UK Autumn Budget 2025: Why British HNWIs Are Pivoting to Portugal Golden Visa Private Equity Funds

Golden Visa interest is surging ahead of the UK Autumn Budget

Over the last twelve months, search interest in “investment visa” has jumped well over 300%, driven largely by a sharp spike in the last quarter as UK investors try to front-run possible tax changes. Related terms like “residency by investment” and “citizenship by investment” have also posted triple-digit growth.

At the same time, “Golden Visa” searches have climbed strongly - with Italy and Greece showing the fastest growth, but demand for “Portugal Golden Visa” still up almost 190% year-on-year. In other words: this is no longer a niche concept, but a mainstream reaction to a shifting tax and regulatory landscape.

Our global investment visa and residency guide places this surge within a wider trend: as governments seek more revenue from top earners, high-net-worth individuals are upgrading their residency options, rather than waiting to see the final numbers in the Budget speech.

The Autumn Budget is a catalyst, not the root cause. UK HNWIs were already looking at alternative residency and fund structures - the Budget simply forces timelines forward.

Why private equity-style funds are replacing property routes

A decade ago, “Golden Visa” was almost synonymous with buying a flat in Lisbon or another European capital. Today, the centre of gravity has shifted decisively towards regulated private equity and alternative investment funds, especially in Portugal.

There are several reasons for this shift:

• Lower maintenance - No tenants, repairs or property management;
• Regulated and audited - Golden Visa funds are supervised, licensed and subject to annual audits;
• Diversification - Exposure to multiple companies, sectors and assets rather than a single property;
• Clearer exit timelines - Funds usually have defined terms and exit strategies.

Our article Portugal Golden Visa Fund Route Explained: Minimum Investment & Top Sectors unpacks the fund route in detail - from the €500,000 minimum, to the sectors now favoured by international investors, including private equity, technology, healthcare and sustainable infrastructure.

For a UK entrepreneur, a regulated Golden Visa fund often feels more natural than another buy-to-let: it looks and behaves like a professional private equity allocation, not a side project.

Portugal vs Italy vs Greece: where are UK HNWIs looking in 2025?

Search data suggests that Italy and Greece are currently leading the growth in raw Golden Visa and flat-tax interest, helped by headlines around non-dom regimes and capped tax liabilities.

However, when British investors apply an institutional, long-term lens, Portugal often remains at or near the top of the list:

• A long-established Golden Visa framework, now refocused on productive, regulated investment;
• A mature ecosystem of CMVM-supervised funds targeted at both domestic and international investors;
• Strong rule of law and an economy increasingly driven by innovation, tourism and exports;
• Lifestyle factors - climate, safety, education - that compare favourably across Southern Europe.

Our global ranking of residency and Golden Visa programmes shows why Portugal continues to punch above its weight despite intense competition from Italy and Greece.

How Portugal Golden Visa private equity funds actually work

A typical Portugal Golden Visa fund investment for a UK HNWI follows a clear, institutional-style process:

1. Clarify strategy - Decide whether your priority is pure residency, portfolio diversification, sector exposure or a mix of all three.
2. Shortlist regulated funds - Using resources like the fund route guide and sector analysis.
3. Due diligence on the manager - Track record, governance, co-investment and alignment.
4. Subscription and bank setup - Open a Portuguese bank account, move capital and complete KYC and subscription documents.
5. Golden Visa application - Use fund documentation as proof of investment within your residency file.
6. Ongoing reporting - Receive periodic reports as the fund deploys capital across portfolio companies and assets.
7. Exit at fund maturity - Typically after 7-10 years, aligned with both residency and value-creation timelines.

For a detailed explanation of costs, fees and expected outcomes, see our deep dive on Golden Visa fund fees and returns.

The role of a Golden Visa fund inside a UK HNWI portfolio

For most British HNWIs, the Golden Visa allocation is not their largest single investment. But it often plays an outsized role in their long-term plan, because it combines:

• Currency diversification away from a GBP-heavy base;
• Sector diversification into European mid-market private equity, infrastructure, technology or impact strategies;
• Jurisdictional diversification - a regulated EU framework and new residency rights;
• Family planning - education, succession and mobility for children.

Our Golden Visa tax strategy article explores how residency decisions interact with wealth structuring. The key is to treat a Golden Visa fund as part of an integrated wealth and tax plan, not a standalone product.

The most sophisticated UK investors do not ask, “How do I pay the lowest tax this year?” but rather, “Where should my family and capital be positioned for the next twenty years?”

How Explorer Investments structures Golden Visa fund strategies

Explorer Investments is a Portuguese private equity and alternative investment manager with a long history of investing in the real Portuguese economy. For UK HNWIs, that means:

• Strategies built around operating businesses, real assets and long-term value creation;
• Regulated, audited fund vehicles aligned with Golden Visa requirements;
• Governance standards familiar to institutional and family-office investors;
• A partnership mindset that extends beyond the first residency card.

To see how this translates into concrete opportunities, start with Portugal Golden Visa 2025 | Invest with Explorer Investments Fund.

FAQ: UK Autumn Budget & Portugal Golden Visa private equity funds

Below are the questions British high-net-worth investors most often raise when they look at Portugal Golden Visa funds against the backdrop of the Autumn Budget.

Next step: stress-test a Golden Visa fund strategy against your UK Budget exposure

The UK Autumn Budget 2025 will come and go, but its impact on how and where you structure your wealth could last for decades. For many British HNWIs, a Portugal Golden Visa private equity fund is not an emergency escape route - it is a deliberate, strategic re-balancing.

Explorer Investments works with UK entrepreneurs, executives and families who want a regulated, professional and clearly articulated fund route into Portugal - backed by real portfolio strategies, not marketing slogans.

If you are weighing Autumn Budget scenarios and considering a Golden Visa allocation, schedule a conversation to explore how a Portugal fund strategy could fit into your broader UK and global plan.