The Portugal Golden Visa Investment Fund has become one of the most attractive residency pathways in Portugal.

Through this option, applicants can secure residency by placing capital in a qualifying investment fund, often seen as a flexible and secure alternative to the real estate route. 

This fund-based Golden Visa pathway is increasingly favored by investors seeking a modern, diversified approach to residency.

📣 Portugal Citizenship Law Update 2025

On October 28, 2025, the Portuguese Parliament approved proposed amendments to the Nationality Law and the immigration framework, following their initial presentation by the government on June 23, 2025. This development marks a major step forward in Portugal’s ongoing legislative reform process.

The proposal aims to extend the minimum residency period for citizenship from five to ten years, or seven years for EU and CPLP nationals, and to revise how residency time is calculated—starting from the issuance of the first residence permit rather than the date the application was submitted.

The bill is not yet in effect, as it still requires Presidential review. The President may approve, veto, or refer the legislation to the Constitutional Court, and the final version could still be modified before promulgation.

Portugal Golden Visa Overview

The Portugal Golden Visa program started back in 2012. It’s a five-year deal for people outside the EU. You invest money. You get the right to live, work, and study in Portugal.

Put your cash into a good Golden Visa fund. That gets you residency. Wait five years. Then you can ask for permanent residency or even Portuguese citizenship. Just meet some basic rules.

Citizenship gets you EU benefits. Live anywhere in Europe. Work anywhere, too. A Portuguese passport lets you visit 188 countries without a visa.

The program has brought in over €7 billion since it started. All from people outside the EU who want Portuguese residency. 

The minimum investment requirement for Portugal’s Golden Visa program depends on the chosen investment route. Here are the current minimum thresholds:

  • Investment Funds: Minimum investment of €500,000 in a regulated Portuguese investment fund.
  • Cultural Production Support: A minimum contribution of €250,000, reduced to €200,000 if the project is in a low-density area.
  • Scientific Research Contribution: At least €500,000 directed toward research or innovation projects conducted by public or private institutions in Portugal.
  • Job Creation or Company Investment: Creation of 10 jobs, or Investment of €500,000 to incorporate or increase the share capital of a company that creates or maintains five permanent jobs for three years.

What is the Portugal Golden Visa Investment Fund?

The Portugal Golden Visa Investment Fund is a residency-by-investment option that allows non-EU citizens to obtain legal residency by investing in a regulated Portuguese investment fund. Instead of buying property, investors place capital—normally €500,000 or more—into a fund managed by licensed professionals.

These funds can include areas such as venture capital, private equity, hospitality, technology, sustainable projects, or mixed-sector portfolios. All qualifying funds are supervised by the CMVM (Portuguese Securities Market Commission) and must follow strict rules, including investing most of their capital into Portuguese companies.

For investors, this option offers a hands-off approach, professional fund management, diversification, and full eligibility for the Golden Visa residency pathway.

Who Can Invest for the Golden Visa Capital Funds?

You can get the Golden Visa fund option in Portugal if you fit these rules:

  • Non-EU/EEA or Non-Swiss Citizenship: You can’t be from the European Union, European Economic Area, or Switzerland. This program is only for people outside these places.
  • Clean Criminal Record: No criminal past. Portugal needs to know you’re safe. Check your home country record. Also, check any place you lived for over a year.
  • Age Requirement: Be 18 or older when you apply.
  • Sufficient Legal Funds: Show you have €500,000 to put in a good investment fund. Your money must be legal. They check where it came from. This stops money laundering.

Can US Citizens invest in Fund-Based Golden Visa?

Yes. Americans can do the investment fund pathway under Portugal’s Golden Visa program.

But here’s the thing. The IRS makes foreign banks report what Americans own abroad. So banks and funds in Portugal must tell the U.S. government about American clients.

Not all Portuguese banks want to deal with this extra work. But some banks do work with Americans. They do the reporting to the U.S. tax people. This makes things smooth for Golden Visa applicants.

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What is the Minimum Investment Required for Golden Visa Funds?

