The definitive guide to the €500k CMVM-regulated fund route — eligibility, timeline, costs, U.S. tax notes (FATCA/PFIC), risks, and how to move from research to residency.
By André Bandeira, CFA • Updated 2025
The Golden Visa (ARI) grants residency to non-EU nationals investing €500,000 in a qualifying CMVM-regulated private equity or venture capital fund that meets the legal criteria for the program.
Data & context: Portugal Golden Visa — Data & Statistics (2012-2023).
Related reading: Health & wellbeing case study (American in Portugal).
Learn more: How CMVM-regulated funds safeguard investor goals.
Note: Processing times evolve as AIMA digitizes workflows.
| Cost Type | Estimate | Notes |
|---|---|---|
| Fund Subscription | €500,000 | Minimum required for eligibility |
| Legal Fees | €5,000-€10,000 | Depends on family size & complexity |
| Application Fees (AIMA) | ~€533 per person | As published by AIMA |
| Residency Permits | ~€5,325 per person | Initial issuance |
Ready to evaluate qualifying funds?
Our team at Explorer Investments can share a short-list of CMVM-regulated vehicles aligned with your timeline and risk profile.
No — the property route was removed. The fund route is now the primary investment pathway.
Historically 5 years of legal residency. In 2025, amendments may affect certain timelines; confirm the rule in force with counsel before filing.
Sometimes, via specialist custodians. Ensure compliance to avoid prohibited transactions and unintended U.S. tax events.
AIMA is digitizing processes to reduce wait times; check current SLAs at the time of filing.
Explore a curated list of CMVM-regulated funds that qualify for the €500k Golden Visa route — aligned with U.S. investor needs and timelines.
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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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.)