Data verified: March 2026

Best Portugal Golden Visa Funds: Compare 38+ CMVM-Regulated Options

Filter top Portugal golden visa funds by strategy, fees, risk, and eligibility — then request an introduction to the fund manager.

Portugal Golden Visa investment funds are regulated Portuguese funds that investors can subscribe to as an alternative to real estate for the €500,000 Golden Visa route. As of 2026, there are 38+ funds available, ranging from private equity to debt to venture capital strategies.

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Verified funds

Funds that have completed Movingto verification checks.

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Verified

Horizon Fund

Octanova SCR

Min investment

€100,000

Liquidity

5 years

Fees

Medium

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Verified

Mercúrio Fund II, FCR

Oxy Capital

Min investment

€100,000

Liquidity

8 years

Fees

Medium

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Verified

Lince Yield Fund, FCR

Lince Capital, SCR, S.A.

Min investment

€100,000

Liquidity

6 years

Fees

Medium

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Verified

Capital Green III – Fundo Fechado de Crédito

Finprop Capital, SGOIC, SA

Min investment

€200,000

Liquidity

5 years

Fees

Low

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Popular Portugal Golden Visa Fund Profiles

Fund profiles with recent visitor interest

Updated March 2026

Crypto

Fund Comparison at a Glance

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Fund ▲	Strategy	Min. Investment	Mgmt Fee	Perf Fee	Lock-up	Redemptions	Verified
3CC Atlantic Bond Fund	Credit	EUR 100k	1.5%	10%	5 yr	Daily
CMVM 182126. Custodian: Bison Bank, S.A.. Auditor: PKF.
3CC Portugal Golden Income Fund	Other	EUR 100k	1.5%	20%	5 yr	Daily
CMVM 2108. Custodian: Bison Bank, S.A.. Auditor: PKF.
BlueWater Capital Fund	Venture Capital	EUR 50k	2.5%	12.5%	7 yr	Quarterly
CMVM 182201.
Capital Green III – Fundo Fechado de Crédito	Credit	EUR 200k	None	None	5 yr	End of term	Mar 2026
CMVM 2347.
Crown Investments Fund	Venture Capital	EUR 50k	2.5%	12.5%	7 yr	Quarterly
Digital Insight Fund	Venture Capital	EUR 100k	2.5%	12.5%	8 yr	Quarterly
Emerald Green Fund	Private Equity	EUR 500k	2%	20%	8 yr	End of term
Flex Space Fund	Private Equity	EUR 100k	1.5%	20%	8 yr	Quarterly
CMVM 2103. Custodian: Banco Santander Totta, S.A..
Fortitude Portugal Special Situations II – Fundo de Capital de Risco Fechado	Private Equity	EUR 100k	2%	20%	4 yr	End of Term
CMVM 2257. Custodian: Banco Invest. Auditor: Deloitte.
Global European Cinema Fund (GECF)	Private Equity	EUR 500k	2.5%	20%	8 yr	Quarterly
Custodian: Bison Bank.
Greenpower Fund	Private Equity	EUR 100k	2%	None	6 yr	End of term
CMVM 1530.
Growth Blue Fund	Private Equity	EUR 50k	2%	20%	10 yr	Quarterly
Auditor: Forvis Mazars.
Heed Top Investment Fund	Debt	EUR 100k	1.5%	20%	5 yr	Daily
CMVM 115. Custodian: Bison Bank. Auditor: Forvis Mazars.
Horizon Fund	Crypto	EUR 100k	2%	20%	5 yr	Monthly	Mar 2026
CMVM 2122. Custodian: Millennium BCP. Auditor: Ernst & Young (EY).
IMGA Ações Portugal Fund	Other	EUR 1k	2.175%	None	5 yr	Daily
CMVM 184. Custodian: Caixa Geral de Depósitos (CGD). Auditor: KPMG & Associados – SROC, S.A..
IMGA Futurum Tech Fund	Venture Capital	EUR 500k	2%	None	8 yr	Quarterly
CMVM 2041.
IMGA GV Portuguese Corparate Debt	Debt	EUR 100k	1.75%	None	5 yr	End of term
