Top Portugal Golden Visa Investment Funds to Consider in 2025

In 2025, Portugal’s Golden Visa investment funds are one of the most viable routes to EU residency for international investors. 

With real estate removed from eligibility, investors are pivoting toward regulated private equity and venture capital funds that meet Portugal’s legal requirements for the Golden Visa, and often offer competitive returns.

These Golden Visa investment funds in Portugal give you exposure to sectors like tech, renewable energy, hospitality, and infrastructure, all while maintaining a passive investment profile. There’s no need to manage property, chase tenants, or worry about shifting real estate regulations. 

However, these programs differ a lot. Fees, risk levels, sector focus, and even exit terms vary wildly. 

Some funds are built with short-term capital preservation in mind. Others are more aggressive, aiming for high-growth over 7-10 years. And while all qualifying funds require a minimum investment of €500,000, what you get for that sum can differ dramatically.

Why Consider Portugal’s Golden Visa Investment Funds?

After the Portuguese government closed the real estate investment route in 2023, regulated funds became the most popular path for investors who want residency.

So, what does this model bring?

A Simpler, Smarter Investment Route

First, Golden Visa investment funds in Portugal are professionally managed and regulated by the Portuguese Securities Market Commission (CMVM). That means they operate under strict transparency, reporting, and compliance guidelines.

That means that you’re investing in a legally structured fund, usually a private equity, venture capital, or growth-focused vehicle, that pools capital and allocates it across a portfolio of Portuguese businesses, sectors, or infrastructure projects. These can include:

• Green energy developments
• Healthcare innovations
• Early-stage tech companies
• Hotels and tourism redevelopment
• Logistics and industrial parks

How it Could Work

For the sake of this example, imagine an investor who originally planned to purchase an apartment in Lisbon. 

When the Golden Visa real estate path was cut off, they redirected the €500,000 toward a fund focused on renewable energy infrastructure. 

That fund is expected to deliver annualized returns of around 6-8% over a 7-year period, with full capital return at maturity. 

So, instead of buying into a saturated property market, they joined a green growth initiative backed by stable, recurring energy contracts.

Less Hassle, Lower Overhead

Unlike owning property, there are no maintenance costs, no property taxes, no ongoing paperwork related to tenants or Airbnb restrictions. Once you invest, your obligations are minimal beyond the fund’s reporting cycle and visa renewals. For investors balancing global business portfolios or moving across borders, this is a major advantage.

More Flexibility, Especially for Non-Residents

Portugal’s Golden Visa investment funds are also well-suited for non-EU investors who don’t plan to live in Portugal full-time. The minimum stay requirement remains just seven days per year, far less than residency-by-rental programs in other European countries. And because the funds are professionally administered, investors can manage everything remotely with the help of legal representatives.

How Much Do You Need to Invest in Portugal to Get a Golden Visa?

The standard minimum investment amount for Portugal’s Golden Visa investment funds is €500,000. This requirement hasn’t changed with the 2023 Golden Visa reform, and it applies specifically to qualified investment funds regulated under Portuguese law. 

But there are fees involved, so understanding the total cost of entry is essential before making a move.

The Core Requirement: €500,000 in a Regulated Fund

To qualify, your €500,000 must be invested in a fund that:

• Is registered and supervised by the CMVM (Portuguese Securities Market Commission)
• Has a minimum maturity of 5 years
• Invests at least 60% of its capital in companies based in Portugal
• Does not distribute capital during the first five years

These are non-negotiable requirements. Investing in a fund that doesn’t meet all four will disqualify your application.

Additional Costs to Expect

In reality, Portugal’s Golden Visa investment fund route involves more than just the capital injection. 

Here’s a rough breakdown of what a typical investor might spend:

So, while the legal minimum investment is €500,000, the full cost of obtaining your Golden Visa through funds can exceed €525,000-€550,000 when including legal and administrative fees, and higher if you’re applying with family.

A Look at Fund Fee Structures

Every fund is different. Some charge higher entry or exit fees but offer better returns. Others have flat management costs but offer less aggressive growth strategies. One fund might charge a 2% entry fee with zero exit charges, while another might take 5% upfront but waive annual management costs altogether.

What Are Portugal’s Golden Visa Investment Funds Actually Investing In?

Every Golden Visa investment fund in Portugal is legally required to disclose its investment thesis, structure, and portfolio focus, and while all must channel at least 60% of capital into Portuguese-based businesses, the sectors vary widely.

