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Golden visa funds

Portugal golden visa funds, compared

The 50 Portuguese funds below were taking golden visa subscriptions in September 2026. The tables set them side by side from each fund's regulation, prospectus and reports, and from its manager where those are silent or not public: what it owns, when you can get your money out, what it charges, and whether it provides PFIC reporting for US taxpayers.

Open-ended funds 20Closed-end funds 30Funds left out 58

Within each kind the funds are listed alphabetically, and a fee is a share of your investment unless it says otherwise. Funds that other lists still show but that are not in the tables follow them, each with the reason.

Open-ended

Open-ended funds

You can sell your units back to the fund on its dealing days, so once your five years are up the money is yours to take, at what the units are worth that day.

3CC Atlantic Bond Fund

3 Comma Capital

What it invests inCorporate bonds, at least 60% Portuguese, mostly investment grade
Your money backAny business day, paid in 5 business days; 2.5% fee in the first five years
Fees Entry: 1.5% Yearly: 1.5% Performance: 10% above 4% a year
Minimum€100,000
PFIC reportingStated by the manager

3CC Portugal Golden Income Fund

3 Comma Capital

What it invests inMostly Portuguese corporate bonds, some global shares, up to 20% gold and bitcoin funds
Your money backAny business day, paid in 5 business days; 5% fee in year one, falling to none after five years
Fees Entry: None Yearly: 1.5%, or 1% with €500,000 in class Z Performance: 20% above 5% a year (class Z: above 3%)
Minimum€100,000
PFIC reportingStated by the manager

ActiveCap Corporate Bond Fund

ActiveCap

What it invests inBonds and commercial paper of Portuguese companies, mostly investment grade
Your money backWeekly, paid within 5 business days; up to 3% fee in the first year below €500,000
Fees Entry: None from €250,000 Yearly: 1.5% Performance: None
Minimum€100,000
PFIC reportingNot stated

€2.2 million in the fund at the end of 2025.

Aritotal Portugal Opportunities Fund

Lagaretta Capital

What it invests inMainly shares, some bonds, at least 60% in Portuguese companies
Your money backAny business day, paid in 4 business days
Fees Entry: 1% Yearly: 2%, plus 0.10% custody Performance: 20% above 3% a year
Minimum€250,000
PFIC reportingNot stated

Authorised in February 2026, with no record yet. Its capital is not guaranteed.

BTG Pactual GV Corporate Bonds 60/40

IM Gestão de Ativos (IMGA)

What it invests inCorporate bonds, at least 60% Portuguese, up to 40% Latin American in euros or dollars
Your money backAny business day, paid within 6 business days
Fees Entry: None Yearly: 1.4% Performance: None
Minimum€100,000
PFIC reportingNot stated

Launched in September 2025.

C2 Atlantic Dynamic Fund

C2 Capital Partners

What it invests inListed shares, bonds and commodities, at least 60% in Portuguese listed companies
Your money backAny business day, paid within 10 business days; fee of up to 3% in the first three years
Fees Entry: 2% Yearly: 1.5%, plus about 0.19% depositary Performance: 20% above 5.25% a year
Minimum€100,000
PFIC reportingNot stated

Launched in November 2025.

Heed Top Investment Fund

Heed Capital

What it invests inBonds and shares of Portuguese companies, mostly bank, utility and corporate bonds
Your money backAny business day, paid in 4 business days; 5% fee in the first year
Fees Entry: 2% Yearly: 1.5% Performance: 20% above 5% a year
Minimum€100,000
PFIC reportingStated by the manager

IMGA GV Portuguese Corporate Debt

IM Gestão de Ativos (IMGA)

What it invests inCorporate bonds and commercial paper, at least 65% Portuguese, mostly investment grade
Your money backAny business day, paid within 6 business days; 3.5% fee in the first five years
Fees Entry: 1.75% Yearly: 1.7% Performance: None
Minimum€100,000
PFIC reportingNot stated

Launched in January 2026.

