What qualifies as a Golden Visa fund in 2026
Since October 2023, when the Mais Habitação reform removed real estate, the fund route has been the main way capital enters the Portuguese Golden Visa. It is also the most misdescribed: not every Portuguese fund qualifies, and the tests that decide it are specific.
| Test | What it requires |
|---|---|
| Amount | €500,000 or more, which may be split across more than one qualifying fund |
| Regulator | Regulated by the CMVM, the Portuguese securities market commission |
| Maturity | At least five years remaining at the moment of investment |
| Where the money goes | Minimum 60% invested in commercial companies headquartered in Portugal |
| What disqualifies it | Exposure to real estate, whether directly or indirectly |
| Origin of funds | Capital transferred into Portugal from abroad, documented as such |
The 60% test is the one that quietly decides which funds can be marketed as Golden Visa eligible, and the real-estate exclusion is the one that removed a whole generation of vehicles overnight. A fund that holds property indirectly, through a company whose business is property, does not qualify, however it is labelled.1
◇ You may split the €500,000 across several qualifying funds. Investors usually do not, because each subscription carries its own diligence, reporting and exit, and the administrative cost of two positions is rarely repaid by the diversification.
The funds we place clients into
All CMVM regulated, all eligible at €500,000. They are not variations of one product: each one answers a different question about what you want the capital doing for the decade it has to sit still.
The Bitcoin Golden Visa Fund
The first Golden Visa-eligible fund with 100% passive exposure to Bitcoin, taken through BlackRock's spot ETF (IBIT). €100 million fund, eight-year term, 1.5% management and 10% performance. For investors who want the asset without holding keys.
The Golden Income Fund
Open-ended, built around Portuguese corporate debt with US equities and a digital sleeve alongside. Entry from €10,000, 0% subscription fee, and a redemption schedule that reaches zero at five years and a day. For income rather than appreciation.
The Indexed Fund
A conservative private equity vehicle allocating to asset-backed securities, bonds, equities and commodities. €50 million fund, entry from €50,000. For the investor whose priority is that the capital is simply there in year five.
How to read a Golden Visa fund before you subscribe
Every fund on every list is CMVM regulated and eligible at €500,000. That is the floor, not a recommendation, and it is where most comparisons stop. These are the questions that separate them.
1. Does the term fit your clock?
The residency clock now runs to year ten for naturalisation and year five for permanent residency. A fund with a six-year term and one with a twelve-year term are different products for that reason alone, and the mismatch is the most common structural error we see.
2. What are the real costs?
Management fee, subscription or set-up fee, performance fee and its hurdle, depositary and supervisory fees. Two funds quoting "1.5%" can differ by a percentage point a year once the rest is counted, and over a decade that is a large number.
3. How do you get out?
Open-ended with a redemption schedule, or closed-ended with a fixed term and a liquidation? Neither is better in the abstract; what matters is that the exit exists in writing rather than in a conversation.
4. Who holds the assets?
An independent depositary, an auditor and a published net asset value are the structural protections. They are also the evidence AIMA will expect about the subscription itself.
5. Where is the 60% actually invested?
Ask for the portfolio breakdown, not the mandate. A fund that intends to reach 60% in Portuguese companies is not the same as one that already has.
6. What is the track record?
Many Golden Visa funds were launched for this market and have no history to speak of. That is not disqualifying, but it should change what you pay in fees for it.
The residency timetable, corrected
Lei Orgânica n.º 1/2026 doubled the residence requirement for naturalisation to ten years, seven for EU and CPLP nationals, and counts it from the date the residence title is issued rather than from application.2 Any fund page still promising a passport in five years, including earlier versions of ours, predates that law.
Months 0–6
Tax number, Portuguese bank account, source-of-funds compliance, then the subscription itself with documentary proof the capital came from outside Portugal.
Months 6–18
AIMA review, biometrics in Portugal, issuance of the residence title. Golden Visa files carry the most variance in the system.
Year 5
Permanent residency, untouched by the reform, and the point at which the qualifying investment has met its minimum holding period.
Year 10
Eligible to apply for naturalisation, seven years for EU and CPLP nationals, with A2 Portuguese, the new civics element and a declaration of adherence to democratic principles.
Presence requirements did not change: seven days in the first year and fourteen days in each subsequent two-year period. It remains the lightest residency obligation of any comparable European programme, and it is checked at renewal.
