The property era ended. In its place, a rule-based approach under CMVM supervision now anchors the Golden Visa route. Here’s how regulated funds work, how to diligence them, and how they fit a 5-year residency-to-citizenship plan.
Portugal aligned its residency framework with long-term policy goals, redirecting capital from passive property buying into productive vehicles that finance real projects. The result: CMVM-regulated funds became the primary, compliant path. For investors, that means documented governance, audited reporting and clear mandates instead of fragmented property management.
| Dimension | Regulated Funds | Property (legacy) |
|---|---|---|
| Eligibility | Current GV path | Ended |
| Oversight | CMVM supervision, audited | None beyond notary/deeds |
| Diversification | Multi-asset/sector | Concentrated (single unit) |
| Administration | Professional manager | DIY landlord/agents |
| Reporting | Periodic, standardized | Ad-hoc |
Rules can change. Cross-check presence requirements and naturalisation criteria before you commit. For a broader context, see: Portuguese Citizenship: Legacy & EU Mobility.
Dive deeper: Golden Visa Fund Pitfalls & Red Flags (Investor Guide)
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Maria Campos Silva
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Canadian interest in the Algarve has surged thanks to direct Toronto–Faro flights, mild winters and lower living costs. This guide explains how Canadians are using the D7 passive income visa, the D2 entrepreneur visa and the €500k Portugal Golden Visa fund route to relocate, invest and secure EU residency.
Get your complete, free guide to the Portuguese Golden Visa. Learn how to invest with confidence through Explorer Investments, the country's largest private equity fund.
André Bandeira
ab@explorerinvestments.comMaria Campos Silva
mcs@explorerinvestments.comCopyright © 2025 Explorer Investments
It is recommended to consult Chapter V of Decree-Law nº 162/2014, of October 31st, published in the Official Gazette, as well as its revision by Law nº 2/2020, of March 31st. The information included here is of a general nature, and therefore each potential investor should seek independent advice (e.g., legal, financial, tax, etc.)