Portugal Golden Visa Funds List 2022 + More Affordable Alternative2022-01-20T18:19:46+00:00


List of Golden Visa Investment Funds 2022 + More Affordable Alternative

If you are reading this after 22 September 2021, it would be safe to assume that you have missed the bus to apply for a Golden Visa by buying a property in Lisbon, Porto or the Algarve…


But read the below first if you’re looking for faster, more affordable Golden Visa investment option

The official Golden Visa deadline is only on 31 December 2021.

But finding a suitable property, buying it, and the actual property transfer all takes time (you’ll also need a tax clearance certificate).

That’s not to mention a significant backlog at the deeds office, as well as a backlog for Golden Visa appointments at SEF.

So even if you were to buy today, on 23 September 2021, you run the very real risk of acquiring a pricey property in one of the mentioned locations, only not to be eligible for the Golden Visa.

So that brings you here, to this page, seeking a list of Golden Visa approved funds to invest in, along with the expected yield for each fund.

As of today, there is still sufficient time left on the clock to obtain a Golden Visa by means of a small to mid-cap fund investment, however adequate due diligence on each fund, too, takes time.

And given that a large number of new investment funds have been launched to take advantage of the incoming program changes, supply appears to be exceeding demand. So if a fund doesn’t get adequately subscribed in time, it runs the risk of collapsing, along with your hopes of ROI while obtaining a Golden Visa.

Below, we have compiled a list of the available Portuguese investment funds you’re looking for along with details on the minimum holding periods (which tend to be long, and obviously way longer if you opt not to apply for Portuguese citizenship after 5 years.

Your future exit from these funds is another unknown; will you be guaranteed of recouping your full capital investment? Is the fund(s) you’re considering asset backed or not? And are those assets fairly valued and relatively liquid?

Unless you’re a seasoned investor, therefore, a property based Golden Visa would have made more sense, but that ship has now sadly sailed.

It is at this point that we also wish to alert you to an alternative Golden Visa option: The Portuguese HQA Visa Program.

Priced at only €175,000, ALL-IN, it offers far superior affordability to even the lowest priced property option, which is priced at €280,000. The latter excludes fees, and tends to be share-scheme investments in branded hotel developments, rather than titled-deeded properties.

You can find out more about the Highly Qualified Activity Visa Program here, but in summary, it is a mostly passive, hybrid investment option requiring the following 3 components:

  1. Portuguese company formation

  2. An investment in high-value research with a technology slant, conducted by a Portuguese university

  3. Enrollment in a fully managed, low-input business incubation program for a period of 3 years.

 Critically, the HQA Visa offers the same low minimum stay requirements as the Golden Visa, and you don’t have to be involved in your startup business’ management or operations – unless, of course, you want to.

If you’d prefer to treat it as a predominantly passive Golden Visa investment, your startup incubation partners can oversee the research project, daily operations and back-office requirements in full.

You own 100% of your Portuguese company, as well as the Intellectual Property that is developed during the course of your research project. 

IMPORTANT TO NOTE: The key thing to understand is that your capital investment is effectively an investment fee; any potential future ROI would depend heavily on whether your business can become commercially viable or not.

But having said that, given that the mid-tier Golden Visa costs €350,000 excluding fees, transfer costs, taxes and maintenance, opting for the HQA Visa should leave you with at least €175,000 more to invest in higher yield opportunities. 

Who is the HQA program aimed at?

  • Prospective Golden Visa buyers who have missed the opportunity to apply on the basis of a property investment in Porto, Lisbon or the Algarve region.

  • Applicants who wish to minimize their capital layout with a view to invest in other higher-yield opportunities such as cryptocurrency, or their own overseas business(es).

  • Existing overseas business owners or startup founders who wish to expand their operations into Portugal and the broader EU market.

  • Highly skilled professionals seeking to launch a new business venture in Portugal, while gaining highly flexible Portuguese residency status.

