The outlook for 2025 suggests an unprecedented level of interest, particularly from investors in North America, the UK, South Africa, Brazil, the Middle East, India, China, and Hong Kong.

Based on Portugal Pathways' research and data gathered from its Golden Visa fund index alternative investment partners, investments linked to the Golden Visa programme are expected to surpass €7.3 billion by the close of 2024, exceeding the figures recorded in the past three years.

The first quarter of 2025 has already shown a 43% increase in enquiries and investments compared to the same period last year.

The Golden Visa Investment Fund Index serves as a valuable tool for investors and advisors, offering a clear understanding of the diverse alternative investment funds approved for Portugal's Golden Visa scheme.

Featuring over 30 key funds, the index evaluates investment theses, projected internal rates of return (IRR), upfront costs, management fees, downside protections, and risk profiles.

Updated quarterly, the index provides an extensive overview of the alternative investment funds that align with Portugal's residency-by-investment framework.

The Golden Visa Investment Fund Index works alongside Portugal Pathways’ Golden Visa residency-by-investment guide to educate and assist investors and their advisors, clarifying the investment process and offering strategic direction for those seeking residency for themselves and their dependants.

Successful applicants can obtain dual citizenship in their country of origin after five years and enjoy freedom of movement across the EU Schengen Area.

Paul Stannard, chairman and founder of Portugal Pathways and the Portugal Investment Owners Club, stated:

“Our Golden Visa Investment Fund Index has proved already to be an invaluable tool for our investors and professional investment advisors in terms of understanding the landscape of Portugal’s ever-growing alternative investment sector.

“Portugal has demonstrated that it is outperforming the Eurozone and the UK in terms of GDP growth and has just had its international economic rating upgraded to A+ in February 2025, and according to Ernst & Young (EY), investor confidence in Portugal is at an all-time high.”

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Understanding Portugal’s Golden Visa Benefits

The Portugal Golden Visa scheme offers non-EU citizens a structured pathway to permanent Portuguese dual citizenship and an EU passport while maintaining the passport of their country of origin.

Investors and their eligible family members can obtain a five-year residence permit by committing a minimum investment of €500,000 into approved Portuguese alternative investment funds.

Eligible family members include the main applicant’s spouse, dependents (including children or adults still in education), and parents over 65 who qualify as dependents under Portuguese law.

After five years, Golden Visa holders may apply for permanent Portuguese citizenship. The programme also grants the right to live, work, and study in Portugal, along with visa-free travel across the 29 European Schengen countries.

A key advantage of the scheme is its low residency requirement—investors need to spend only seven days per year in Portugal, making it highly attractive for global investors.

Additionally, Portugal’s new Tax Incentive for Scientific Research and Innovation (IFICI), known as the NHR 2.0 tax regime, presents further financial advantages.

While Golden Visa investors may maintain tax residency outside Portugal, they can also benefit from the NHR 2.0 regime, which is particularly favourable to entrepreneurs and value creators. Under this scheme, capital gains and dividends are taxed at 0% for qualifying individuals.

Alternative investment funds are also considered the most tax-efficient investment vehicle for both foreign and Portuguese investors under the country’s tax system.

Niall Macdonald, Wealth Manager at Beacon Global Wealth Management, commented:

“Our clients appreciate the flexibility of the Golden Visa in terms of freedom of movement as part of the investment portfolio, alongside other investment structures that are very friendly when managing cross-border income and assets.

“The seven days per year residency requirement and the choice of where to hold tax status make the offering even more tempting for investors.”

Portugal Pathways provides introductions to wealth managers, Golden Visa lawyers, tax advisors, and alternative investment fund managers following an initial discovery call.

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Exploring Portugal’s Golden Visa Investment Fund Index

The vast array of investment opportunities in Portugal can be complex to navigate. To address this, Portugal Pathways’ Golden Visa Investment Fund Index compiles a detailed directory of funds eligible for the programme, based on in-depth analysis and research.

