14 Jun 2025
The Ultimate List of Portuguese Golden Visa Investment Funds for 2025
The Ultimate List of Portuguese Golden Visa Investment Funds for 2025
Imagine sipping coffee in a sunlit Lisbon café, exploring the Algarve’s golden beaches, or traveling visa-free across Europe’s Schengen Area. The Portuguese Golden Visa makes this dream a reality for non-EU citizens, offering residency through a qualifying investment. With real estate options phased out in 2023, investment funds have taken center stage, blending the promise of residency with potential financial returns. At Citizenship360, we’re here to guide high-net-worth individuals, entrepreneurs, and families toward their European dream with our mission of “Sovereignty Without Borders.”
In this article, we present the ultimate list of Portuguese Golden Visa investment funds available in 2025. These funds, regulated by the Portuguese Securities Market Commission (CMVM), offer diverse strategies – from sustainable agriculture to cutting-edge technology. Whether you’re seeking stability or growth, there’s likely a fund that fits your goals. Let’s explore why funds are a smart choice and dive into the options.
Why Choose Investment Funds for Your Golden Visa?
Investment funds are a favorite for Golden Visa applicants, and it’s easy to see why. They offer:
- Diversification: Your money is spread across multiple assets, reducing risk compared to a single investment.
- Professional Management: Experienced fund managers handle the details, saving you time and effort.
- Regulatory Oversight: CMVM ensures transparency and compliance, giving you peace of mind.
- Potential Returns: While residency is the primary goal, many funds aim for financial growth.
- Alignment with Values: From green energy to education, you can choose funds that reflect your passions.
However, funds vary in risk and focus. Some prioritise stability, like agricultural or debt-focused funds, while others chase higher returns through private equity or tech startups. You’ll want to match your risk tolerance and interests to the right fund.
Important Note: To qualify for the Golden Visa, you must invest at least €500,000 in a single qualifying fund, even if the fund’s general minimum is lower. These funds must allocate at least 60% to Portuguese companies and exclude real estate investments, per 2025 regulations.
The Ultimate List of Golden Visa Investment Funds
Below is a curated list of funds eligible for the Portuguese Golden Visa in 2025, as provided by Citizenship360. Each offers a unique strategy, from sustainable agriculture to hospitality ventures. For each, we’ve noted the fund’s general minimum investment, but remember: a €500,000 investment is required for Golden Visa eligibility.
Sustainable and Green Funds
These funds focus on environmental impact, perfect for those who want their investment to support a greener future.
- Pela Terra II
- Strategy: Purchases and cultivates large orchards, emphasizing organic transition and soil health.
- Minimum Investment: €200,000 (Golden Visa: €500,000)
- Duration: 8 years
- Subscription Deadline: November 1, 2025
Pela Terra II is a standout for eco-conscious investors. By focusing on sustainable agriculture, it offers low-risk exposure to farmland, a resilient asset class (Pela Terra). Think stable returns and a positive environmental impact.
- Iberian Net Zero
- Focus: Renewable energy, energy efficiency, and clean mobility.
- Minimum Investment: €150,000 (Golden Visa: €500,000)
- Duration: 8 years
- Subscription Deadline: February 2026
Passionate about climate change? This fund invests in projects reducing carbon footprints, from solar farms to electric transport solutions.
- Terra Nova
- Focus: Irrigated farmland in the Iberian market, prioritizing cash flow stability and capital preservation.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: 8 years
- Subscription Deadline: December 2025
Terra Nova offers a tangible investment in agricultural land, ideal for those seeking steady income with minimal volatility.
- Solar Future Fund III
- Focus: Collateralized financing for solar and battery storage projects in Portugal and Spain.
- Minimum Investment: €150,000 (Golden Visa: €500,000)
- Duration: 7 years
- Subscription Deadline: April 2026
This fund supports the renewable energy boom, offering stability through contracted projects.
- Dipalo Heed Climate Tech Fund
- Focus: Early-stage climate innovations using hard tech, software, and AI.
- Minimum Investment: €200,000 (Golden Visa: €500,000)
- Duration: 10 years
- Subscription Deadline: March 2026
For tech-savvy investors, this fund backs cutting-edge solutions in underfunded climate sectors.
- New Frontiers Energy Fund
- Focus: Early-stage solar projects on Portugal’s government-approved Acordo list.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: 8 years
- Subscription Deadline: September 2025
Invest in high-quality solar initiatives with strong government backing.
- Emerald Capital Fund
- Focus: Renewable energy development companies and infrastructure.
- Minimum Investment: €250,000 (Golden Visa: €500,000)
- Duration: 7 years
- Subscription Deadline: June 2026
This fund powers the green energy transition with a focus on infrastructure growth.
- Greentech II
- Focus: Sustainable forestry projects, primarily Portugal’s cork oak forests.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: 10 years
- Subscription Deadline: July 2026
Support biodiversity and sustainability through investments in Portugal’s iconic forests.
- Portugal Energy Efficiency Investment Fund II
- Focus: Energy efficiency, renewable energy, and clean technologies.
