Investment Funds for Gold Visas in Portugal: Complete Guide to 2025

Investment funds have become one of the most sought-after options for obtaining the Golden Visa in Portugal, allowing investors to gain residency in the country while diversifying their financial portfolios. In 2025, they continue to offer advantages such as accessibility, security, and potential returns, but it is essential to understand the requirements, obligations, and associated processes. This article details everything you need to know to make an informed decision about this investment option.

 
Investment Funds are financial products that bring together a group of investors who pool their money to collectively invest in financial and capital markets, benefiting from the inherent advantages of joint investment.

The returns are distributed among the fund participants according to the proportion of the amount deposited by each.

Who Controls the Investment?

The control of the investment and allocation of the capital invested in the fund falls to the Management Company, which ensures that objectives are met and investors’ interests are protected.

The Management Company analyzes capital market trends and makes investments based on the sector, theme, geographical area, etc., in which the Fund intends to operate.

What are the Costs Associated with Fund Management?

Fund management by the management company usually incurs a cost ranging from approximately 0.5% to 2% per year. This is a critical factor to consider before investing, as these costs can impact the investment return.

Main Benefits of an Investment Fund

• Ease of investment execution;
• A financial product that tends to be diversified, reducing risk;
• Benefit from the technical knowledge and experience of fund managers;
• Collective investment allows for greater financial capacity to invest in specific asset classes that might otherwise be inaccessible through individual investment;
• Taxes are withheld at the source upon redemption. When applicable, investor gains are taxed at 28%, and the tax is withheld immediately.

What Obligations are Associated with an Investment Fund?

Investment fund management companies are supervised by the Portuguese Securities Market Commission (CMVM). These companies are required to regularly report their activities. In the event of bankruptcy, the money invested is safeguarded, and the regulatory body ensures continuity of investment operations by replacing the management company.

Investment Requirements for Golden Visa Eligibility

To qualify for a residence permit, the investment must meet the following requirements:

• Minimum investment of €500,000;
• Investment cannot be made in real estate funds;
• The fund must have a maturity of at least 5 years at the time of investment;
• At least 60% of the investment must be made in companies based in Portugal.

Criteria for Choosing an Investment Fund

• Verify eligibility for Golden Visa acquisition. The fund must meet the legal requirements identified above;
• Understand the type of assets, sectors, and geographic areas the fund intends to invest in;
• Evaluate the management team’s capacity and experience;
• Be aware of all subscription costs associated with the fund;
• Ensure transparency regarding expected returns;
• Assess the fund’s characteristics – open, closed, maturity, etc.

Procedure and Timelines for Obtaining the Golden Visa

Step 1 – Application Submission on the ARI Portal

The application for a residence permit must be submitted online via the ARI Portal.

During submission, a profile must be created for the applicant, and all documents related to the investment must be attached, including:

• Valid criminal record certificate certified by a Portuguese diplomatic or consular representation;
• Declaration from a financial institution confirming the international capital transfer;
• Investment-related documents issued by the fund.

Once submitted, the application undergoes a preliminary approval analysis, which may take 1.5 to 2 years.

Applications for family members may be submitted simultaneously with the principal applicant’s Golden Visa request.

Fee: €580.31

Step 2 – Residence Permit Application

Upon notification of preliminary approval and availability of appointments, the applicant must schedule a visit to AIMA to present all original documents and provide biometric data.

Step 3 – Residence Permit Approval

After submission of documents and biometric data (photo, fingerprints, and signature), AIMA reviews all information. This process may take 6 months to 1 year.

During the appointment at AIMA, family members can also attend.

Fee: €5798.58

Step 4 – Issuance of Residence Permit

After paying the fee, the residence card should be issued within approximately 90 days.

Specific Time and Quantitative Requirements for the Golden Visa

Once the residence card is issued, the main applicant and their family members must maintain the investment for a minimum of 5 years and fulfill the following minimum stay requirements:

• First year – At least 7 days in Portugal (consecutive or non-consecutive).
• Subsequent two-year periods – At least 14 days in Portugal (consecutive or non-consecutive).

Family members must meet the same stay requirements as the main applicant.

FAQs

If the investment is lost, does it affect the Golden Visa?

No. In cases of loss or reduced value, the process or residence card is not compromised. The investor’s initial investment fulfills the requirements. However, the investment must be maintained for at least 5 years, with fund substitutions allowed only under certain circumstances.

Investing in funds for a Golden Visa is an effective way to gain residency in Portugal while maintaining diversified and secure investments. With clear requirements and significant benefits, this option offers financial advantages and a chance to build a life in the country. Contact us for further information.