Golden Visa Portugal Investment Fund Route — Lawyer's Guide

Since the October 2023 reform (Lei n.º 56/2023, the Mais Habitação law) closed the real-estate Golden Visa routes, the qualifying-investment-fund route has become one of the main ways applicants use the ARI regime. It has a lower operational burden than job creation and gives access to professionally managed Portuguese funds.

But the fund route also concentrates conflicts of interest. Many agencies and advisers in this space are paid by fund managers, not by applicants. Ask any adviser how they are paid.

Not sure the ARI is the right route at all? See how the Golden Visa compares with the D7 and D8 for people who will live in Portugal.

The €500K qualifying-fund route explained

Under Article 90.º-A and Article 3.º(1)(d)(vii) of Lei n.º 23/2007, a third-country applicant can qualify by investing at least €500,000 in units of non-real-estate collective investment undertakings set up under Portuguese law, with a maturity of at least five years at the time of investment and with at least 60% of the investments made in companies based in Portugal. The same article requires the investment activity to be kept for a minimum of five years and bars investment, direct or indirect, in real estate. These conditions are published by AIMA on the AIMA ARI page (Art. 90.º-A).

Key parameters of the route, as listed by AIMA:

• Minimum amount: €500,000 in qualifying fund units. AIMA states that units in several funds can be combined, as long as each meets the conditions and the total reaches the minimum, and that the money comes from an international capital transfer. The 20% reduction for low-density territories does not apply to this route.
• Maturity: at least five years at the time of investment.
• Portuguese companies: at least 60% of the investments made in commercial companies based in Portugal.
• Fund domicile: a fund constituted under Portuguese law. AIMA notes that the fund's assets are held by a depositary, normally a bank registered with the CMVM (Comissão do Mercado de Valores Mobiliários).
• Investor classification: some funds are marketed only to qualified investors. Ask the fund's manager what applies and whether you meet it.

What makes a fund ‘qualifying’ under the framework

Not every Portuguese fund qualifies. The conditions come from the law and from what AIMA asks you to prove:

• Portuguese-law, non-real-estate collective investment undertaking. Real-estate funds do not qualify.
• Maturity of at least five years at the time of the investment, shown in the fund's documents.
• At least 60% of the investments in Portuguese companies. AIMA asks for a declaration from the fund's management company attesting this, the maturity and the viability of the capitalisation plan.
• Title to the units free of encumbrances, shown by a certificate from the entity that keeps the register of unit holders.
• Genuine economic activity. The law bars investment aimed, directly or indirectly, at real estate, so ask how the fund invests and how it checks this.

Ask the manager how and how often the conditions are monitored, and what happens if the fund stops meeting them. Do not rely only on a broker's description.

Types of qualifying funds

The law does not prescribe a fund strategy. Funds that meet the conditions above can follow different strategies, for example:

• Venture capital funds investing in early-stage and growth-stage Portuguese companies. Usually higher risk.
• Private equity funds investing in established Portuguese companies.
• Private debt funds lending to Portuguese companies.
• Infrastructure and energy funds investing in Portuguese projects. Typically longer-dated.
• Mixed funds combining several of these strategies.

The right profile depends on your risk tolerance, liquidity needs and tax position. Check each fund's qualifying documents, manager track record, fee structure and economic substance before you subscribe.

Due diligence the lawyer performs on every fund

• Qualifying conditions: maturity, the 60% condition and the non-real-estate requirement, checked against the fund's regulation and the management company's declaration.
• Fund manager track record: previous funds, audited returns and regulatory record at the CMVM.
• Fund documentation: prospectus, regulation, subscription agreement and redemption terms.
• Fee structure: subscription, management and performance fees and the total expense ratio, in writing.
• Conflicts of interest: who is paid by the fund and who by the investor.
• Liquidity terms: redemption windows and lock-ups compared with the five-year minimum period.
• Tax classification: treatment under Portuguese personal income tax and applicable double-tax treaties (check the Portuguese Tax Authority (AT)).

AIMA application process for the fund route

1. 01

   Lawyer pre-engagement

   Profile assessment, AML/KYC review of source of funds, NIF and Portuguese bank account opened via power of attorney.

2. 02

   Fund selection and due diligence

   Due diligence on the candidate funds. Subscribe only after the qualifying documents and the manager review are clean.

3. 03

   Investment execution

   Subscription agreement signed; capital transferred from your Portuguese bank account to the fund. The bank declares the transfer, and the fund provides the documents AIMA asks for (unit certificate and management-company declaration).

4. 04

   AIMA file submission

   Pre-registration and file submission on AIMA's Portal ARI, with the application fee, the subscription documents and the supporting documents AIMA lists.

5. 05

   Biometric appointment in Portugal

   When AIMA schedules it, you travel to Portugal for biometrics. Family members attend their own appointments.

6. 06

   Card issuance

   AIMA states that the temporary residence permit for investment is valid for two years from issue. Renewal requires proof that the investment is maintained, usually from the manager. Since 16 February 2026 renewals and fees go only through AIMA’s Portal de Renovações (AIMA notice).

Risks and considerations specific to the fund route

• Loss of qualifying conditions. If the fund stops meeting the maturity or 60% conditions, ask the manager and your lawyer how this affects your file before you take any action.
• Value volatility. The legal requirement refers to the amount invested. Redeeming early is a different matter. Ask your lawyer before you redeem anything.
• Manager track record. Some funds aimed at Golden Visa applicants are the manager's first. Check experience and regulatory record.
• Liquidity mismatch. A fund may run longer than the minimum five-year period. Plan your exit with the fund's terms in mind.
• Tax treatment. Distributions and exit proceeds can be taxable. Treatment depends on your residence and any treaty; check the Portuguese Tax Authority (AT) and take advice.
• Agent and broker commissions. Ask whether the fund pays anyone who is advising you. That comes from investor economics even when it does not appear in headline terms.

Common mistakes in fund-route applications

• Picking a fund on a broker's pitch. The broker may be paid by the fund; ask how, and check the fund's documents yourself.
• Ignoring qualifying-condition risk. Check the maturity and 60% conditions at the start and ask how they are monitored.
• Underestimating source-of-funds documentation. Prepare a defensible trail before you invest.
• Subscribing before the AIMA file is ready. Subscribing before the AML/KYC file is complete can complicate the later review.
• Concentrating in one fund. Consider whether spreading the amount across more than one qualifying fund suits you; AIMA allows units in several funds if the total meets the minimum.
• Missing the renewal documentation. Renewals require proof that the investment is maintained. Monitor it.