  • High Net Worth individuals with a business idea they’d like to test and develop, while gaining a flexible Portuguese residency in the process (aka a Plan B in Portugal).

What are the key program benefits? 

  • LOW COST: At only €175,000, inclusive of all fees, your research funding component, company setup costs and capitalization, residency applications fees and renewals after 2 years, as well as comprehensive back-office support costs for the business, the HQA is the cheapest Golden Visa equivalent program on the market.

  • SPEED: Getting research funded is a priority for the Portuguese government. That’s why HQA Visa applications are processed in as little as 30 days, compared to the process currently taking between 12 and 15 months for property based Golden Visa applications.

  • PEACE OF MIND: If you were to opt for the property-based investment route today, you run the real risk of not obtaining your Golden Visa. Whereas with the HQA program, your investment fee is held in escrow until your research project and visa application are approved. If you’re not approved, your investment fee is fully refundable, no ifs or buts.

  • LOW MINIMUM STAYS: Enjoy the same level of in-country stay flexibility as you’d enjoy with a property based Golden Visa.

  • PASSIVE INVESTMENT: With the HQA Visa, you can be as hands-on, or as hands-off, as you choose.

To find out more about the HQA Visa Program, click here

If you’d prefer to invest in a fund, check out the below list of available Golden Visa Fund Investment options for 2021; bearing in mind that the minimum fund investment requirement will be going to go up to €500,000 on 1 January 2022…

List of Portuguese Golden Visa Investment Funds 2021

Check out the list of eligible, €350,000 fund investment options for the Portuguese Golden Visa below…Despite us taking care to ensure the below information is correct, we take absolutely no responsibility for the correctness of the information included below. We also don’t guarantee that this list of Portuguese investment funds covers all available options.

1. BlueCrow Growth Fund Portugal The BlueCrow Growth Fund invests in diversified real estate, including retail, industrial hospitality and predictable yield opportunities. 7 Years Contact the fund to learn more. 31 December 2022 €52,500
2. CGA Portugal FCR CGA Portugal is a diversified venture capital (VC) fund focusing on retail, residential, hospitality and retirement property investments in Portugal, as well as high-performing property opportunities in the USA. 8 Years Targeted annual distribution of 3%, with a targeted fund return of 10%-20%. 28 February 2023 €50,000
3. Impacto Fund Portugal The Impacto Fund focuses on diversified real estate, including retail, residential, office space and student accommodation), with an emphasis on capital preservation. 8 Years Targeted annual return of 3%. 31 December 2022 €350,000
4. MedCapital Portugal Fund The MedCapital Fund focuses on the private healthcare sector investing mostly in hospitals and clinics.

10 Years Contact the fund to learn more. 31 December 2021 €150,000
5. Navigator II Fund Portugal
The Navigator II Fund focuses mostly on property development projects in central Lisbon.
7 Years Contact the fund to learn more. 31 December 2021 €100,000
6. Portugal Gateway Fund
The Portugal Gateway Fund provides international growth capital for high-growth enterprises with  defensible intellectual capital (IP) and sustainable competitive advantages.
10 Years Contact the fund to learn more. 30 November 2021 €100,000
7. Portugal Yield Fund The Portugal Yield Fund focuses on

diversified property investments with stable, predictable yields.
10 Years (6 Years, + optional 2×1 Year) Targeted net yield of 4-5% per year. 28 October 2021 €350,000
8. Rock Capital Fund Portugal The Rock Capital Fund focuses on property development projects in Lisbon, with an emphasis on local middle-market demand.

