How to Choose the Right Investment Fund for Portugal’s Golden Visa in 2025

In 2025, the Portuguese Golden Visa is driven almost entirely by investment funds. Real estate no longer qualifies, so the decision now comes down to which fund, what risk level, and how it fits your residency timeline.

This guide breaks down the types of funds that qualify, what they invest in, the €500.000 requirement, and which fund categories typically work best for Golden Visa applicants today.

For a full overview of Portugal’s residency pathway, you can visit our program page:
Portugal Residency by Investment

What Should You Know About Golden Visa Investment Funds in 2025?

What Exactly Are Portuguese Golden Visa Funds?

Portuguese Golden Visa funds are CMVM-regulated investment or venture capital funds that accept a minimum subscription of €500.000 and allocate most of their capital to Portuguese companies.

Key points:

• Regulated by CMVM (Portugal’s securities authority).
• Must invest at least 60% of capital in businesses inside Portugal.
• Cannot be used for direct residential real estate acquisition.
• Professionally managed, audited, and structured as long-term investment vehicles.
• Golden Visa eligibility begins at a €500.000 subscription.

In simple terms:

You invest €500.000 into a regulated fund → the fund invests into Portuguese companies → the investment qualifies you for the Golden Visa.

What Is the Minimum Required Investment?

The minimum remains €500.000 in 2025.

You must:

• Subscribe at least €500.000 (can be a single fund or multiple funds).
• Maintain the investment for at least 5 years to remain compliant with Golden Visa rules.
• Follow the fund’s own maturity cycle, usually 6–10 years, depending on the strategy.

Family members (spouse + dependent children) are included under the same investment amount.

What Types of Funds Can Golden Visa Investors Choose From?

Golden Visa funds fall into three main categories:

1. Conservative / Income Funds

• Invest in stable, revenue-generating companies or credit strategies
• Lower risk, lower volatility
• Best for investors prioritising stability + residency

2. Balanced / Value Private Equity Funds

• Invest in established mid-market companies (healthcare, logistics, industrials)
• Medium risk, medium return
• Most popular among Golden Visa applicants in 2025

3. Growth / Venture Capital Funds

• Invest in early-stage or fast-growth sectors (tech, renewables, biotech)
• Higher risk, potentially higher returns
• Suited for investors comfortable with market fluctuations

Comparison Table

Who Can Apply for the Golden Visa Through Funds?

Eligibility requirements:

• Non-EU / non-EEA / non-Swiss nationality
• 18+ years old
• Clean criminal record
• Ability to invest €500.000 in a qualifying fund
• Maintain the legal minimum stay (approx. 7 days per year)
• Provide proof of legal source of funds

These requirements apply only to residency.

For citizenship, Portugal now requires 10 years of residency, and this must be consistent throughout the article.

If you’re considering future tax residency, you can also review our guide on the updated regime:
Portugal NHR 2.0 Tax Regime for Expats 2025

Which Investment Funds Perform Best for Golden Visa Applicants in 2025?

Which Growth Funds Stand Out in 2025?

Growth funds invest in high-potential sectors of the Portuguese economy and are designed for investors who want both residency and the possibility of higher long-term returns.

Strong growth funds in 2025 typically focus on:

• Technology and software
• Renewable energy and energy transition
• Biotech and life sciences
• Industrial innovation
• Export-driven Portuguese companies

What makes a growth fund strong:

• Exposure to fast-growing business segments
• Portfolio companies with international revenue streams
• Independent audits and transparent reporting
• Clear exit strategy, usually between year 6 and year 10

Best for:

Investors with higher risk tolerance who want the Golden Visa and long-term upside potential.

Typical return targets:

IRR: 8–12% (non-guaranteed)

Growth Funds Snapshot (2025)

• Target IRR: 8–12%
• Maturity: 6–10 years
• Sectors: Tech, Renewables, Biotech, Industrial Innovation
• Liquidity: Low
• Minimum: €500.000

Which Value / Private Equity Funds Are Most Reliable in 2025?

Value-oriented private equity funds are the most popular option among Golden Visa applicants because they combine moderate growth with more predictable performance.

