List of developers for the commercial real estate option (hotel redevelopment) for Golden Visa?

I’m evaluating the hotel investment option for the GV.
Has anyone assembled a list of other developers offering this type of investment - besides Mercan?
And has anyone received their principal investment back from Mercan already ?

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Hello John.

We work with pretty much all of the developers in Portugal with Golden Visa eligible commercial property.
I would be very happy to share with you some information on whats currently available and introduce you directly to our list of developers. Feel free to DM me if you would like to have a chat!

David Lincoln


Hi David,

We are just kicking off the process, given that the program may be changing very soon. Would you mind sharing your list of commercial property projects?

The attorney we spoke with didn’t seem very excited about Mercan. Curious what your take is and what else is available.


We are in the same stage; talking to Mercan and learning about their offering. They are very open about their hotel financing model; whether the assumptions are solid is another question.

I’d love to see a list of other entities that are doing commercial real estate as well.

Jeanne, which attorney did you consult?

I have been exploring the same options and have attended two webinars from two different developers (Mercan and Holborn). I noticed in a few cases they are offering the same properties for investment (e.g. Lisboa and Beja). Does anyone have any insight to the benefit of one over the other and what the relationship is between the two? From what I can tell Holborn will give you your ROI up front in certain cases. I haven’t seen that option with Mercan. I have also heard both companies mention “deeds” but there seems to be a difference between the two companies. I am hearing “full title deed” from Holborn but I am not sure of the differences. They both offer guaranteed buyback but neither has actually paid out a buyback yet since this is a relatively new offering. Another difference seems to be that Holborn offers more use of the property over the year.

Kind regards

I can’t comment on Holborn, but many companies repackage Mercan’s properties and offer them to investors, often with a few extra fees on top. Mercan is the developer and operator of the hotels, and they also have a full apparatus set up to help investors with every step of the GV process.

Hi Jeff
Regarding your comment about guaranteed buy backs not being paid out yet as its a newish offering.

  1. ‘Guaranteed’ is simply a marketing term. No one will legally guarantee you anything related to a real estate investment - as you can’t predict macro economic conditions (war, pandemic etc).
  2. I have been told mixed things regarding buybacks that have occurred already - which concerns me. Mercan has told me they haven’t executed yet, however their own law firm, IAS, has advised me otherwise that they have. Its strange as both Mercan and IAS are owned by the same two people.