What the fund option does better than what it replaced
No transaction tax stack
Property purchases in Portugal carry IMT, stamp duty, notary and registration costs before anything is earned. A fund subscription does not, which changes the arithmetic of the entry price materially.
Done remotely
Subscription, compliance and reporting are all handled without travelling. The only trip the process requires is for biometrics.
Regulated and diversified by design
CMVM supervision, an independent depositary, concentration limits inside the portfolio and audited accounts. That is a different risk profile from owning one apartment in one city.
Withholding position
Income paid by these funds to non-residents can, in defined cases, be exempt from Portuguese withholding tax, where rental income from property is taxed at 28%. Whether the exemption reaches you depends on your own residence and treaty position, and should be modelled before subscribing, not assumed from a brochure.
Eligible funds, by sector
The funds below are CMVM regulated and eligible at €500,000, grouped by what they actually invest in. Terms are as supplied by each fund manager and change; they are a starting point for a conversation, not an offer.
Portugal Golden Visa Fund with Exposure to Digital Assets
The cryptocurrency sector in Portugal is seeing significant growth. As of now, 25.79% of the population in Portugal engages with the cryptocurrency market. This percentage is projected to increase to 33.15% by 2025, as estimated by the Statista. The country is becoming a prominent hub for digital assets, driven by favourable regulations and increasing public interest. The overall market value and user engagement in Portugal’s cryptocurrency sector are on the rise, reflecting broader global trends in digital finance.
On top of this Portugal is considered a Crypto-Friendly country due to its taxation policy and is becoming a popular destination for Crypto Investors, HODLRs and traders interested in securing a second residency or relocating their tax residency to Portugal.
A number of innovative CMVM regulated investment funds have been launched recently which provide investors with exposure to Crypto-assets while providing a pathway to the Portugal Golden Visa.
The Global Income Fund
This fund offers a diversified investment strategy with a strong focus on risk management, making it an attractive choice for both seasoned and new investors. This open-ended fund offers daily liquidity, strict risk management, and a diversified portfolio, including 70% investment in Portuguese Corporate Bonds, mainly from Portuguese Stock Index (PSI 20) companies, as well as 15% in U.S. equities, and 15% in digital assets like Bitcoin, Ethereum, and Solana (via ETFs, primarily the Vanguard S&P 500 UCITS ETF).
- Open-ended with daily liquidity 70% in Portuguese Corporate Bonds (mainly PSI 20 companies)
- 15% in U.S. equities (stocks)
- 15% in digital assets (Bitcoin, Ethereum, Solana) via ETFs (Vanguard S&P 500 UCITS ETF)
- Expected ROI: 10% p.a. Management Fees: 1.5% – 2.0%
- Performance Fee: 20% above 5%
- Subscription Fee: 2.5%
- Minimum Investment: €10,000 – €100,000
- Minimum Investment Required for the Portugal Golden Visa: €500,000
The Bitcoin Fund
This fund offers a unique opportunity for investors to apply for the Portuguese Golden Visa by investing through the fund in Blackrock’s Bitcoin ETF’s and is the world’s first pathway to citizenship by an investment with 100% exposure to Bitcoin.
- Fund term: 8 years
- Fund size: €30M
- Minimum Investment: €100,000
- Minimum Investment Required for the Portugal Golden Visa: €500,000
- Subscription fee: €10.000 (one time)
- Management Fees: 1.5% per year
- Performance Fee: 90% to the unit holders and 10% to the fund advisor
Private Equity Investment Funds in Portugal
The Portuguese private equity sector has seen significant growth in recent years outpacing forecasts and beating the Eurozone average. This growth has been fueled by vibrant service exports, solid investment from the Portuguese Recovery and Resilience Plan, and a booming tourism industry. The Golden Visa program, continues to attract foreign investors, spurring innovation in the sector.
Family businesses form the backbone of the Portuguese economy, offer considerable opportunities for private equity funds. These businesses employ a large portion of the workforce and contribute significantly to the country’s GDP. Portugal’s public debt has been decreasing, and companies are becoming financially stronger, making the investment climate even more favorable. The tourism sector’s impressive recovery and growth highlight the dynamic and promising environment for private equity investments in Portugal.
The Co-Working Evolution Fund
The Co-Working Evolution Fund is a Portuguese Private Equity Fund regulated by CMVM. The investment fund is focused on flexible/co-working office spaces in Lisbon’s prime CBD1 area. This fund offers a conservative yet attractive investment strategy and is eligible for the Golden Visa program with a minimum investment of just €500,000. The fund is open to 39 investors and provides efficient cash flows and a strategic opportunity for those looking to benefit from Lisbon’s thriving office market.