These funds typically invest in:

• Healthcare providers
• Logistics and supply-chain businesses
• Light industrial operations
• Hospitality platforms and service companies
• Established Portuguese mid-market firms

What makes a value fund reliable:

• Operational companies with real revenue
• Good balance between risk and return
• Managers with multi-cycle private equity experience
• Co-investment from institutions, not just Golden Visa investors

Best for:

Investors who want returns that are more predictable than VC but more dynamic than fixed-income.

Typical return targets:

IRR: 6–9% (non-guaranteed)

Value Funds Snapshot (2025)

• Target IRR: 6–9%
• Maturity: 6–7 years
• Sectors: Healthcare, Logistics, Industrial, Hospitality Platforms
• Liquidity: Moderate
• Minimum: €500.000

Are ESG or Sustainable Funds a Strong Choice in 2025?

Yes. ESG funds have grown significantly due to EU sustainability frameworks and Portugal’s leading role in clean-energy projects.

ESG funds often invest in:

• Solar and wind infrastructure
• Energy storage and grid upgrades
• Circular-economy and green manufacturing
• Education, healthcare, and social-impact sectors

Why ESG funds stand out:

• Consistent inflows from EU and global investors
• Long-term stability, especially in infrastructure-backed strategies
• Strong alignment with multi-year holding requirements
• Appeal to investors seeking residency with broader positive impact

Typical return targets:

IRR: 5–9%, depending on whether the fund is infrastructure-heavy or innovation-focused

ESG Funds Snapshot

• EU Taxonomy-aligned strategies
• Strong institutional participation
• Lower volatility than early-stage VC
• Minimum: €500.000

Decision Framework: Which Fund Type Fits You Best?

What Requirements Must a Fund Meet to Qualify for the Golden Visa?

Does the Fund Need CMVM Regulation?

Yes. Only funds under the supervision of CMVM (Portugal’s Securities Market Commission) qualify for the Golden Visa.

CMVM regulation ensures that:

• The fund manager is licensed and meets regulatory standards
• Risk management and investment strategy are properly monitored
• Investors receive reliable, audited reporting
• The fund complies with Golden Visa rules, including the 60% Portugal investment requirement

If a fund is not CMVM-regulated, it cannot be used for the Golden Visa, regardless of the sector or marketing claims.

How Long Do You Need to Hold the Investment?

There are two timelines investors must understand:

1. Golden Visa Requirement

You must keep the investment for at least 5 years to comply with Golden Visa residency rules.

2. Fund’s Own Maturity Cycle

Most Golden Visa-eligible funds operate with a 6–10 year maturity, because they invest in real companies that need time to grow and exit.

Important distinction:

• Fund maturity is about when the investment returns are paid.
• Residency requires at least 5 years.
• Citizenship now requires 10 years of residency, so fund maturity is usually aligned with the residency period, not the citizenship timeline.

Many investors exit the fund before reaching citizenship, as long as they maintain residency for the full 10-year period.

What Fees Should You Expect?

Golden Visa funds follow standard private-equity style fee structures. While fees vary, typical ranges in 2025 include:

• Management fee: 1.5–2.5% per year
• Subscription / entry fee: 0–3%
• Performance fee (carried interest): 10–20% above a hurdle rate
• Audit, custody, and admin costs: included inside the structure
• Exit costs: minimal, as exits occur through fund liquidation rather than investor-driven redemption

Key insight:

Fees are not the issue, quality, transparency, and governance matter far more.

Savory & Partners only works with funds that demonstrate audited reporting and realistic return expectations.

What Documentation Does a Qualifying Fund Provide?

To confirm Golden Visa eligibility, a credible fund always provides:

• CMVM registration certificate / number
• Fund prospectus and regulations
• Subscription agreement
• KID (Key Investor Document)
• Portfolio overview or pipeline explanation
• Manager licensing documents
• Latest audit reports
• Golden Visa eligibility confirmation or legal opinion

If any of these are missing or unclear, the fund should undergo deeper due diligence before being considered.

How Does Fund Eligibility Relate to Immigration Requirements?