IMGA GV Portuguese Equities	Other	EUR 100k	2%	None	5 yr	End of term
IMGA Portuguese Corporate Debt Fund	Debt	EUR 500k	1.7%	None	5 yr	Daily
CMVM 1985. Custodian: Millennium BCP (Banco Comercial Português, S.A.). Auditor: Forvis Mazars.
IMGA Silver Domus Fund	Venture Capital	EUR 50k	1.5%	None	5 yr	Quarterly
CMVM 2275.
INZ Fund	Private Equity	EUR 150k	1.6%	15%	8 yr	End of Term
Custodian: Bison Bank. Auditor: Baker Tilly.
Lince Growth Fund I, FCR	Private Equity	EUR 100k	1.5%	20%	8 yr	End of Term
CMVM 1955. Custodian: novobanco. Auditor: BDO.
Lince Yield Fund, FCR	Debt	EUR 100k	2%	20%	6 yr	End of Term	Mar 2026
CMVM 2225. Custodian: Bison Bank. Auditor: BDO.
Mercúrio Fund II, FCR	Private Equity	EUR 100k	2%	20%	8 yr	End of Term	Mar 2026
CMVM 1851. Custodian: Bison Bank, S.A.. Auditor: Ernst & Young (EY).
New Frontiers Energy Fund II	Private Equity	EUR 100k	1.5%	25%	7 yr	End of term
CMVM 2358.
Optimize Portugal Golden Opportunities Fund	Other	EUR 500k	1.8%	None	5 yr	Quarterly
CMVM 1093. Custodian: Banco de Investimento Global, S.A.. Auditor: Mazars & Associados – SROC, S.A..
PEEIF II – Portuguese Energy Efficiency Investment Fund II	Venture Capital	EUR 200k	2.5%	30%	10 yr	Quarterly
CMVM PEEIF II. Custodian: Bison Bank. Auditor: Kreston & Associados, SROC LDA.
PEEIF III - Portuguese Energy Efficiency Investment Fund III	Clean Energy	EUR 100k	2.5%	30%	10 yr	Quarterly
CMVM 2227. Custodian: Bison Bank. Auditor: Kreston & Associados, SROC LDA.
Pela Terra II Regenerate Fund	Private Equity	EUR 500k	2%	20%	8 yr	End of Term
CMVM 1816.
Portugal Investment 1	Private Equity	EUR 500k	1%	20%	5 yr	Not Available
CMVM 12445.
Portugal Liquid Opportunities, FCR	Other	EUR 100k	1.2%	20%	5 yr	Weekly
Auditor: Ernst & Young (EY).
Prime Insight Fund	Venture Capital	EUR 100k	2.5%	12.5%	8 yr	End of term
Quadrantis Private Equity Credits & Bonds Fund – Subfund B	Private Equity	EUR 100k	1.5%	20%	5 yr	Quarterly
CMVM 2007. Custodian: BNI Europa. Auditor: Kreston & Associados, SROC, Lda..
QUADRANTIS PRIVATE EQUITY II	Private Equity	EUR 100k	1.5%	20%	10 yr	Quarterly
CMVM 2222. Custodian: Bison Bank. Auditor: Kreston & Associados, SROC LDA.
RYSE Golden Opportunities Fund	Venture Capital	EUR 100k	0.5%	20%	8 yr	End of term
CMVM 2434.
Solar Future Fund	Clean Energy	EUR 250k	2%	20%	5 yr	End of term
Steady Growth Investment Fund	Other	EUR 500k	None	None	5 yr	End of Term
Ventures.eu Fund I	Venture Capital	EUR 150k	2%	20%	8 yr	End of term
CMVM 2085. Custodian: BankInter. Auditor: Ribeiro da Cunha & Associados.

Fund managers

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QUADRANTIS CAPITAL

Portugal

5 funds listed

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Insight Venture

4 funds listed

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IM Gestão de Ativos (IMGA)

Lisbon, Portugal

4 funds listed

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STAG Fund Management

Portugal

3 funds listed

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Oxy Capital

Portugal

2 funds listed

View manager

Lince Capital

Portugal

2 funds listed

View manager

3 Comma Capital

Portugal

2 funds listed

View manager

IM Gestão de Ativos

portugal

2 funds listed

View manager

Octanova

Portugal

1 fund listed

View manager

Finprop Capital

Portugal

1 fund listed

View manager

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Fund professionals

Meet the people behind the funds.

