Hi,
SEF's official website:
ARI/Golden Visa requirements:
"Capital transfer of the amount of 350 thousand Euros, or higher, for the acquisition of units of investment funds or venture capital fund of funds dedicated to the capitalisation of companies, capital injected under the Portuguese legislation, whose maturity, at the moment of the investment, is, at least, of five years and, at least, 60% of the investments is realized in commercial companies with head office in national territory;Â "
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Two articles that help you to clarify your doubts:
Article 1.
Quoting...
Since 2018, the option to invest in a fund that meets certain qualifications has gained popularity. Since then the minimum investment amount has been set to €350,000. Although, note: it will increase at the start of 2022.
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The list of funds that are available changes over time (as subscription periods close and new funds are introduced). Annoyingly there’s no official list of funds that qualify, however, I have taken it upon myself to do the research needed to create such a list.
To do so I reached out to the managers of every single fund that’s regulated by CMVM (the Portuguese regulator), and met in person with dozens of them to learn which funds are available to Golden Visa investors, now and in the future.
In general, we can place the funds into one of three main categories:
- Funds specifically designed for Golden Visa investors. These funds are designed to make life easy for Golden Visa investors by having a matching length or option of early withdrawal (often 6-7 years), accepting €350,000 investments, and often assisting with and/or overseeing the Golden Visa process itself. They are often (though not always) exposed to the real estate market, typically low to medium risk profile and accordingly low to medium expected returns. Often with a focus on preserving the investors’ capital and paying some sort of yearly dividends.
- Traditional venture capital (VC) funds. Typically invested in early-stage tech companies with global potential. Sometimes higher minimum investments than €350,000, fixed fund length of 10 years, higher risk for higher potential rewards. The goal is to maximize the capital gains at the exit, not yearly dividend payments.
- Traditional private equity (PE) funds. Typically invested in more traditional markets and/or financial instruments, sometimes with a focus on yearly dividends. Sometimes higher minimum investments than €350,000, fund length of 10 years, often medium to high risk, with expected rewards accordingly.
Due to Portuguese regulations, I’m not able to include a lot of details of the individual funds directly in the article, so if one or more funds sound interesting just click the learn more link next to it to get an introduction to someone who’s authorized to provide all the details you need (including fund prospectus and more).
Currently available funds:
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Investment Fund Webinars:
From time to time some of the funds host webinars for Nomad Gate readers.
You can register for the webinars.
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Article 2.
Investment into Portuguese Venture Capital Funds (Fundos de Capital de Risco):
Quoting...
Benefits of Getting a Portugal Golden Visa through Investing in an Investment Fund:
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Secure Investment: A registered fund in Portugal is regulated by (1) the Portuguese Securities Market Commission (CMVM), (2) the Bank of Portugal, and (3) the external Fund Management company. Additionally, (4) the Portuguese Tax Authorities also audit the fund. Such high levels of regulation ensure that the fund complies with the Portuguese legislation, tax laws, and the proposed investment plan approved by the fund investors.
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CMVM's official website:
Venture Capital Funds ("Fundos de capital de risco"):
- Private equity and venture capital funds
- Private equity and venture capital companies