- Fund Type: Private Equity
- Investment Term: 10 Years
- Fund Size: €19.5M
- Investment Amount: €500,000
- Number of Investors: 39
- Expected Return On Investment: €70,000
- Buyback Option: After 10 Years (€150,000 deposit to be paid upfront minus management fee)
- Subscription Fee: 0%
- Management Fee: €20,000 (€2k per annum)
- Additional Benefits: Return on investment paid up front for the first 20 investors.
- Fund Strategy: Operating business linked to Co-Working
Spaces in CBD1 Lisbon City Centre
The Golden Opportunities Fund
This fund is a multi-asset fund designed to provide long-term investment appreciation through a diversified portfolio of equities and debt securities primarily focused on the Portuguese market. It invests most of its assets in shares of companies headquartered in Portugal and the other part in Portuguese public debt or corporate bonds. The fund does not invest in real estate and maintains daily liquidity with no redemption restrictions, aiming for balanced exposure across various sectors, including financials, utilities, and consumer goods.
- Golden Visa Investment Minimum: €500,000
- Management Fee: 1,8%
- Subscription fee: 1%
- Redemption Fee: 0%
- Performance Fee: 0%
- Minimum recommended holding period: 5 years
The Special Equities Fund
This fund is a private equity fund focused on special situations, investing directly or indirectly in companies based in Portugal or those with operations controlled from Portugal. The fund’s strategy is centered on identifying and investing in businesses with stable cash flows and high growth potential, primarily within the industrial and circular economy sectors, but also open to other sectors on an opportunistic basis.
- Target Capital: €150- €200M
- Golden Visa Investment Minimum: €500,000
- Set Up Fee: 5%
- Management Fee: 2% per year
- Hurdle rate Fee: 8% (IRR)
- Target Return: 15%-20% IRR
Liquid Opportunities Fund
This fund focuses primarily on investing in public equities and bonds, with a significant emphasis on Portuguese assets. The fund targets most its investments in Portuguese large and mid-cap companies and bonds, emphasizing national market leaders and bonds. The fund’s strategy involves sector-based, active investments with a focus on achieving substantial cumulative and annualized returns. Key sectors include B2B services, consumer retail, and industrials, with significant investments in B2B software and low-cost gym chains.
- Golden Visa Investment Minimum: €500,000
- Fund term: Open Ended (allowing early redemptions)
- Subscription Fee: 2%
- Management Fee: 1,2% annual over NAV
- Hurdle rate: 5% per year
Index Fund
This fund is a private equity investment fund designed for investors seeking consistent, long-term growth and stability. The fund minimizes risk by investing in companies with asset-backed securities, such as bonds, equities, and commodities, providing a safeguard against potential declines in investment value. Its strategies include investments in debt instruments, stocks, and commodities to mitigate risk and ensure low volatility.
- Investment Period: 6 years
- Fund term: 10 years
- Minimum Investment: €50,000
- Golden Visa Investment Minimum: €500,000
- Set up fee: 2%
- Management fee: 2%
Action Fund
This fund is an investment fund primarily focused on Portuguese equities. It invests at least 85% of its net assets in Portuguese companies, offering daily liquidity for subscriptions and redemptions. The fund aims to achieve long-term total returns by leveraging the potential of the Portuguese equity market, particularly small and mid-cap companies with low analyst coverage.
- Golden Visa Investment Minimum: €500,000
- Redemption Date: No redemption date (> 5 years)
- Additional Benefits: Daily Liquity for subscriptions and redemptions
Agricultural Investment Funds in Portugal
Portugal’s agricultural sector has been a cornerstone of its economy for years, with around 259,000 farms covering 3.6 million hectares. The sector is diverse, including wine, cereals, fruits, vegetables, olive oil, and livestock. Most farms are family-owned, with a notable female presence in the workforce.
Investing in agriculture in Portugal offers an attractive opportunity for several reasons:
Sustainability Focus: Portugal’s agricultural policies emphasize sustainable farming practices and environmental stewardship. Diverse Production: A variety of crops and livestock thrive due to Portugal’s favorable climate and geography. Alignment with National Goals: Investing in agriculture aligns with Portugal’s strategic objectives of promoting food security, innovation, and rural development.
