At MFG Consultants, the Golden Visa application via funds has been one of the most frequent options of our customers for its simplicity, reliability, security to obtain the Golden Visa.

The minimum investment requirement for Portugal Golden Visa’s investment fund option is currently €500,000.

The investment fund route for the Portugal Golden Visa was introduced through an amendment in Portuguese Law no. 102/2017, of August 28th, 2017 updated from January 1st of 2022. The corresponding part of the law reads:

“Capital transfer of the amount of €500,000 or higher, for the acquisition of units of investment funds or venture capital fund of funds dedicated to the capitalization of companies, capital injected under the Portuguese legislation, whose maturity, at the moment of the investment, is, at least, of five years and, at least, 60% of the investments are realized in commercial companies with head office in national territory”

Here is the first attention point: not all funds are fully eligible for the Golden Visa so always seek expert help to assure that your investment is aligned with your goals.

Check our introductorily video below.


Eligible for the €500.000 investment Golden Visa

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To apply to the Portugal Golden Visa program through the investment fund option, the applicant primarily needs to qualify for a Golden Visa. Thus, he or she needs to:


  • Be a non-EU-EEA citizen and a non-Swiss citizen,

  • Have a clean criminal record,

Americans: Can a US Citizen Invest in a Portuguese Investment Fund for Golden Visa?

Yes, a US citizen can invest in an investment fund to obtain a Golden Visa in Portugal.


The investment fund route of the Portuguese Golden Visa program has certain advantages that other investment routes lack.


  • Low Investment: Compared to other investment routes for the Portuguese Golden Visa program, such as the capital transfer (€1 million) and real estate options.


  • Low Fees and Taxes: Investing in investment funds does not lead to hefty fees, and taxes like the real estate acquisition does. Acquiring a property in Portugal comes with an IMI transfer tax (avg 6%), stamp duty (0.8%), and annual municipal taxes (between 0.3-0.5% annually); an investment in a fund has none of these taxes.


  • Safe Investment: A registered fund in Portugal is regulated by (1) the Portuguese Securities Market Commission (CMVM), (2) the Bank of Portugal, and (3) the external Fund Management company. Additionally, (4) the Portuguese Tax Authorities also audit the fund. Such high levels of regulation ensure that the fund complies with the Portuguese legislation, tax laws, and the proposed investment plan approved by the fund investors.


  • Tax-Efficiency: Depending on the tax structure of the fund and the investor, an investment in a fund may yield significant tax efficiencies. Certain cases allow for exemption of withholding tax on the income generated by the fund, particularly if the investors are not tax residents in Portugal. Conversely, all real estate rental income is subject to a fixed 28% taxation in Portugal.


  • Diversification: The Portuguese legislation governs the funds to obtain a certain level of diversification. There are quotas as to what percentage a particular asset or investment in the fund may constitute of the total fund portfolio. This allows for diversification of investments within the fund, and an alleviation of risk for the participating investors.


  • Potential Earnings: Depending on the focus of the fund, the annual yields and the eventual capital appreciation may be significantly higher than other investment options related to the Golden Visa program.


  • Management Delegation: Unlike being a real estate landlord, owning a participation unit in an investment fund is a hassle-free investment. The burden of management is delegated to the fund managers.


At MFG Consultants, we have a team of truly experienced specialists (engineering, management, and finance) who independently analyze, assess, and propose some solutions to investors. We prefer to work with few products, but we try to make these the best and the most transparent and reliable so that you don't have an unpleasant surprise afterwards. All our options are fully regulated by the CMVM and 100% eligible for Golden Visa.

Fund option #1 - Viriato 22


  • Venture Capital Fund with a duration of 8 years

  • 1% of one-time subscription fee

  • Regulated by the Portuguese Financial Markets Authority (CMVM)

  • All investments are in real estate, which is very safe

  • The focus is on luxury properties for short term leases in the luxury segment

  • ROI on Capital Appreciation (real estate inflation) and short-term lease profitability (paid annually to the investor)

  • Estimated ROI per year 4.74%

  • Tax exempt on return for non-residents

  • Total investment €500k + €3.5k Subscription value without further costs

  • The value of all annual costs is 2.8%.

