International investors are increasingly looking at Portuguese companies through a different lens. Portugal has been named “economy of the year” by The Economist, tourism is breaking records, and the country’s mid-market businesses are benefitting from structural reforms and rising demand. Against this backdrop, Explorer Investments is seeing growing interest in its private equity funds that invest in Portuguese companies – especially from families who also value the Portugal Golden Visa as an additional benefit.
Explorer Investments Editorial Team • Updated December 18, 2025
Focus
Portuguese PE
Route
€500k Fund
Angle
Growth + GV
Jurisdiction
Portugal
“For a growing share of our investors, the Golden Visa is a bonus – the core thesis is backing well-positioned Portuguese companies through disciplined private equity structures.”
For years, international capital saw Portugal primarily as a real estate story. That narrative is changing. Recent data show Portugal combining robust GDP growth, low inflation and a healthy stock market, with tourism and exports playing a central role. We analysed this shift in our article on Portugal being named The Economist’s “economy of the year”.
Behind the macro numbers, a wide range of Portuguese companies – from hospitality platforms and logistics operators to technology-enabled services – are:
For private equity investors, this combination of solid fundamentals and mispriced assets is compelling – particularly when accessed through a local, established manager.
Explorer Investments has been active in the Portuguese private equity market for many years, focusing on real assets and operating businesses where active value creation is possible. As the Portugal Golden Visa shifted towards regulated funds, Explorer adapted a subset of its strategies to be compatible with the €500,000 fund route, without turning them into purely immigration products.
In practical terms, that means:
For a broader discussion of how private equity and the Golden Visa intersect, see our dedicated piece: Private Equity & the Portugal Golden Visa: Explorer Investments Guide for 2026.
Explorer’s private equity strategies focus on sectors where Portugal has a genuine edge and where Portuguese companies can be regional or global winners. Typical themes include:
Portugal’s tourism momentum – illustrated by the country’s multiple World Travel Awards – is particularly relevant. It supports demand for hotels, resorts and lifestyle-led developments, which in turn feed into the performance of many portfolio companies and assets.
“The Golden Visa should not be the only reason to invest – but if the strategy is sound, having a residence permit as a bonus becomes very attractive.”
For most of Explorer’s international investors, the primary motivation is exposure to Portugal’s growth story via private equity. The Portugal Golden Visa is seen as an additional layer of value:
For investors who have not yet mapped out the process, our practical guide Portugal Golden Visa Fund Route: Complete Application Checklist for 2026 breaks the journey into clear steps.
The investor base in Explorer’s Golden-Visa-compatible funds is increasingly global. Typical profiles include:
No. A fund can be structured to be compatible with Golden Visa rules, but approval always depends on the authorities and your personal documentation. Investors must work with independent immigration lawyers, who confirm eligibility and handle the application process.
No. There is always risk in private equity – capital can go up or down. Explorer’s role is to apply disciplined research, structuring and governance to improve the odds of attractive outcomes over the life of the fund, but there are no guarantees.
In many cases yes, provided your spouse and dependants are correctly included as family members in the application. Your immigration lawyer will confirm eligibility for each person based on current rules.
Private equity funds are usually closed-ended with a fixed term (often 7–10 years), which is broadly aligned with Golden Visa timelines. Investors should assume their capital will be committed for the full fund duration and plan liquidity accordingly.
A typical starting point is to review the fund documentation, speak with your legal and tax advisors and map your application using our Portugal Golden Visa fund checklist. From there, you can coordinate timing for subscription, application and biometrics.
Portugal’s recent performance – from macro indicators to tourism awards – has brought fresh attention to its companies and real assets. Explorer’s private equity funds give international investors a structured way to participate in that story, while potentially unlocking the Portugal Golden Visa as a valuable bonus for their families.
The key is to treat the decision as more than just an immigration step: it should be a core investment decision, aligned with your risk profile, time horizon and cross-border planning.
If you are exploring this route, combine Explorer’s materials with independent legal and tax advice, and use our Golden Visa resources to build a joined-up strategy – where backing Portuguese companies and securing EU options go hand in hand.
Whether you are exploring the Portugal Golden Visa for EU residency or you simply want to allocate capital to private equity funds in Portugal, our Investor Relations team can help. We will walk you through CMVM-regulated fund options, clarify how they work for residency and for pure investment, and coordinate with trusted immigration and tax advisers. Schedule your confidential, no-obligation strategy call today.
André Bandeira
ab@explorerinvestments.com
Maria Campos Silva
mcs@explorerinvestments.com
Portugal’s Golden Visa has shifted decisively toward CMVM-regulated investment funds. Learn how the €500,000 fund route works in 2026, the key benefits (Schengen mobility, family reunification, minimal stay), and a practical due diligence checklist—built for investors who think in private equity terms.
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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.)