List of Golden Visa Investment Funds 2023 + More Affordable Alternative

UPDATE: The Portuguese authorities have opted to amend the Golden Visa program in 2023. While the Real Estate options are to be scrapped, the Cultural Production Golden Visa, as well as the Research and Fund Investment streams will be retained going into 2024. 

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…

If you’re looking for the cheapest Golden Visa price point, be sure to check out the country’s new Cultural Golden Visa – a €200K Golden Visa option in support of local artistic output in the country.

(And it’s NOT a donation.)

Featuring a government pre-approval step before capital is committed and a capital guarantee on some projects, this new option is already garnering major interest from across the globe.

IMPORTANT: This list still needs to be updated for 2024. Given the real estate focus of many of these funds, many of them will no longer be eligible for the Golden Visa going forward…

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.

List of Portuguese Investment Funds (some still Golden Visa eligible) 2023/2024

Check out the list of eligible, €500,000 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. 7X Portugal Fund Managed by The Lakhani Gr0up, and focused on residential and commercial real estate. 7 Years 7% p.a. (IRR) July 2023 €100,000
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. GED Tech Growth Fund  The fund invests in  in scalable, capital-efficient business models with a proven purpose-driven technology and high-growth potential. N/A Contact the firm to learn more. N/A N/A
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
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
20. 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. 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. 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
25.  Atlanticorp Venture Capital Fund Managed by Lynx Asset Managers, and focused on commercial and residential real estate. 7 Years 7% p.a. (IRR) 30 October 2023 €150,000
26. Aretha Portugal Vision Managed by Cedrus Capital, with a mixed asset class allocation. 10 Years 10% p.a. (IRR) 30 May 2024 €50,000
27. Gaia Investment Fund Managed by Insula Capital, and focused on agricultural assets. 8 Years Contact the fund to learn more. N/A €150,000
28. Aspect Fund I Managed by Qualive Real Estate, and focused on residential and commercial property opportunities. 8 Years 20% p.a. (IRR) 30 September 2022 €250,000
29. Iberian Student Living Managed by Heed Capital, and focused on residential real estate opportunities. 9 Years 8% N/A €150,000
30. Portugal Growth Ventures FCR Managed by FundBox, and focused on residential and commercial real estate 8 Years 6% 30 May 2023 €350,000
31. Portugal Strategic Growth Fund Managed by Royal Oak, and focused on commercial real estate and fixed income opportunities 7 Years 6% 31 January 2023 €200,000
32. Portugal Yield II Fund  Managed by Iberis Capital, and focused on Portuguese commercial real estate. 8 Years 5% September 2023 €250,000
33. Prima Europa Investment Fund FCR Managed by Optylon Krea, and focused on residential real estate assets. 6 Years 20% January 2023 €150,000
34. Saratoga POR I Managed by Saratoga Capital, and focused on ESG and mixed asset allocation opportunities. Open-ended 6% Open-ended €150,000
35. Self Storage I Investment Vehicle Managed by Colares Capital, this fund is well suited to investors seeking exposure to consistent revenue opportunities. 7 Years 7% 30 March 2023 €150,000


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. 


Obtain your Golden Visa by Fund Investment in 2023. Contact us to schedule a discovery call today.

    Golden Visa Funds comparison for 2024 compiled by…

    Andre Bothma Administrator
    Founder D7 Visa
    Born in Cape Town, South Africa, Andre is a seasoned digital entrepreneur with extensive experience working in the demand-side of the Residency and Citizenship By Investment industry. He has been writing about Golden Visas, Citizenship By Investment and investment migration programs for over six years, and has frequently written and been interviewed by industry-leading RCBI publication, Andre is a D7 Visa holder and Portuguese resident himself. Having identified a gap in the market for affordable European immigration solutions outside of Golden Visas, he launched D7 Visa to help more foreign individuals and families settle in Europe without the need for property investment. Andre is a regular contributor to the pages of Sovereign Research, a leading international diversification publication catering to a global audience. He is also one of the earliest global promoters of the HQA Visa Program and the Cultural Golden Visa program. Andre spends half his time in Porto, Portugal.