To qualify for Portugal’s Golden Visa through the investment fund route, applicants must make a minimum contribution of €500,000 into a regulated Portuguese investment fund or venture capital fund. This pathway offers a streamlined, low-maintenance option for securing legal residency in Portugal.

Golden Visa–eligible funds must meet specific criteria, including:

  • Corporate Capitalization Focus – The fund must primarily invest in the capitalization and growth of companies established under Portuguese law.
  • Minimum Maturity Period – Funds are required to have a maturity of at least five years, although many operate on a seven-year or longer timeline.
  • Local Investment Requirement – At least 60% of the fund’s capital must be invested in Portuguese-based companies, ensuring the investment directly supports the national economy.

Advantages of the Portuguese Golden Visa Investment Fund

There are several advantages of choosing the Portugal Golden Visa investment funds compared to other investment routes.

1. Diversification

Funds invest across multiple assets—like stocks, bonds, real estate, or private equity—helping spread risk and improve return potential.

2. Professional Management

Experienced fund managers handle investment decisions, aiming to meet the fund’s objectives and optimize performance.

3. Regulatory Oversight

Regulated funds operate under strict supervision, offering transparency and added investor protection.

4. Tax Benefits

Non-residents benefit from a 0% withholding tax, while residents face a 10% rate.

Disadvantages of the Portuguese Golden Visa Investment Fund

The Portugal Golden Visa also has some advantages that investors should take into consideration.

1. Limited Control

Investing in a fund means you give up some control over where your money is invested, as fund managers make decisions on your behalf.

2. Market Volatility

Fund values can rise and fall with market conditions, so you should be prepared for potential fluctuations and uncertainty.

3. Lock-In Period

Some funds restrict withdrawals for a set time, which can limit access to your money during that period.

4. Fees and Charges

Funds come with management and administrative fees that can reduce your overall returns, so it’s important to understand the cost structure.

business man

List of Funds that Qualify for Portuguese Golden Visa

For the Golden Visa program in Portugal, there are several categories of regulated investment funds that applicants can consider. These funds are structured specifically to meet the program’s requirements and offer a straightforward pathway to residency for non-EU investors, all while supporting Portugal’s economic development.

It’s important to note that real-estate–related funds are excluded from qualifying under the current Golden Visa rules. Even so, the overall investment landscape remains highly attractive, with strong opportunities across sectors such as venture capital, private equity, hospitality, technology, and sustainable development.

Venture Capital Funds

These funds channel investment into innovative Portuguese startups and emerging companies. They support high-growth sectors such as tech, biotech, and fintech. For investors, they offer exposure to early-stage ventures with strong upside potential, while helping drive innovation in Portugal.

Private Equity Funds

Private equity funds typically invest in more established businesses with solid expansion prospects. By taking meaningful ownership stakes and actively guiding company strategy, these funds aim to enhance performance and ultimately sell at a profit. They’re a popular choice for investors looking for structured, medium- to long-term growth.

Hospitality Investment Funds

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Sustainable Investment Funds

Sustainable or ESG-oriented funds direct capital into socially and environmentally responsible projects. This can include renewable energy, sustainable construction, green mobility, reforestation, and affordable housing initiatives. They appeal to investors who want financial returns aligned with measurable positive impact.

Open-Ended Funds

Open-ended funds allow investors to enter and exit more flexibly compared to closed-end structures. They typically provide diversified exposure across multiple sectors—such as real estate-backed assets, corporate financing, or mixed-sector portfolios—while maintaining liquidity. Many of these funds are carefully structured to meet Golden Visa compliance requirements, making them a practical option for investors seeking both stability and ease of access.

Key Considerations Before Investing in Portuguese Golden Visa Funds

Questions to Ask Yourself

  1. What is my risk tolerance, and does this fund align with it?
  2. What is my investment timeline, and can I meet the minimum holding period of 5 years?
  3. Does the fund’s sector (e.g., real estate, private equity, venture capital) match my investment interests?
  4. Are the expected returns in line with my financial goals?
  5. Am I comfortable with the level of liquidity provided by the fund?

