Portugal Golden Visa 2025: Complete Guide to the Investment Fund Route

Why the fund route is now the core Portugal Golden Visa path

Since recent legislative reforms, the Portuguese government has clearly shifted the Golden Visa away from one-off real estate transactions and towards productive, regulated investment. For high-net-worth families, that has made the investment fund route the primary way to qualify for the programme.

If you still think of the Golden Visa as “buying an apartment and getting a residence”, start with Portugal Golden Visa 2025: The Truth About the Fund Route (Not Real Estate). It explains why direct real estate is no longer the main route and why funds now lead the way.

The modern Portugal Golden Visa is best understood as a long-term capital allocation decision - with EU residency as the strategic by-product, not the only objective.

In this article we focus exclusively on the fund route and how a private equity-style approach, led by managers like Explorer Investments, can align investment and residency outcomes.

Legal requirements and minimum investment for the fund route

The core Golden Visa fund requirement is simple: subscribe at least €500,000 of units in a qualifying investment fund that is authorised to invest in Portugal and meets specific regulatory criteria.

In practice, investors should expect that:

• The fund is supervised by the Portuguese regulator and works with a licensed depositary bank;
• At least the required portion of assets is invested in Portuguese companies or projects;
• The structure is compatible with Golden Visa documentation and reporting needs;
• The investment is held over the full residency timeline, usually 7-10 years.

For a broader look at overall eligibility rules, family inclusion and the AIMA (formerly SEF) process, see The Portugal Golden Visa: Your Complete 2025 Guide to EU Residency.

Types of Golden Visa funds and strategies

Not all Golden Visa funds are the same. Under the “fund” label you will find very different strategies, from conservative income funds to higher growth private equity vehicles.

Common strategy buckets include:

• Private equity - investing directly in unlisted Portuguese companies, often with active value-creation plans;
• Growth and expansion capital - backing scaling businesses and platforms;
• Infrastructure and real assets - long-duration, cash-yielding projects;
• Hybrid or multi-strategy vehicles - mixing listed and unlisted exposure.

Articles like Portugal Golden Visa 2025: Explore Fund Route and #1 European Retirement Destination highlight how Golden Visa investors increasingly pair residency objectives with genuine retirement and lifestyle planning in Portugal.

Step-by-step: from subscription to residence card

Every investor’s journey is unique, but the fund route usually follows a clear sequence:

1. Strategic consultation - Clarify objectives, timelines, family composition and risk appetite with your advisor and fund manager.
2. Fund selection - Analyse strategy, track record, fees, governance and exit pathways; read the prospectus or PPM carefully.
3. Account opening & KYC - Complete onboarding with the bank, depositary and management company.
4. Subscription & capital transfer - Sign subscription documents and wire capital into the fund structure.
5. Golden Visa application - File your residence-by-investment application, using the fund documentation as proof of investment.
6. Biometrics, approvals & renewals - Attend biometrics, receive cards and maintain both the investment and minimum stay requirements.
7. Long-term planning & exit - Decide whether to progress towards permanent residency or citizenship, and plan for eventual fund exit.

For context on how Portugal compares to other EU routes after Spain’s changes, see Portugal Golden Visa 2025: Best EU Investment Route After Spain Closes Doors.

High-level tax considerations

Tax is always jurisdiction-specific and you should obtain independent advice in both your home country and Portugal. However, there are a few general principles Golden Visa fund investors should be aware of:

• Holding a Golden Visa does not automatically make you a Portuguese tax resident - that depends on days spent and centre-of-life tests;
• Fund income and gains may be treated differently from direct property income, including in cross-border treaty contexts;
• Portugal has specific regimes that can be attractive for new residents, but they must be analysed against your existing structures.

The right structure for a US family is not always the right structure for a UK, Brazilian or Middle Eastern family. This is where working with seasoned managers and specialised advisors is critical.

Risks, timelines and the importance of thinking long term

No Golden Visa route - fund or otherwise - is risk free. Investors should be clear about the main categories of risk:

• Market and execution risk at the fund and asset level;
• Liquidity risk and the timing of distributions and exits;
• Legal and policy risk around residency rules over time;
• Operational risk around documentation, renewals and compliance.

The most resilient Golden Visa strategies are the ones built on sound investments that you would still consider even without the visa.

This is one of the reasons why many investors select Portugal Golden Visa 2025 | Invest with Explorer Investments Fund - they want their capital stewarded by an established private equity house with deep roots in the Portuguese market.

How Explorer Investments approaches Golden Visa fund strategies

Explorer Investments is not a passport factory. It is a private equity and alternative investment manager with more than two decades of experience in Portugal. Golden Visa strategies are built on the same principles used for institutional clients:

• Deep sector and local market knowledge;
• Disciplined sourcing, due diligence and structuring;
• Hands-on value creation in portfolio companies;
• Clear exit planning and capital recycling.

For many HNW families, this combination - EU residency plus private equity exposure via a regulated fund - is more compelling than a single leveraged apartment in a crowded city centre.

Frequently asked questions

Below we summarise some of the key questions investors ask when evaluating the fund route to the Portugal Golden Visa.

Next step: align your Golden Visa with a serious fund strategy

The Portugal Golden Visa fund route is now the backbone of the programme. It is where policy, regulation and investor expectations meet. For high-net-worth families, the question is no longer “funds or property?”, but rather which fund, which manager and which long-term plan.

If you want to explore how a Golden Visa fund allocation could fit your global portfolio, the Explorer Investments team is ready to map out the options with you.

Book a strategy conversation to review structures, timelines and a fund-first approach to EU residency.