Portugal Golden Visa Funds: Navigating the Rapidly Evolving Landscape

Portugal continues to attract investors through its collective investment vehicles, particularly for Golden Visa applicants seeking residency through financial investments. After the 2023 regulatory changes eliminated the real estate option, the fund sector has seen unprecedented growth—creating both opportunities and challenges for investors.

Understanding the New Asset Management Regime

The regulatory framework was recently updated with the new Asset Management Regime (Regime de Gestão de Ativos - RGA), approved by Decree-Law No. 27/2023, creating a unified framework for collective investment vehicles.

While there are now hundreds of funds in Portugal, not all funds are eligible for Portugal Golden Visa investments. Eligibility requires:

1. At least 60% of investments allocated to Portuguese companies
2. A mandatory 5-year minimum holding period (after investment)
3. The fund must not invest in real estate (though loopholes exist)

The Explosive Growth: By the Numbers

The charts below demonstrate the dramatic surge in both fund managers and Portugal Golden Visa funds:

This unprecedented growth correlates directly with the program modifications that shifted focus from real estate toward investment funds—but has also opened the door to questionable practices and higher investor risk.

Navigating the Risk Landscape: The Critical Importance of Due Diligence

With 31 new fund managers entering the market since 2023, investors face significant challenges in evaluating credibility. Rigorous due diligence is essential when considering funds managed by recently established entities with:

• No established track record of fund performance
• Limited operational history in Portuguese markets
• Unproven investment strategies in the current economic climate

Important Distinction: Not all new fund managers carry equal risk. Some recently established entities are led by industry veterans with impressive track records from previous funds or financial institutions. Distinguishing between truly inexperienced managers and seasoned professionals operating under new entities requires expert analysis and local market knowledge.

Other risk factors include:

• Misleading "guaranteed" buyback schemes
• Hidden real estate investments despite regulatory restrictions
• Conflicted third-party advisors with undisclosed incentives

Types of Portuguese Investment Funds and Private Equity Firms

Following the RGA implementation, Portugal's investment landscape features:

• SGOIC (Sociedades Gestoras de Organismos de Investimento Coletivo): Management companies handling both UCITS and Alternative Investment Funds
• SCR (Sociedades de Capital de Risco): Private equity firms in Portugal focusing on venture capital/private equity funds

These entities manage various investment vehicles including:

• OICVM (Organismos de Investimento Coletivo em Valores Mobiliários): UCITS funds investing in transferable securities
• OIA (Organismos de Investimento Alternativo): Alternative Investment Funds, including:
  • OIA Imobiliários (Real Estate AIFs)
  • OIA de Capital de Risco (Venture Capital/Private Equity AIFs)
  • OIA de Créditos (Credit AIFs)
  • General category AIFs with diverse investment portfolios

Selecting the Right Portugal Golden Visa Fund

While the list below displays all authorized funds, identifying those eligible for Portugal Golden Visa investments requires expert analysis. When selecting from the list of funds for Portugal Golden Visa, consider investment strategy, management team experience, track record, and potential returns.

For personalized recommendations on eligible Portugal Golden Visa funds aligning with your investment goals and risk profile, contact us. We'll help navigate the Portuguese investment landscape to identify opportunities offering both residency benefits and potential financial returns.

Explore the complete list of Portuguese investment funds and private equity in Portugal below to discover this dynamic investment landscape.