The AgroBusiness Fund
This fund is focused on sustainable agriculture and invests in a variety of sectors including hydroponics, permanent crops, forest-based projects, and pasture and livestock, aiming to modernize and enhance agricultural productivity. It emphasizes impact investing, targeting social and environmental benefits alongside financial returns. The fund supports sustainable practices and aligns with several United Nations Sustainable Development Goals, promoting economic growth, environmental stewardship, and community development.
- Minimum Participation: €100,000
- Golden Visa Investment Minimum: €500,000
- Management Fee: 1.5%
- Subscription Fee: 1.5%
- Additional Benefits: 8% Potential Capital Appreciation and 3% dividend yield
The Wine Fund
This fund is focused on sustainable agriculture and invests in a variety of sectors including hydroponics, permanent crops, forest-based projects, and pasture and livestock, aiming to modernize and enhance agricultural productivity. It emphasizes impact investing, targeting social and environmental benefits alongside financial returns. The fund supports sustainable practices and aligns with several United Nations Sustainable Development Goals, promoting economic growth, environmental stewardship, and community development.
- Minimum Participation: €100,000
- Golden Visa Investment Minimum: €500,000
- Management Fee: 1.5%
- Subscription Fee: 1.5%
- Additional Benefits: 8% Potential Capital Appreciation and 3% dividend yield
Renewable Energy Investment Funds in Portugal
Portugal embarked on its renewable energy journey over forty years ago, positioning itself as an early adopter among European nations.
The initial investments were prompted by the country’s reliance on imported oil, gas, and coal. Portugal’s goal has been to generate 85% of its annual electricity from renewable sources by 2030 and it already has one of the highest ratios in Europe.
Investing in renewable energy in Portugal offers an attractive opportunity for several reasons:
- Pioneering Efforts: Portugal has been investing in renewable energy for over four decades, establishing itself as an early adopter in the sector.
- Sustainability Commitment: The country’s commitment to sustainability is evident through its significant strides towards achieving cleaner energy solutions.
- Record-Breaking Achievement: Portugal set a notable record in 2023 by generating all its energy capacity from renewable sources for six consecutive days, showcasing the viability of renewable energy investments.
- Favorable Environment: Portugal boasts a favorable regulatory environment, technological advancements, and geographical advantages, particularly in solar and wind energy production.
- Alignment with National Goals: Investing in renewable energy aligns with Portugal’s ambitious goals of reducing carbon emissions and transitioning towards a greener economy.
These factors collectively make Portugal an attractive destination for sustainable investments with promising long-term growth prospects.
The Sustainable Energy Fund
The Suistainable Development fund invests in Renewable Energy that caters to the increasing demand for a more sustainable and cleaner way to power the planet. The fund manager has a fantastic track record of developing and managing renewable energy operations. By financing specific infrastructures, the Fund is able to generate an impressive yield of 8% which wil be distributed to investors as dividends.
- Minimum Investment Term: 5 Years
- Fund Size: €100M
- Minimum Participation: €100,000
- Golden Visa Investment Minimum: €100,000
- Return On Investment: 8% per annum
- Performance fee: 20%
- Management Fee: 1.5%
- Subscription Fee: 1.5%
- Additional Benefits: anticipated capital appreciation of 4%
Biotech Investment Funds Portugal
Before taking a look at the available Golden Visa-eligible Technology Investment funds, explore why this sector is such a great area to invest in Portugal.
Investing in Portugal’s technological industry, particularly its biotech sector, is exceptionally timely and promising. According to the 2021 report by Portugal Biotech, the biotech industry in Portugal is experiencing robust growth, driven by innovation, a skilled workforce, and supportive governmental policies. The country is emerging as a European hub for biotechnology, with significant advancements in healthcare, agriculture, and environmental biotech sectors.
Furthermore, insights from Banco Invest highlight that Portugal’s biotech market is attracting substantial investments due to its cutting-edge research and development capabilities and competitive operational costs. The strong focus on sustainable and impactful biotech solutions makes it an attractive destination for investors looking for long-term growth opportunities.
Biotech FundThe Biotechnology Fund is dedicated to investing in early-stage biotech startups across Europe, particularly focusing on Portugal, Spain, and Italy. Its main activities include providing financial support ranging from seed to Series A rounds, investing in startups developing innovative therapies for unmet medical needs. The fund aims to generate substantial returns by leveraging a highly experienced team and a strong network, while aligning its investment strategy with health and wellbeing targets. It seeks to capitalize on underfunded but promising health startups, aiming for significant growth and exit opportunities.