IMGA GV Portuguese Equities

IM Gestão de Ativos (IMGA)

What it invests inListed shares, at least 65% Portuguese, the rest American, European and OECD
Your money backAny business day, paid within 4 business days; 3.5% fee in the first five years
Fees Entry: 2.5% Yearly: 1.95% Performance: None
Minimum€100,000
PFIC reportingNot stated

Launched in December 2025.

Magellan Fund

Oxy Capital

What it invests inListed shares and bonds, at least 60% Portuguese, the rest international listed shares
Your money backMonthly, paid within 180 days; fee of up to 3% in the first three years
Fees Entry: None direct; 2% or 10% through an introducer Yearly: 1.2% Performance: 20% above 5% a year
Minimum€100,000
PFIC reportingNot stated

Octanova Horizon Fund

Octanova

What it invests inPortuguese corporate bonds, and up to 40% in bitcoin, ether and solana
Your money backMonthly, paid within 5 business days of month end; 5% fee in the first five years
Fees Entry: 2% Yearly: 2% Performance: 20% above 2% a year
Minimum€100,000
PFIC reportingNot stated

Open only to professional investors, and no depositary bank oversees it.

Optimize Portugal 80

Optimize Investment Partners

What it invests inThe original Portugal Golden Opportunities fund: listed Portuguese shares, up to 40% in bonds
Your money backAny business day, paid in 5 business days
Fees Entry: 1% Yearly: 1.8% Performance: None
Minimum€1,000
PFIC reportingNot stated

Americans who are not qualified purchasers invest through its 80-A compartment.

Optimize Portugal 80-A

Optimize Investment Partners

What it invests inThe Portugal Golden Opportunities portfolio of Portugal 80, for US accredited investors only
Your money backAny business day, paid in 5 business days
Fees Entry: 1% Yearly: 1.8% Performance: None
Minimum€1,000
PFIC reportingNot stated

Open only to US accredited investors; it began investing on 16 September 2026.

Optimize Portugal Corporate Bond

Optimize Investment Partners

What it invests inBonds only, at least 60% of Portuguese companies
Your money backAny business day, paid in 5 business days
Fees Entry: 1% Yearly: 1.5% Performance: None
Minimum€1,000
PFIC reportingNot stated

It began investing on 16 September 2026.

Portugal Select Fund

BlueCrow Capital

What it invests inPortuguese listed shares, 60% to 100%, the rest in other funds
Your money backWeekly, paid within 5 business days; class B pays up to 5% in the first five years
Fees Entry: None to 10%, by class Yearly: 1% to 1.5%, by class Performance: 15% above 3-month Euribor plus 2.5%
Minimum€10,000
PFIC reportingNot stated

Portugal Short Term Fund

BlueCrow Capital

What it invests inShort-dated bonds and commercial paper, at least 60% of Portuguese companies
Your money backWeekly, paid within 5 business days; class B pays up to 5% in the first six years
Fees Entry: None to 10%, by class Yearly: 0.5% to 0.75%, by class Performance: None
Minimum€10,000
PFIC reportingNot stated

Santander Portugal Opportunity

Santander Asset Management

What it invests inMostly Portuguese corporate bonds, with at most 40% in shares
Your money backAny business day, paid in 3 business days
Fees Entry: None Yearly: 1.10%, plus 0.035% depositary Performance: None
Minimum€500
PFIC reportingNot sold to US persons

Sixty Degrees Ações Portugal

Sixty Degrees

What it invests inShares of Portuguese companies, mostly listed in Lisbon
Your money backAny business day, paid in 5 business days; 0.5% fee in the first 90 days
Fees Entry: 2% Yearly: 1.25%, plus 0.13% depositary Performance: None
Minimum€100,000
PFIC reportingNot stated

STAG Portugal Global Beta Fund

STAG Fund Management

What it invests inBroad listed shares, at least 60% Portuguese, the rest mainly American
Your money backAny time on 20 business days' notice, paid within 15; 4% fee in the first five years
Fees Entry: 8% Yearly: 1.2% Performance: 30% of gains, no hurdle
Minimum€100,000
PFIC reportingNot stated

Authorised in August 2026 and not yet started.