The index offers profiles on each fund, granting investors access to high-level insights into Golden Visa-approved funds that align with their investment goals.

Portugal Pathways offers discovery calls to provide further information and connect investors with relevant fund managers.

Comparison tools within the index allow investors to assess Golden Visa-approved funds based on investment focus, risk-reward potential, fund manager track records, fees, IRR forecasts, downside protections, and investment timelines.

All funds included in the index comply with the stringent regulatory and compliance standards established by the Portuguese Securities Market Commission (CMVM).

Enhancing Investment Security in Portugal’s Golden Visa Funds

Some alternative investment funds in Portugal employ a blended approach, spreading investments across multiple potentially high-performing sectors.

Additionally, certain funds allow investors to divide their €500,000 investment between two or more funds, catering to those with interests in multiple industries.

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Diversified investment strategies appeal to those seeking stability while gaining exposure to low-, medium-, and high-growth opportunities, thereby potentially reducing risks associated with sector-specific downturns.

Paul Sheedy, international advisor to the Portugal Future Fund, an approved alternative investment fund for Portugal’s Golden Visa scheme, noted:

“A blended approach to investment—spanning sectors such as luxury hospitality and tourism, renewable energy, media, healthcare, and technology—not only aligns with Portugal’s dynamic economic landscape but also creates a resilient portfolio that thrives across sectors.

“We have seen that the multi-sector investment approach can give some further protection against underperforming sectors in a portfolio, giving investors more security and downside protection.”

Key Considerations for Golden Visa Investors

Fees and Annual Costs

Alternative investment fund subscription fees in Portugal typically stand at around 2%, with annual management fees of approximately 2%, aligning with international alternative investment fund markets.

Sector Focus

Golden Visa-approved alternative investment funds in Portugal concentrate on sectors such as agriculture, technology, luxury goods, private education, tourism and hospitality, media and events, healthcare, and renewable energy. These industries leverage Portugal’s competitive global position.

Chris Marson highlighted Portugal’s unique appeal:

“Portugal has seen growth in media and international events such as the Web Summit, Portugal Investment Owners Club investment forums, and the IFA Global Conference that brings over two thousand of the world’s leading advisors in tax and investment to Portugal this year.

“Lisbon was named one of the top three worldwide destinations last year for congresses and conventions by the International Congress and Convention Association.

“This, in addition to a thriving tourism industry, thanks in part to its strategic location on Europe’s Western edge, gives investors a great opportunity to be a part of Portugal’s continued rise.”

Golden Visa Investment Timeline

Investment commitments for Portugal’s alternative funds typically range from 5–8 years, slightly lower than the European average of 5–10 years.

Portugal’s investment cycles are similar to those in North America and Asia, balancing long-term growth with short-term market exits.

Targeted Internal Rates of Return (IRRs)

Portugal’s alternative investment funds generally target IRRs of 10-20%, in line with European and North American benchmarks, reflecting a well-balanced risk-reward approach.

Downside Protection and Investment Hurdles

Investors should inquire about downside protections and hurdle rates, ensuring that fund managers deliver tangible growth before benefiting from future earnings.

Structuring incentives in this way ensures fund managers prioritise sustainable value creation beyond management fees.

Explore regulated Golden Visa fund options tailored to your risk-reward preferences through Portugal Pathways’ approved investment listings

About Portugal Pathways

Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on luxury property, wealth management, and tax optimisation, including post-NHR tax regime planning, as well as private healthcare, IFICI tax incentive applications, money transfers and bespoke relocation solutions to enhance life and investments in Portugal.

About Portugal Future Fund

The Portugal Future Fund strategically invests in key sectors, driving growth and innovation across Portugal. Approved for Portugal’s Golden Visa residency-by-investment, it offers a unique opportunity for impactful and rewarding participation.

About Portugal Investment Owners Club

The Portugal Investment Owners Club, or P Club for short, is a unique investor membership community designed for discerning individuals, families, and organisations committed to exploring and capitalising on life in Portugal and enjoying money-can't-buy experiences and exclusive events.