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Portugal Golden Visa 2025: The Fund Route Explained (with Two Live Simulators)

Real estate is out of the spotlight. In 2025, CMVM-regulated investment funds are the most practical path for Portugal’s Golden Visa. This guide covers what changed, who qualifies, and how costs and potential returns might look — with two interactive simulators you can tailor to your family and strategy.

Golden Visa Today: Who Qualifies?

Regulatory frameworks evolve; verify the latest rules with a qualified advisor before investing.

How the Fund Route Works

  1. Shortlist CMVM-regulated managers and request fund documents (PPM, KID/KIIDs, audited track record).
  2. Due diligence: strategy, governance, fees (management/carry), liquidity, lock-ups, auditor, custodian.
  3. Subscribe (usually €500k+), complete KYC/AML, and receive proof of subscription for your application.
  4. File & biometrics: submit the ARI/Golden Visa file, attend biometrics, and receive residence cards if approved.
  5. Maintain & renew until eligible for permanent residency/citizenship.

Simulator: Legalization Costs

Golden Visa Legalization Cost Simulator (Indicative)

Adjust the assumptions below. All values are placeholders for educational purposes — contact your legal advisor for an exact quote.

Household

Total people: 1

Editable Assumptions

Breakdown (indicative)
  • Government fees€5,325
  • Biometrics€533
  • Card issuance€159
  • Documents€250
  • Translations€600
  • Legal advisory€6,500
  • VAT (services)€1,633
  • Subtotal€15,000
  • Contingency€1,125
Estimated Total€16,125

This simulator is for guidance only and does not constitute legal or tax advice. Government fees can change and vary by case.

Simulator: Fund ROI (Illustrative)

Golden Visa Fund ROI Simulator (Illustrative)

Estimate potential outcomes for a €500k investment in a regulated fund. These are illustrative only and not a promise of performance.

For simplicity, returns compound annually net of management fees; performance fee applies to profits above a hurdle at exit.
Projected Results
  • Subscription fee (one-time)€5,000
  • Capital actually invested€495,000
  • Final value before carry€678,193
  • Carry (performance fee)-€908
  • Final value after fees€677,285
  • Net profit€177,285
  • Net MOIC1.35x
  • Net annualized IRR6.26%

Frequently Asked Questions

Talk to Explorer Investments

Speak with our Investor Relations team about the Golden Visa fund route, documentation, timelines, and next steps.

Typical reply time: under 24h (business days)

André Bandeira

André Bandeira

Investor Relations

Maria Campos Silva

Maria Campos Silva

Investor Relations

Why funds (not property)?

  • Regulated structure (CMVM), audited, with independent custodian
  • Diversification across assets vs. single-unit risk
  • Lower physical overhead vs. property management

Disclaimer: This page is informational and does not constitute legal, tax, or investment advice. All simulator outputs are estimates based on user-entered assumptions and simplified models. Fees, regulations, and terms may change. Seek independent professional advice and verify eligibility before proceeding.

Download the Golden Visa Guide 2025 — Free

Get your complete, free guide to the Portuguese Golden Visa. Learn how to invest with confidence through Explorer Investments, the country's largest private equity fund.

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