Portugal Investment Funds: A Rapidly Changing Landscape
Since the 2023 reforms that removed real estate from the Golden Visa program, Portugal has seen rapid growth in its investment fund sector. Over 40 new fund managers and more than 500 funds have launched in the past three years (see chart below).
Distribution of Fund Managers by Registration Year
Distribution of Funds by Start Year
The table below lists all funds and management entities authorized by the CMVM. However, most of these funds are not eligible for the Golden Visa, and eligibility must be confirmed case by case.
To qualify for the Golden Visa, a fund must:
- Invest at least 60% in Portuguese companies
- Have a minimum maturity of 5 years
- Not invest in real estate
Given the number of new and untested funds in the market, careful due diligence is essential. Investors should evaluate:
- Track record and management experience
- Governance and transparency
- Alignment of interests and fee structure
Our Curated Golden Visa Funds Database
To make the process clearer and safer, we maintain a curated database of funds that:
- Meet the legal Golden Visa requirements
- Demonstrate transparency and proper documentation
- Are managed by credible, experienced teams
Each fund profile includes strategy, sector focus, risks, fees, and key documents — designed to help investors make informed, confident decisions.
If you would like access to the curated list and support in selecting the right fund, we are available to assist.
Complete CMVM-Authorized List
Below is the full list of all authorized investment funds and management entities in Portugal.
This list includes funds that do not qualify for the Golden Visa. Access to the curated Golden Visa-eligible list is available after an initial consultation.