For many years, Portugal’s Golden Visa was positioned as a fast and low-risk pathway to passport access. However, with the post-2023 regulations that removed the real estate option, the “rules of the game” changed. Following the 2023 reforms, the investor profile shifted from traditional investment preferences to strategic capital positioning. As a result, today’s investor who turns to Portugal’s Golden Visa funds is not merely a “passport seeker” but rather a conscious capital holder acting like a portfolio manager. Investors now operate with different reflexes, expectations, and strategies. Therefore, the frequently asked questions about the program have also evolved:
- Is this fund only open to Golden Visa investors?
- How diversified is the portfolio?
- How clear is the fund’s exit strategy?
On Thursday, May 15, 2025, during our Portugal Golden Visa Funds Webinar held via Zoom with a large number of prospective investors, we traced this very transformation. Along with our Portugal office and partners, we explored the new reflexes of Golden Visa investors, how they are filling the gap left by real estate, and why they now view fund selection as a tool for capital preservation.
The webinar opened with remarks from Murat Coşkun, Co-Founder of Get Golden Visa, and was moderated by Portugal Office Director Werner Gruner.
In this article, we will analyze the sectoral trends discussed during the webinar, while also examining the behavioral codes, decision-making processes, and capital preservation motivations of the new generation of investors turning to investment funds.
The Evolution of Funds and the Investor Map
When first introduced in 2019, Portugal Golden Visa funds were an alternative that virtually no one in the market was discussing. While the industry and investors leaned heavily toward real estate, we offered not just compliance, but diversity and strategic flexibility. This vision, especially after the full exclusion of real estate from the program in October 2023, proved not only accurate but inevitable. As emphasized by both Coşkun and Gruner during the webinar’s opening, we now operate with the portfolio memory of having worked with investors from more than 25 nationalities-primarily from the US, Turkey, and the UK.
Types of Funds
Golden Visa-eligible funds are essentially divided into two categories:
- Closed-end funds invest in strategic sectors like renewable energy, healthcare, and agriculture through private equity and venture capital instruments.
- Open-end funds, similar to mutual funds in the US, invest in publicly traded equities, corporate bonds, and in some cases, digital assets such as Bitcoin, Ethereum, and Solana-providing greater liquidity and daily tradability.
The 3 Core Priorities of a Golden Visa Investor
The funds are not solely return-centric but rather shaped around Golden Visa investors’ psychology and behavioral dynamics. Based on our years of experience, we can easily emphasize that these investors are not primarily motivated by “high returns” but by three main drivers:
- Securing their Golden Visa
- Preserving their capital
- Diversifying their risk
What to Expect During the KYC and Documentation Process?
We can also offer a practical warning beyond fund selection: all fund managers and banks are subject to EU-wide AML (Anti-Money Laundering) regulations. While rejection is rare, he listed the main red flags for investors:
- Inability to establish a clear link between the source of income and the funds being transferred
- Serious criminal records (minor offenses are generally not an issue)
Legal Compliance in Golden Visa Investments: It’s Not Just About the Fund
It is so obvious that the Golden Visa investment process is not limited to fund selection alone. Compliance, documentation, and legal structure are integral parts of the process. As we highlighted in the webinar, no matter how sophisticated the investor may be, an improperly managed application can jeopardize the entire strategy.
Why Choose Golden Visa? Three Key Advantages
- Minimum residency requirement: Only around 7 days per year in Portugal are needed for the investor and their family
- Tax benefits: If the investor is not a Portuguese tax resident, fund income is not taxed; if they become a resident, the tax rate is a flat 10% .
- Path to citizenship: After 5 years, one can apply for either permanent residency or Portuguese citizenship
What to Look for When Investing in Golden Visa Funds?
Investors should pay attention to the following criteria when choosing a Golden Visa-compliant fund:
- The fund must have a minimum duration of 5 years
- At least 60% of investments should be in Portuguese companies
- No direct or indirect real estate exposure
- Minimum €500,000 investment (not required to be in a single fund)
Additionally, the fund’s regulations, prospectus, and licensing documents must be reviewed by a qualified attorney to ensure true legal compliance.
Onboarding and KYC: Why You Still Need a Lawyer
On the other hand, there is a common investor question: “Why do I need a lawyer if I’m just making an investment?” The process is not merely a money transfer-it is a multi-stakeholder onboarding procedure embedded in legal protocols.
Quick Summary of Portugal Golden Visa Funds
- The €500,000 investment can be split across multiple funds
- Real estate is no longer eligible
- Minimum stay requirement: 7 days per year
- No tax liability (if not a resident); 10% flat rate if resident
- Family members are included
- 5-year eligibility period starts on the date of application
- Citizenship application is possible
A New Era, A New Investor in Golden Visa
As each speaker underlined during the webinar, Portugal’s Golden Visa is no longer just a residency pathway; it has become a platform for strategically positioning capital and demonstrating institutional investor behavior.
The old perception of real estate as a “safe haven” has been replaced by:
- Diversified risk
- Data-driven decision-making
- Strategic fund selection
The Evolution of the Investor: Golden Visa as a Capital Strategy
Today’s investor is no longer just chasing a passport. They are seeking a portfolio that is protected, traceable, and compliant.This shift is not solely the result of regulatory change; it also reflects a deep evolution in investor mindset.
Selecting the right fund today is not just about immigration compliance, it’s an extension of capital preservation, return optimization, and global investment reflexes.
The comfort once provided by real estate is now replaced by strategically diversified, institutionally structured funds backed by sector-specific expertise. And that’s what makes the Golden Visa not just an immigration route, but a space that demands real investment intelligence.