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Miguel Raposo

Shareholder

Octanova SCR

Kristina Lapshina

Business Development Director

Quadrantis Capital

Chessel Magat

Program Onboarding Manager

Tejo Ventures

Ryan Hamilton

Board Advisor

Tejo Ventures

Manuel Azevedo

Strategy Advisor

Tejo Ventures

Yann Rey

General Partner

Tejo Ventures

Julian Johnson

General Partner

Tejo Ventures

Carla Rodrigues

Financial Assistant

Growth Partners Capital, S.A.

Inês Macedo

Compliance Analyst

Growth Partners Capital, S.A.

Tomás de Almeida

Financial Manager

Growth Partners Capital, S.A.

Henrique Simão

Senior Analyst

Growth Partners Capital, S.A.

Francisco Dias Lopes

Associate

Growth Partners Capital, S.A.

Gonçalo Freire

Associate

Growth Partners Capital, S.A.

Miguel Herédia

Partner

Growth Partners Capital, S.A.

José María Cantero

Managing Partner

Growth Partners Capital, S.A.

Juan José Rodriguez-Navarro

Managing Partner

Growth Partners Capital, S.A.

Tomás Casqueiro

Associate

Fortitude Capital

Pedro Sanz Pinto

Investment Director

Fortitude Capital

Marta Almeida de Carvalho

Investment Director

Fortitude Capital

Mafalda Santos

Finance and Operations Director

Fortitude Capital

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Compare Funds

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How We Selected These Funds

Every fund on this page has completed Movingto's 6-point legal verification process. This includes independent confirmation of active CMVM registration, verification of the fund's custodian and auditor arrangements, and review of the prospectus and key investor information documents. We confirm Golden Visa eligibility against current AIMA requirements, including the EUR 500,000 minimum qualifying investment threshold and the requirement for CMVM regulation.

Only funds with open subscription status — meaning they are currently accepting new investors — are included in the categorised recommendations below. Funds that have soft-closed or ceased accepting new subscriptions are excluded from this guide but remain available in the full fund directory. For more about how we operate and who is behind the platform, see about Movingto Funds.

Golden Visa Fund Landscape in 2026

Since the October 2023 rule changes eliminated real estate as a qualifying route, approximately 96% of Golden Visa applicants now choose the investment fund pathway (Movingto data, 2025). The programme recorded its strongest year on record in 2024, with 4,990 residence permits issued according to AIMA. All qualifying funds must be regulated by the CMVM, and the minimum investment is EUR 500,000.

The 5-year citizenship timeline remains in effect following the President's veto of the proposed 10-year extension on December 19, 2025. The Constitutional Court had previously ruled parts of the proposed nationality law amendments unconstitutional on December 15, 2025. Investors should continue to plan on the 5-year path while monitoring any future legislative developments.

Best for Capital Preservation

Lower-risk funds focused on debt, infrastructure, and income generation. These strategies prioritise capital protection over aggressive growth, making them suitable for investors who want to meet the Golden Visa requirement while minimising downside exposure.

3CC Atlantic Bond Fund

3 Comma Capital

Credit

Fees1.5% mgmt+ 10% perf

Liquidity5-year term

CustodianBison Bank, S.A.

AuditorPKF

Docs10/10 provided

Credit strategy.

Capital Green III – Fundo Fechado de Crédito

Finprop Capital, SGOIC, SA

Credit

FeesNone mgmt+ None perf

Liquidity5-year term

CustodianNot disclosed

AuditorNot disclosed

Docs4/10 provided

Credit strategy.

Heed Top Investment Fund

Heed Capital

Debt

Fees1.5% mgmt+ 20% perf

Liquidity5-year term

CustodianBison Bank

AuditorForvis Mazars

Docs10/10 provided

Debt strategy.

IMGA GV Portuguese Corparate Debt

IM Gestão de Ativos

Debt

Fees1.75% mgmt+ None perf

Liquidity5-year term

CustodianNot disclosed

AuditorNot disclosed

Docs4/10 provided

Debt strategy.