7 Years Contact the fund to learn more. 31 October 2021 €50,000
9. Pella Terra Fund Portugal The Pella Terra Fund invests in agricultural land (low volatility asset), buy-and-lease agreements with large-scale farmers, as well as buy-back schemes with a 5 to 6 year investment horizon, and where the produce is then mature. N/A Preferred dividend target of 5% per year, and 14% on exit. N/A €100,000
10. Portugal Sustainable Innovation Fund The Portuguese Sustainable Innovation Fund invests in medium-size Portuguese companies, taking into account the companies’ sustainability and potential for social impact. 6 Years Contact the fund to learn more. 31 August 2022 €250,000
11. Odeon Fund Portugal The Odeon Fund invests in property projects, upmarket restaurants, hotels and similar assets delivering rental income. N/A Preferred dividend target of 4% per year, and 11% on exit. N/A €350,000
12. Active Cap I Growth Fund The Active Cap Portuguese Growth Fund, FCR, invests in Portuguese enterprises with high potential growth, as well as research and development (R&D) opportunities. 10 Years Contact the fund to learn more. N/A €50,000
13. Arta Living Fund Portugal The Arta Fund invests primarily in upmarket residential property developments in the UK and Portugal. Investors have the option of taking ownership of a studio or 1-bedroom apartment in lieu of the principal capital investment upon exit. N/A Targeted return of 3% N/A €350,000
14. Aston Gold Fund Portugal The Aston Fund invests in residential and commercial property developments, including supermarkets and logistics / warehousing opportunities N/A Contact the fund to learn more. N/A €50,000
15. Sharing Fund Portugal The Sharing Fund invests in school infrastructure and student accommodation projects. 6 Years or 10 Years Targeted annual return of 7%, with option to exit at 6 years, but with a 4% cap on return. N/A €250,000
16. Indico Fund Portugal The Indico Fund invests in oceanic technologies (BlueTech) as well as oceanic sustainability opportunities. N/A Contact the fund to learn more. N/A €250,000
17. Golden Bridge Fund Portugal Golden Bridge – FCR is a Venture Capital (VC) fund that invests in and develops residential real estate in upmarket areas of Lisbon.

Launched by Gamma Capital and Dunas Capital and managed by Gamma, the fund is regulated by CMVM. No investment represents more than 30% of the fund’s portfolio.

6 Years Targeted return of 8% per annum, and performance fee is 20% of returns exceeding 8% per year. June 2021 – CLOSED €50,000
18. Next Fund Portugal Managed by STAG, the Next Fund invests in luxury real estate in Portugal and other Mediterranean countries. The fund also invests in premium commercial opportunities, including non-mall retail, coworking, healthcare centers and logistics infrastructure development projects. 6 Years, with potential extensions. Annual targeted distribution of 3%, net of expenses. February 2022 €200,000
19. Monarque Portugal L2 Fund (MPL1 Fund) Managed by Golden Monarque S.C.R, S.A (NOT “Monarch”), the MPL2 fund is the follow-up fund to the MLP1, now fully subscribed.

The actively managed fund invests predominantly in bonds and securities issued mostly by Portuguese companies with strong asset bases and/or stable cashflows, providing a level of protection in downside scenarios.

5 Years 5% per year, with a 3% setup fee and management fees of 2% p.a. N/A €350,000
21. GreyTech 2 Fund Portugal Managed by Iberis Capital Portugal, the GreyTech II Fund focuses on buyout and growth opportunities in innovative and well established companies.

The fund targets mid-market Portuguese enterprises with  EBITDAs between €2m-€5m within the industrial and technology sectors.

4 Years + 2 x 2 Years, subject to investor preference. Contact the fund to learn more. N/A €250,000
22. Planeur Portugal Fund The Planeur Fund (a VC fund) invests in real estate,  technology, marketing, eco-tourism, as well as eco-agricultural enterprises and high-tech manufacturing.

It is managed by Dunas Capital Portugal.

10 Years Contact the fund to learn more. 30 October 2022 €350,000
23. Prima Capital Fund Portugal Managed by Optylon Krea, the Prima Capital Fund invests in short-term residential real estate.

Leveraging both junior and senior equity investors seeking to apply for the Golden Visa Program, the fund finances Optylon Krea’s lifestyle oriented, serviced residences brand in Europe.