Some funds back renewable energy projects. Others focus on early-stage startups, healthcare, hospitality, agriculture, or logistics. This diversity allows you to align your residency application with your financial goals, whether you’re looking for conservative capital preservation or long-term growth.

Fund Types You’ll Commonly See

Most Golden Visa investment funds in Portugal fall into one of these categories:

• Private equity funds: These invest in established, growth-stage Portuguese companies. They often prioritize business expansions, buyouts, and strategic partnerships. Risk tends to be moderate, with a focus on steady returns.
• Venture capital funds: These are higher-risk, higher-reward funds that support early-stage startups in tech, fintech, biotech, or renewable energy. Returns can be impressive, but volatility is higher.
• Tourism & hospitality funds: With Portugal’s ongoing boom in tourism, some funds focus on acquiring, renovating, or launching hospitality assets, hotels, boutique rentals, resorts, especially in underserved interior regions.
• Green & infrastructure funds: Some of the more conservative options channel capital into solar farms, sustainable agriculture, or regional infrastructure projects with government-backed contracts and recurring revenue streams.

Liquidity and Lock-Up Periods

Most funds have a minimum lock-in period of 5-8 years, aligning with the Golden Visa residency requirement. You won’t be able to exit early without penalties. However, some funds offer secondary market solutions or structured exits for special cases like health issues or relocation.

All of this to say, Portugal Golden Visa investment funds represent real capital investments in real parts of the Portuguese economy. And they’re designed with long-term sustainability, transparency, and investor alignment in mind.

Portugal Golden Visa Investment Funds List for 2025

High-net-worth individuals and expat investors seeking Portugal’s Golden Visa in 2025 are increasingly turning to Portugal Golden Visa investment funds as the preferred route. 

After the 2023 reforms, the spotlight is on Golden Visa investment funds in Portugal that span diverse sectors, from tech startups and renewable energy to hospitality and cryptocurrency.

Below is Portugal’s Golden Visa investment funds list of the top 20 funds open to new investors in 2025, complete with a comparison of their focus, terms, and fees:

Disclaimer: The information provided in this table is for informational purposes only and is based on publicly available data as of 2025. While we aim to keep the content accurate, investment fund terms, fees, availability, and performance targets may change without notice. This content does not constitute financial, legal, or immigration advice. Always consult with a licensed financial advisor, immigration lawyer, or authorized fund representative before making any investment decision related to the Portugal Golden Visa investment funds program.

Strategic Considerations for Golden Visa Applicants

Performing due diligence is essential. All the listed funds are fully compliant with CMVM regulations and Golden Visa rules (minimum 60% of investments in Portugal, etc.), but their strategies and risk profiles differ. 

Prospective investors should evaluate fund track records, management expertise, fee structures, and alignment with personal goals. For instance, if your priority is preserving capital and obtaining residency with minimal fuss, a diversified income fund or an asset-backed fund (like agriculture or infrastructure) might be the best option. 

Conversely, if you view the Golden Visa as a chance to invest in venture capital, you can allocate your €500K into a high-growth fund, just be prepared for a longer path to liquidity and the possibility of higher volatility. Some investors opt to spread €500k across two or more funds to diversify (e.g. part in a yield-focused fund and part in a venture fund), which is allowed and can balance risk/reward.

Since the Golden Visa reforms, Portugal’s fund managers have really stepped up to offer products that are both Golden Visa investment funds and solid investments in their own right. 

There’s a rising popularity of the fund route, and it’s easy to see why: these funds fulfill the residency requirement and give investors a stake in Portugal’s economic growth areas, from green energy to tech innovation. 

When you choose a fund that matches your strategy, you can achieve the twin goals of securing Portuguese residency and pursuing attractive financial returns. 

How to Choose the Right Portugal Golden Visa Investment Fund for You

Now that you’ve seen the top Portugal Golden Visa investment funds list, the next step is identifying which one best suits your investment goals, risk profile, and timeline. 

While every fund on the list is compliant and open to non-EU investors, the reality is that some will be a better fit for you than others, depending on how you think about risk, return, and personal alignment.

Investment Priorities

Start by asking what matters most to you:

• Are you looking for capital preservation over growth?
• Are you comfortable locking in for 7-10 years, or do you want early liquidity?
• Would you rather see annual income or aim for a larger return at exit?
• Do you have a sector preference, like tech, sustainability, hospitality, or crypto?

