Foreigners are instead now focusing mainly on investment funds in national shares. Data from the Foreigners and Borders Services (SEF) reveal that through investment in this type of funds, 352 residence permits were granted to foreigners between January and September, which corresponds to 30% of the total, according to a report by idealista.

Changes to the law governing the golden visa program are changing the landscape of foreign investment in Portugal. Finding themselves unable to obtain residence permits in Portugal through real estate or through the rehabilitation of properties, foreigners are increasingly looking at other types of investment available to obtain golden visas. The one that is making waves abroad is the capital transfer of 500 thousand euros for the subscription of participation units in investment funds with at least 60% of the portfolio invested in companies based in Portugal, with a maturity of five at least years.

The growing interest of foreign investors in national funds to obtain golden visas is visible in SEF data. Between January and September 2023, investment funds or venture capital funds that invest in Portuguese companies received more than 125 million euros under this program, an amount that is 45.5% higher than that recorded throughout the year 2022, according to ECO.

The data shows that for every 10 investment residence permits (ARI) granted, 3 had their origin through the acquisition of participation units of investment funds in national shares.

“Venture capital funds have positioned themselves, in terms of advertising and commercial offerings, in a very appealing way and gained significant traction at the time of the investor’s decision, together with a trend towards diversification”, explained Sara Sousa Rebolo, president from the Portuguese Association of Immigration, Investment and Relocation (PAIIR), cited in the same publication.

“The changes recently introduced to the ARI program have created very positive perspectives for the potential growth of the open-end securities fund segment”, highlights Mário Freitas, director of IMGA Ações Portugal, who also believes that these funds should continue to be an alternative to obtaining golden visas if the climate of stability and economic growth in Portugal continues.