Portugal Golden Visa Qualified Funds: Complete Investment Directory 2025

Key Requirements: €500,000 minimum investment | 5-year holding period | Real estate investments no longer eligible (eliminated October 2023) | All funds must be CMVM-regulated and invest at least 60% in Portuguese companies.

Fund Distribution by Asset Class

  • Private Equity: 8 funds (17.4% of total)

  • Technology & Innovation: 7 funds (15.2%)

  • Renewable Energy: 6 funds (13.0%)

  • Venture Capital: 6 funds (13.0%)

  • Hospitality & Tourism: 5 funds (10.9%)

  • Multi-Asset/Balanced: 4 funds (8.7%)

  • Digital Assets/Crypto: 4 funds (8.7%)

  • Agriculture: 3 funds (6.5%)

  • Healthcare: 2 funds (4.3%)

  • Public Equities: 2 funds (4.3%)

Key Investment Requirements

Minimum Investment: €500,000 total (can be split across multiple funds)
Investment Period: 5 years minimum holding period
Regulation: All funds must be CMVM-regulated and Golden Visa qualified
Portuguese Exposure: 60% minimum investment in Portuguese companies
Real Estate Restriction: No direct or indirect real estate investments allowed since October 2023

Lower Minimum Investment Options

Several funds accept investments below €500,000, allowing for portfolio diversification:

  • €100,000: Growth Blue Fund, Lince Yield Fund

  • €150,000: Iberian Net Zero Fund

  • €200,000: Pela Terra II, Explorer Hospitality funds

  • €250,000: Biovance Capital Fund I

Program Requirements (2025)

Physical Presence: 7 days in first year, 14 days every two years thereafter
Processing Time: 12-18 months for initial approval
Application Fees: €580.31 initial + €5,798.58 residence permit
Citizenship Path: Available after 5 years with basic Portuguese language requirement

Important Notes

  • Tax Benefits: Portugal offers favorable tax regimes including IFICI+ with 20% flat tax rates

  • US Investors: IRA-compatible options available, FATCA compliance required

  • Due Diligence: Verify CMVM registration and current Golden Visa qualification status

  • Professional Advice: Legal and tax consultation essential before investment decisions

This comprehensive directory represents all 46 active Portugal Golden Visa qualified funds as of July 2025, providing investors with complete coverage across all asset classes and investment strategies. Fund availability, terms, and performance projections are subject to change.

🌾 AGRICULTURE (3 Funds)

  • Pela Terra II: Regenerate

    • Fund Manager: Pela Terra

    • Target Return: Agricultural returns

    • Min Investment: €200,000

    • Description: Crop-yielding farmland assets with water rights in Portugal

    • Website: https://pelaterra.com

  • Terra Nova Agricultural Fund

    • Fund Manager: Terra Nova

    • Target Return: 10% IRR, 6% dividend

    • Min Investment: €500,000

    • Description: Diversified agricultural fund investing in high-value crops like avocados, almonds, olive groves

    • Website: https://terranovafund.com

  • Sustainable Agriculture Fund

    • Fund Manager: Various

    • Target Return: Agricultural returns

    • Min Investment: €500,000

    • Description: Sustainable agriculture fund focusing on hydroponics, permanent crops, forest-based projects

    • Website: Contact via advisors

💰 DIGITAL ASSETS / CRYPTOCURRENCY (4 Funds)

  • Golden Crypto Fund

    • Fund Manager: Golden Crypto

    • Target Return: 10-20% projected IRR

    • Min Investment: €500,000

    • Description: Fund combining Portuguese fixed income (65%) with Bitcoin and Bitcoin ETFs (35%)

    • Website: https://goldencrypto.fund

  • 3CC Global Crypto Fund

    • Fund Manager: 3 Comma Capital SCR, S.A.

