Golden visa funds

Portugal golden visa funds, compared

0 Portuguese funds were taking golden visa subscriptions in September 2026. They differ in what they own, how long they keep your money, what they charge, and whether an American can make the QEF election on them, and the table sets those side by side as each fund's own documents state them.

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, with at least 60% of what it invests going into companies with their head office in Portugal, no real estate held directly or through anything it owns, 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

Read the term and the extension: many funds may extend by one to three years if the manager decides it needs to. Your five years count from the day the permit is granted, so add AIMA's wait to them, then choose a term that ends after that and before the day you need the money.

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

Choose a fund that sends the PFIC Annual Information Statement, which 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. You cannot take the money out when you like: most funds return it only at the end of their term. 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