Portugal Pathways has just announced the 2025 Golden Visa index for alternative investment funds in Portugal.
It looks set to be a record year, with significant interest from North America, the UK, South Africa, Brazil, the Middle East, India, China, and Hong Kong.
Following Portugal Pathways’ research and figures compiled from our Golden Visa fund index alternative investment partners, the €7.3 billion raised by the end of 2024 is set to outstrip the last three years in terms of investments in Golden Visa-related funds. The first quarter of 2025 has already seen incoming enquiries and investments tracking 43% higher than the same period last year.
The Golden Visa Investment Fund Index allows investors and their advisors to understand more about the different types of alternative investment funds available for Golden Visa residency-by-investment in Portugal. The Golden Visa Investment Fund Index highlights over 30 of the main alternative investment funds approved for this purpose, taking into account their investment thesis, forecasts internal rate of return (IRR), upfront costs, management fees, downside protections, and risk profiles.
Portugal Pathways updates the Golden Visa Investment Fund Index for Portugal quarterly. It covers a myriad of alternative investment fund options available under Portugal's Golden Visa residency-by-investment programme.
The Golden Visa Investment Fund Index, alongside Portugal Pathways’ Golden Visa residency-by-investment guide, aims to simplify and educate investors and their professional advisors on the investment process, providing clarity and direction for those seeking residency for their family and dependants with dual citizenship in your country of origin after five years of residency and freedom of movement across the EU Schengen Area.
Paul Stannard, chairman and founder of Portugal Pathways and the Portugal Investment Owners Club, said: “Our Golden Visa Investment Fund Index has proved already to be an invaluable tool for our investors and professional investment advisors in terms of understanding the landscape of Portugal’s ever-growing alternative investment sector.
“Portugal has demonstrated that it is outperforming the Eurozone and the UK in terms of GDP growth and has just had its international economic rating upgrade to A+ in February 2025, and according to Ernst & Young (EY), investor confidence in Portugal is at an all-time high.”
Portugal’s Golden Visa Investment Fund Index Explained
Navigating the diverse landscape of investment opportunities can be daunting. Recognising this, Portugal Pathways’ Golden Visa Investment Fund Index has curated a directory of funds eligible for the Golden Visa residency-by-investment programme following months of analysis and research.
The Golden Visa Investment Fund Index offers fund profiles, giving access to high-level information about relevant Golden Visa-approved investment funds in Portugal that fit individual investment objectives.
Portugal Pathways’ comparison tools compare Golden Visa-approved funds based on focus and high-level risk/reward, track records of the fund managers, fees, IRR forecasts, downside protections and investment timelines.
All alternative investment funds in the Golden Visa Investment Fund Index for Portugal meet the Golden Visa’s stringent regulatory and compliance requirements laid out by the Portuguese Securities Market Commission (CMVM).
Understanding the Portugal Golden Visa Benefits
The Portugal Golden Visa is a residency-by-investment scheme that offers non-EU citizens a pathway to permanent Portuguese dual citizenship, an EU passport, and the passport of their country of origin.
Investors and their eligible family members can obtain a five-year residence permit by investing a minimum of €500,000 in approved Portuguese alternative investment funds.
This includes the main applicant, spouse, dependents who can include children or adults still in education and parents over 65, as they are considered dependent under Portuguese law.
After five years of residency, Golden Visa holders can achieve permanent Portuguese citizenship.
Portugal’s Golden Visa grants the right to live, work, and study in Portugal and facilitates visa-free travel across the 29 European Schengen countries.
Notably, the program requires a minimal stay of just seven days per year in Portugal, making it particularly appealing to global investors.
Portugal’s new Tax Incentive for Scientific Research and Innovation (IFICI), also known as the NHR 2.0 tax regime, is another exciting development as Golden Visa investors can retain their tax residency outside of Portugal under Golden Visa but can also consider the future benefits of the NHR 2.0 tax regime as it is very friendly to value creators and entrepreneurs in relation to their worldwide income, in particular, capital gains and dividends are taxed at 0% under the scheme for those that qualify. Also, alternative investment funds are the most tax-efficient vehicle for foreign and Portuguese investors under Portugal’s tax system.
