Golden Visas in Portugal and the Explorer Funds: A Deep Dive into 2025

What Is the Portugal Golden Visa? (ARI)

The Portuguese Golden Visa — formally the Residence Permit for Investment Activity (ARI) — launched in October 2012. It enables non-EU nationals to secure residency by meeting defined investment criteria.

Eligible investment modalities (historically)

• Real estate acquisition
• Capital transfer into funds (private equity / venture capital)
• Contributions to scientific research or cultural heritage
• Job creation (minimum 10 full-time jobs)

Reforms: real-estate investment is no longer eligible for new applications in many areas. The emphasis is now on fund investment, capital transfer, research, and cultural support.

Other core conditions

• Maintain the investment for a minimum of 5 years
• Stay requirement typically around 7 days per year in Portugal
• Family inclusion: spouse, children, and dependent parents
• After 5 years, potential eligibility for permanent residency and later citizenship (subject to language and legal requirements)

Recent Statistics & Trends (2023–2025)

Investment composition & shifts

• 2023 total ≈ €70.9M: ≈ €50.08M real estate vs ≈ €20.82M fund/capital
• Funds grew rapidly; by 2023, ≈ 30% of Golden Visa permits
• Geographic restrictions redirected demand toward funds

Nationalities & origins

• China remains significant but with a declining share
• Brazil consistently second
• U.S. applicants rising (some reports ≈ 20% of applications)
• Turkey, South Africa, and GCC countries notable as well

Challenges & backlogs

• Processing delays with tens of thousands pending (2023–2025)
• Litigation exists but volume constrains effectiveness

Explorer Investments / Explorer Funds: Role & Appeal

Who is Explorer Investments?

Explorer Investments is a Lisbon-based alternative asset manager (founded 2003) focused on private equity, growth, and hospitality. The firm manages open funds that can be eligible for the Golden Visa, with strong emphasis on operational value creation.

Opportunities & Risks

Strategic Tips for Investors

• Due diligence: review Explorer’s performance, fund docs, exits, and transparency.
• Time horizon fit: ensure lock-ups match residency plan.
• Tax & legal counsel: Portuguese tax, DTTs, immigration law.
• Policy watch: monitor reforms (e.g., social/solidarity visa ideas) that may complement ARI.
• Manage expectations: factor in processing backlogs.

Conclusion & Outlook

Portugal’s Golden Visa is shifting from real-estate dominance to fund-based strategies. In this landscape, Explorer Investments sits in a strategic position with eligible open funds. Success still depends on diligent selection, clear timelines, and ongoing regulatory awareness.

For many investors, a well-chosen Explorer fund can combine legal eligibility with exposure to growth — not a guarantee, but one of the most compelling paths in today’s framework.