IMGA Portuguese Corporate Debt Fund

IM Gestão de Ativos (IMGA)

Debt

Fees1.7% mgmt+ None perf

Liquidity5-year term

CustodianMillennium BCP (Banco Comercial Português, S.A.)

AuditorForvis Mazars

Docs10/10 provided

Debt strategy.

Lince Yield Fund, FCR

Lince Capital, SCR, S.A.

Debt

Fees2% mgmt+ 20% perf

Liquidity6-year term

CustodianBison Bank

AuditorBDO

Docs9/10 provided

Debt strategy.

Best for Liquidity

Open-ended funds with monthly, quarterly, or daily redemption windows. If access to your capital before the end of the fund term is important, these structures offer the most flexible exit options.

3CC Atlantic Bond Fund

3 Comma Capital

Credit

Fees1.5% mgmt+ 10% perf

Liquidity5-year term

CustodianBison Bank, S.A.

AuditorPKF

Docs10/10 provided

Daily redemptions. 5-year term.

3CC Portugal Golden Income Fund

3 Comma Capital

Other

Fees1.5% mgmt+ 20% perf

Liquidity5-year term

CustodianBison Bank, S.A.

AuditorPKF

Docs10/10 provided

Daily redemptions. 5-year term.

BlueWater Capital Fund

Insight Venture - Sociedade de Capital de Risco, S.A.

Venture Capital

Fees2.5% mgmt+ 12.5% perf

Liquidity7-year term

CustodianNot disclosed

AuditorNot disclosed

Docs6/10 provided

Quarterly redemptions. 7-year term.

Crown Investments Fund

Insight Venture - Sociedade de Capital de Risco, S.A.

Venture Capital

Fees2.5% mgmt+ 12.5% perf

Liquidity7-year term

CustodianNot disclosed

AuditorNot disclosed

Docs7/10 provided

Quarterly redemptions. 7-year term.

Digital Insight Fund

Insight Venture - Sociedade de Capital de Risco, S.A.

Venture Capital

Fees2.5% mgmt+ 12.5% perf

Liquidity8-year term

CustodianNot disclosed

AuditorNot disclosed

Docs7/10 provided

Quarterly redemptions. 8-year term.

Flex Space Fund

Insula Capital SGOIC

Private Equity

Fees1.5% mgmt+ 20% perf

Liquidity8-year term

CustodianBanco Santander Totta, S.A.

AuditorNot disclosed

Docs8/10 provided

Quarterly redemptions. 8-year term.

Best for Growth

Equity, venture capital, and digital asset strategies targeting higher returns. These funds carry more risk but offer exposure to sectors like technology, private equity, and alternative assets.

BlueWater Capital Fund

Insight Venture - Sociedade de Capital de Risco, S.A.

Venture Capital

Fees2.5% mgmt+ 12.5% perf

Liquidity7-year term

CustodianNot disclosed

AuditorNot disclosed

Docs6/10 provided

Venture Capital strategy. Growth-oriented exposure.

Crown Investments Fund

Insight Venture - Sociedade de Capital de Risco, S.A.

Venture Capital

Fees2.5% mgmt+ 12.5% perf

Liquidity7-year term

CustodianNot disclosed

AuditorNot disclosed

Docs7/10 provided

Venture Capital strategy. Growth-oriented exposure.

Digital Insight Fund

Insight Venture - Sociedade de Capital de Risco, S.A.

Venture Capital

Fees2.5% mgmt+ 12.5% perf

Liquidity8-year term

CustodianNot disclosed

AuditorNot disclosed

Docs7/10 provided

Venture Capital strategy. Growth-oriented exposure.

Emerald Green Fund

STAG Fund Management

Private Equity

Fees2% mgmt+ 20% perf

Liquidity8-year term

CustodianNot disclosed

AuditorNot disclosed

Docs6/10 provided

Private Equity strategy. Growth-oriented exposure.

Flex Space Fund

Insula Capital SGOIC

Private Equity

Fees1.5% mgmt+ 20% perf

Liquidity8-year term

CustodianBanco Santander Totta, S.A.

AuditorNot disclosed

Docs8/10 provided

Private Equity strategy. Growth-oriented exposure.