- Minimum Investment: €200,000 (Golden Visa: €500,000)
- Duration: 10 years
- Subscription Deadline: October 2026
Positioned in a high-growth sector, this fund drives innovation in energy solutions.
Equity and Bond Funds
These funds offer exposure to stock and bond markets, balancing stability and growth.
- Optimize Portugal Golden Opportunities
- Type: Mutual fund investing in equities and bonds listed in regulated markets.
- Minimum Investment: €1,000 (Golden Visa: €500,000)
- Duration: Open-ended, sell anytime
- Subscription Deadline: Open-ended
Flexibility is key here. This open-ended fund lets you exit anytime, with a diversified portfolio across Portuguese and global markets.
- Portugal Liquid Opportunities
- Investment: Public equities, with >60% in Portuguese listed equities and <40% in international strategies.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: Open-ended
- Subscription Deadline: Open-ended
Focused on liquid assets, this fund supports Portugal’s economy while offering growth potential.
- Heed Top
- Structure: Open-ended fund with at least 60% in Portuguese equities and bonds, up to 65% equity exposure.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: Open-ended
- Subscription Deadline: Open-ended
A balanced option for those seeking both stability and international diversification.
- Portugal Golden Income Fund
- Allocation: 70% Portuguese corporate bonds, 15% US equities, 15% digital assets.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: Open-ended
- Subscription Deadline: Open-ended
This fund blends traditional bonds with modern digital assets for a contemporary portfolio.
- Horizon Fund
- Allocation: 65% Portuguese large-cap corporate bonds, 35% digital asset ETFs (BTC).
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: Open-ended
- Subscription Deadline: Open-ended
A conservative fund with a modern twist, incorporating cryptocurrency exposure.
- IMGA Ações Portugal
- Type: Mutual fund focused on the Portuguese stock market.
- Minimum Investment: €1,000 (Golden Visa: €500,000)
- Duration: Open-ended
- Subscription Deadline: Open-ended
Note the 2.175% annual management fee, but it offers direct exposure to Portugal’s equity market.
Private Equity and Venture Capital Funds
For those comfortable with higher risk, these funds target growth-oriented opportunities.
- C2 Legacy Buyout Fund
- Target: Late-stage companies with steady cash flows and growth potential.
- Minimum Investment: €150,000 (Golden Visa: €500,000)
- Duration: 8 years
- Subscription Deadline: December 2025
Ideal for private equity enthusiasts seeking high returns from established firms.
- Mercurio II Fund
- Strategy: Growth/buyout of mature Portuguese companies with downside protection.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: Until December 2033
- Subscription Deadline: December 2027
Balances high returns with risk mitigation strategies.
- Lince Growth Fund I
- Focus: Portuguese companies in industrial and circular economy sectors with high growth potential.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: 8 years
- Subscription Deadline: October 1, 2025
Targets innovative firms driving sustainable industrial growth.
- Iberis Greytech Co-Investment Fund
- Focus: Growth and buyout in mid-market companies.
- Minimum Investment: €50,000 (Golden Visa: €500,000)
- Duration: 8 years
- Subscription Deadline: July 10, 2025
Offers access to established businesses with strong growth prospects.
- Ventures.eu Fund
- Focus: Climate and deep-tech startups in Portugal and Europe with EU validation.
- Minimum Investment: €250,000 (Golden Visa: €500,000)
- Duration: 10 years
- Subscription Deadline: December 2025
For those excited by high-potential tech startups with global ambitions.
- Private Equity Fund
- Focus: Venture capital with emphasis on credit purchase and bond acquisitions.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: 10 years
- Subscription Deadline: October 2026
A broad approach to private equity with a focus on credit opportunities.
- Bluetech III Fund
- Focus: Innovative Portuguese tech companies with global growth potential.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: 12 years
- Subscription Deadline: December 7, 2025
Invests in early and later-stage tech firms for diversified exposure.
Sector-Specific Funds
These funds target niche industries, from hospitality to education.
- SHARING Education Fund II
- Focus: Expansion of international schools.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: 12 years (exit option after 6 years)
- Subscription Deadline: January 31, 2027
Support education while securing residency—a win-win for socially minded investors.
- Mercan Hospitality Fund I
- Focus: Hospitality units, including Hilton Resort, Hard Rock Hotel in Algarve, and Accor Hotel in Porto.
- Minimum Investment: €250,000 (Golden Visa: €500,000)
- Duration: 6+ years
- Subscription Deadline: September 2025
Tap into Portugal’s booming tourism sector with premium hospitality brands.
- Golden Leisure Fund
- Focus: High-end tourism in the Alentejo region.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: 10 years
- Subscription Deadline: June 2026
Invest in luxury tourism in one of Portugal’s most picturesque regions.
- Flex Space Fund
- Focus: Flexible office spaces through District, adapting to modern work trends.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: 8 years
- Subscription Deadline: June 2026
Capitalizes on the rise of flexible workspaces in Portugal.