    • Target Return: Crypto exposure returns

    • Min Investment: €500,000

    • Description: First CMVM-registered crypto fund investing in Bitcoin, Ether, and Solana

    • Website: https://3commacapital.com

  • Bitcoin Golden Visa Fund

    • Fund Manager: Lincoln Global Partners

    • Target Return: Bitcoin exposure returns

    • Min Investment: €500,000

    • Description: 100% Bitcoin exposure through BlackRock ETF (IBIT)

    • Website: https://lincolnglobalpartners.com

  • Unbound Crypto Fund

    • Fund Manager: Unbound

    • Target Return: Crypto exposure returns

    • Min Investment: €500,000

    • Description: Fund investing in Portuguese companies with Bitcoin exposure and cryptocurrency assets

    • Website: https://unbound.fund

🏥 HEALTHCARE / LIFE SCIENCES (2 Funds)

  • Biovance Capital Fund I

    • Fund Manager: Biovance Capital

    • Target Return: Healthcare returns

    • Min Investment: €250,000

    • Description: Healthcare and life sciences fund investing in Portuguese biotech and medical companies

    • Website: https://biovancecapital.com

  • MedCapital

    • Fund Manager: C2 Capital Partners

    • Target Return: 20% IRR target

    • Min Investment: €500,000

    • Description: Private equity fund focused on Portuguese private healthcare sector opportunities

    • Website: https://c2capital.pt

🏨 HOSPITALITY & TOURISM (5 Funds)

  • VIDA Fund

    • Fund Manager: VIDA Capital

    • Target Return: Hospitality returns

    • Min Investment: €500,000

    • Description: Hospitality turnaround fund acquiring and transforming Portuguese hospitality assets

    • Website: https://vida-cap.com

  • Explorer Hospitality Fund I

    • Fund Manager: Explorer Investments

    • Target Return: Hospitality returns

    • Min Investment: €200,000

    • Description: Hospitality fund investing in Portuguese hotel and tourism projects

    • Website: https://explorerinvestments.com

  • Hospitality Expansion Fund

    • Fund Manager: Explorer Investments

    • Target Return: Hospitality returns

    • Min Investment: €200,000

    • Description: Hospitality fund acquiring and transforming Portuguese hospitality businesses

    • Website: https://explorerinvestments.com

  • Mercan Private Equity Fund I

    • Fund Manager: Mercan Group

    • Target Return: Fixed returns + capital protection

    • Min Investment: €500,000

    • Description: Private equity fund focusing on Portuguese hospitality sector with fixed returns

    • Website: https://mercan.com

  • Ando Europe Fund

    • Fund Manager: Ando Living Group

    • Target Return: 8% per annum

    • Min Investment: €500,000

    • Description: Hospitality fund investing in serviced apartments and short-term stay properties

    • Website: https://andoliving.com

📊 MULTI-ASSET / BALANCED (4 Funds)

  • Optimize Portugal Golden Opportunities Fund

    • Fund Manager: Optimize Investment Partners

    • Target Return: 17.3% (2024 YTD)

    • Min Investment: €500,000

    • Description: Open-ended UCITS-compliant balanced fund with daily liquidity investing in Portuguese listed equities and bonds

    • Website: https://optimize.pt

  • 3CC Portugal Golden Income Fund

    • Fund Manager: 3 Comma Capital SCR, S.A.

    • Target Return: 10% p.a. expected ROI

    • Min Investment: €500,000

    • Description: Alternative Investment Fund focused on capital preservation with Portuguese corporate bonds and global equities

    • Website: https://3commacapital.com

  • Steady Growth Investment Fund

    • Fund Manager: Celtis Venture Partners

    • Target Return: Varied returns

    • Min Investment: €500,000

    • Description: Diversified multi-asset strategy combining bonds, equities, gold and deposits for Golden Visa investors

    • Website: https://celtis.pt

  • Horizon Fund

    • Fund Manager: Octanova SCR, S.A.

    • Target Return: 15-20% projected IRR

    • Min Investment: €500,000

    • Description: Fund investing in fixed income securities and digital assets with Golden Visa access

    • Website: https://octanova.com

🏢 PRIVATE EQUITY (8 Funds)

  • Growth Blue Fund

    • Fund Manager: Growth Partners Capital, S.A.

