36 Verified Golden Visa Funds

Many aggregator websites and immigration consultancies advertise "50+ funds" or even "100+ options" for Portuguese Golden Visa investors. Where do these numbers come from, and why does our research show fewer than half that number?

The inflated count includes:

• Funds that are fully subscribed and closed to new investors
• Funds that existed under the old real estate rules and were never restructured
• Vehicles that are CMVM-registered but never confirmed eligible by AIMA
• Funds with no public disclosure of their terms, fees, or strategy
• Duplicate entries (same fund counted under different share classes)

What CMVM registration actually means:
CMVM (Comissao do Mercado de Valores Mobiliarios) is Portugal's securities market regulator. Registration confirms a fund exists, is properly licensed, and has a valid ISIN. But CMVM registration alone does not confirm Golden Visa eligibility. That requires separate confirmation from AIMA (Agency for Integration, Migration and Asylum).

The dual determination you need:

Investing in a CMVM-registered fund that lacks AIMA eligibility means you lose your €500,000 investment and get no visa. This is why independent verification matters.

The verified funds span a diverse range of investment strategies. Here's how the market breaks down:

Private Equity & Venture Capital (13 funds)
The largest category. Includes generalist PE (Vibe Capital, C2 Legacy), venture capital focused on tech (Indico VC, Terralis, Lince Innovation I/II/III), biotech (Biovance), and specialised plays like football multi-club ownership (Kick Off Capital). Risk profiles range from moderate to high growth.

Renewable Energy & Infrastructure (5 funds)
A growing segment driven by Portugal's solar potential. Includes Tejo Solar Future Fund III (solar + battery storage), FCT Equity, New Frontiers Energy, and Plural Energy Innovation. Geographic focus ranges from Portugal-only to Iberian peninsula.

Hospitality & Real Estate Development (2 funds)
Hotel Invest Venture Capital Fund (luxury hotels/resorts) and Arish Revolution (Lisbon co-sharing/co-working). These operate under the "operating company" exception—they invest in hotel businesses, not passive real estate.

Agriculture & Forestry (3 funds)
Pela Terra II (farmland conservation), Aim Asset Management (sustainable forestry), and Iberis Greentech II (forestry management). These offer tangible, ESG-aligned assets with conservative-to-moderate risk profiles.

Listed Securities & Open-Ended (4 funds)
The liquid options: Optimize Portugal Golden Opportunities, Oxy Capital Portugal Liquid Opportunities, Heed Capital, and 3 Comma (via BlueCrow). These offer redemption flexibility after the 5-year holding period—a critical advantage if citizenship timelines extend.

Healthcare & Consumer (3 funds)
First Pharma Fund (pharmaceutical acquisitions), CERES II (food retailing SMEs), and Growth Blue (blue economy). Sector-specific plays for investors with domain conviction.

Cross-Asset (1 fund)
Portugal Future Fund by Quadrantis Capital spans tech, healthcare, and renewables in a single balanced vehicle.

All 36 funds verified as of February 2026. Data sourced from official fund manager websites, CMVM registry, and verified aggregators. The table below includes all 15 data fields from our research — scroll horizontally to see every column.

*New Frontiers Energy: €100k minimum but requires €500k total investment for Golden Visa eligibility.
**BlueCrow Growth: €104k minimum but requires €500k total investment for Golden Visa eligibility.

Only 6 out of 36 funds publicly confirm CMVM registration. The rest either don't disclose this information or it requires direct verification with the fund manager.

Analysing all 36 verified funds reveals patterns that every Golden Visa investor should understand before committing capital.

1. Transparency Is the Exception, Not the Rule
The most striking finding: the majority of funds disclose very little publicly. Fee structures, fund sizes, exact terms—most are marked N/D (Not Disclosed). Only a handful of managers (Explorer Investments, Iberis Capital, Optimize, Lince Capital) provide comprehensive public information.

What this means for you: If a fund won't disclose basic terms publicly, you need to request the full prospectus (prospeto) before investing. Lack of public transparency isn't necessarily a red flag—private equity funds often limit public disclosure—but it increases your due diligence burden.