If your goal is low volatility and a smooth ride, a fund like Portugal Golden Opportunities may be a better match. But if you’re chasing higher returns, then the Unbound Fund might make more sense, as long as you’re aware of the risk curve associated with Crypto.

Consider the Fund Structure

The fund’s internal mechanics matter. Some important variables:

• Closed-end vs. open-ended: Closed-end funds have fixed terms and payout at the end (often 7-10 years). Open-ended funds offer more flexibility, including the option to redeem early, but often come with slightly lower projected returns.
• Management track record: Look into who is running the fund. Does the team have previous exits? How long have they been managing capital in Portugal? 
• Fee Structure: Fees can eat into returns quickly. While 0.25-2% annual management fees are standard, watch for high performance fees, subscription costs, or hidden carry. 

Match Risk to Age and Exit Plan

Your age and your exit timeline should shape your choice. A 35-year-old entrepreneur might feel comfortable riding out the risk in a crypto-focused Unbound fund for a decade. A 62-year-old planning to retire in Portugal by the end of the decade might prefer a conservative, income-generating fund with lower upside and lower risk.

Ask the Right Questions

Before committing, do your due diligence. These are real investments with real capital at stake. Some smart questions to ask:

• What is the fund’s current portfolio exposure?
• Is there an independent custodian holding the assets?
• How are annual reports and valuations handled?
• Is there a plan for secondary market exits if needed?
• Who are the other LPs (limited partners)?

If a fund manager is vague about returns, unwilling to share audited financials, or deflects on risk disclosures, that’s a red flag. A good fund will have nothing to hide.

What About Citizenship?

Many investors who are looking into Portugal Golden Visa investment funds ultimately have one goal in mind: a second passport. But how realistic is that, and what’s the actual process?

How to Get from Residency to Citizenship

Portugal doesn’t offer citizenship in exchange for investment directly, but it does provide a residency pathway that can eventually lead to citizenship. Here’s how it typically works:

• Invest €500,000 in a qualifying fund.
• Apply for the Golden Visa with the help of legal representation (expect 6-12 months for approval).
• Maintain the investment and renew the visa in years 2 and 4.
• At year 5, apply for permanent residency or citizenship.

So, you can apply for citizenship after five years of holding a valid Golden Visa. That’s significantly shorter than the 10+ years required in many other EU countries.

Do You Need to Live in Portugal?

No. One of the key benefits of the Golden Visa in Portugal is that you don’t need to relocate or spend much time in the country. The minimum stay requirement is just 7 days per year.

However, some legal experts recommend spending more time in Portugal if your goal is citizenship, not just residency. That’s because Portugal expects “genuine ties” to the country when assessing naturalization applications.

Other Citizenship Requirements

Along with maintaining your investment for five years, you’ll need to:

• Pass a basic A2-level Portuguese language exam, which tests simple grammar and conversation skills.
• Provide a clean criminal record from both Portugal and your home country.
• Show proof of integration – this can include your time spent in Portugal, tax records, or even community involvement.

Does Every Fund Investor Qualify?

In theory, yes, if you follow the timeline, keep your investment in place for five years, and meet the basic requirements. But keep in mind: citizenship is not automatic. The Golden Visa gives you the right to apply, not a guarantee of approval.

Still, the system works. Thousands of investors have successfully transitioned from Golden Visa holders to Portuguese citizens since the program’s launch. For many, Portugal Golden Visa investment funds offer the simplest and cleanest path toward that outcome.

What to Watch Out For Before You Invest

Investing in Portugal’s Golden Visa investment funds isn’t just about picking the one with the highest projected return. These are long-term commitments, legally binding, financially significant, and often illiquid for several years. Before you transfer €500,000, it’s worth slowing down and checking all the details.

Understand the Lock-Up Terms

Most Golden Visa investment funds in Portugal are closed-end, meaning your capital is locked for the entire fund term, often 7 to 10 years. Even if the fund performs well, you usually won’t see your money until it matures.

Fees Can Cut Into Returns

Most funds charge a management fee of 0.25%-2% per year, which is reasonable. But some add:

• Subscription or setup fees
• Success or “carry” fees on profits
• Custodian, audit, or legal pass-through charges

Check whether fees are based on committed capital (less favorable) or invested capital (more standard). Also, be wary of funds that downplay or hide fees in their marketing materials.

If a fund is projecting 8% IRR, but layering on 3%+ in annual costs, your net return might be closer to 4-5%.