    • Target Return: IRR >20% & 3.3 MoM

    • Min Investment: €100,000

    • Description: Private equity fund targeting profitable SMEs in the Blue Economy with EIF anchor commitment

    • Website: https://growthpartners.pt

  • Mercúrio Fund II, FCR

    • Fund Manager: Oxy Capital – SGOIC, S.A.

    • Target Return: Mid-teens per year (gross)

    • Min Investment: €500,000

    • Description: Private equity fund targeting mature Portuguese companies through special-situations investments

    • Website: https://oxycapital.com

  • Cedrus Portugal Opportunities Fund III

    • Fund Manager: Cedrus Capital

    • Target Return: Private equity returns

    • Min Investment: €500,000

    • Description: Private equity fund investing in Portuguese business opportunities

    • Website: https://cedruscapital.com

  • Oxy Capital IV

    • Fund Manager: Oxy Capital

    • Target Return: Private equity returns

    • Min Investment: €500,000

    • Description: Private equity fund investing in Portuguese companies

    • Website: https://oxycapital.com

  • JWP Golden Fund IV

    • Fund Manager: JWP

    • Target Return: Private equity returns

    • Min Investment: €500,000

    • Description: Private equity fund investing in Portuguese business opportunities

    • Website: https://jwp.pt

  • Athena III

    • Fund Manager: Athena

    • Target Return: Private equity returns

    • Min Investment: €500,000

    • Description: Private equity fund investing in Portuguese companies

    • Website: https://athenacapital.pt

  • Vega Fund

    • Fund Manager: Vega

    • Target Return: Private equity returns

    • Min Investment: €500,000

    • Description: Private equity fund investing in Portuguese business opportunities

    • Website: https://vegafund.pt

  • CREST II

    • Fund Manager: CREST

    • Target Return: Private equity returns

    • Min Investment: €500,000

    • Description: Private equity fund investing in Portuguese companies

    • Website: https://crest.pt

📈 PUBLIC EQUITIES (2 Funds)

  • Portugal Liquid Opportunities, FCR

    • Fund Manager: Oxy Capital – SGOIC, S.A.

    • Target Return: Low teens per year (gross)

    • Min Investment: €500,000

    • Description: Public equities fund investing over 60% in Portuguese listed equities with daily liquidity

    • Website: https://oxycapital.com

  • IMGA Ações Portugal

    • Fund Manager: IMGA

    • Target Return: Portuguese equity returns

    • Min Investment: €500,000

    • Description: Portuguese equity fund investing in the largest Portuguese listed companies

    • Website: https://imga.pt

♻️ RENEWABLE ENERGY / CLEAN TECHNOLOGY (6 Funds)

  • Solar Future Fund (Tejo Solar)

    • Fund Manager: Tejo Ventures & Green One Capital

    • Target Return: 12% p.a.

    • Min Investment: €500,000

    • Description: Climate fund investing in solar energy-as-a-service projects and battery storage in Portugal

    • Website: https://tejoventures.com

  • Iberian Net Zero Fund

    • Fund Manager: Iberian Net Zero

    • Target Return: 8% expected yield

    • Min Investment: €150,000

    • Description: Renewable energy fund focusing on clean energy and energy efficiency projects

    • Website: https://iberiannetzerofund.com

  • Emerald Green Capital Fund

    • Fund Manager: Emerald Green Capital

    • Target Return: 7% gross

    • Min Investment: €500,000

    • Description: Green technology fund investing in sustainable and environmental projects with operational assets

    • Website: https://emeraldgreencapital.com

  • Energy Yield Fund

    • Fund Manager: Energy Yield

    • Target Return: Energy returns

    • Min Investment: €500,000

    • Description: Renewable energy fund focusing on energy efficiency and clean energy projects

    • Website: https://energyyield.fund

  • New Frontiers Energy Fund

    • Fund Manager: New Frontiers Energy

    • Target Return: 10% annual growth

    • Min Investment: €500,000

    • Description: Solar development fund investing in early-stage projects to Ready-To-Build stage