Portugal Golden Visa Investment Fund Terms:
- Minimum Investment Term: 10 years from first closing
- Fund Size: €60M
- Minimum Investment: €250,000
- Golden Visa Investment Minimum: €500,000
- Management Fee: 2%
- Equalization fees: 2%
The Health Fund
The Health Fund focuses on investing in high-growth companies within the Health and Life Sciences sectors. The fund emphasizes innovative assessment methodologies that consider the degree of innovation, sustainability, and feasibility of opportunities. It utilizes EU and national grants to leverage research and development efforts while minimizing risks and costs. By continuously monitoring and reporting on the invested companies, the fund ensures effective management and timely capitalization on exit opportunities. Its strategy includes blending various financial instruments to optimize the portfolio mix and maximize returns.
- Minimum Investment Term: 2,5 years + 7,5 years (maturity)
- Subscription end month: December 2024
- Fund Size: €70M
- Golden Visa Investment Minimum: €500,000
- Set up fee: 2%
- Management fee: 2%
- Performance fee: 20%
The Energy Efficiency Fund
This fund focuses on investment opportunities within the sectors of energy production, energy efficiency, and clean-tech. The fund adheres to four fundamental strategic principles: capital preservation, moderate risk tolerance, stable annual revenues, and clear and predictable investment exits. These principles ensure that investments are managed conservatively, with a priority on maintaining capital while seeking consistent and reliable returns.
- Fund’s Lifecycle: 10 years
- Golden Visa Investment Minimum: €500,000
- Expected Return Rate: 8%
- Hurdle rate: 3,5%
- Management fee: 2,5%
Small & Medium-sized Enterprise Funds in Portugal
SME Investment Funds
Before taking a look at the available Golden Visa-eligible SME Investment funds, explore why investing into Small & Medium Enterprises in Portugal offers such an attractive proposal.
The government has injected an additional €12 million to help SMEs expand internationally via e-commerce (Portugal Gov), while the EU-backed recovery plan supports green and digital transitions, infrastructure, and energy efficiency, particularly benefiting the construction sector (SMEsGov). This creates a robust environment for SMEs to thrive.
Additionally, the Portuguese Golden Visa program, which encourages investment small and medium size business funds, offers residency and potential citizenship, aligning perfectly with these economic incentives. Invest now and enjoy returns from both SME growth alongside the benefits of the Golden Visa.
Greytech Investment FundPortugal Golden Visa Investment Fund Terms:
- Fund Life: 8 years
- Subscription Period: 2 years
- Golden Visa Investment Minimum: €500,000
- Expected Returns: 15-25% IRR
- Management Fee: 1% p.a
-
Set up fee: 3%
AC Fund
This fund focused on investing in innovative SMEs and mid-cap companies with high growth potential and the ability to become market leaders. The fund primarily targets companies that are headquartered in Portugal and have established business models by taking significant minority positions and participating in the executive board to drive strategic decisions and growth. The fund provides both financial and intellectual capital to support and execute business plans, enhance financial autonomy, and promote operational excellence.
- Minimum Investment Term: 5 years
- Fund Size: €80MN
- Golden Visa Investment Minimum: €500,000
- Target return: 15%
- Management Fee: 2% per year
- Set Up Fee: 20% carried interest
- Performance Fee: 2,00% per year
The Growth Fund
This fund is focused on the growth and consolidation of small industrial and circular economy businesses. It primarily targets solid SMEs with stable cash flows that face succession problems or lack the necessary resources for growth and expansion. The fund invests mostly in equity, aiming for full ownership or controlling positions. Through a comprehensive investment process, including deal origination, detailed analysis, active management, and strategic divestment, the fund seeks to optimize the risk-return ratio and maximize returns for its investors.
- Fund Size: €20M (target)
- Minimum subscription: €100,000
- Golden Visa Investment Minimum: €500,000
- Management Fee: 2%
- Structuring fee: 3% on subscribed capital (one-off)
- Performance fee: 20% carry on the profits above 5% hurdle rate, with catch-up mechanism
- Additional Benefits: Guaranteed Buyback from year 5 onwards
The Golden Opportunities Fund
This fund is a multi-asset fund designed to provide long-term investment appreciation through a diversified portfolio of equities and debt securities primarily focused on the Portuguese market. It invests most of its assets in shares of companies headquartered in Portugal and the other part in Portuguese public debt or corporate bonds. The fund does not invest in real estate and maintains daily liquidity with no redemption restrictions, aiming for balanced exposure across various sectors, including financials, utilities, and consumer goods.
