Published by Aliança Portuguesa para a Migração por Investimento.
Updated Editorial standards
The fund route combines an immigration eligibility test with the regulation and commercial risks of a collective investment undertaking. Both need separate examination.
Key considerations
- The statutory capital threshold is €500,000 for a qualifying non-real-estate collective investment undertaking.
- The five-year maturity test is measured at the time of investment.
- Regulatory supervision does not determine an applicant’s residence eligibility or guarantee an investment return.
What the legislation requires
Article 3(1)(d)(vii) of Law No. 23/2007 covers the acquisition of interests in non-real-estate collective investment undertakings established under Portuguese law. The capital transfer must be at least €500,000. At the time of investment, maturity must be at least five years and at least 60% of the investment value must be placed in commercial companies headquartered in Portugal.
Article 3(5) additionally prohibits the eligible activity from being directed, directly or indirectly, towards real-estate investment. Review the fund’s governing documents, investment policy and underlying exposures. A manager’s marketing description should be tested against those documents and the legal requirements.
The regulatory framework
The Portuguese Asset Management Regime, approved by Decree-Law No. 27/2023, and applicable CMVM regulations govern collective investment and management activity. The precise authorisation, registration, disclosure and investor-category rules depend on the undertaking and manager.
Check the exact legal name and regulatory status of the manager, fund and any intermediary. The immigration authority decides residence applications. A reference to CMVM supervision is not an approval of the investor’s Golden Visa application, nor evidence that capital or returns are guaranteed.
Documents needed for the immigration file
Article 65-D requires an ownership certificate showing that the units are free of encumbrances and a manager’s declaration addressing the investment plan, maturity and Portuguese-company allocation. The regulation also provides for evidence of the effective capital transfer from an authorised or registered credit institution.
The declaration must correspond to the investment actually held. Confirm who issues it, how the investor is identified and how changes in the fund are reported. Renewal evidence includes continued ownership and a manager’s declaration that the investment conditions remain satisfied.
Read the investment terms independently
Eligibility for residence does not answer whether the investment is suitable. A practical review should cover the assets being acquired, valuation methods, concentration, leverage, related-party transactions and the scope of independent oversight. Request the constitutive documents and the latest available financial reports.
- Separate subscription costs, recurring management fees, performance fees and underlying expenses.
- Identify the depositary, auditor and valuation arrangements where applicable.
- Check investor voting rights, manager replacement provisions and conflict-of-interest policies.
- Ask how the investment policy and the 60% requirement are monitored and documented.
Use a document-based review matrix
Ask for a document and an accountable answer to each material question. The matrix below is a practical review tool, not an additional statutory checklist or a conclusion that a particular fund qualifies.
| Review question | Material to examine |
|---|---|
| What am I subscribing for? | Full legal name, unit class, subscription agreement, management rules and investor eligibility requirements. |
| Where can the capital go? | Binding investment policy, permitted assets, indirect exposures and the process for changing that policy. |
| How is the immigration declaration supported? | Draft manager declaration, maturity calculation, allocation methodology and ownership certificate process. |
| What affects the amount I receive? | All layers of charges, distribution rules, valuation policy and liquidation costs. |
| What if the timetable changes? | Extension powers, voting thresholds, early distributions, transfer restrictions and investor notice provisions. |
Fund maturity and access to capital
A stated term is not the same as a right to cash redemption on that date. Examine extension powers, liquidation arrangements, transfer restrictions and any conditions on early distributions. A sale of units may depend on consent and on finding a purchaser.
The immigration maintenance period is a separate calculation: Article 65-B counts at least five years from the grant of residence. Administrative delay can therefore create a mismatch between the investment’s commercial timetable and the residence timetable. Address this in writing before subscribing.
From subscription to a usable evidence file
Before transfer, reconcile the names, unit class, amount and bank instructions across the governing documents and subscription paperwork. Establish which amount represents the acquisition of the qualifying interest and which amounts pay separate charges. Arrange an independent check of any changed payment instructions.
After completion, obtain the executed subscription documents, transfer confirmation, allocation or ownership record and the required declarations. Compare them for discrepancies rather than simply placing them in a folder. Before renewal, ask for updated evidence that addresses the current holding and conditions, including any intervening distributions or amendments.
Keep a dated record of questions, answers and document versions. If the manager’s letter is narrower than the explanation in the sales presentation, have that difference resolved in writing before treating the file as complete.
Questions to resolve before subscription
Ask your legal adviser and the manager to identify the specific documents supporting each eligibility condition. Distinguish a professional legal opinion from a contractual assurance and from a decision by AIMA. Clarify the consequences if the portfolio, manager or legal framework changes.
PIMA does not publish a recommended-fund list or endorse particular products. The purpose of this framework is to help readers examine the legal conditions and obtain an independent assessment of the investment and its risks.
Practical questions
Is a commitment to invest the same as completing the investment?
No. Article 65-A requires the investment to be completed when the residence application is presented. If a fund uses capital calls, obtain advice on the amount actually paid and acquired, the remaining commitment and the evidence available. A signature alone does not establish completion.
What if the fund changes its investment policy after I subscribe?
Obtain the proposed amendment, notice, voting information and the manager’s assessment of continuing compliance. The immigration review should consider the actual change, including indirect real-estate exposure and the required allocation. A contractual power to change policy does not settle the residence consequences.
Does an unsuccessful residence application entitle me to a refund?
The immigration rules do not themselves create a general fund refund promise. Read the subscription and withdrawal terms to determine what rights exist, who owes the obligation, the conditions and the financial consequences. Do not rely on an informal assurance that the investment can simply be reversed.
Source references
Sources and further reading
Article 3(1)(d), (2), (3), (5) and Article 90-A
diariodarepublica.ptArticles 65-A to 65-E: completion, evidence and maintenance of the investment.
diariodarepublica.ptCurrent consolidated framework for collective investment undertakings and their managers.
diariodarepublica.ptInvestor information on financial instruments and investment risks.
investidor.cmvm.ptGeneral information. The applicable law, your circumstances and the competent authority’s decision determine your position. Editorial Standards and Corrections