VALORIS Moderated Portfolio

Magnify Capital Partners

What it invests inAbout 90% bonds and bond funds, up to 20% shares, at least 60% Portuguese
Your money backWeekly, paid within 10 business days
Fees Entry: None Yearly: 1.75%; about 2.9% with all its costs Performance: None
Minimum€10,000
PFIC reportingStated by the manager

Closed-end

Closed-end funds

Your money comes back when the fund sells its investments and ends, seven to sixteen years after it started, or on the earlier dates some of them set.

10 Marcha VC Fund

INQBT Capital

What it invests inEarly-stage companies in tourism, technology including crypto, renewables and recycling, plus bonds
Your money backWhen it ends, about April 2035, unless extended
Fees Entry: None Yearly: 1.5%, and about 4.5% more in other costs, per its KID Performance: None
Minimum€100,000
PFIC reportingNot stated

Its agreement closes subscriptions around the end of January 2027.

Alpha Fund

ActiveCap

What it invests inDebt, loans and shares of Portuguese companies under financial strain
Your money backWhen the fund ends; its term is not published
Fees Not published
MinimumNot published
PFIC reportingNot stated

Its regulation is not public.

Arish Capital Fund: Portugal Hospitality Ventures

Sixty Degrees

What it invests inOne company running hotels around Lisbon
Your money backWhen it ends in January 2040; buybacks possible from 2033
Fees Entry: None Yearly: 0.18%, at least €40,000 a year, plus 0.15% depositary Performance: None
Minimum€250,000
PFIC reportingNot stated

Invests in hotels: ask the manager how it meets the law's bar on real estate investment, direct or indirect.

CERES II

Magnify Capital Partners

What it invests inControlling stakes in Portuguese neighbourhood food-retail companies
Your money backBy class, capital back in 2030, 2031 or 2032, kept aside until your golden visa ends if need be; the fund ends in 2036
Fees Entry: None Yearly: 2.5% of commitments, at least €108,000 a year Performance: None, but your income is capped at 4.5% a distribution period
Minimum€100,000
PFIC reportingStated by the manager

Its golden visa classes are for investors who ask to be treated as professional investors.

CHC Hotels and Resorts Private Equity Fund

IM Gestão de Ativos (IMGA)

What it invests inCompanies that run and manage hotels, at least 80% in Portugal
Your money backWhen it ends, 7 years after its first subscription, or up to 14 if extended
Fees Entry: None Yearly: 1.8% of the units' value Performance: 20% of gains above 7% a year
Minimum€100,000
PFIC reportingNot stated

It invests in hotel businesses, and its regulation has no real estate exclusion.

Costa Vicentina

Magnify Capital Partners

What it invests inSmall companies on the Alentejo coast: hotels, leisure, laundries, vineyards
Your money backWhen it ends in 2037, and then at most 70% of what you put in
Fees Entry: 4% Yearly: 1% of commitments, €126,000 to €200,000 a year Performance: None, but your income is capped at 3% a year
Minimum€500,000
PFIC reportingNot stated

Its investor class is for professional investors, and its sponsor class belongs to a real estate company.

Crown Investments Fund 2025

Insight Venture

What it invests inPortuguese tourism, hotel management, leisure and tourist transport companies
Your money backWhen it ends, 7 years after launch, or up to 10
Fees Not published
Minimum€50,000
PFIC reportingNot stated

Its rules are not public, and it invests in hotel businesses.

