50 questions à poser avant d'investir 500 000 €
Checklist de due diligence complète pour la sélection de fonds Golden Visa. Ne souscrivez pas avant de pouvoir répondre à ces questions.
Investir 500 000 € dans un fonds que vous détiendrez 7 ans ou plus mérite une due diligence sérieuse. Pourtant la plupart des investisseurs s'appuient sur les supports marketing et les recommandations des conseillers sans poser de questions exigeantes.
Cette checklist vous donne les questions à poser—et les réponses à attendre. Utilisez-la que vous fassiez vous-même la recherche ou que vous vérifiiez les recommandations d'un conseiller.
Bases du fonds (questions 1-10)#
1. Is the fund registered with CMVM?
Verify at cmvm.pt. The fund must appear on the official registry.
2. What is the fund's CMVM classification?
Must be a qualifying category (Venture Capital, Private Equity, or eligible Mutual Fund).
3. When was the fund established?
Newer funds have less track record. Consider funds with at least 2-3 years of history.
4. What is the fund's stated investment strategy?
Should be clearly defined. Vague strategies are red flags.
5. What is the minimum investment?
Must be exactly €500,000 for Golden Visa qualification. Some funds have higher minimums.
6. What is the fund term (duration)?
Typical: 7-10 years. Shorter terms may not align with citizenship timeline.
7. Does the fund accept new subscriptions?
Some funds close to new investors. Verify availability before deep research.
8. What percentage is invested in Portuguese companies?
Must be at least 60% to qualify for Golden Visa.
9. Is the fund domiciled in Portugal?
Must be a Portuguese fund. Foreign funds investing in Portugal don't qualify.
10. Who is the fund management company (SGOIC)?
Verify the management company's CMVM license and track record.
Fees & Costs (Questions 11-20)#
11. What is the subscription fee?
Typical: 1-3% of investment amount. Paid upfront.
12. What is the annual management fee?
Typical: 1.5-3% annually. Calculate total over fund term.
13. Is there a performance fee?
Common: 20% of returns above a hurdle rate. Understand the calculation.
14. What is the hurdle rate for performance fees?
The minimum return before performance fees apply. Common: 6-8%.
15. Are there any exit or redemption fees?
Some funds charge fees for early or late exit.
16. What are the total projected fees over 7 years?
Calculate all fees assuming base-case returns. Compare across funds.
17. Are there any hidden fees (custody, administration)?
Ask for a complete fee schedule. All-in cost should be disclosed.
18. How are fees paid?
Deducted from the fund (affecting NAV) or billed separately?
19. Can fees change during the fund term?
Review the PPM for fee modification provisions.
20. How do fees compare to similar funds?
High fees need justification. Low fees may indicate corners cut.
Fund Manager Track Record (Questions 21-30)#
21. How long has the management company operated?
Prefer established managers with 5+ years history.
22. What other funds does the manager operate?
Multiple successful funds indicate capability.
23. What is the track record of previous funds?
Request audited performance data, not marketing projections.
24. Has the manager had any regulatory issues?
Check CMVM enforcement actions and news coverage.
25. Who are the key investment professionals?
Know who makes decisions. What's their background?
26. What happens if key professionals leave?
Is there key-man risk? Succession planning?
27. How much of the manager's own capital is invested?
"Skin in the game" aligns interests.
28. What is the manager's specific Golden Visa experience?
Experience with GV investors indicates understanding of your needs.
29. Can you speak with existing investors?
References from current investors are valuable.
30. How responsive is the manager to questions?
Slow or evasive responses now predict poor communication later.
Investment Portfolio (Questions 31-40)#
31. What is the current portfolio composition?
For existing funds, review actual holdings, not just strategy.
32. How diversified is the portfolio?
Concentration in few companies increases risk.
33. What sectors does the fund invest in?
Understand if sector concentration aligns with your risk tolerance.
34. What is the typical investment size per company?
Very large positions indicate concentration risk.
35. How are investments valued?
Understand the valuation methodology. Independent valuations preferred.
36. How often are valuations updated?
Quarterly is standard. Less frequent may hide problems.
37. What is the current NAV (Net Asset Value)?
Request recent NAV and historical trend.
38. Has the fund met its projected returns?
Compare marketing projections to actual performance.
39. What is the fund's liquidity position?
Cash reserves for operations and potential distributions.
40. Are there any investments currently in distress?
Ask directly. Managers should disclose problem investments.
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Exit & Redemption (Questions 41-45)#
41. What is the planned exit strategy?
How will the fund return capital? Sale of portfolio? IPOs? Secondary sales?
42. What is the expected exit timeline?
When should you realistically expect capital return?
43. Can you redeem early if needed?
Most GV funds have lock-ups. Understand the restrictions.
44. What happens at fund termination?
Process for final distributions and fund closure.
45. What if the fund extends beyond its stated term?
Extension provisions and investor rights.
Tax & Compliance (Questions 46-50)#
46. Does the fund provide annual PFIC statements? (US investors)
Essential for US tax compliance. No statement = tax nightmare.
47. Does the fund have UK Reporting Fund status? (UK investors)
Affects whether gains are taxed at income or capital gains rates.
48. What tax documentation does the fund provide?
Annual statements, K-1 equivalents, tax certificates?
49. Who handles investor tax reporting?
Fund administrator? Manager? What's the process?
50. Has the fund's Golden Visa eligibility ever been questioned?
Any history of rejected Golden Visa applications due to fund issues?
Important
How to Use This Checklist#
For Self-Researchers
- Create a spreadsheet with all 50 questions
- Research 3-5 funds that meet your basic criteria
- Request meetings with fund managers or their representatives
- Score each fund's answers (clear/adequate/concerning)
- Eliminate funds with multiple "concerning" answers
- Deep-dive on remaining candidates
For Verifying Advisor Recommendations
- Ask your advisor to answer these questions for recommended funds
- Verify independently where possible (CMVM registry, public data)
- Ask follow-up questions on anything unclear
- Request documentation backing up claims
- If advisor can't answer basic questions, reconsider the recommendation
Red Flags to Watch For
- Refusal to provide documentation
- Vague or evasive answers
- Pressure to decide quickly
- Unusually high projected returns without risk discussion
- Inability to explain fee structures
- No references from existing investors
- Manager with limited track record
Download the Checklist#
Want this checklist in a format you can use while researching funds?
What You'll Get:
- PDF checklist with all 50 questions
- Space to record answers for multiple funds
- Red flag indicators for concerning answers
- Comparison template for side-by-side evaluation
How to Use It:
Print or use digitally during fund manager calls. Fill in answers as you research. Compare funds systematically.
Tip
Questions fréquentes
For a €500,000 investment you'll hold for 7+ years, yes. You wouldn't buy a house without inspection—don't invest half a million euros without due diligence.
That's a red flag. Legitimate fund managers welcome investor due diligence. Reluctance to answer questions suggests something to hide.
Lawyers can help with legal questions, but most aren't fund experts. They may not know which questions to ask or how to evaluate answers. Consider independent fund advisory.
For thorough self-research across 3-5 funds: 40-100 hours. This includes document review, manager calls, and reference checks. Our advisory service reduces this significantly.
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