fund route involves both government fees and the minimum qualifying investment. The main costs are outlined below:
| Cost | Amount | When it applies |
|---|---|---|
| Application processing fee | €533.90 per applicant | Paid when submitting the Golden Visa application |
| Residence permit issuance fee | €5,325.65 per applicant | Paid once the application is approved |
| Residence permit renewal fee | €2,663.00 per applicant | Paid at each residence permit renewal during the five-year period |
| Minimum investment | €500,000 | Investment in a qualifying Portuguese private equity or venture capital fund |
Variable fees:
- Fund management fees: Usually range between 1 and 2 percent of the invested amount annually. This covers the fund manager’s costs for managing the fund and its investments.
- Performance fees: Some funds charge additional fees based on their performance exceeding a certain benchmark. These fees vary greatly depending on the fund and its structure.
- Legal fees: These can vary depending on the complexity of your case, the experience of the lawyer you choose for legal representation, and the number of family members included in your application. Expect to pay between €5,000 and €20,000.
- Due diligence fees: Some funds might charge a separate fee for conducting due diligence on your application. This typically falls within the €1,000-€3,000 range.
- Translation and certification fees: Depending on the volume and complexity of the documents, translating and certifying them for the application can incur additional costs.
- Travel and accommodation: Consider potential travel and accommodation costs if required for interviews or document submission in person.
Please note that fund management fees and performance fees are deducted from the fund’s pooled capital, while the subscription fees are charged on top of your investment. These subscription fees range between 2 and 4 percent from the €500,000. The amount is charged to account for the due diligence, KYC, and marketing costs.
For a slightly more affordable Golden Visa route, there is the Portugal Cultural Golden Visa. It requires a donation of of €250,000, which can be reduced to €200,000 if the cultural production occurs in a designated low-density area.
List of Funds that Qualify for Portuguese Golden Visa
Growth/buy-out funds (Private Equity funds)
Private Equity funds allow investment in established companies like SMEs or mid-caps with proven market performance and positive operational results. Their goal is to acquire, restructure, and improve these companies, ultimately selling them for a profit to major industry players or other Private Equity firms.
Some funds are sector-agnostic, while others focus on specific areas like renewable energy, agriculture, healthcare, and hospitality, which is thriving in Portugal. Family businesses make up 70 percent to 80 percent of Portuguese companies, providing significant opportunities for growth and consolidation.
Venture capital funds
Venture capital funds are investment funds that pool money from investors to finance startups and growing companies with high potential. Here are the key categories:
Sustainable investment funds: Sustainable investment options focus on environmental, social, and governance (ESG) best practices. For example, some funds invest in underdeveloped rural regions in Portugal and promote organic farming practices.
Migration projects: Investment in migration projects focuses on the integration and support of immigrants, aligning with Portugal’s values of social responsibility and inclusivity.
Open-ended funds: Unlike traditional closed-end funds with fixed maturity dates, open-ended funds offer more flexibility, allowing investors to enter and exit more easily. This provides greater liquidity while still meeting the five-year Golden Visa holding requirement. For Golden Visa applicants—especially those who want more flexibility in accessing capital—open-ended funds can offer peace of mind through their redemption options. However, investors should carefully review the specific redemption terms, fees, and notice periods.
Exit Strategy and Capital Recovery
When investing in a fund, it’s crucial to put some thought into the exit of the investment fund.
Minimum lock-up period
Most investment funds that qualify for the Golden Visa will ensure that they do not liquidate within a minimum of six years. This ensures that your investment will remain valid for the required time period to apply for permanent residency and citizenship.
Resale or transfer of participation fund units
For most Portuguese investment funds, participation units can be transferred or sold between participants, but it is usually difficult to find a demand for a participation unit in a fund that is suited to Golden Visa timelines unless traded around the incorporation of the fund.
This makes Portuguese investment funds rather illiquid until the fund reaches its maturity or is dissolved by the fund manager. Although uncommon, some funds have longer terms but offer the possibility of buying back the investor’s participation units once the participants complete the required time for the GV, these funds usually have low returns compared to others.
Extension periods
Most investment funds have a specific exit target in terms of timing. The majority of the Portugal investment funds are set for a six-to-eight-year period.