DA GAMA

Magnify Capital Partners

What it invests inThe companies building a wine-tourism estate in the Alentejo, and hotels
Your money backWhen it ends, 8 years after launch, unless extended
Fees Entry: 1% Yearly: 1.5% of commitments Performance: 30% above 3% a year
MinimumNot published
PFIC reportingStated by the manager

Its rules are not public, and its money goes into building suites and apartments on the estate.

Digital Insight Fund 2025

Insight Venture

What it invests inPortuguese technology companies: AI, robotics, software and data
Your money backWhen it ends, 7 years after launch, or up to 10
Fees Not published
Minimum€10,000
PFIC reportingNot stated

Its rules are not public.

Explorer Fund V

Explorer Investments

What it invests inControlling stakes in profitable Portuguese mid-sized companies
Your money backWhen it ends, by early 2036, or 2038 if extended
Fees Entry: 2% Yearly: 2% of what you committed, later of what is invested Performance: 20% of the fund's whole net result, to the manager's units
Minimum€250,000
PFIC reportingNot stated

Once you tell the manager your golden visa is done, between January 2030 and June 2032, the fund can pay capital back early; after that, only when it ends.

First Pharma Fund

STAG Fund Management

What it invests inCommunity pharmacies in Portugal
Your money backWhen it ends in January 2033, or 2035 if extended
Fees Entry: 1.5% (€3,500 to €5,000), and 5% set-up charged to the fund Yearly: 0.6% of paid-in capital, at least €90,000 a year Performance: 40% of profit above a 20% total return
Minimum€100,000
PFIC reportingNot stated

Subscriptions close on 15 January 2027.

Greytech III

Iberis Capital

What it invests inGrowth and buyout stakes in established Portuguese small and mid-sized companies
Your money backWhen it ends, 10 years after launch
Fees Not published
MinimumNot published
PFIC reportingNot stated

Its regulation is not public.

HAVEN

Magnify Capital Partners

What it invests inControlling stakes in Portuguese hotel and tourism companies
Your money backBy class, capital back in 2030, 2031 or 2032, once your golden visa ends; the fund ends in 2036
Fees Entry: None Yearly: 1.5% of commitments, at least €120,000 a year Performance: 40% of the whole distribution once the fund returns more than 8%
Minimum€100,000
PFIC reportingStated by the manager

Invests in hotels; Magnify publishes two law firms' opinions that it meets the law's bar on real estate.

Lince Growth Fund II

Lince Capital

What it invests inMajority stakes in established Portuguese industrial and circular-economy companies
Your money backWhen the fund ends; its term is not published
Fees Not published
MinimumNot published
PFIC reportingNot stated

Its regulation is not public; subscriptions close in April 2028.

LXL Ventures

Celtis Venture Partners

What it invests in40% US shares (S&P 500), 35% Portuguese blue chips and loans, 25% Portuguese start-ups
Your money backWhen the fund ends; its term is not published
Fees Not published
Minimum€250,000
PFIC reportingStated by the manager

It plans exactly 60% in Portugal, the legal minimum, and its regulation is not public.

Mercan Private Equity Fund II

Finprop Capital

What it invests inCompanies running hotels with the Mercan Group, in the Algarve and one in Greece
Your money backWhen it ends, 12 years after its first capital call; nothing back in the first five years
Fees Entry: None stated Yearly: €2,000 a month plus 0.25% of commitments, at least €6,000 a month Performance: None, but your return is capped at 2% a year
Minimum€250,000
PFIC reportingNot stated

It invests in hotel businesses, and its regulation gives no capital guarantee.

Mercúrio 3

Oxy Capital

What it invests inStakes in mature Portuguese small and mid-sized companies, mostly equity
Your money backAt the end, 31 December 2034, even when companies are sold earlier
Fees Entry: None to 10%, by class Yearly: 2% of commitments to mid-2030, then of what is invested Performance: 20% of all profit once the fund passes 5% a year
Minimum€100,000
PFIC reportingNot stated

One Oxy document describes it as investing in hotels and farmland; its partnership agreement has no such focus.