  • All investors can use the properties 14 days a year with family and friends for 8 years, which means a total value of €199k

  • Good and reliable alternative to the typical Real Estate developments with yearly granted income and buyback

Open Space Office

Fund option #2 - INS / SP FUND - OUR BEST SELLER


  • Risk diversification: Safer and diversified allocation of assets. No debt to finance investments or operations

  • Extremely tax efficient: 100% tax exempt for non-resident investors

  • Existing portfolio and expertise from a partner with a huge proven track record in the real estate sector

  • Trustworthy team: No brainer low maintenance investment. The fund manager has more than 6 years of experience

  • Preferential return - dividends (3% net in hand – liquid return without taxes attached) and capital invested 

  • Regulated by the Portuguese Financial Markets Authority (CMVM) and Audited by KPMG

  • Fund target up to €100M

  • You can choose the exit strategy: the investor can request the return the money or exchange for an apartment at the end of the program

  • Partner with a track record of more than 20 real estate projects already acquired for renovation

  • Good and reliable alternative to the typical Real Estate developments with yearly granted income and buyback

  • Good reliable investment that provides a safe, uncomplicated NET return and an original exit strategy where you can recover your money or receive an apartment from this developer.

Fund option #3 

  • This fund provides access to a select and diverse portfolio from Portugal’s leading Real Estate Developers.

  • Diverse pipeline always backed by quality real estate including gateway cities and unique venture fund opportunities.

  • Target Low to moderate Risk-Adjusted Returns with a focus on Capital Preservation. Buy in locations and markets with strong fundamentals and opportunity for upside. Bulk buying discounts and off-plan / refurbishment acquisitions to achieve below market entry points with some immediate downside protection.

  • Provide an effective Portfolio Spread across property types, locations and development stages. Apply modern portfolio management where no single property value is more than 10% of the total investment.

  • Achieve significant tax and cost efficiencies for investments via Private Equity Funds, providing higher returns to investors than direct ownership of traditional real estate. Ability to have up to 50% leverage on real estate portfolio, taking advantage of historically low interest rates and providing enhanced leveraged returns. Low annual running costs and incentivized profit share provides a strong, long-term alignment of interest between investors, fund manager and promotor.

  • Preferential return - 3% to investors with class A units

  • Regulated by the Portuguese Financial Markets Authority (CMVM) and audited by Deloitte

Gold Ribbon

Fund option #4


The priority for IMPFund FCR, is investment in a diversified and solid portfolio of companies. The focus is on; residential, retail, hospitality, student, and office accommodation. The main geographic areas are; Porto, Lisbon and the Algarve.


The Fund invests in companies with the following real estate portfolios:

  • Residential

  • Retail

  • Hospitality

  • Student residences

  • Offices

The real estate assets for the companies invested into are located in: Porto, Lisbon and the Algarve.

The IMPFund is a transparent private equity fund: its constitution was approved by the Portuguese Securities Market Authority (CMVM) in December 2020 and will be managed by a Portuguese-based Fund Manager. Both the Fund and the Fund Manager are subject to the permanent scrutiny of CMVM.

  • Target Ticket Size - 25.200 units at €1.000 / unit / Minimum investment of 500 units or €500.000

  • Duration:

  • 8 years + a 2-year extension

  • 2 years (Subscription Period)

  • 6 years (Investment Period)

  • 2 years (Divestment Period)


  • Management Fee: 2% with a minimum of €90.000 per year

  • Target Return: 3% net of expenses and fees of the fund

  • Performance Fee: 50% / 50% above the 3% target return

  • Subscription Fee: €2.500

Fund option #5 (a sustainable investment option eligible for the Portuguese Golden Visa)


​The fund prioritises stability and sustainability above all else. An inherently long-term outlook is reflected in the investment strategy. 
The concept relies on the purchase of quality farmland and uses long term contracts to lock in a fixed rate of rental income from large scale farm operators, while also capitalizing on appreciation in land value over the life span of the fund. 
With crop demand set to double in the next 30 years, sustainable farmland represents an unparalleled asset class on a risk-adjusted basis.
The fund was established to accelerate a transition to environmental farm practices and a resilient food system, while providing deep and reliable roots for a diversified investment portfolio.




  • - Annual Dividend: 5%

  • - Fund Maturity: 14% - equivalent to 2% per year if invested through the full 7 years.

