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October 14, 2023

Portugal Golden Visa Investment in Private and Public Funds

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.

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