New Frontiers Energy Fund II

Fund Box

What it invests inEarly-stage Portuguese solar projects, developed to ready-to-build and sold
Your money backWhen it ends in November 2033
Fees Entry: 1.125% Yearly: 1.5% Performance: 25% of all profit, if the fund averages 10% a year
Minimum€100,000
PFIC reportingStated by the manager

Its brochure also offers a portfolio outside the fund, which does not count toward the €500,000.

Next Tech Fund I

BlueCrow Capital

What it invests inPortuguese companies doing recognised research and development in information technology
Your money backWhen it ends in December 2036, unless extended
Fees Entry: 3% Yearly: 2%, plus €200,000 a year charged to the fund Performance: 20% above 5% a year
Minimum€50,000
PFIC reportingNot stated

Subscriptions close on 31 December 2026.

Pagani Capital Fund

Sixty Degrees

What it invests inOne company set up to run a hotel in the Algarve
Your money backWhen it ends, 10 years after launch, unless extended
Fees Entry: None Yearly: 0.40%, at least €50,000 a year, plus 0.15% depositary Performance: None, but your gain is capped at 5% a year
Minimum€250,000
PFIC reportingNot stated

Invests in a hotel: ask the manager how it meets the law's bar on real estate investment, direct or indirect.

PEEIF III

Quadrantis Capital

What it invests inPortuguese energy efficiency, renewable energy and clean technology companies
Your money backWhen the fund ends; its term is not published
Fees Not published
MinimumNot published
PFIC reportingNot stated

Its regulation is not public; its terms sit behind the manager's investor portal.

Portugal Future Fund

Quadrantis Capital

What it invests inPortuguese small companies in technology, media, hospitality, renewables and healthcare
Your money backWhen it ends, 7 years after launch, or up to 12 if extended
Fees Entry: 1%, plus up to 2% in costs, at most €8,000 Yearly: 2% of commitments, at least €60,000 a year Performance: 35% of profit above 4% a year
Minimum€100,000
PFIC reportingNot stated

Subscriptions close around 22 October 2026.

Prime Insight Fund 2025

Insight Venture

What it invests inPortuguese healthcare and senior-living companies
Your money backWhen it ends, 7.5 years after launch, or up to 10
Fees Not published
Minimum€50,000
PFIC reportingNot stated

Its rules are not public.

Quadrantis Hospitality Fund

Quadrantis Capital

What it invests inPortuguese luxury hotels and resorts, including Hilton-branded projects
Your money backWhen the fund ends; its term is not published
Fees Not published
MinimumNot published
PFIC reportingNot stated

Its regulation is not public, and it invests in hotel businesses.

Quadrantis Private Equity Fund II

Quadrantis Capital

What it invests inSecured credits and bonds of established companies
Your money backWhen the fund ends; its term is not published
Fees Not published
MinimumNot published
PFIC reportingNot stated

Its regulation is not public; its terms sit behind the manager's investor portal.

Sharing Education II

Green One Capital

What it invests inCompanies building and running the Sharing Education group's international schools
Your money backWhen it ends in March 2036; from year 6 you can ask the founders to buy your units at cost
Fees Entry: None Yearly: 0.75% of commitments, at least €108,000 a year Performance: None, but your income is capped at 4% a year, 6% after year six
Minimum€100,000
PFIC reportingStated by the manager

Subscriptions close on 19 March 2027.

Silver Domus

IM Gestão de Ativos (IMGA)

What it invests inPortuguese care-home, home-care and specialised-care operators
Your money backWhen it ends on 31 December 2032
Fees Entry: 5% Yearly: 2% of commitments, later of what is invested Performance: 20% of the whole gain once investors reach 7% a year
Minimum€100,000
PFIC reportingNot stated

It ends in December 2032, which can come before five years from your permit, and its regulation has no real estate exclusion.