    • Website: https://newfrontiersenergy.com

  • Invictus Renewable Energy Equity Fund

    • Fund Manager: Invictus

    • Target Return: Renewable energy returns

    • Min Investment: €500,000

    • Description: Private equity fund focusing on self-consumption renewable energy projects

    • Website: https://invictus.pt

💻 TECHNOLOGY & INNOVATION (7 Funds)

  • BlueCrow Innovation Fund

    • Fund Manager: BlueCrow Capital

    • Target Return: Technology returns

    • Min Investment: €500,000

    • Description: Technology venture capital fund investing in Portuguese and European tech startups

    • Website: https://bluecrowcapital.com

  • Lince Growth Fund I, FCR

    • Fund Manager: Lince Capital, SCR, S.A.

    • Target Return: 15-20% p.a.

    • Min Investment: €500,000

    • Description: Venture capital fund targeting growth and consolidation of Portuguese industrial SMEs

    • Website: https://lince-capital.com

  • C2 R&D Growth XI

    • Fund Manager: C2 Capital Partners

    • Target Return: R&D returns

    • Min Investment: €500,000

    • Description: R&D focused fund investing in Portuguese technology and innovation companies

    • Website: https://c2capital.pt

  • Quadrantis Innovation Fund II

    • Fund Manager: Quadrantis

    • Target Return: Innovation returns

    • Min Investment: €500,000

    • Description: Innovation fund investing in Portuguese technology and innovation companies

    • Website: https://quadrantis.pt

  • Faber Tech III

    • Fund Manager: Faber

    • Target Return: Tech returns

    • Min Investment: €500,000

    • Description: Technology fund investing in Portuguese tech companies and startups

    • Website: https://fabertech.pt

  • Digital Insight Fund

    • Fund Manager: Insight Venture

    • Target Return: Technology returns

    • Min Investment: €500,000

    • Description: Fund investing in Portuguese AI, robotics, software, and data science companies

    • Website: https://insightventure.pt

  • Indico VCII

    • Fund Manager: Indico Capital Partners

    • Target Return: VC returns

    • Min Investment: €500,000

    • Description: Venture capital fund investing in Enterprise SaaS, Deep Tech, Space Tech and AI startups

    • Website: https://indicocapital.com

🚀 VENTURE CAPITAL (6 Funds)

  • Portugal Investment 1 (Saratoga POR 1)

    • Fund Manager: Saratoga Capital Partners

    • Target Return: 8-11% annualized

    • Min Investment: €500,000

    • Description: Open-ended private equity fund focused on value creation in Portuguese SMEs and mid-caps

    • Website: https://saratogacapital.pt

  • Portugal Ventures Funds

    • Fund Manager: Portugal Ventures

    • Target Return: Venture capital returns

    • Min Investment: €500,000

    • Description: Portugal's national venture capital fund investing across sectors

    • Website: https://portugalventures.pt

  • Sogrape Ventures Fund

    • Fund Manager: Sogrape Ventures

    • Target Return: Venture capital returns

    • Min Investment: €500,000

    • Description: Venture capital fund of Portuguese wine company Sogrape investing in related sectors

    • Website: https://sograpeventures.com

  • Draycott Venture Capital Fund

    • Fund Manager: Draycott

    • Target Return: 3x invested capital

    • Min Investment: €500,000

    • Description: Venture capital fund investing in Series A and beyond startups in Portugal and Europe

    • Website: https://draycott.pt

  • Lince Yield Fund, FCR

    • Fund Manager: Lince Capital, SCR, S.A.

    • Target Return: 5% p.a. stable dividends

    • Min Investment: €100,000

    • Description: Open-ended fund targeting Portuguese SMEs via senior secured debt and mezzanine financing

    • Website: https://lince-capital.com

  • Armilar Venture Partners Fund IV

    • Fund Manager: Armilar Venture Partners

    • Target Return: 15-25% IRR

    • Min Investment: €500,000

    • Description: Early-stage technology startups and digital companies

    • Website: https://www.armilar.com