Over the last few years, I have sat across from dozens of families from the US, UK, Canada, the Middle East and Asia who are all asking variations of the same question: “How do we invest in Portugal in a serious way – and, if possible, use the Golden Visa to create options for our children?” This article is my honest answer, based on what I see every day inside Explorer Investments.
Focus
Portugal PE
Route
€500k Fund
Angle
Families
Author
Opinion
“When the investment stands on its own, the Portugal Golden Visa becomes what it should be: a valuable, well-structured bonus for your family – not the only reason to write a €500,000 cheque.”
I have worked with international investors long enough to know that trends come and go. Portugal, however, feels different. It is not just another “hot destination”. It is a country that has quietly improved its institutions, reduced vulnerabilities and built a reputation for stability, safety and quality of life.
When The Economist named Portugal its “economy of the year” among 36 rich countries, many of the families I speak to were not surprised. They had already noticed the combination of strong GDP growth, resilient employment and a contained inflation profile in recent years.
At the same time, Portugal has become a global tourism benchmark. The Algarve and Madeira keep collecting World Travel Awards “Oscars” for beaches and island tourism. Lisbon and Porto are permanent names in rankings for city breaks and digital nomads.
When you combine a strong macro story, real-economy growth and a very livable environment, you naturally attract two things: tourists and capital. My work sits precisely at that junction.
Many families come to their first call with a simple starting point: “We were thinking about buying a property in Lisbon, Cascais or the Algarve”. It is a natural idea – you can see and touch the asset. However, in practice, private equity funds often make more sense for serious capital deployment.
In a regulated private equity or real-asset fund, you are not dependent on one flat, one tenant, one building. You are buying access to a portfolio of assets and companies sourced, structured and monitored by professionals – with proper reporting, governance and alignment.
This is why, in our Explorer private equity & Portugal Golden Visa guide, we insist that the investment thesis must come first. The fund structure and Golden Visa compatibility come after.
At Explorer we focus on Portuguese real assets and companies that are positioned to benefit from long-term themes: tourism, lifestyle migration, urban regeneration and selective export growth.
Our funds typically invest in:
The point is not to chase fashion. It is to deploy capital into tangible businesses and assets that can compound value over time in a country whose fundamentals have improved significantly.
“If you would not invest in the fund without the Golden Visa, it is probably not the right fund for you – even with the Golden Visa.”
I spend a lot of time managing expectations around the Portugal Golden Visa. It is a powerful programme, and for many families it is life-changing – but it should not be treated as a magic product.
The route most of my clients use is the €500,000 investment in a CMVM-regulated fund. When a fund is structured correctly, your subscription can be used as the qualifying Golden Visa investment, while the fund itself keeps a private-equity-first strategy.
For those who are still mapping out the journey, our Portugal Golden Visa fund route checklist breaks down the practical steps. But in terms of mindset, my message is always the same:
Although every family is unique, after dozens of conversations patterns emerge:
Many US families are searching for lifestyle diversification and euro exposure while keeping their professional base in America. They often compare Portugal with other destinations we discuss in our guide to trending retirement & Golden Visa destinations for Americans.
For UK clients, the conversation is frequently about regaining EU optionality after Brexit. Many are entrepreneurs or senior executives who want their children to have study and work options in the EU. Our dedicated Portugal Golden Visa guide for UK investors looks at this in more detail.
From Canada, the Middle East and Asia, the most common themes are education, safety and a calmer base in Europe. In many cases, the fund investment is seen as a way to formalise their commitment to Portugal while they gradually spend more time in the country.
In my view, no. Some segments (like central Lisbon residential) have clearly repriced, but many real assets and companies are still attractively valued relative to their long-term potential. The point is to be selective and work with managers who have a clear edge.
Absolutely not. A fund can be compatible with the Golden Visa and still be an investment with real risk and volatility. This is why we insist that families treat it as a core allocation decision, not just a visa step.
Most private equity funds have a 7–10 year term. This usually aligns well with Golden Visa residency and citizenship timelines, but you should still plan for illiquidity and avoid committing funds you may need in the short term.
In many cases, yes, provided your spouse and dependants are correctly included in the application. Your immigration lawyer will confirm this based on current rules and your family structure.
The best starting point is a 30–45 minute conversation where we map your objectives, risk tolerance, time horizon and family needs. From there, you can compare our strategies with other options and take independent legal and tax advice.
If you remember only one thing from this piece, let it be this: invest in Portugal because you believe in its long-term story and the strategy you are choosing. Then, if the structure allows it, let the Portugal Golden Visa add a valuable extra layer of flexibility for your family.
At Explorer we see ourselves as long-term partners to that decision. Our job is to build and manage regulated private equity vehicles that make sense on their own merits, while working alongside the immigration and tax advisers who will help you structure your life around them.
If you are exploring this path, use this article together with our other Golden Visa and private equity resources as a framework – and then sit down with your advisers to design a Portugal plan that is truly aligned with 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
For Indian investors comparing Mauritius, UAE, Greece, Italy, USA, Canada, New Zealand, Hong Kong and Singapore golden visa options, this 2025–26 guide explains why Portugal’s Golden Residence Permit and €500,000 CMVM-regulated fund route stand out as a strategic EU choice for families.
Balanced, opinion-led guide to the Portugal Golden Visa in 2026, setting out 8 key advantages and 3 important drawbacks of the €500,000 CMVM-regulated fund route – with a focus on private equity, Explorer Investments and long-term residency planning.
Strategic guide for global executives and families on how the Portugal Golden Visa fund route creates a path to EU residency, potential citizenship and enhanced global mobility, while deploying capital into CMVM-regulated Portuguese private equity funds.
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.)