A fund qualifies for the Golden Visa only if all of the following conditions are met:

• Investment minimum of €500.000
• CMVM-regulated structure
• Minimum maturity of 5+ years
• At least 60% of deployment inside Portugal
• No investment into prohibited areas (e.g., prohibited real estate structures)
• Clear reporting, oversight, and audit standards

From the immigration side, applicants must maintain:

• The investment for 5 years
• Their residence permit for 10 years if pursuing citizenship
• Minimum stay (approx. 7 days per year)

This separation between investment requirements and immigration requirements must be kept clear for accuracy.

How Do You Choose the Right Investment Fund for the Golden Visa?

How Should You Assess Risk Before Investing?

Choosing the right fund begins with understanding your risk tolerance. Each fund category comes with its own risk profile, and your choice should match your comfort level and long-term goals.

Key elements to evaluate:

Portfolio maturity

• Early-stage companies = higher risk
• Established businesses = more stability

Sector exposure

• Tech, biotech, energy innovation → more volatility
• Healthcare, logistics, infrastructure → steadier performance

Diversification

A wider spread across companies or sectors reduces concentration risk.

Leverage levels

Lower leverage generally means lower financial risk.

Governance and reporting

Strong funds provide audited statements, external valuations, and clear quarterly or semi-annual updates.

Historical performance

Prior fund cycles, even in other countries, reveal the manager’s ability to generate returns across different market periods.

Simple rule:

• Prefer stability → choose income or balanced PE
• Comfortable with volatility → choose growth or VC

Which Performance Metrics Matter Most in 2025?

Before subscribing to any Golden Visa fund, ensure you understand these key metrics:

• Target IRR: Most funds aim for 5–12%, depending on strategy.
• NAV Growth (Net Asset Value): Shows whether the fund’s assets are appreciating over time.
• Number of portfolio companies: Fewer companies = higher concentration risk.
• Sector & geographic breakdown: Helps you identify the structural risk of the fund.
• Manager track record: Prior exits, past IRR achievements, and years of experience matter.
• Exit strategy clarity: Funds should explain exactly how capital will be returned at maturity.

Direct takeaway:

A credible Golden Visa fund has realistic targets, audited reporting, and a clear path to exit, not vague projections.

How Important Is the Fund Manager’s Track Record?

It is one of the most decisive factors, often more important than the strategy itself.

A reliable manager should demonstrate:

• A multi-year, multi-cycle track record in private equity or venture capital
• Documented exits that show real returns, not just theoretical valuations
• A strong investment committee and sector specialists
• Participation of institutional investors in the same fund
• Transparent governance (e.g., independent audits, risk committees)
• A stable team (not a single-founder operation)

Why it matters:

You will stay invested for at least 5 years, and most likely 6–10 years.

Your experience depends heavily on the manager’s competence, discipline, and transparency.

How Do You Evaluate the Fund’s Investment Strategy and Portfolio?

A Golden Visa fund is a legitimate investment, not just a residency pathway.

Before committing, ensure the strategy matches your expectations.

Evaluate:

• Portfolio companies or pipeline
  Does the fund already have investments?
  If not, does it have a clear acquisition pipeline?

• Sector focus
  Stable sectors = lower volatility
  Innovative sectors = higher potential but more risk

• Holding periods
  Funds should explain why their maturity matches the target sectors.

• Return sources
  Will returns come from income, capital appreciation, or both?

A well-defined strategy should feel coherent and credible, not overly promotional.

How Do You Align a Fund with Your Golden Visa Timeline?

This is a key section where precision matters.

There are three separate timelines investors must align:

1. Golden Visa Investment Timeline

You must keep the investment for at least 5 years.

2. Fund Maturity Timeline

Most funds mature in 6–10 years, depending on the strategy.

This timeline determines when you receive your capital back.

3. Citizenship Eligibility Timeline

Portugal now requires 10 years of legal residency to apply for citizenship.

Important clarification:

• A fund maturing in 6–7 years aligns well with the residency period, not the citizenship timeline.
• Investors can exit the fund at maturity and continue residency for citizenship using renewed Golden Visa cards.

You do NOT need to stay invested for the full 10 years, only for the legal 5-year minimum.

Your residency continues independently after the fund exits, as long as you maintain valid permit renewals.