STAG Blue Transformation Fund

STAG Fund Management

What it invests inAquaculture, seafood processing and blue-tech companies in Portugal, starting with NaturaFish
Your money backWhen it ends, 8 years after it starts, unless extended
Fees Entry: 1.5% (class A), and the fund pays a 6% marketing fee on class A, 3% on class B Yearly: 2% of paid-in capital Performance: 20% of profit above 5% a year, half of it to a two-unit class C; class A's return is capped
Minimum€250,000
PFIC reportingNot stated

It has not started: it invests only once €30 million is subscribed, and winds up if that is not reached.

STAG INZ II

STAG Fund Management

What it invests inPortuguese renewable energy and energy-efficiency businesses: solar, batteries, grid
Your money backWhen it ends, 7 years after its first capital call, unless extended
Fees Entry: None, but the fund pays €200,000 plus 1.8% set-up Yearly: 1.8% Performance: 3% of distributions, then 15% to 20% above 5.5% a year
Minimum€150,000
PFIC reportingNot stated

Registered in May 2026; it aims to pay out 5.5% a year, which is a target.

Ventures.eu Fund I

Ventures.EU

What it invests inEarly-stage deep-tech and climate-tech start-ups, 60% of them Portuguese
Your money backWhen it ends in 2033, or 2036 if extended
Fees Entry: Up to 1% Yearly: 2%, falling after year five Performance: 20% once investors have 1.6 times their money back
Minimum€150,000
PFIC reportingNot stated

Its regulation is not public, and its first close raised €1 million of a €30 million target.

Funds left out, and why

Golden visa fund lists elsewhere, and in some cases the managers' own pages, still show these funds. Each is left out of the tables for the reason above it.

Closed to new money
Aquila Wheels (Fund Box); BlueWater Capital Fund (Insight Venture); C2 Legacy Buyout (C2 Capital Partners); COREangels Atlantic (Lean Company Ventures); Emerald Capital Fund (STAG Fund Management); EQTY Global Growth II (STAG Fund Management); Futurum Tech (IM Gestão de Ativos (IMGA)); Gaia Investment Fund (Insula Capital); Golden Leisure Fund (Green One Capital); Growth Blue (Growth Partners Capital); Growth Iberia (Growth Partners Capital); Indexed (Celtis Venture Partners); Juno 3 (Oxy Capital); Lince Growth Fund I (Lince Capital); Mercúrio (Oxy Capital); Monarque Portugal Hospitality Fund (Golden Monarque); NOVUS (Magnify Capital Partners); Pela Terra II Regenerate (STAG Fund Management); Portugal Panorama (Fund Box); Portuguese Entertainment Fund (BlueCrow Capital); Prosper Harbor Fund (Oxy Capital); Sharing Education I (Magnify Capital Partners); STAG INZ (STAG Fund Management); Tejo Solar Future Fund (Green One Capital); Unbound (3 Comma Capital); Vida Fund II (STAG Fund Management).
Its subscription period has ended on its own documents, though its manager still shows it as open
Finance Fund (BlueCrow Capital); Flex Space Fund (Insula Capital); Football Strategies Fund (BlueCrow Capital); Golden Horizon (Quadrantis Capital); Hermes Fund (BlueCrow Capital); Lince Yield Fund (Lince Capital); Portuguese Agrobusiness Fund (BlueCrow Capital); Tejo Solar Future Fund III (Green One Capital).
Not yet launched
Optimize Portugal 85 (Optimize Investment Partners).
Under the five years to maturity the law asks for when you invest
C2 Prime (C2 Capital Partners, ends August 2031); GreenPower (Biz Capital, ends October 2029); Indico VC Fund II (Indico Capital Partners, ends June 2031); STAG Portugal Opportunity Fund I (STAG Fund Management, ends August 2031).
Its manager now takes golden visa money in another fund
IMGA Ações Portugal (IM Gestão de Ativos (IMGA)); IMGA Portuguese Corporate Debt (IM Gestão de Ativos (IMGA)); Mercúrio II (Oxy Capital); Portugal Liquid Opportunities (Oxy Capital).
Not presented by its manager as a golden visa fund
Golden Prosperity Fund (Green One Capital); Indico VC Fund III (Indico Capital Partners); Legacy (Green One Capital); Speedster Fund (3 Comma Capital).
Invests in real estate, directly or indirectly, which the law excludes
Aretha Portugal Vision, now Cedrus Preferred Yield I (Cedrus Atlantica); Capital Green III (Finprop Capital); Greentech II, formerly Aim Forest Fund (Iberis Capital); Pela Terra III: Resilience (Celtis Venture Partners); Planeur Portugal Fund (Dunas Capital); Terra Nova II (Quadrantis Capital).
Not a Portuguese fund
Saratoga Capital Portugal Investment I (Saratoga Capital Management).
Nothing published on its terms or status
Blue Water Point Capital I (Point Capital Partners); Fortitude Portugal Special Situations II (Fortitude Capital); Platinum Portugal Fund One (The Lakhani Group Capital); RYSE Golden Opportunities Fund (Fund Box).