Fortitude Portugal Special Situations II – Fundo de Capital de Risco Fechado

Fortitude Capital

Private Equity

Fees2% mgmt+ 20% perf

Liquidity4-year term

CustodianBanco Invest

AuditorDeloitte

Docs9/10 provided

Private Equity strategy. Growth-oriented exposure.

Best for Low Fees

Funds with the lowest total cost of ownership, measured by combined management and performance fees. Fee efficiency matters over long holding periods and directly impacts net returns.

Capital Green III – Fundo Fechado de Crédito

Finprop Capital, SGOIC, SA

Credit

FeesNone mgmt+ None perf

Liquidity5-year term

CustodianNot disclosed

AuditorNot disclosed

Docs4/10 provided

Management fee: None. No performance fee.

Steady Growth Investment Fund

Celtis Venture Partners

Other

FeesNone mgmt+ None perf

Liquidity5-year term

CustodianNot disclosed

AuditorNot disclosed

Docs5/10 provided

Management fee: None. No performance fee.

RYSE Golden Opportunities Fund

RYSE Asset Management

Venture Capital

Fees0.5% mgmt+ 20% perf

Liquidity8-year term

CustodianNot disclosed

AuditorNot disclosed

Docs4/10 provided

Management fee: 0.5%. Performance fee: 20%.

Portugal Investment 1

Saratoga Capital

Private Equity

Fees1% mgmt+ 20% perf

Liquidity5-year term

CustodianNot disclosed

AuditorNot disclosed

Docs6/10 provided

Management fee: 1%. Performance fee: 20%.

Portugal Liquid Opportunities, FCR

Oxy Capital

Other

Fees1.2% mgmt+ 20% perf

Liquidity5-year term

CustodianNot disclosed

AuditorErnst & Young (EY)

Docs7/10 provided

Management fee: 1.2%. Performance fee: 20%.

QUADRANTIS PRIVATE EQUITY II

QUADRANTIS CAPITAL

Private Equity

Fees1.5% mgmt+ 20% perf

Liquidity10-year term

CustodianBison Bank

AuditorKreston & Associados, SROC LDA

Docs9/10 provided

Management fee: 1.5%. Performance fee: 20%.

Best for First-Time Golden Visa Applicants

Funds with straightforward structures, established track records, and strong governance disclosure. If this is your first Golden Visa application, these are the most well-documented and transparent options for getting started.

Horizon Fund

Octanova SCR

Crypto

Fees2% mgmt+ 20% perf

Liquidity5-year term

CustodianMillennium BCP

AuditorErnst & Young (EY)

Docs9/10 provided

CMVM regulated, auditor disclosed, custodian disclosed.

Lince Yield Fund, FCR

Lince Capital, SCR, S.A.

Debt

Fees2% mgmt+ 20% perf

Liquidity6-year term

CustodianBison Bank

AuditorBDO

Docs9/10 provided

CMVM regulated, auditor disclosed, custodian disclosed.

Mercúrio Fund II, FCR

Oxy Capital

Private Equity

Fees2% mgmt+ 20% perf

Liquidity8-year term

CustodianBison Bank, S.A.

AuditorErnst & Young (EY)

Docs9/10 provided

CMVM regulated, auditor disclosed, custodian disclosed.

Experience · Expertise · Authority · Trust

Verified by licensed Portuguese lawyers

Every verified fund on Movingto Funds has passed an 8-point legal review conducted by licensed Portuguese lawyers registered with the Ordem dos Advogados.

Lead Verifier

David Simões Fitas

Immigration Lawyer — Funds & Real Estate

400+ cases processed

Bar Licence: 67185P

Inês Cabral Almeida

Independent Immigration Lawyer

8+ years experience

Bar Licence: 61676P

Paulo Moura

Immigration Lawyer (Portugal)

MSc Forensic Legal Sciences

Bar Licence: 71517P

We collect core documents

Funds submit prospectus, registry extracts, and custodian confirmation.

We verify key facts

We check registration, exposure, structure, and document consistency.

You can request an intro

Browse verified funds and reach out directly to fund managers.