Vet the Fund Manager

Anyone can spin up a prospectus. What matters is execution. Ask:

• What is the manager’s track record?
• Have they exited any funds?
• Are they backed by a licensed custodian and an independent auditor?
• Are they regulated by the CMVM?

If a fund can’t answer these questions clearly, move on.

Check the Investment Thesis

Some funds are clear and transparent. Others use vague language like “we invest in diversified opportunities across growth sectors” without ever naming those sectors. You want to know:

• What is the fund actually investing in?
• Is there diversification across multiple companies or sectors?
• What stage are the investments in – seed, Series A, mature?

If you don’t understand where your money is going, you shouldn’t invest.

Watch Out for Overpromising

Some funds advertise 15-20% returns with near-zero risk. That’s not how finance works. High-return funds come with high volatility, long timelines, or both. Be wary of marketing that tries to downplay this.

Red flag phrases include:

• “Guaranteed return” (no fund can legally guarantee this)
• “Fully liquid any time” (Golden Visa law still requires a 5-year hold)
• “No downside” (there’s always risk)

Legal and Tax Due Diligence

Work with a qualified Portuguese law firm that understands the Golden Visa and funds. They’ll help you:

• Review the fund documents
• Ensure compliance with immigration law
• Navigate tax residency questions

Portugal’s tax regime can be favorable, especially under the D7 or D8 visa, but that depends on your personal situation. Investment gains from Portuguese funds may be taxed differently based on your residency status.

How to Start the Process

Once you’ve chosen a Portugal Golden Visa investment fund, getting started is more straightforward than most people expect, especially with the right support.

Get Legal Support

Work with a Portuguese lawyer experienced in Golden Visa cases and investment fund compliance. They’ll:

• Help you select a qualifying fund
• Obtain your NIF (Portuguese tax number)
• Open a local bank account
• Handle the full visa application process

Subscribe to the Fund

After passing the fund’s KYC checks, you’ll transfer the investment amount (usually €500,000) from your Portuguese account and sign the fund’s subscription agreement. Make sure the fund is CMVM-regulated and meets all Golden Visa criteria.

Submit Your Application

Your lawyer will prepare your file, including:

• Proof of investment
• Criminal background checks
• Health insurance
• Identification documents

Once submitted, pre-approval times in 2025 are around 6-12 months. 

Biometrics and Residency Card

After pre-approval, you’ll attend a biometric appointment in Portugal. Then you’ll receive your initial residence card, valid for two years and renewable thereafter.

How Bitizenship Can Help You With Golden Visa Investment Funds in Portugal

At Bitizenship, we’re dedicated to helping investors secure Portugal citizenship through compliant pathways, with a special focus on the fund route. 

As official partners of the Unbound Fund, we guide clients through every step of obtaining a Golden Visa by investing in Portugal’s regulated crypto ecosystem.

We help you with:

• Initial investment in the Unbound Fund
• Navigating the full Golden Visa application process from abroad
• Opening a Portuguese bank account and getting your NIF
• Stay compliant through the full five-year journey to citizenship

If your goal is mobility, residency, and eventually Portugal citizenship, we’re here to help make that happen, with transparent support, verified partnerships, and a commitment to doing things right.

Final Thoughts: Are Golden Visa Investment Funds in Portugal a Good Fit For You?

Portugal Golden Visa investment funds aren’t just a loophole or a backdoor; they’re now the main avenue to Portuguese residency for global investors. After the 2023 reform, they’ve become more visible, more transparent, and more professionally managed.

What makes the Golden Visa investment funds in Portugal especially appealing is access and autonomy. You can live abroad, invest from afar, and still gain a foothold in the EU. You’re allocating capital into a regulated, tax-transparent vehicle, and in return, you’re building a path to a Portuguese passport.

There are still risks. Funds can underperform. Timelines can shift. Political winds may change. But unlike in many other countries, Portugal has a track record of honoring commitments and maintaining residency pathways with integrity.

And if part of your long-term thinking includes your later years, it’s worth considering whether Portugal is a good place to retire. With its mild climate, excellent healthcare, and favorable tax options, it continues to attract investors who are planning a different future.

Portugal’s open, and is still one of the most accessible countries in Europe to build a future. It doesn’t matter if you select a high-yield tech fund or a stable agricultural vehicle; the opportunity is real. Now it’s just a matter of finding the right fit.

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Ale is the co-founder of Bitizenship. He cares about the craft of building quality products that make life better for people. He writes about these topics, as well as freedom, wealth, and global mobility, in a newsletter read by thousands of modern citizens.