N/A Contact the fund to learn more. N/A €150,000 for senior equity investors, and €500,000 for junior equity investors.
24. SIF Investment Fund Portugal The SIF Investment Fund invests in residential real estate developments. 10 Years, with an exit option after 6 years. Contact the fund to learn more. June 2021 – CLOSED €50,000
25. New Edge Fund Portugal Managed by Quadrantis Capital, the New Edge Fund invests in bonds and real estate opportunities. 10 Years, with an exit option after 6 years. Contact the fund to learn more. 31 March 2022 €350,000


Disclaimer: The above information does not constitute legal or investment advice, and the publishers of this site will not be held liable for any losses whatsoever resulting from reliance on this information. It is presented purely as general information on the subject, and none of these funds are endorsed by D7 Visa.

While every effort has been made to ensure the accuracy of the presented information, the timeliness, accuracy for currency of the information is not guaranteed. The information should not be construed to constitute a solicitation to invest in any securities.

Always be sure to consult a trusted and knowledgeable financial advisor when considering investing in securities. 

HQA Visa vs Golden Visa Fund Investment

What are the key differences?

Compare the key differences between the Highly Qualified Activity Visa Program and a typical Golden Visa Fund Investment below.

Total capital layout €350,000 €175,000
Application process duration 3 Months 1 Month
Minimum investment term Typically 6 years+ N/A
Management / service sees Typically around 1.5% p.a., plus, occasionally, a portion of profits on growth beyond the stated fund target percentage. N/A – fees included
Family eligible for inclusion Yes Yes
Path to PR / citizenship Yes Yes
Minimum stay requirement 1 Week per year Fully flexible
Portuguese language test required No No
Non-Habitual Residency Program Yes Yes
Passive income required No No
Medical insurance required Yes Yes
Portuguese fiscal number required Yes Yes
Portuguese bank account required No Yes
Is the Portugal Golden Visa worth it?2021-09-26T19:58:52+00:00

Whether the Portuguese Golden Visa is worth it will depend in large part on your specific circumstances and needs as an investor:

  • If you are ready to go settle in Portugal permanently, opting for a D7 Visa, which has no minimum investment requirement, might make more sense. The D2 Visa for foreign entrepreneurs might also be an option to look at.

  • If  you’re NOT ready to move to Portugal permanently, and you’re essentially looking for a back-up plan, then the Golden Visa is an excellent option.

  • If you’d like the low level of time commitment and flexibility of a Golden Visa, but you’d prefer not to commit a full €350,000 – €500,000 in capital for 5 years in order to gain a flexible Portuguese residency, then the HQA Visa may be a viable – and more affordable – alternative. Think of it as the cheapest Portuguese Golden Visa option.

  • If you’re looking to make a property based Golden Visa investment in a European capital city after 31 December 2021, then you’ll need to look at Athens (Greek Golden Visa), or Madrid (Spanish Golden Visa).

  • If you’re looking for the cheapest property based Golden Visa in Europe, you’ll want to consider the Greek Golden Visa. The minimum investment requirement for the Greek program is €250,000, whereas in Portugal, the lowest property based option is priced from €280,000.

  • If you’re looking to maximize your ROI, then a venture capital (VC) or Private Equity (PE) fund based investment may be preferable to a real estate investment, especially considering the devastating impact Covid has had on rental returns in Portugal during the past 18 months. Learn more about the available Golden Visa Funds here.

If you’re not quite sure about which option would suit you best, feel free to get in touch today.


Can I pay for my Golden Visa Fund Investment with crypto?2021-09-26T19:35:24+00:00

No. While some service providers may allow you to pay for your professional fees in Bitcoin or other cryptocurrencies, the principal capital investment must be made in fiat currency for both Golden Visa fund and property investments.

You will therefore need to either convert your crypto into fiat, or alternatively consider a crypto lending solution to raise the principal capital for the fund investment.



Obtain your Golden Visa via Fund Investment, or via the HQA Visa Program, priced at only €175,000, ALL-IN. Contact us today.

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