A Portugal Funds planning toolInvestment economics · Process budget
Golden Visa cost & return simulator
Understand the cash your plan requires and the annual gross return needed to cover its costs. Start with 5 years; compare 7 and 10 years as longer investment scenarios.
Compare the break-even rates ↓Your investment.
Your costs. Your investment horizon.
Bring the immigration budget and investment economics into one view. Change the assumptions and see what remains after costs.
EUR calculation basis
IMGA and Optimize are two of the most popular open-ended funds among Golden Visa investors. Compare their costs with a lower-cost equity reference under the same return assumptions.
Same €500,000 net allocation · 5.00% annual gross assumption · 5 years. Monetary results rounded for display.
Fund value after 5 years
€561,749Gross annual return needed to cover modelled cash outlays: 5.51%. Before personal taxes and future FX. Chart axis is truncated; exact values follow below.
What annual gross return covers the costs?
The ending fund value must cover the original fund cash outlay plus all modelled process costs. This is nominal capital recovery, before personal taxes, future FX and purchasing-power changes.
| Fund | 5 yearsDefault horizon | 7 years | 10 years |
|---|---|---|---|
| IMGA Ações PortugalClass P | 5.51% | 5.06% | 4.83% |
| Optimize Portugal 80-A80-A compartment | 5.23% | 4.72% | 4.45% |
| Lower-cost equity fundAccumulating units | 4.58% | 4.13% | 3.90% |
Each column applies its own fund charges, annual expenses and scheduled immigration costs. One-off legal/adviser fees are counted once. Without a planned permanent-residence transition, ARI renewals continue in the model. Include any later-stage budget you want the investment to cover.
5 years · default The starting financial illustration.
7 years · extended process A longer holding-period sensitivity, useful when planning for delays.
10 years · longer-term sensitivity The investment remains held throughout this scenario; it is not a nationality deadline or mandatory holding period.
What you pay. Where it goes.
5-year nominal charges for IMGA Ações Portugal. The fund allocation remains an investment asset, not a fee.
Fund charges are already reflected in the ending fund value. They are not added to external cash outlay again.
View the cash and cost reconciliation
| Net fund allocation | €500,000 |
|---|---|
| Subscription before entry commission | €500,000 |
| Entry commission deducted within subscription | €0 |
| Stamp duty on entry commission | €0 |
| Cash paid for the fund, including duty | €500,000 |
| All non-fund costs | €75,604 |
| Total external cash outlay | €575,604 |
| Fund value after 5 years | €561,749 |
| Net outcome after all modelled costs | -€13,856 |
Subscription = net allocation ÷ (1 − entry rate). Duty = 4% of entry commission. This follows the comparison’s commission-within-subscription convention, with entry charges funded on top of the chosen net units allocation. Confirm exact subscription and immigration treatment for the investor.
Fund-charge impact on 5-year wealth: €76,392, compared with investing the same fund cash outlay at the gross assumption with no fund charges. This comprises €67,617 of charges and €8,775 of compounding difference. That difference can be negative in falling markets.
Popular choices. A lower-cost equity reference.
This isolates product costs. The equity reference has lower modelled five-year costs at the default 5% gross assumption. Strategies and returns differ.
| Measure | IMGA Ações PortugalClass P | Optimize Portugal 80-A80-A compartment | Lower-cost equity fundAccumulating units |
|---|---|---|---|
| Cash paid for the fund | €500,000 | €505,253 | €500,000 |
| Total cash outlay, including non-fund costs | €575,604 | €580,857 | €575,604 |
| Nominal fund charges over the horizon | €67,617 | €61,580 | €45,030 |
| Ending fund value | €561,749 | €574,532 | €587,312 |
| Fund return after product costs | 12.35% | 13.71% | 17.46% |
| Net outcome after all modelled costs | -€13,856 | -€6,325 | €11,708 |
Gross return compounds daily at its annual equivalent; operating and transaction-cost estimates are deducted proportionally on 365 days per year. Management is included in operating costs, not charged again.