What Is the Application Process When Investing in a Golden Visa Fund?

What Documents Do You Need to Prepare?

Investing in a Golden Visa–eligible fund requires a standard set of documents. These help confirm your identity, the legality of your funds, and your eligibility for Portuguese residency.

You will typically need:

• Passport copy for all applicants
• Proof of address (utility bill, bank letter)
• Proof of legal source of funds
• Clean criminal record certificate from your country of residence
• Portuguese tax number (NIF)
• Portuguese bank account
• Signed subscription documents from the fund
• Payment confirmation showing the €500.000 investment

Most investors complete the NIF and open the bank account remotely using a power of attorney, which significantly speeds up the process.

What Are the Steps to Subscribe to a Fund?

The process is straightforward:

1. Select the qualifying fund

After due diligence and suitability review.

2. Open a Portuguese bank account

Required for the investment transfer.

3. Obtain your NIF (tax number)

Needed for all financial and immigration procedures.

4. Transfer the investment amount

€500.000 transferred into your Portuguese bank account, then subscribed into the fund.

5. Sign the subscription agreement

You become an official investor and receive proof of subscription.

6. Collect all supporting documents

Bank confirmations, fund participation certificates, and CMVM details.

7. Submit your Golden Visa application

Through SEF/AIMA with all documentation attached.

Timeline:

The subscription process usually takes 1–3 weeks, depending on fund response and banking procedures.

What Happens After You Subscribe to the Fund?

Once your investment is complete, the next phase is focused on obtaining and maintaining your Golden Visa.

You will receive:

• Official fund participation certificates
• Confirmation of units held in your name
• Compliance documentation confirming Golden Visa eligibility

These form the core of your residency application.

AIMA then reviews your file and calls you for biometrics. After approval, you receive:

• Your 2-year Golden Visa residence cards for yourself and your family

Cards renew every 2 years, requiring updated documents, proof of investment, and evidence of your physical stay in Portugal.

How Do Renewals and Residency Maintenance Work?

To maintain your Golden Visa status:

• Keep your fund investment for 5 years (minimum legal requirement)
• Renew your residence permits every 2 years
• Stay in Portugal for 7 days per year on average
• Maintain clean criminal record status
• Provide updated documents on renewal

After 5 years, you can apply for permanent residency while continuing to meet renewal and stay requirements.

For citizenship, Portugal now requires 10 years of legal residency.

You do not need to keep the investment for 10 years, only maintain your residency status after the fund matures.

What Are the Legal and Administrative Steps After Approval?

Once you receive your residence cards:

• You continue to meet the stay requirement (7 days per year)
• You maintain updated personal documents for renewals
• You track your fund reporting and audit updates
• You maintain a Portuguese address for residency records
• You renew again after 2 years, and then after another 2 years
• After completing 10 years of residency, you may apply for citizenship (if desired)

Throughout the process, the investment and immigration timelines operate independently:

• Investment → 5-year minimum
• Residency → 5 years for PR
• Citizenship → 10 years total residency

This separation ensures investors can access their capital before reaching citizenship without affecting their immigration status.

What Due Diligence Should You Perform Before Investing?

How Should You Evaluate the Fund Manager?

Before committing €500.000, the most important step is understanding who is managing your investment.

A well-designed strategy means little if the manager lacks experience or discipline.

A credible fund manager should demonstrate:

• A proven track record across multiple market cycles
• Verified past exits in private equity or venture capital
• A diverse team with sector expertise (not a single-manager operation)
• Institutional investors co-investing alongside Golden Visa applicants
• Transparent quarterly or semi-annual reporting
• External audits and valuation processes
• A clearly defined investment committee and governance structure

Warning signs:

Avoid managers who give vague answers, rush the decision process, or cannot document their regulatory standing.

How Do You Understand the Fund’s Strategy and Portfolio?

A Golden Visa fund is a real investment, not just a residency mechanism.

You should understand both what the fund invests in and why the strategy makes sense.

Key areas to review:

Portfolio or Pipeline

• Does the fund already hold investments?
• If not, does it have a vetted acquisition pipeline?