Learn about our 8-point fund verification process

Frequently Asked Questions

Quick answers about Golden Visa funds and the Portugal Golden Visa fund route

There is no single "best" fund. The right fund depends on your risk tolerance, nationality, liquidity needs, and fee sensitivity. This guide organises funds by investor profile so you can identify the category most relevant to your situation. Always consult a licensed financial adviser before investing.

Portugal Golden Visa investment funds (often called Golden Visa funds) are regulated Portuguese investment funds that investors can subscribe to as part of the Portugal Golden Visa "fund route." Instead of buying property, you invest in fund units and use the subscription documents as part of your Golden Visa application file. Eligibility depends on the fund's structure and documentation, so it must be confirmed by Portuguese legal counsel.

Funds listed on Movingto Funds are presented as Portugal Golden Visa investment funds based on manager disclosures and available documentation. However, Golden Visa eligibility is a legal determination, and your Portuguese lawyer should confirm eligibility for your specific case before you invest. If you request an introduction, we can connect you with the fund manager and our Portugal Golden Visa legal team to confirm requirements.

The commonly referenced minimum for the Portugal Golden Visa fund route is €500,000 invested into qualifying Portugal Golden Visa investment funds (Golden Visa funds). Requirements can change and may depend on your legal approach and the fund's subscription terms, so confirm with Portuguese legal counsel before proceeding.

All qualifying Golden Visa funds are regulated by the CMVM (Portuguese Securities Market Commission). Regulation requires independent custodians to hold fund assets separately from the manager, and independent auditors to verify financial statements. Regulation reduces but does not eliminate investment risk. Past performance does not predict future results.

The Verified Fund badge indicates that a fund has completed Movingto's 6-point legal verification process. This includes confirmation of active CMVM registration, custodian and auditor arrangements, Golden Visa eligibility, and review of key fund documents. Verification confirms disclosed facts and does not constitute an endorsement or suitability assessment.

Several CMVM-regulated funds accept US persons and are structured to be FATCA-compliant and PFIC-reportable (QEF election available). US investors should verify PFIC status directly with each fund manager and consult a cross-border tax adviser.

Key factors include investment strategy (debt vs equity vs venture), total fees (management + performance), lock-up period and redemption frequency, US eligibility if applicable, and the fund manager's track record.

When comparing Golden Visa funds and Portugal Golden Visa investment funds, focus on the fees that actually impact your net outcome: subscription/entry fees (if any), annual management fees, performance fees (how calculated, hurdles, catch-ups), fund expenses (administration, custody/depositary, audit, legal), and exit/redemption fees (if any). We surface key terms where available, but you should always review the fund's official documents.

Many Portugal Golden Visa investment funds have lock-ups and limited redemption windows, especially if the strategy is private equity/venture/debt. Some funds allow redemptions only after a minimum period; others rely on fund maturity and asset sales. Always check: lock-up length, redemption frequency, notice periods, gates, and whether liquidity is "best efforts."

This depends on the fund structure. Open-ended funds typically allow you to redeem your investment after the lock-up period ends, subject to the fund's redemption schedule (monthly, quarterly, or annual). Closed-end funds distribute capital when underlying investments are exited, which may extend beyond the initial term. In both cases, your Golden Visa residency permit is renewable independently of the investment outcome.

Investing in Golden Visa funds typically involves onboarding/KYC, signing subscription documents, transferring capital, unit issuance, and obtaining proof of investment for your Portugal Golden Visa file. Timelines vary by bank/KYC complexity and fund processes, but a realistic expectation is weeks rather than days.

Movingto is not a regulated investment advisor. We may receive a referral/introductory commission from some fund managers if you invest, and we may also earn fees for legal or support services if you engage our team. We disclose this clearly, and we do not provide investment advice. Our role is to help you compare Portugal Golden Visa investment funds (Golden Visa funds) and connect you with the right people to complete the process.

Click Request introduction on any fund page or use the homepage form. Tell us your timeline, citizenship, and general preferences (risk, liquidity, strategy). We'll connect you with the fund manager and—if you want—our Portugal Golden Visa legal team to confirm eligibility and next steps.

No. Movingto Funds provides information and introductions for Golden Visa funds and Portugal Golden Visa investment funds. We do not provide investment advice or recommend that you invest in any specific fund. Always obtain independent financial advice and Portuguese legal advice before investing.

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