The majority of investment funds have the option to extend, and this option can be triggered at the six-year mark. In some cases, the fund manager will make the decision on this, not the investors, meaning that you may be locked in a bit further than the time required to apply for citizenship. In other cases, the extension of the fund is subject to the investors’ vote, and those who vote against it may be able to redeem their shares. We recommend checking with the fund, as this could be a crucial detail.
Extension period options can be favorable, as the expected exit year might not be ideal due to an economic downturn, for example, or because the project returns will be higher if the fund holds certain businesses for a while longer.
Exit market
The primary objective of the Portugal investment funds is to exit the portfolio by eventually selling it at a profit.
Fund managers are generally highly incentivized with a performance fee based on a percentage of the appreciation in value. This is beneficial to Golden Visa investors because incentives between investors and fund managers are aligned.
With this said, they are splitting your profit but not your potential loss, so the downside risk will fall on the investors’ shoulders.
How Golden Visa Investment Funds Compare to Other Options
Compared to business investment or job creation, the fund route requires less operational involvement. Investors do not need to manage a company or create employment in Portugal, as professional fund managers oversee the investment portfolio.
Investment funds also offer greater diversification than single-asset investments. Instead of concentrating capital in one project or company, funds typically allocate capital across multiple Portuguese businesses and sectors.
Other routes, such as cultural or research contributions, often involve non-returnable capital contributions, while investment funds aim to generate financial returns for investors over the life of the fund.
For many applicants, the fund option provides a balance between maintaining a qualifying investment for the Golden Visa and participating in professionally managed investment strategies focused on Portugal’s economy.
Is the Portuguese Golden Visa Funds option right for you?
The Portugal Golden Visa investment fund route is a good fit if you’re looking for a way to gain European residency without buying property or starting a business.
This option lets you invest in a regulated Portuguese fund, with your money going into areas like technology, renewable energy, healthcare, or private equity, all managed by professionals.
Choosing the fund route is also ideal if you’d rather have a diversified, professionally managed portfolio instead of owning assets directly. The fund managers handle everything from investment strategy to compliance, so you can focus on meeting the Golden Visa requirements.
It’s important to do your homework before choosing a fund. Make sure the fund is approved for the Portugal Golden Visa and is regulated by the Portuguese Securities Market Commission (CMVM).
You’ll also want to check that the fund’s strategy and timeline match your own financial plans.
Expert Takeaway on the Promising Return of Investment Funds
According to Lourenço Álvares, Business & Product Specialist at Global Citizen Solutions, funds provide investors with genuine financial opportunities and not only a pathway to residency (and citizenship in the long run). “Investment funds constitute a great asset class to own, especially in countries like Portugal, where the economy and respective companies will benefit from that investment to unlock their full potential,” he adds.
Additionally, Álvares recognizes that €500,000 is a substantial amount of money to invest in a country/region that foreign citizens might not know. However, when investing in funds in Portugal, investors will be able to ensure geographical diversification in a still-emerging but stable economy.
Overall, the positive side of investing in Portugal is that foreigners can have potential returns as well as residency as a by-product and even European citizenship down the line. So, why not combine this residency investment program with potential and interesting returns?
“Investment Funds in Portugal have been around for a while, and we haven’t heard about a fund that (went) burst. On the contrary, we’ve been witnessing and hearing about success stories and funds that performed or are performing quite well”, says Álvares.
Why choose Global Citizen Solutions for your Portugal Golden Visa?
- Global approach by local experts: A team of experienced local case executives, immigration lawyers, and investment specialists based in Portugal.
- Independent service:We are not a marketing agency for any projects. You will access all eligible routes for the Golden Visa, with over 40 vetted qualifying investment options, so you can decide on the best option for you.
- 100% approval rate: We have the unique distinction of never having had a Golden Visa case rejected and have helped hundreds of clients from more than 35 countries.
- All-encompassing solution: Our dedicated onboarding and immigration teams will assist you throughout the process and beyond with a single channel of communication.
- Transparency: Our fees are clear and detailed, covering the entire process with no hidden costs.
- Privacy: Your personal data is stored within a GDPR-compliant database on a secure SSL-encrypted server.
To see the full list of reasons why to work with Global Citizen Solutions for your Portugal Golden Visa, you can find out more here: Why Work with Global Citizen Solutions for Your Golden Visa Portugal Application?