Sector Focus

• Stable sectors (healthcare, logistics, infrastructure) usually mean lower risk
• High-growth sectors (tech, biotech, energy innovation) offer more upside but higher volatility

Diversification

A well-rounded fund spreads risk across multiple companies, sectors, or regions.

Holding Period Rationale

The fund should clearly explain why its maturity (usually 6–10 years) matches the nature of its investments.

Return Drivers

Understand whether returns come from:

• Income,
• Capital appreciation,
• Or a hybrid approach.

A strong strategy feels disciplined, realistic, and aligned with the fund manager’s expertise.

What Should You Know About the Exit Strategy?

Exit strategy determines how and when investors get their money back.

This is where many funds differ, and clarity is essential.

A credible exit plan includes:

• Defined exit pathways such as trade sales, mergers, buybacks, or asset liquidations
• A realistic timeline, typically year 6–7 for balanced PE funds
• Case studies or examples from previous fund cycles
• Clear expectations about how returns will be distributed
• A plan for handling underperformance or delayed exits

Important:

This is the investment exit timeline, not the immigration timeline.

You can exit the fund before reaching Portugal’s 10-year citizenship requirement, as long as you maintain your residency renewals.

How Do You Confirm the Fund Is Truly Golden Visa Eligible?

Not all funds in Portugal automatically qualify for the Golden Visa.

Eligibility must be proven, not assumed.

To confirm eligibility, ensure the fund provides:

• CMVM registration
• A structure with minimum 5-year maturity
• Allocation of 60%+ of investments inside Portugal
• Legal confirmation of Golden Visa compliance
• Full prospectus + KID (Key Investor Document)
• Manager licensing documents
• Clear reporting and audit processes

Savory & Partners always verifies these points directly with fund legal teams and regulators before recommending any product.

Why Does Due Diligence Matter as Much as the Investment Itself?

Because you are investing €500.000 into an asset that will be held for several years, and your residency depends on maintaining it for at least 5 years.

Good due diligence ensures:

• Your capital is handled by a credible manager
• Returns are based on real, achievable expectations
• You are protected from compliance issues
• You enter a fund with a stable structure and clear reporting
• You invest into sectors with realistic growth potential
• You are aligned with the correct timelines for residency and citizenship

In short:

Due diligence protects both your investment and your immigration pathway.

What Is the Future Outlook for Golden Visa Investment Funds in 2025?

What Market Trends Are Shaping Golden Visa Funds in 2025?

The fund route has become the primary pathway for Portugal’s Golden Visa, and this shift is reshaping the market in several important ways.

1. Strong Demand for Regulated, Transparent Funds

Investors today are far more selective. They prioritise funds that offer:

• Clear governance
• Independent audits
• Realistic performance expectations
• A disciplined investment strategy

This is pushing the market toward higher-quality products rather than promotional funds targeting only Golden Visa demand.

2. Capital Flowing into Portugal’s Strongest Sectors

The sectors attracting the most institutional and cross-border investment in 2025 include:

• Renewable energy and clean infrastructure
• Technology and digital transformation
• Healthcare and life sciences
• Industrial and export-oriented operations

These align with Portugal and the EU’s long-term economic goals, meaning Golden Visa funds operating in these sectors are structured around real fundamentals, not purely foreign demand.

3. Growing Preference for 6–7 Year Fund Maturities

Many funds are now structured with maturities aligned to the Golden Visa residency period, not the citizenship timeline.

This gives investors planning clarity:

• 6–7 years → Ideal for residency cycle
• 10 years → Required for citizenship, but does not require continuous investment

This evolution creates a more investor-friendly ecosystem than in earlier years.

Are Any Regulatory Changes Expected to Impact Investors in 2025?

As of 2025, no new restrictions on the fund route have been proposed or indicated.

However, two regulatory trends are shaping the space:

1. Increased Transparency Requirements

Regulators are tightening rules around:

• Fund marketing claims
• Disclosure of risks
• Reporting standards
• Verification of Golden Visa eligibility

This benefits serious investors by reducing the influence of weaker, non-transparent products.