What makes a fund qualify

For the Portugal golden visa, the fund has to be a Portuguese investment or venture capital fund registered with the CMVM, Portugal's securities regulator, and not a real estate fund, with at least 60% of what it invests going into companies with their head office in Portugal, none of it going into real estate, directly or indirectly, and a term that runs at least five years from the day you subscribe. Your units have to add up to €500,000, in one fund or several, and you keep them for five years from the day your permit is granted.

How to choose between them

The manager's record

A manager that has already given investors their money back from an earlier fund is showing you a result. A first fund asks you to trust a plan. Ask each manager what its earlier funds returned and when.

What the fund owns

Private companies grow slowly and sell when a buyer appears. Listed shares and loans can be turned into cash sooner. The closer a fund is to cash, the likelier it is to return your money on time, and the lower its target usually is.

When your money comes back

In a closed-end fund, read the term and the extension: most can run a year or more past their term, usually on a vote of the unitholders at the manager's proposal. Your five years count from the day the permit is granted, so add AIMA's wait to them, then choose a fund whose term ends after that and before the day you need the money. An open-ended fund pays you when you sell, at what the units are worth that day.

What it charges

A subscription fee when you enter, a management fee every year, and a performance fee on returns above a hurdle. The management fee matters most, since you pay it every year of the term; check whether it is charged on what you committed or on what the fund is worth.

If you pay US tax

A fund that sends the PFIC Annual Information Statement lets you make the QEF election. The golden visa for US citizens explains why that decides how the IRS taxes you.

Subscribing, step by step

You need a Portuguese tax number and a Portuguese bank account before you can subscribe, and the money moves from abroad into that account and from there into the fund. The manager checks who you are and where the money came from, issues your units once it arrives, and gives you the declaration AIMA asks for with your application. The fund manager takes your subscription; your money goes into the fund's own account at its depositary bank.

What can go wrong

You can lose money: the fund invests in companies, and companies fail. A closed-end fund keeps your money until it ends, later still if it is extended, and an open-ended fund can pay back less than you put in if you sell in a bad year. And your permit depends on the investment, so a fund you leave before five years takes the golden visa with it. A fund that is well run, holds what you understand and returns money when it says it will is worth more to you than a higher target.

Questions about the funds

How many golden visa funds are open?

50 Portuguese funds were taking golden visa subscriptions in September 2026: 20 open-ended funds you can sell back to on their dealing days, and 30 closed-end funds that return the money when they end.

Can I split the €500,000 between several funds?

Yes. The law counts units of one or more qualifying funds, so long as together they reach €500,000.

Do I get my €500,000 back?

You get what your units are worth when the fund returns the money, which can be more or less than you put in. A fund's target return is its manager's aim.

In a free consultation we go through the open funds with you and how they differ.

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