Questions to Ask the Fund Managers

  1. What is the fund’s investment strategy and target sectors?
  2. What is the expected rate of return, and how is it calculated?
  3. What is the fund’s maturity date, and what happens at the end of the term?
  4. Are there any buyback options or exit strategies for investors?
  5. What are the management fees and other costs associated with the fund?

Questions to Ask Your Legal Firm

  1. Is this fund compliant with the Golden Visa program requirements?
  2. Have you reviewed the fund’s prospectus and legal framework for any potential risks?
  3. Are there any tax implications I should consider with this investment?
  4. Are there additional costs, such as legal fees, that I need to account for?
lawyers

How are the Portuguese Investment Funds Regulated?

Portuguese Golden Visa investment funds follow strict national and EU rules to ensure transparency and investor protection.

Portuguese Securities Market Commission (CMVM)

The CMVM is the main authority supervising investment funds. It regulates fund registration, management practices, reporting, and investor disclosure, ensuring each fund operates with clear oversight and proper risk controls.

Independent Audits

All regulated funds undergo annual audits by accredited firms such as PwC, KPMG, EY, or Deloitte. These audits confirm that the fund’s financial statements and operations are accurate and compliant.

European Union (EU) Directives

Portugal applies EU-wide regulations like the AIFMD and UCITS rules, which set standards for investor protection, governance, and transparency across all member states.

Investor Guide to the Exit Market

You can exit a Portuguese investment fund, but there are certain conditions and considerations to keep in mind:

Minimum Holding Period

To qualify for the Portugal Golden Visa, you must hold your investment in the fund for a minimum of 5 years. This is tied to the visa’s requirement, and you cannot sell or transfer your participation units before this period ends without jeopardizing your residency status.

Transfer of Participation Units

Participation units in most Portuguese investment funds can be transferred or sold between investors. However, it is often challenging to find demand for these units, particularly in funds designed to align with Golden Visa timelines, unless the trade occurs near the fund’s incorporation. 

Buy-Back Option

Some Portuguese investment funds, though uncommon, have longer terms and offer the option to buy back an investor’s participation units after they have completed the required holding period for the Golden Visa. However, these funds typically provide lower returns compared to others.

Extension Period

Some funds are structured with an extension period that allows fund managers to prolong the investment cycle (usually 1–3 years beyond the original term). If an extension clause exists, you may need to remain invested for longer, depending on the fund’s discretion.

Fees and Costs for Portugal Golden Visa Investment Fund

The fees associates with Portugal’s Golden Visa investment funds can vary depending on the specific fund you choose and its management structure but you should expect three types of fees.

Government Fees

  • Processing Fee: €605.10 per applicant
  • Initial Application Fee: €6,045.20 per applicant
  • Renewal Application Fee: €3,023.30 per applicant at each five-year renewal.

Investment Fund Fees

  • Management Fees: These are charged by the fund manager for running the fund and making investment decisions. They’re usually taken annually as a percentage of the assets under management, typically between 1% and 2%.
  • Performance Fees: Some funds apply a performance fee if returns exceed a set benchmark (the “hurdle rate”). These fees usually fall in the 20%–30% range on the profit above that threshold.
  • Subscription Fees: Certain funds charge a one-time fee when you first subscribe. This usually covers administrative and onboarding costs and typically ranges from 1% to 3% of your investment.
  • Due Diligence Fees: Some managers charge a separate fee to process and review your application. This generally sits between €1,500 and €3,000.

Legal Fees

  • Legal Assistance Fee: The cost of legal support for a Portuguese Golden Visa application depends on the law firm and the number of family members included. For a single applicant, fees commonly fall between €5,000 and €15,000.
  • Translation and Certification Fees: Some documents may need to be translated, certified, or notarized to meet Portuguese legal requirements. These services usually come with additional costs, which can vary depending on the number and complexity of the documents.

Portugal Golden Visa Application Process

The duration of the Golden Visa process depends on various factors, such as the time you take to make a decision, how quickly you can provide the required documents. 

Here’s a step-by-step guide to the Portuguese Golden Visa Investment Fund process:

Portugal Golden Visa Investment Funds Required Documents

When applying for the Portuguese Golden Visa, you are required to submit various documents to the Agency for Integration, Migration, and Asylum (AIMA). 

The list below serves as a reference guide and is not exhaustive, as the authorities may request additional documents as needed.

Portugal Golden Visa Required Documents

To apply for the Portugal Golden Visa you must provide the following supporting documents:

  • Golden Visa application
  • Valid passport and, if applicable, a valid Schengen visa, for each applicant.
  • Criminal record certificate 
  • Applicant’s permission for AIMA to access his/her Portuguese criminal record.
  • Proof of residence, which can be in the form of a recent utility bill, or a recent bank statement
  • Proof of having obtained health insurance valid in Portugal.
  • Proof of professional occupation, such as a letter issued by the employer, should be submitted.
  • Documentary evidence of the eligibility of family member applicants
  • Certificate of no debts from the Portuguese tax and insurance offices
  • Signed statement affirming their commitment to meet the investment requirements
  • Evidence of the minimum investment
  • Letter from a local bank confirming the funds’ transfer.
  • Document demonstrating your ownership of the participation units in the fund.
  • Declaration issues by the investment fund’s management company outlining the business plan, maturity dates (of at least five years), and the deployment of at least 60 percent of the fund portfolio towards investments in Portugal.

Golden Visa Investment Funds Required Documents

To meet the requirement for the Golden Visa investment funds, you must provide the following additional supporting documents:

  • Declaration from a registered Portuguese institution confirming the successful transfer of funds that meet the minimum investment requirement.
  • Document demonstrating your ownership of the participation units in the fund, free from any encumbrances or liens.
  • Declaration issued by the investment fund’s management company outlining the business plan, maturity dates (of at least five years), and the deployment of at least 60 percent of the fund portfolio towards investments in Portugal.
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Processing Time for Portugal Golden Visa

The current processing times for Portugal Golden Visa applications can vary significantly based on application volume and AIMA’s processing capacity. Here you can find a flowchart for a better understanding:

Golden Visa Processing Time

Portugal Golden Visa Renewal Requirements

  • During the five-year duration of the Golden Visa program, the applicant will need to renew their visa twice. 
  • The 1st renewal is due at the end of year two, after the issuance of the residency card and the 2nd renewal is due at the end of year four. 
  • Investors and their family members are require to adhere to a minimum stay of 14 days in Portuguese territory within each residence card’s validity period.
  • Renewals necessitate the submission of the same documents and the maintenance of all initial application conditions.
  • Every two years, all investment options must undergo an evaluation regarding their contributions to scientific and cultural activities, as well as their role in promoting foreign direct investment and job creation.
  • Throughout the Golden Visa period, investors are obligates to maintain their investments free from encumbrances and financial burdens.

Portugal Golden Visa Fund for USCitizens

If you’re an American citizen considering investing in a Portugal Golden Visa fund, it’s essential to follow specific regulations.

FATCA Compliant Bank

One of the initial steps is opening a Portuguese bank account that complies with FATCA (Foreign Account Tax Compliance Act) regulations. 

FATCA is a U.S. law designed to prevent tax evasion by requiring foreign financial institutions to report accounts and assets held by American citizens directly to the IRS.

Choosing a FATCA-compliant bank is crucial for ensuring your investment aligns with U.S. tax laws, reducing the risk of non-compliance with IRS requirements.

PFIC

The Passive Foreign Investment Company (PFIC) rules were established to prevent U.S. persons from deferring tax on passive income generated through non-U.S. corporations. 

These rules also aim to restrict the conversion of passive income into capital gains, which are typically taxed at preferential rates.

Nearly all foreign mutual funds qualify as PFICs, including Portuguese investment funds that meet the criteria for the Golden Visa program.

Examples of Passive Foreign Investment Companies (PFICs) include:

  • Foreign Mutual Funds,
  • Foreign Venture Capital Funds
  • Foreign ETFs (Exchange-Traded Funds)
  • Foreign Retirement Accounts
  • Foreign REITs (Real Estate Investment Trusts)
  • Foreign Insurance Products
  • Foreign Holding Companies
  • Foreign Brokerage Accounts

Form 8621

Form 8621, officially titled “Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund”, is a U.S. tax form used to report ownership in a Passive Foreign Investment Company (PFIC) and any income or gains associated with that ownership.

Who Needs to File Form 8621?

  • Any U.S. person who owns shares in a PFIC (directly or indirectly).
  • Individuals who received income, gains, or distributions from a PFIC.
  • U.S. taxpayers making specific elections related to PFICs.

When Must Form 8621 Be Filed?

Form 8621 must be filed annually or whenever a U.S. person has ownership in a Passive Foreign Investment Company (PFIC) and certain events occur.

The form is generally due with your annual U.S. tax return, which is typically April 15. If you file for an extension, the deadline can be extended to October 15. 

For U.S. taxpayers living abroad, an automatic extension is granted until June 15, with the option to request further extensions if needed.

Glossary for the Portuguese Golden Visa Investment fund

FCR (Fundo de Capital de Risco): Private Equity Fund or Venture Capital Fund, refers to funds focused on investments in startups, growing companies, or other private businesses.

UP (Unidade de Participação), or PU (Participation Unit) in English, is the equivalent of stocks or shares in an investment fund.

General Partner (GP): The General Partner is the fund management company responsible for identifying, evaluating, and managing investments. The GP invests its own capital in the fund and oversees its operations.

Exit Strategy: An exit strategy is the plan to divest from a company in which the private equity fund has invested. Common exit strategies include IPO (Initial Public Offering), selling to another company or investor, or a management buyback of the company.

CMVM: CMVM stands for “Comissão do Mercado de Valores Mobiliários,” which translates to the Portuguese Securities Market Commission. CMVM is the regulatory authority responsible for supervising and regulating the securities market in Portugal.

If you are interested in discovering a wider range of acronyms associated with Portugal Golden Visa investment funds, we invite you to read our comprehensive article available here.

Why Choose Portugal Residency Advisors for Your Golden Visa?

Local Expertise

We know Portugal. Due to our extensive local knowledge, we believe that concentrating our services in a single country destination is the best way to give you the most thorough and useful information.

Honest Guidance

We recommend what’s best for you based on an extensive process experience that saves time and money to clients. Our pricing is clear and competitive, and we don’t sell services that make us more money.

All-in-One Solution

One single channel of communication for the entire process. We provide you with a comprehensive service that covers all aspects of your move, from identifying the ideal residency visa to finding your new home or helping you to settle.

Seamless Process

Technology plays a very important role in our company. We minimize our clients’ involvement in paperwork. We are customers ourselves and we know how to serve you.

Frequently Asked Questions

The Golden Visa investment fund option allows investors to obtain Portuguese residency by making a qualifying investment in an eligible investment fund.

The minimum investment amount is €500,000.

No, you must select an investment fund that is pre-approved and meets the requirements specified by the Portuguese authorities for the Golden Visa program.

The investment must typically be maintained for a minimum period, usually five years, to retain the Golden Visa residency status.

Yes, depending on the specific investment fund, you may receive returns or dividends based on the fund’s performance and investment strategy.

Yes, you can include your spouse or partner, dependent children, and dependent parents in your Golden Visa application.

The benefits include residency in Portugal, visa-free travel within the Schengen Area, access to Portuguese healthcare and education systems, and the opportunity for potential capital appreciation.

Yes, after holding the Golden Visa for a certain period and meeting additional requirements, you may be eligible to apply for Portuguese citizenship.

No, the Golden Visa allows for flexible residency requirements, and you are not required to reside in Portugal for a specific period.

Yes, it is generally possible to invest in more than one fund for the Golden Visa application

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