2. Stricter Oversight of Fund Structures

Portugal continues to refine compliance frameworks to ensure that funds marketed to Golden Visa investors:

• Are appropriately regulated
• Invest into approved sectors
• Meet the mandatory holding and deployment rules

If future changes occur, they are expected to focus on standardisation and investor protection, not on eliminating the qualifying fund route.

Savory & Partners continuously monitors these updates to ensure that all recommendations remain fully compliant and current.

What Opportunities Should Investors Expect in 2025?

Several factors make 2025 an attractive year for fund-based Golden Visa investments:

1. Portugal’s Strong Sector Fundamentals

Sectors such as renewables, technology, and industrial operations continue to benefit from both domestic and EU-level incentives. This creates real, long-term opportunities for private capital.

2. More High-Quality Funds Entering the Market

Because the Golden Visa program no longer includes real estate, top-tier managers are creating funds specifically designed with:

• Clear deployment strategies
• Independent valuations
• Disciplined governance
• Defined maturity windows

This allows investors to choose from more sophisticated and institutionally structured options.

3. Better Alignment Between Investment and Residency Timelines

Fund maturities typically fall between 6–10 years, which aligns naturally with the residency journey.

Investors can:

• Complete the 5-year Golden Visa investment requirement
• Exit the fund at maturity
• Continue holding residency permits
• Apply for citizenship at the 10-year mark

This creates clarity and flexibility.

What Challenges Should Investors Prepare For?

Even though the fund route is stable and government-supported, investors should be aware of a few inherent challenges:

1. Illiquidity

Private equity and venture capital funds typically lock capital until maturity. Early exits are uncommon, so your investment must be money you do not need urgently.

2. Valuation Fluctuations

Growth-oriented sectors (e.g., tech, biotech) can experience valuation volatility. This does not affect your residency but can affect financial outcomes.

3. Manager Selection Is Critical

The manager determines:

• Return potential
• Reporting quality
• Risk management
• Exit execution
• Overall investor experience

Choosing a fund without strong governance significantly increases risk, which is why professional due diligence is essential.

Despite the Challenges, Why Does the Fund Route Remain Strong?

Because it offers a balanced combination of:

• Low residency requirements
• A regulated investment environment
• Predictable long-term timelines
• Clear separation between investment and immigration rules
• Access to Portugal’s strongest economic sectors
• A secure, government-endorsed pathway to residency
• A flexible structure that allows investors to exit the fund before citizenship while maintaining residency

For 2025 and beyond, fund-based Golden Visa strategies remain the most stable, compliant, and forward-looking option for investors seeking long-term residency in Portugal.

FAQs About Portuguese Golden Visa Investment Funds in 2025

Can I invest in more than one fund to reach the €500.000 minimum?

Yes. You can split your investment across multiple eligible funds as long as the total reaches €500.000.

Most investors choose one fund for simplicity, but diversification is allowed and can reduce risk if managed properly.

Can my family be included under the same €500.000 investment?

Yes.

Your spouse, children, and dependent family members can all be included without increasing the investment amount. The €500.000 investment applies per main applicant, not per family member.

Do fund returns affect my Golden Visa approval?

No.

Your Golden Visa is based on completing the qualifying investment, not on the fund’s performance. However, choosing a strong manager matters because you will remain invested for several years and want a stable, well-run fund.

What happens if the fund underperforms or delays its exit?

Underperformance does not affect your residency, but it impacts your financial return.

Delays can extend your exit timeline, which is why it’s critical to choose a:

• CMVM-regulated fund
• Manager with a proven track record
• Fund with clear exit plans
• Sector that aligns with realistic growth expectations

Savory & Partners always performs due diligence to help you minimise these risks before you invest.

References

Agência para a Integração, Migrações e Asilo (AIMA), Portugal – Official Residency & Golden Visa Procedures. Referred from: https://aima.gov.pt

Comissão do Mercado de Valores Mobiliários (CMVM), Portugal – Regulation of Investment and Venture Capital Funds. Referred from: https://www.cmvm.pt

Banco de Portugal – Financial Supervision, Banking Compliance, and Capital Movement Regulations. Referred from: https://www.bportugal.pt

European Union – EU Taxonomy for Sustainable Activities & ESG Investment Frameworks. Referred from: https://finance.ec.europa.eu/sustainable-finance