  • FUND TERM* 7 - year Closed-end Fund.

  • PRIMARY SOURCE OF INCOME 25 - year Rental Income Contracts. 


  • FUND AUDITOR: Deloitte

  • INVESTMENT BANK: Banco Comercial Português S.A.

  • SUBSCRIPTION FEE: 1% initial setup fee

  • MANAGEMENT FEE 0.95% annual - calculated against initial investment.

  • SHARE CLASSES & PAYMENTS: The fund offers two share classes, a Preferred share class made up of external investors, and an Equity share class made up of internal Investment Committee members. The internal Equity share class receives 0% of profits generated until the annual target of 5%, has been paid out to the external Preferred share class. This means our investors are always paid out first. The Equity share class receives no compensation at fund maturity until the maturity target of 14%, has been paid out to the Preferred share class.

  • EXIT: Assets sold to tenant partners already operating the land, who retain first-right-of-refusal at open market rates upon fund liquidation.

  • TAX ADVANTAGES: 0% Tax on Profits - Pela Terra Farmland is fully exempt from Corporate Income Tax (CIT). Non-resident investors who are not residents of a tax haven jurisdiction are exempt from Withholding Tax.

Harvesting Crop Field



Only the best investment options

No travel? No problem! We handle everything remotely

Large Coverage‏ and a full service at your disposal

  • Individual advice on the process of buying and selling investments / properties.

  • Structuring investments / real estate projects

  • Contractual Due diligence

  • Client representation in all stages of negotiation, formalization and management

  • Tax Planning

  • Real Estate Asset Management

  • International conveyance 

  • Contact with the client and elaboration of legal documents in several languages

  • Response in 24 hours, 7 days a week

  • Client representation. All processes (investment search and acquisition and GV application) can be fully held remotely by our team

  • Opening a bank account remotely and fiscal representation

  • Investment Advice

  • Tax Planning

  • Due diligence documentation for investment (acquisition of property) 

  • Preparation and presentation of the process with the immigration services

  • Follow-up for 5 years to the investor and family members

  • Investment / Property Selection and Acquisition Process

  • Due-Diligence

  • Dedicated Legal Department

  • Exclusive GV eligible Investments 

  • Banks & Insurance (remote option available)

  • Property Management (rent and after-sales)

  • Tax Representation and Accountant Service

  • Family and certification

Curved Building

Fund option #6


This fund is a diverse portfolio with remarkable and iconic assets including a 100 year old theatre restaurant, and all of which are focused on the flourishing real estate sector of Lisbon. 
Each asset is in a prime location with a strong, yet conservative business strategy.
40% of the fund consist of projects which will 'Develop & Rent + Sell' commercial assets with a Restaurant Theatre and a 5-Star Boutique Hotel, both located on the "Champs Elysee" of Lisbon (Avenida da Liberdade).
60% consist of two Residential Developments in strategic locations; "Develop & Sell".
The forecasted portfolio has been specially set to generate a 4% yearly target coupon and an overall 11% target yearly return on investment.


  • Investment scope: Investing into companies developing and holding Prime estate assets in Portugal

  • Fund maturity: 7 Years (including subscription Period) 

  • Overall target return: Net 11% P.a. 

  • Yearly target coupon: Net 4% P.a. 

  • Management fees: 1%  (not paid by investor)

  • Subscription fee (one-off) €5K (Paid by investor)

  • Exit and upside sharing: The fund invest in companies in fund unit Holders will be entitled to 60% of tHe Performance at exit 


MFG Consultants, is a top leading investments consulting firm with more than 10 years of experience at a national and international level. This allows us to offer a multidisciplinary service of high quality and level of expertise.
The Company is established in Portugal since 2010, starting its activity in Cascais and currently has 2 offices in Portugal including Vilamoura. We have national coverage. 
The Company’s competitive advantages reflect its brand image:  availability, our commitment to specialization and quality, focus and proximity with our clients, a philosophy based on a fast and none bureaucratic way of working, results orientation and professional ethics commitment, a team fluent in several languages.
We offer a full and REAL integrated service of high quality suitable to customer needs. At our investments portfolio we have always available the latest opportunities by working closely with dozens of the best agents and developers in the Portuguese market.

For more information and brochure download about the Portuguese Golden Visa program please visit our website: