October 14, 2023

Portugal Golden Visa: Investing in Private and Publick Funds Under the New 2023 Rules


As of October 2023, Portugal has made significant changes to its Golden Visa program, making it no longer possible to obtain this prestigious status through real estate investments. This shift marks a remarkable transformation in the Portuguese real estate market, which has evolved from being one of the weakest markets, especially after the Lehman Brothers’ collapse, to a booming industry in 2023.

This transformation can be largely attributed to the introduction of the Golden Visa program in 2012. However, the rapid rise in real estate demand prompted the Portuguese government to discontinue real estate investments as a means of acquiring a Golden Visa.

But fear not, as there are still alternative avenues to pursue this coveted visa.

Despite the closure of the real estate investment route, there are six different investment options available for those aspiring to secure a Portugal Golden Visa:

  1. Capital Investment Options:
    • A financial investment or capital transfer of more than €1 million into any business or company, alongside the creation of at least 10 permanent jobs.
    • A financial investment of €1 million in government securities and bonds.
    • A transfer of funds exceeding €350,000 for research activities.
    • A transfer of funds exceeding €350,000 for the acquisition of units of investment funds or venture capital funds.
    • A transfer of funds exceeding €250,000 for artistic or cultural activities.
    • A transfer of funds exceeding €500,000 for the capitalization of small and medium-sized companies.

Ajmera Law Group strongly believes that investing in funds will become the most popular investment choice for obtaining a Portugal Golden Visa in the coming years.

Advantages of Fund-Based Investments

Investing in funds for a Golden Visa has several distinct advantages over real estate:

  1. Cost-Efficiency: Fund investments typically incur lower costs than real estate, as there are no property taxes or maintenance fees to worry about.
  2. No Property Management: With funds, there is no need to concern yourself with property management, tenants, or rental issues.
  3. Potential for Higher Returns: Well-selected funds can provide more favorable returns compared to real estate investments.
  4. Ease of Liquidation: Selling a fund investment is generally more straightforward than selling real estate.
  5. No Property Management Fees: Funds don’t come with the ongoing management fees associated with real estate properties.

Selecting the Right Fund

When considering fund-based investments for a Portugal Golden Visa, it’s crucial to exercise due diligence:

  1. Avoid Real Estate Exposure: Ensure that the fund is not invested in real estate, in compliance with the new regulations.
  2. Regulatory Compliance: Confirm that the fund is registered with the Portugal Securities Market Commission (CMVM) for transparency and regulatory adherence.
  3. Portuguese Company Investment: Verify that the fund allocates a significant portion (at least 60%) of its assets to Portuguese companies.
  4. Investment Diversity: Assess the fund’s diversification strategy to minimize risk.
  5. Exit Strategy: Consider the ease of selling the fund at the end of the mandatory investment period required for the Golden Visa.


With the closure of the real estate investment option for Portugal Golden Visas, investors are now presented with a compelling opportunity to explore fund-based investments.

These investments offer various advantages, such as cost-efficiency, hassle-free management, potential for higher returns, and easier liquidation.

However, it’s crucial to choose funds wisely, ensuring compliance with the new rules and focusing on factors like diversification and an effective exit strategy.

As Portugal’s Golden Visa program evolves, these fund-based investments may well become the preferred pathway for investors seeking this prestigious status.

November 15, 2022

With open and unbiased policies, any country can attract people from other countries, especially when the host country is embarking on new milestones and progressing rapidly. Portugal tops the list of countries where the standard of living is high; hence, the government is attracting large amounts of investment from across the globe.

The reason for Portugal’s economic growth is its soft policy for foreign investors as well as the security and benefits it offers. Recently, the Portuguese regime introduced the golden visa program for non-EU investors that grants them residence permits for as minimum as five years in return for their investment.

Most sectors of Portugal see new heights through modernization and digitalization. However, as a reputable Portugal investor visa consultant in India, we outlined eight investment options for you to win a golden visa and, obviously, return too.

#1 Direct Investment in the company or business

If you were born with a business mind, you already know what business can bring back. Immersive opportunities are present in Portugal to expand the company as it is one of the European countries. It means business investment can directly give easy access to 26 Schengen countries.

Under the golden visa investment policy, you must invest more than €1 million in any company or business. Also, this business should be capable of generating employment for at least ten people.

#2 Government bonds and securities

In the last few decades, the economic growth of Portugal has increased. Government bonds and securities are another best way to invest in officially issued debt obligations. You can earn a yield on a specific interval in return for these bonds and securities.

It requires as minimum as €1 million investment in government securities and bonds.

#3 Investment funds or venture capital fund

Investment and venture capital funds are very famous options to capitalize on growing startups, businesses, or companies. Apart from its long-term profits, you can acquire a certain percentage of equity of the particular company. Your capital invested in the right business in Portugal has outstanding potential to bring you enormous profit back.

According to Portugal golden visa Investment, you must invest above €350,000 in a business funding round.

#4 Research activities

Portuguese have been involved in astronomical, marine, medical, technological, and other research for a long time because of their presence near the Atlantic Ocean. The Portuguese government’s research and development wing provide all needed support for innovations and research across the country. If you are a researcher or involved in R&D, there is no place like Portugal.

For the golden visa, you must make over €350,000 in any research activity located in Portugal to be a part of it.

#5 Artistic & cultural activities

Are you fond of creativity? If yes, then Portugal lets you embrace its roman legacy with the touch of other cultures like Celtic, Lusitanian, Phoenician, Germanic, Visigoth, Viking, Sephardic Jewish, and Moorish. Thousand-year-old art and painting are kept in museums that narrate their glorious history.

Golden visa guidelines state that you have to make an investment of above €250,000 in artistic production or any cultural revival activity.

#6 Investment in SMEs

According to the golden visa program, you can acquire or back any small and medium size company, though the investment should be more significant than €500,000. SMEs are holding up a significant proportion in Portugal’s companies. It is a win-win situation for both investors as well as SMEs.

#7 Residential real estate property

After acquiring residential real estate property, you can also become liable for a golden visa. To buy a residential property in a highly dense and particular interior area, you have to invest €500,000.

However, you can also buy residential real estate property with a lower budget at €350,000. However, this property must be a part of the rehabilitation project.

Also, if you buy the property in a low-populated area, then you can get a 20% discount on the maximum investment limit. This allows you to make investment of € 280,000 and receive Portugal golden visa with family.

#8 Commercial real estate property

The same rule applies to acquiring commercial real estate property as residential real estate. You can make property investments as low as €500,000 in the interior area and €350,000 in the low-density area.


The golden visa program is undoubtedly a golden opportunity for investors planning to expand their businesses. Apart from permanent residency, the Portuguese regime also ensures the security of investors and their families. Top of this, capital investment under the Portuguese citizenship golden visa program opens the door to the entire Europe. So, you must consider Portugal and have it on the list while investing your money abroad. However, looking to the popularity of the program and recent statement made by president of Portugal, Golden visa may not remain open for long time.

July 15, 2022
  1. The USA Green Card – EB-5 visa program’s new compliance requirements – https://ajmeralaw.com/country/usa-eb-5-investor-program/


  1. Four types of USA business visas. Comparison between – EB-5 | L1 A & B | E2 | EB1C – https://ajmeralaw.com/wp-content/uploads/2022/06/USA-Business-Visa-comparison-min.pdf


  1. Ajmera Law Group is pleased to add three more countries to its portfolio for Residency and Citizenship by Investment.





  1. Portugal Golden Visa – With an investment of only Euro 280,000 in a hotel and very attractive terms and conditions – https://ajmeralaw.com/country/portugal-citizenship-by-investment/


  1. Launch of our new website with AI based chat bot – https://ajmeralaw.com


  1. No need to go to the UAE or contact an agent or law firm in UAE. Now register your company and move your business to UAE from India itself. ALG is now the authorized law firm of a UAE Free Trade Zone. You can contact us to register your company and complete all formalities without leaving India – https://ajmeralaw.com/country/uae-citizenship-by-investment/


Please contact us for additional information regarding any of the above services offered by our law firm.



Team Ajmera Law Group

July 28, 2018

Cyprus real estate market is ready for Indian investors and developers alike.

Cyprus is small island country in the Mediterranean region south of Turkey.  The island’s natural beauty and its dynamic real estate market has attracted the attention and investment of HNIs and businessmen all over the world. The most attractive facet of investing in Cypriot real estate is that it can get you and your family residency or citizenship of this country. Hence you can become a resident of the EU by purchasing real estate in Cyprus thus gaining automatic access to the huge European market.

It is true that the Cypriot economy was heavily affected during the economic crisis of 2013 that brought many European economies to the brink of collapse. But interestingly, Cyprus was one of the few countries that was able to turn the tide around rather quickly. Now the Cypriot economy is thriving under its able administration.

The real estate market of any country directly reflects the overall performance of its economy. After the 2013 crisis, the government of Cyprus introduced the Residency & Citizenship program fornon-EU citizens. Under this program, investors making an investment of €350,000 in real estate are granted Cypriot residency and those making an investment of €2 million to €2.5 million in other various combined assets, including residential real estate of €500,000, are granted Cypriot citizenship.

The Cypriot Residency & Citizenship program is one of the most attractive and value-for-money programs in the world. It has garnered interest not only from investors but also reputed developers who have entered into joint ventures with local developers.

This has increased the confidence level of the local real estate market and consequently the economy. The GDP growth in 2017 was 3.4 % and International Monetary Fund (IMF) predicts further GDP growth of 2.6% in 2018.

Due to strong market indication and high demand for real estate across Cyprus, there was a substantial increase in real estate transactions and new construction permits in 2017.

Interest from foreign buyers for high end properties (€1.5 million and above) has increased by 45% in 2017.

Growth in all property price indices was recorded during 2017, reflecting the increased demand and activity levels in the real estate sector.

Following are the highlights of the real estate market in Cyprus during the year 2017:

  1. There was 49% increase in the value of new building permits. The capital city of Cyprus accounts for 35% of the total permits or market share.
  2. There was 24% increase in sale contracts across Cyprus. Though the capital is Nicosia, Limassol is the country’s financial capital and it recorded 35% of the total transactions. At the same time, Famagusta recorded the highest annual growthof 44%in number of sale contracts during 2017. Nicosia recorded a growth of 42%.
  3. There was an increase of 33% in sale transactions by foreign buyers. Paphos and Limassol are the most popular destinations among foreign buyers. However, during my recent visit to Cyprus, I observed that the Ayia Napa area is not very popular among investors and is an attraction only for tourists. This area has great potential for foreign investors.
  4. There was a rise of 45% in the purchase of high-end real estate as these purchases are directly connected with Europe passport/ Cyprus citizenship program.

Experts believe that the Cypriot real estate market will be doing really well in the coming years.

As attorneys, we assist Indian HNIs and developers to make suitable investmentsin Cyprus and manage all legal aspects associated with the process.

E-mail us at: info@ajmeralaw.com for more information visit www.ajmeralaw.com