2. Confirmed CMVM Registration Is Rare in Public Data
Only 6 funds explicitly confirm their CMVM registration status in public-facing materials:

• Iberis Greytech Co-Investment Fund
• Optimize Portugal Golden Opportunities
• Iberis Greentech II Fund
• Explorer Growth Fund VII
• Explorer Fund V
• Explorer Hospitality Fund

What this means for you: For the remaining 30 funds, you must verify CMVM registration directly through the CMVM public registry or request documentation from the fund manager.

3. The Risk Spectrum Is Wide
Fund risk profiles range from Conservative (Explorer Growth Fund VII, Pela Terra II) to High Risk (Kick Off Capital, Biovance, Arish Revolution). Most cluster in the Moderate to Moderate-High range. There is no "one-size-fits-all" risk level for Golden Visa funds.

4. Open-Ended Options Are Limited
Only 3 funds explicitly operate as open-ended vehicles: Optimize, Oxy Capital, and Heed Capital. This matters because open-ended funds offer redemption flexibility after the mandatory holding period—critical if Portugal extends the citizenship timeline from 5 to 10 years under proposed Law 61/2025.

5. Manager Concentration
A few management companies run multiple funds:

• Explorer Investments: 3 funds (Growth VII, Fund V, Hospitality)
• Lince Capital: 3 funds (Innovation I, II, III)
• Iberis Capital: 2 funds (Greytech, Greentech II)
• BlueCrow Capital: 2 funds (Finance, Growth)

Manager concentration isn't inherently good or bad, but it means your fund manager due diligence covers more of the market than you might expect.

6. Geographic Focus Is Overwhelmingly Portuguese
33 out of 36 funds focus primarily on Portugal. Three have broader mandates: Tejo Solar (Portugal/Spain), Growth Blue (Europe), and Biovance Capital (Europe). The 60% Portuguese-headquartered company rule drives this concentration.

This fund list is a starting point, not a shopping list. Here's the due diligence path from research to investment:

Step 1: Narrow Your Universe
Use the categories above to identify funds aligned with your risk tolerance and investment preferences. Conservative investors might focus on agriculture/forestry and listed securities. Growth-oriented investors may prefer VC and PE funds.

Step 2: Cross-Reference with AIMA
Contact AIMA directly or work with a licensed immigration lawyer to confirm that your shortlisted funds are currently eligible for Golden Visa. Fund eligibility can change—verify current status, not historical claims.

Step 3: Request the Prospectus
For any fund you're seriously considering, request the full prospectus (prospeto) in Portuguese and any English translation. Key items to review:

• Complete fee schedule (subscription, management, performance, exit)
• Redemption terms and lock-up provisions
• Key person clauses and fund governance
• Investment strategy constraints and concentration limits

Step 4: Verify Subscription Status
Several funds in this list may be closed to new subscriptions (notably Lince I and II are marked as closed). Confirm the fund is actively accepting new investors before proceeding.

Step 5: Consult Qualified Professionals
Before investing €500,000, engage:

• A licensed Portuguese immigration lawyer for visa eligibility confirmation
• A tax advisor familiar with your home country for cross-border tax implications (especially PFIC for US investors)
• An independent financial advisor not affiliated with any fund manager

Step 6: Use Our Interactive Tools
Our Fund Explorer tool lets you filter, compare, and save funds based on detailed criteria. The TCO Calculator projects your total cost of ownership over your expected holding period.

This page documents our full research universe of 36 verified funds — every fund we could confirm through official sources. The table above captures all publicly available data, including many funds with limited disclosure (marked N/D).

Our Interactive Fund Explorer focuses on a curated subset of 14 funds where we have sufficient detailed data — verified fee structures, risk profiles, sector breakdowns, PFIC status, and term information — to power meaningful filtering, side-by-side comparison, and citizenship timeline modeling.

Why the difference?

As fund managers disclose more data, we'll promote additional funds from this research list into the interactive explorer. If you spot a fund here that you'd like to see in the Explorer, let us know.