- Golden Visa Investment Minimum: €500,000
- Management Fee: 1,8%
- Subscription fee: 1%
- Redemption Fee: 0%
- Performance Fee: 0%
- Minimum recommended holding period: 5 years
Mecury Capital Fund
This Fund is an investment vehicle focused on supporting Portuguese SMEs and mid-cap companies. It targets mature businesses with sustainable models, investing through flexible debt and equity instruments to provide both capital and strategic guidance. The fund leverages its extensive network to source proprietary deals, aiming to improve operational efficiency, diversify customer bases, and enhance financial stability.
- Minimum Subscription: €100,000
- Golden Visa Investment Minimum: €500,000
- Management Fee: 2-3% annual
- Hurdle rate: 20% of profits
- Subscription Period: 2024 YE
PH Fund
This fund focuses on investing in Portuguese SMEs and mid-cap companies through hybrid and debt instruments. The fund targets high-potential businesses, such as flat glass transformers and door manufacturers, that require refinancing and strategic growth capital. It aims to support companies in enhancing operational efficiency, expanding market presence, and executing buy-and-build strategies. Leveraging a network of proprietary deal-sourcing channels, the fund provides flexible financing options, including convertible debt and capital tranches, to achieve high returns while managing risks. By investing in sectors with strong market demand and resilient business models, the Fund seeks to deliver consistent and sustainable returns for its investors.
- Golden Visa Investment Minimum: €500,000
- Management Fee: 2-3% annual
- Hurdle rate: 20% of profits
- Subscription Period: 2024 YE
Iberian Capital Fund
This fund focuses on generating both social and environmental impact alongside financial returns by investing in systemic impact companies in Portugal and Spain. The fund aims to support organizations that address significant social problems and have viable business models. It invests primarily in companies that have passed proof-of-concept stages and are poised for growth, internationalization, or scalability. The fund leverages a blend of financing strategies, including co-investments with other investors and support from the Portuguese Development Bank.
- Golden Visa Investment Minimum: €500,000
- Fund term: 8 years
- Subscription period: Until march 2025
- Set up fee: 2%
- Management fee: 2%
AP Fund
This fund primarily focuses on long-term capital appreciation by investing in shares listed on the Portuguese stock market, with at least 85% of its net asset value dedicated to these investments. The fund also includes shares from other EU and OECD-regulated markets, such as the USA, Norway, and Switzerland.The fund offers a flexible and actively managed investment strategy with strong local knowledge of the Portuguese market.
- Investment Period: 3 years
- Minimum Investment: €100,000
- Golden Visa Investment Minimum: €500,000
- Management fee: 2.175% per year
- Reimbursement: 4th business day after request
Legacy Fund
This fund primarily focuses on acquiring and managing SMEs with significant growth potential in Portugal. It targets companies across diverse sectors, such as industrial manufacturing, education, agriculture, and energy. The fund aims to implement growth strategies, professionalize management, and integrate new technologies to enhance value creation. With a diverse investor base, including individual and corporate investors, the fund leverages its extensive network to identify and maximize investment opportunities.
- Investment Period: 4 years
- Fund term: 8 years
- Minimum Investment: €150,000
- Golden Visa Investment Minimum: €500,000
- Set up fee: 3%
- Management fee: 2%
Portugal Golden Visa Entertainment Investment Funds
Before taking a look at the available Golden Visa-eligible Entertainment Investment funds, explore why this sector is such a great area to invest in Portugal.
Now is an opportune time to invest in the entertainment industry in Portugal due to its rapid growth and substantial governmental support. According to latest statistics, the entertainment sector in Portugal is projected to witness significant expansion, driven by increasing consumer spending and digital transformation. Additionally, the Portuguese government has injected €30 million into the culture and entertainment sector, enhancing infrastructure and supporting various entertainment projects .
Investing in this thriving industry not only promises substantial returns but also offers the added benefit of qualifying for the Portuguese Golden Visa. Combining robust market growth with the advantages of the Golden Visa makes this a compelling moment to invest in Portugal’s entertainment industry.
