Since the 2023 reform removed real estate from the eligible routes, Portugal's Golden Visa — formally the Residence Permit for Investment (ARI) — has reorganised around other options. Among them, the investment fund route has taken the spotlight for those who want European residence without buying property. This article explains, clearly, what is at stake.

What the fund route is

Instead of acquiring real estate, the investor subscribes units in an eligible investment fund in Portugal. In return, they gain the residence rights that define the Golden Visa — freedom of movement in the Schengen Area and a possible path, over the years, to permanent residence and citizenship.

The logic differs from real estate: here the capital is placed in professionally managed financial instruments, which brings other characteristics of risk, liquidity and time horizon — and therefore requires careful analysis before deciding.

Typical features of an eligible fund

Although the specific conditions are set by the law in force and must always be confirmed, funds used for Golden Visa purposes usually share some traits:

  • Regulation. They are funds regulated and supervised by the CMVM (the Portuguese securities market authority).
  • Minimum maturity. They generally have a minimum maturity, aligned with the programme's horizon.
  • Link to the Portuguese economy. A relevant share of the fund's investments must be placed in companies based in Portugal.
  • Amount. The fund route has a minimum investment amount set by law, which may be revised.

These parameters can change, so we always confirm the current framework before any subscription.

Advantages and points of attention

The fund route is often seen as simpler to manage than real estate — no tenancy, maintenance or property management — and allows diversification. In return, it carries the risks of any financial investment: the value can vary and returns are not guaranteed.

Choosing the fund is therefore not a minor detail. It is worth looking at the management team, the strategy, the costs, the track record and, above all, the alignment with the programme's requirements. An excellent fund that does not meet eligibility is of no use; an eligible fund poorly chosen can be costly.

How we coordinate the process

Our role is not to "sell" a fund — it is to protect your interest. We start by confirming the most suitable route for your profile, verify eligibility and documentation, align the subscription with the legal side of the residence application and support the filing with AIMA (the agency that replaced the former SEF in handling these processes). All under one coordination, so you don't have to speak with ten contacts.

Funds, real estate and the other routes

It is important to note that real estate is no longer an eligible route for new applications. Those searching for property-based options find outdated information: they were removed by the 2023 reform. There are routes beyond funds — such as support for cultural activities or job creation — each with its own rules. The starting point is always the same: a diagnosis of your goal and profile.

Start with the diagnosis

Before choosing a fund or any other route, the right question is: what do you want to achieve — to reside, a plan B, European access or a path to citizenship? The answer defines the strategy. From there, the fund route may — or may not — be the best option for you. An initial conversation, with no commitment, is the first step.

Legal references

  • Law no. 23/2007, of 4 July, Article 90.º-A (ARI / Golden Visa), added by Law no. 29/2012.
  • Law no. 56/2023, of 6 October ("Mais Habitação"), which removed, among others, the real estate routes.
  • Investment funds are regulated and supervised by the CMVM. Residence applications are handled by AIMA, which replaced the SEF.
  • Minimum amounts, eligible fund features and presence requirements are set by the law in force and may change; we always confirm the current framework in the official text before any decision.

This article is general and informational and does not constitute legal, tax or investment advice. Investing in funds involves risk and returns are not guaranteed.