Year-by-year fund value and cash requirements
| Year | Fund value | External costs in year | Cumulative cash outlay | Net outcome to date |
|---|---|---|---|---|
| Upfront | €500,000 | €45,285 | €545,285 | -€45,285 |
| Year 1 | €511,781 | €0 | €545,285 | -€33,504 |
| Year 2 | €523,840 | €15,160 | €560,445 | -€36,605 |
| Year 3 | €536,183 | €0 | €560,445 | -€24,262 |
| Year 4 | €548,817 | €15,160 | €575,604 | -€26,787 |
| Year 5 | €561,749 | €0 | €575,604 | -€13,856 |
Application analysis is budgeted upfront; the first card uses your chosen budget year. ARI renewals repeat every two years until an optional planned permanent-residence transition. Permanent-card renewals are budgeted every five years thereafter. Events beyond the selected horizon are excluded. Planning years do not confirm eligibility or permission to redeem.
Immigration-fee schedule used in this calculation
| Item | Year | Base / person | Family amount |
|---|---|---|---|
| Application analysis | 0 | €632 | €2,528 |
| First residence card | 0 | €6,314 | €25,257 |
| ARI renewal 1 · including analysis | 2 | €3,790 | €15,160 |
| ARI renewal 2 · including analysis | 4 | €3,790 | €15,160 |
| Total government fees | €58,104 | ||
Renewal defaults: €3,157.80 issuance + €632.10 analysis per person. Optional permanent residence: €8,840 + €632.10 analysis. All defaults are editable. Later nationality and passport expenses are included only if entered in the later-stage family budget. That budget is separate from the government-fee total above.
Sources, reference dates & calculation boundaries
- Government defaults: AIMA schedule effective 1 March 2026, checked 4 November 2026, III.3(a–e,i), service-rate column. Official fee schedule ↗
- IMGA Ações Portugal · Class P · ISIN PTIG2OHM0009 · product minimum €100,000. Management 2.17%; operating 2.40%; transactions 0.15%; entry 0.00%. DIF dated 14 May 2026 in Portugal Funds ↗. Terms reviewed 4 November 2026.
- Optimize Portugal 80-A · 80-A compartment · ISIN PTOPZFHM0016 · product minimum €1,000. Management 1.80%; operating 2.00%; transactions 0.10%; entry 1.00%. DIF dated 18 August 2026 in Portugal Funds ↗. Terms reviewed 4 November 2026.
- Lower-cost equity fund · Accumulating units · Identity and exact product reference in the app · product minimum €250. Management 1.20%; operating 1.43%; transactions 0.23%; entry 0.00%. View identity and DIF (3 June 2026) in the app ↗. Terms reviewed 4 November 2026.
- The anonymous equity reference was selected for lower total product costs in the five-year base scenario, including entry charges, rather than management fee alone. This is a selected comparison, not a universal ranking. Its 1.43% operating estimate includes management; 0.23% transaction costs are separate. No entry fee is modelled. A conditional 1% exit fee within 90 days does not apply to the five-year illustration.
- Legal €12,500 and adviser €5,000 are user-editable planning assumptions, once per family process, not market survey results or provider quotations.
- Returns are hypothetical gross assumptions, not manager targets or forecasts. No historical NAV is charged twice. No performance or ordinary exit fee is modelled under the documented terms.
- Planning dates do not establish residence or nationality eligibility. A longer financial scenario means the fund stays invested for that scenario; it does not mean investment must continue until nationality. Model the applicable route with your legal representative.
- Personal taxes, future FX, purchasing power, opportunity costs and immigration outcomes are not modelled. Enter ancillary expenses explicitly. Government-fee growth affects government fees only; other costs remain constant. Net outcome is a nominal difference, not an IRR or suitability recommendation.
Investment horizon and immigration milestones are different.
The selected horizon describes how long the fund remains invested in the financial model. It does not set a residence, redemption or nationality date. If your investment can be released before nationality, you can plan an earlier fund exit and a separate budget for the later process.
Adjust the first-card and permanent-residence planning years, ongoing expenses and later-stage family budget with your legal adviser. Five years is the default financial scenario; seven and ten years are sensitivities, not promised processing times.