Niall Macdonald, Wealth Manager at Beacon Global Wealth Management, said: “Our clients appreciate the flexibility of the Golden Visa in terms of freedom of movement as part of the investment portfolio, alongside other investment structures that are very friendly when managing cross-border income and assets.
“The seven days per year residency requirement and the choice of where to hold tax status make the offering even more tempting for investors.”
How to Further De-Risk Your Golden Visa Investment
Portugal’s alternative investment funds sometimes adopt a blended approach, investing across multiple sectors where Portugal is outperforming the market.
Also, some funds allow investors to split their €500,000 investment across two funds as the investor may have a specific interest in a couple of sectors that two different Golden Visa investment funds support.
These diversified strategies appeal to investors seeking both more stability and exposure to low-, medium-, and high-growth opportunities, potentially mitigating risks tied to a single sector.
Paul Sheedy, international advisor to the Portugal Future Fund, an alternative investment fund approved for Golden Visa residency-by-investment in Portugal, said: “A blended approach to investment—spanning sectors such as luxury hospitality and tourism, renewable energy, media, healthcare, and technology —not only aligns with Portugal's dynamic economic landscape but also creates a resilient portfolio that thrives across sectors.
“We have seen that the multi-sector investment approach can give some further protection against underperforming sectors in a portfolio, giving investors more security and downside protection.”
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Key Considerations for Golden Visa Investors
Fees and Annual Costs
In Portugal, subscription fees for alternative investment funds tend to hover around 2%, with annual management fees of around 2%, which are typical of other international alternative investment fund markets for this purpose.
Sector Focus
Portugal’s alternative investment funds approved for Golden Visa tend to focus on agriculture, tech, luxury goods, private education, tourism and hospitality, media and events, healthcare, and renewable energy, leveraging Portugal’s global competitiveness.
Chris Marson, CEO of RTi Family Office, comments on Portugal’s unique position: “Portugal has seen growth in media and international events such as the Web Summit, Portugal Investment Owners Club investment forums, and the IFA Global Conference that brings over two thousand of the world's leading advisors in tax and investment to Portugal this year. Lisbon was named one of the top three worldwide destinations last year for congresses and conventions by the International Congress and Convention Association
“This, in addition to a thriving tourism industry, thanks in part to its strategic location on Europe’s Western edge, gives investors a great opportunity to be a part of Portugal’s continued rise.”
Golden Visa Investment Timeline
In Portugal, alternative investment funds typically require a 5–8-year commitment, slightly lower than the European average of 5-10 years.
Portugal’s investment commitments align more with those of North America and Asia, with a balance of long-term growth strategies and short-term exits in emerging markets.
Targeted Internal Rates of Return (IRRs)
Alternative investment funds in Portugal tend to target IRRs of 10-20%. Depending on the fund’s strategy and purpose, this can be higher or lower. This is in line with most of Europe and North America, reflecting a balanced risk-reward approach.
Downside Protection and Investment Hurdles
It is important to make sure that investors ask questions about downside protections and whether there are hurdle rates where the investor gets 100% of the first upside each year before the fund manager has a share of the future carry.
This is a good way of ensuring that the fund manager is incentivised for growth and has to deliver growth before they can benefit from the forward value creation and carry outside the management fees for running the fund.
About Portugal Pathways
Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on luxury property, wealth management, and tax optimisation, including post-NHR tax regime planning, as well as private healthcare, IFICI tax incentive applications, money transfers and bespoke relocation solutions to enhance life and investments in Portugal.
About Portugal Future Fund
The Portugal Future Fund strategically invests in key sectors, driving growth and innovation across Portugal. Approved for Portugal’s Golden Visa residency-by-investment, it offers a unique opportunity for impactful and rewarding participation.
About Portugal Investment Owners Club
The Portugal Investment Owners Club, or P Club for short, is a unique investor membership community designed for discerning individuals, families, and organisations committed to exploring and capitalising on life in Portugal and enjoying money-can't-buy experiences and exclusive events.
Disclaimer: The information on the Portugal Pathways and Portugal Investment Owners Club (P Club for short) websites and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice.
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