Opinion: why I still tell global families to put the Portugal Golden Visa fund route at the centre of their residency strategy

1. My starting point: comparing Portugal with the US, Greece and the UAE

When a family sits down with me for the first time, they rarely say: “We only want Portugal.” Instead, they arrive with a short list that might include a US investor visa, Greece real estate Golden Visa, the UAE 10-year visa and a handful of smaller citizenship programmes. That is why our editorial team created the Era of Global Golden Visas comparison.

Once we put everything side by side – investment thresholds, residency obligations, political stability, fund ecosystems, quality of life – Portugal keeps coming back as the most balanced option for families who think in decades rather than months.

This is particularly true after The Economist named Portugal “Economy of the Year” in 2025. When the macro story, the fund ecosystem and the residency framework all point in the same direction, I pay attention.

2. Why Portugal is still my base case for residency-by-investment

From my point of view, a residency-by-investment programme must do three things well:

• Provide a credible long-term legal framework, even if rules evolve over time;
• Allow for serious capital deployment into real assets or companies, not just donations;
• Offer a livable plan for the family – schools, healthcare, cost of living and daily life.

Portugal scores highly on all three. Our guide to what American expats wish they knew before moving to Portugal is very honest about the challenges – weather surprises, taxes, bureaucracy and cultural quirks. But even with those imperfections, Portugal offers a rare mix of safety, lifestyle and affordability.

3. Why I prefer the regulated €500k fund route to pure real estate

“If you are used to investing through funds and mandates, Portugal is not a “property play”. It is a fund and private equity jurisdictionthat happens to offer a Golden Visa on top.”

I have nothing against real estate. But for global families allocating €500,000 or more, I am more comfortable when they are in a CMVM-regulated fund with a clear mandate, independent depositary and audited reporting. That is the logic behind our Portugal Private Equity & Golden Visa – Explorer Investments Guide 2026.

In the Portugal fund route:

• Your subscription can qualify for the €500k Golden Visa investment;
• The fund itself targets real assets and companies with a long-term thesis;
• Governance is embedded in the structure – risk, compliance and reporting are not an afterthought.

Our Portugal Golden Visa fund route application checklist for 2026 explains the mechanics – NIF, bank account, subscription, application – but the essence is simple: you are investing in a fund first, applying for a visa second.

4. How Explorer fits into the picture: private equity first, Golden Visa second

At Explorer Investments, our role is not to replace your immigration lawyer or tax adviser. Our role is to manage private equity and real asset funds in Portugal with a clear investment thesis – in hospitality, residential and mixed-use projects, and select corporate investments that reflect Portugal’s tourism and lifestyle strengths.

When we structure a fund that is compatible with the Golden Visa €500k route, we do so on top of that thesis. The fund must make sense for investors who do not need a visa at all. Only then does it make sense to add a Golden Visa framework for those who do.

5. The families I see: patterns from US, UK and Canadian investors

Maria has written in detail about why global families invest in Portugal private equity and treat the Golden Visa as a bonus. My experience with US, UK and Canadian investors echoes that article:

• US families want euro exposure and lifestyle options without abandoning careers;
• UK families want to rebuild EU optionality post-Brexit for their children;
• Canadian families often prioritise education, safety and climate diversification.

For many of them, the Portugal Golden Visa fund route is not a “ticket out”. It is a way to formalise their relationship with Portugal while they take their time deciding whether, and when, to move.

6. Risks, timelines and the honest conversation I have with every family

No opinion piece would be complete without a clear sentence: private equity funds involve risk. Capital is not guaranteed, returns are uncertain and Golden Visa rules can evolve. There are also backlogs, processing times and political factors outside anyone’s control.

That is why, in every call, I encourage families to:

• Think in 7–10 year horizons, not quick exits;
• Work with independent legal and tax advisers in all relevant jurisdictions;
• Treat citizenship as a possibility, not an entitlement;
• Only allocate capital they are comfortable tying up for the fund’s life.

7. A simple framework to compare Portugal with other Golden Visa programmes

When we use our global Golden Visa comparison as a worksheet, I ask families to rate each programme on:

• Legal and political stability;
• Quality of the fund / investment ecosystem;
• Quality of life for the family;
• Tax and reporting complexity;
• Long-term optionality (including, but not limited to, citizenship).

When they fill in those boxes honestly, Portugal’s fund route is usually near the top. Other programmes may win on speed, lower thresholds or pure tax optimisation, but very few combine regulated funds, Schengen access and a credible lifestyle base in the way Portugal does today.

8. Closing thoughts – where I think global families should start in 2026

My personal view is that, in 2026, global families should start their residency-by-investment planning with a simple question: “If there were no visas involved, would we still want to invest in this country and this fund?” For many of the families I speak to, Portugal and regulated funds managed by institutions like Explorer pass that test.

Use this article together with our more technical pieces – from our private equity & Golden Visa guide to the fund application checklist. Then sit down with your advisers and decide whether the Portugal Golden Visa fund route deserves a central place in your family’s next decade.

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

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