Comprehensive List to Investment Funds in Portugal

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.

As a recap, remember that to qualify for a Portugal Golden Visa via investment funds, the fund must meet three key requirements​:

• 60% Investment in Portuguese Companies – At least 60% of the fund’s capital must be invested in commercial companies based in Portugal​. This ensures the fund is contributing to the local economy.
  
  
• Minimum 5-Year Holding Period – The fund must have a minimum maturity of five years​. Golden Visa investors are required to maintain an uninterrupted investment for at least five years, aligning with the residency requirement.
  
  
• No Real Estate Investments – Qualifying funds cannot invest in real estate​. Instead, funds focus on businesses – whether through equity or debt – to meet the program criteria.

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

Learn more about these risks and how to avoid them in this article.

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 (AIF
• SCR (Sociedades de Capital de Risco): Alternative Investment Fund management firms

These entities manage various investment vehicles including:

• UCITS - Undertakings for Collective Investment in Transferable Securities (OICVM in Portuguese): These are traditional mutual funds focused on public markets, typically investing in equities (stocks) or corporate bonds. They are designed for retail investors.
• AIF - Alternative Investment Funds (OIA in Portuguese): Alternative Investment Funds, including:
  • Real Estate AIFs (OIA Imobiliários)
  • Venture Capital/Private Equity AIFs (OIA de Capital de Risco)
  • Credit AIFs (OIA de Créditos)
  • General category AIFs with diverse investment portfolios

To learn more about how funds work, consult The Ultimate Guide to Portugal Golden Visa Funds.

Selecting the Right Portugal Golden Visa Fund

While the list below includes all investment funds managed by authorized fund managers in Portugal, it’s important to note that not all of these are eligible for the Portugal Golden Visa program. Only a subset meets the legal criteria required for Golden Visa qualification.

Crucially, there is no official government label or registry that marks a fund as “Golden Visa eligible.” Eligibility depends on whether a fund complies with three key legal requirements under the program [link]. That means determining which funds qualify—and which are worth considering—requires careful analysis.

Some funds may technically meet the requirements but operate in regulatory gray zones, or carry higher risks due to lack of transparency or weak governance, as discussed earlier in this article.

This is where we come in. As independent advisors based in Portugal, we specialize exclusively in the Portugal Golden Visa program. We offer unbiased guidance and educational information about the available funds, and help investors navigate the complex and evolving fund landscape.

We know the players. We know the market. And we’re here to help you identify not just eligible funds—but credible, high-quality opportunities that align with your immigration investment goals.

After an initial consultation, we provide access to our curated data room, which includes a vetted list of Golden Visa-eligible funds, detailed fund profiles, key documents, and comparison tools to help you assess your options based on strategy, risk, performance, and compliance.

If you're looking for clarity, safety, and alignment with your investment goals, reach out to us. We’ll guide you through the noise and toward the right opportunities—securely and independently.

For personalized support in selecting the right Golden Visa investment, feel free to reach out.

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