- Ando Europe Fund
- Focus: Short-term stay apartments and food/entertainment hospitality.
- Minimum Investment: €200,000 (Golden Visa: €500,000)
- Duration: 7+ years
- Subscription Deadline: December 2025
A dynamic fund for those eyeing Portugal’s vibrant hospitality market.
- Platinum Smart Hospitality Fund
- Focus: Hospitality management, education, technology, and renewable energy.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: 7 years
- Subscription Deadline: September 16, 2025
A multi-sector fund blending hospitality with innovative industries.
- VIDA Fund II
- Focus: Distressed hospitality companies, refurbished for profitability.
- Minimum Investment: €250,000 (Golden Visa: €500,000)
- Duration: 6.5 years
- Subscription Deadline: December 31, 2025
Turnaround opportunities in Portugal’s hospitality sector.
- Ceres II
- Focus: “Proximity stores” in food and retail.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: 12 years
- Subscription Deadline: December 31, 2026
Invest in community-focused retail with steady demand.
- Haven Fund
- Focus: Hotels under Editory Collection Hotels (SONAE Group).
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: 12 years
- Subscription Deadline: December 31, 2026
Back a trusted hospitality brand with long-term potential.
- First Pharma Fund
- Focus: Acquiring and optimizing Portuguese pharmacies for profitability.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: 8 years
- Subscription Deadline: November 30, 2025
A unique opportunity in the stable healthcare sector.
- Legacy Fund
- Focus: Collectible cars—classic, super, and hyper cars.
- Minimum Investment: €100,000 (Golden Visa: €500,000)
- Duration: 10 years
- Subscription Deadline: June 2027
For car enthusiasts, this fund offers a niche, high-value investment.
- Container Fund
- Focus: SMEs using AI to penetrate new markets and boost productivity.
- Minimum Investment: €50,000 (Golden Visa: €500,000)
- Duration: 10 years
- Subscription Deadline: December 2025
Leverage AI-driven innovation for high-growth potential.
- InDexed
- Focus: Debt/equity in commodities companies for steady growth.
- Minimum Investment: €50,000 (Golden Visa: €500,000)
- Duration: 10 years
- Subscription Deadline: April 2026
A conservative choice for long-term stability.
How to Choose the Right Fund
Selecting a fund can feel overwhelming, but here are tips to guide you:
- Risk Tolerance: Conservative investors might prefer funds like InDexed or Terra Nova, while those seeking growth could explore Ventures.eu or Bluetech III.
- Interests: Align your investment with your passions—sustainability (Pela Terra II), technology (Dipalo Heed), or hospitality (Mercan Hospitality).
- Track Record: Review the fund’s performance history, though past results don’t guarantee future gains.
- Fees: Check management and subscription fees, like IMGA Ações Portugal’s 2.175% annual fee.
- Strategy: Ensure the fund’s portfolio matches your financial goals.
Consulting with experts, like those at Citizenship360, can help you navigate these choices.
The Golden Visa Application Process
Securing your Golden Visa involves a few steps:
- Choose a Fund: Select a qualifying fund and invest at least €500,000.
- Gather Documents: Provide a passport, proof of investment, criminal record, and other paperwork. Documents in English, Spanish, or French are accepted.
- Submit Application: Work with an advisor such as Citizenship360 to file with the Portuguese Immigration and Borders Service (AIMA).
- Await Approval: Processing can take time due to backlogs.
Citizenship360 offers end-to-end support, from fund selection to application submission, ensuring a smooth process.
Tax Considerations
Investing in funds may offer tax advantages, depending on the fund’s structure and your situation. Portugal’s Non-Habitual Resident (NHR) regime ended in 2024, but the new NHR 2.0 (IFICI) provides tax incentives for specific professions, like researchers or tech specialists. Consult Citizenship360 to explore benefits.
Risks and Mitigation
All investments carry risks. Market fluctuations, economic downturns, or sector-specific challenges can affect returns. Funds like Pela Terra II emphasize low volatility, while tech-focused funds like Ventures.eu carry higher risk. Diversification and professional management help, but due diligence is key. Review fund prospectuses and seek expert advice.
Frequently Asked Questions
- What is the minimum investment for the Golden Visa through funds?
At least €500,000 in a single qualifying fund.
- Can I invest in multiple funds to meet the €500,000 requirement?
Typically, the investment must be in one fund. Confirm with an advisor.
- Are there restrictions on fund types?
Funds must avoid real estate and allocate 60% to Portuguese companies.
- How long must I hold the investment?
At least five years for permanent residency or citizenship eligibility.
- Can I include my family?
Yes, spouses, dependent children, and sometimes parents can be included.
Conclusion
The Portuguese Golden Visa opens doors to a vibrant European lifestyle, and investment funds make it accessible with diverse, professionally managed options. Whether you’re drawn to sustainable agriculture, renewable energy, or innovative startups, there’s a fund to match your vision. At Citizenship360, we’re committed to guiding you through every step, from fund selection to residency approval. Ready to start your journey to Portugal? Contact us today to explore your options and make your European dream a reality.