The Football Strategy FundThe Football Strategy fund focuses on investing in football clubs from the second and third divisions in Europe. The fund’s primary activities include enhancing the management and support infrastructure of these clubs, developing their youth academies, and facilitating the promotion of teams to the top-tier leagues. This strategy aims to significantly increase the value and performance of the clubs, thereby offering substantial growth potential.
Portugal Golden Visa Investment Fund Terms:
- Fund Size: €100M
- Minimum Investment: €100,000
- Golden Visa Investment Minimum: €500,000
- Subscription Period: Until June 2025
- Set up fee: 1,5%
- Management fee: 1,5%
- Performance fee: 20%.
The Entertainment Fund
This fund directs its investments toward the entertainment industry in Portugal, targeting areas such as music festivals, concerts, amusement parks, dining establishments, and technology linked to entertainment. Its primary objective is to enhance the value within these sectors by funding projects and businesses that contribute significantly to these entertainment segments
- Fund Size: €100M
- Minimum Investment: €100,000
- Golden Visa Investment Minimum: €500,000
- Setup Fee: 1,5%
- Management Fee: 1,5% per year
- Performance Fee: 20%
- Yearly Gross Yield: 4%
- Yearly Expected Appreciation: 10%
Kick Off Fund
The Kick Off Fund focuses on investing in football clubs across various regions including Portugal, Brazil, Central Europe, England, Mexico, Asia, and Africa. The fund aims to identify undervalued clubs, particularly those not competing in top-tier divisions, with the goal of enhancing their performance and value by promoting them to higher leagues. This strategic approach seeks to increase revenues through lucrative broadcasting rights and player sales and also by investing in football academies to nurture young talent, which serves as a cost-effective means of developing players for professional leagues.
- Minimum Investment Term: 10 years
- Fund Size: €150M
- Minimum Investment: €100,000
- Golden Visa Investment Minimum: €500,000
- Subscription Period: October 2026
- Annual Target Distribution: Preferencial 3%
- Fund Commission: N/A
- Subscription Fee: N/A
Six ways a fund subscription disappoints
1. Buying the eligibility, not the fund
"Golden Visa eligible" describes a legal test, not investment quality. It is the least informative sentence on any fund factsheet.
2. Term shorter than the clock
A fund that liquidates in year six leaves you reinvesting mid-process if your permit still depends on the investment being maintained.
3. Fees read from the headline
Set-up fees over committed capital, performance fees with low hurdles, and depositary charges are where the cost actually lives.
4. Assuming the tax treatment
Fund-level and investor-level tax are different questions, and the answer depends on where you are resident. It is not automatic and it is not universal.
5. Ignoring AIMA delay
Under the 2026 counting rule, the months between application and card issuance no longer count. Delay now costs time at the far end of a ten-year plan.
6. Treating €500,000 as the whole cost
Legal fees, government charges per applicant, renewals and the annual cost of holding the position all sit on top of the qualifying amount.
Portugal Golden Visa investment funds: frequently asked questions
What is the minimum investment for the Portugal Golden Visa fund route?
Which funds qualify for the Portugal Golden Visa?
Can I split the €500,000 across several funds?
Is real estate still eligible for the Portugal Golden Visa?
How long must I keep the investment?
Does the fund route still lead to citizenship in five years?
How much time do I need to spend in Portugal?
Do I have to travel to Portugal to invest?
What is the minimum investment for the Portugal Golden Visa?
How much of the investment funds allocation should be invested into Portuguese equities?
How many years am I required to hold my Portugal Golden Visa Investment?
Can I invest with CryptoCurrency for the Portugal Golden Visa?
How can Lincoln Global Partners help me with my Golden Visa plans?
Where this comes from
- Lei n.º 23/2007, Article 90-A, the residence permit for investment activity and its qualifying categories, as amended by the 2023 Mais Habitação reform that removed real estate and property-exposed funds. dre.pt (English)
- Lei Orgânica n.º 1/2026, naturalisation at ten years, seven for EU and CPLP nationals, counted from issue of the residence title. diariodarepublica.pt
- CMVM, supervision of collective investment undertakings: authorisation, depositary, valuation and reporting. cmvm.pt
- AIMA, Golden Visa applications, biometrics, issuance and renewals. aima.gov.pt
General information about a residence route, not investment or tax advice. Fund terms are as supplied by each fund and may change; the binding version is the fund's own documentation.
Last reviewed 19 August 2026. Programme terms are set by the relevant government and can change; confirm any figure before acting on it.
