# Open funds for US GV investors **URL:** \ **Category:** Portugal Golden Visa\ **Created:** [June 14, 2021, 10:13pm UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276 "2021-06-14T22:13:41Z")\ **Posts on this page:** 18\ **Page:** 5
**Author:** ![cj807](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/c/fbc32d/32.png) [@cj807](https://community.nomadgate.com/u/cj807)\ **Post date:** [May 20, 2023, 7:00am UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/86 "2023-05-20T07:00:15Z")
Not saying don’t do it, but just be aware it’s a bit more admin - on two or three occasions you’ll need both funds to formally confirm to SEF that you have made and have retained your investment, so it’s more paperwork and potential for delay. ---
**Author:** ![eyliu](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/e/ccd318/32.png) [@eyliu](https://community.nomadgate.com/u/eyliu)\ **Post date:** [May 20, 2023, 12:54pm UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/87 "2023-05-20T12:54:37Z")
Thanks for the replies. I just caught up with this guide [Portuguese Golden Visa Investment Funds: The Ultimate Guide – Nomad Gate](https://nomadgate.com/portugal-golden-visa-investment-funds-guide/). The answer from Q&A to my multi-fund investments question is this. “Yes, it’s possible to split your investment into several funds, and in 2021 there were many successful Golden Visa applications submitted this way. The main benefit is broader diversification, and the downside is more paperwork and potentially a bit higher fees (as some fees may be fixed, not a percentage of the invested amount).” ---
**Author:** ![syrenity](https://community.nomadgate.com/user_avatar/community.nomadgate.com/syrenity/32/5410_2.png) [@syrenity](https://community.nomadgate.com/u/syrenity)\ **Post date:** [May 23, 2023, 2:55am UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/88 "2023-05-23T02:55:25Z")
Basically there is only [IMGA](https://nomadgate.com/go/imga-portugal-fund?source=forum) and BPI? Or there are other [open funds](https://nomadgate.com/portugal/open-ended-funds/?source=forum) available? ---
**Author:** ![Korion](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/k/b77776/32.png) [@Korion](https://community.nomadgate.com/u/Korion)\ **Post date:** [May 23, 2023, 5:07am UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/89 "2023-05-23T05:07:16Z")
There are 3 but [IMGA](https://nomadgate.com/go/imga-portugal-fund?source=forum) is by far the largest. ---
**Author:** ![eyliu](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/e/ccd318/32.png) [@eyliu](https://community.nomadgate.com/u/eyliu)\ **Post date:** [May 23, 2023, 5:07am UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/90 "2023-05-23T05:07:43Z")
I find two other fund managers offering similar products., [Optimize](https://nomadgate.com/go/optimize-fund?source=forum) and Sixty Degress. But if I should choose the open equity fund route, I would go with the biggest in terms of total assets under management. ---
**Author:** ![cj807](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/c/fbc32d/32.png) [@cj807](https://community.nomadgate.com/u/cj807)\ **Post date:** [May 23, 2023, 6:08am UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/91 "2023-05-23T06:08:50Z")
Just adding my regular reminder here that BPI Portugal is _not_ suitable for US investors for regulatory reasons. ---
**Author:** ![Chris\_Liu](https://community.nomadgate.com/user_avatar/community.nomadgate.com/chris_liu/32/7541_2.png) [@Chris\_Liu](https://community.nomadgate.com/u/Chris_Liu)\ **Post date:** [September 16, 2024, 7:20am UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/92 "2024-09-16T07:20:18Z")
Thanks for sharing that. Is there any more details you could provide? If BPI is not suitable, what are the other options? would [IMGA](https://nomadgate.com/go/imga-portugal-fund?source=forum) work? Thanks ---
**Author:** ![cj807](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/c/fbc32d/32.png) [@cj807](https://community.nomadgate.com/u/cj807)\ **Post date:** [September 16, 2024, 12:14pm UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/93 "2024-09-16T12:14:16Z")
There seem to be four funds that invest in a broad portfolio of Portuguese equities. I’d strongly advise calling the funds/depositaries to check the eligibility for US persons (particularly BPI). _BPI Portugal_ Initial fee: 0% Annual fee: 1.195% AUM: £41.9m 1y/3y/5y total return pa: 12.02%/12.33%/8.96% US eligible?: Common wisdom from several years ago was No, but I’m not aware anyone has actually asked them in recent years _[IMGA](https://nomadgate.com/go/imga-portugal-fund?source=forum) Class R_ Initial fee: 0% Annual fee: 2.175% AUM: £208.0m 1y/3y/5y total return pa: 10.20%/10.04%/6.28% US eligible?: Yes according to various people on Nomadgate _[Optimize](https://nomadgate.com/go/optimize-fund?source=forum) Portugal Global Opportunities_ Initial fee: 1% Annual fee: 1.8% AUM: £19.8m 1y/3y/5y total return: 8.95%/na/na US eligible?: Yes according to [Open Investment Fund options for US Citizen](https://community.nomadgate.com/t/open-investment-fund-options-for-us-citizen/57451) _[Sixty Degrees](https://nomadgate.com/go/sixty-degrees-acoes?source=forum) Ações Portugal R_ Initial fee: 2% Annual fee: 1.75% AUM: £8.8m 1y/3y/5y total return: 9.78%/na/na US eligible?: Yes according to [Open Investment Fund options for US Citizen](https://community.nomadgate.com/t/open-investment-fund-options-for-us-citizen/57451) Links below > **[BPI Portugal - Fundo de Investimento Aberto de Ações, PTYPIGLM0000:EUR summary...](https://markets.ft.com/data/funds/tearsheet/summary?s=PTYPIGLM0000:EUR)** > **[IMGA Ações Portugal R - Fundo de Investimento Aberto de Ações,...](https://markets.ft.com/data/funds/tearsheet/summary?s=PTIG1DHM0003:EUR)** > **[Optimize Portugal Golden Opportunities Fund Fundo de Investimento Mobiliário...](https://markets.ft.com/data/funds/tearsheet/summary?s=PTOPZWHM0007:EUR)** > **[Sixty Degrees Ações Portugal T FIMMA, PTSXYIHM0002:EUR assets and holdings -...](https://markets.ft.com/data/funds/tearsheet/holdings?s=PTSXYIHM0002:EUR)** > **[Poupar e Investir | Fundo de Investimento BPI Portugal](https://www.bancobpi.pt/particulares/poupar-investir/fundos-de-investimento/bpi-portugal)** > > Invista de forma diversificada em acções nacionais. Para investidores com elevada tolerância ao risco. > **[IM Gestão de Ativos](https://www.imga.pt/en/mutual-funds/equity/imga-a%C3%87%C3%95es-portugal)** > **[Portugal Golden Opportunities – Optimize Investment Partners](https://optimize.pt/en/investment-funds/portugal-golden-opportunities/)** > **[Sixty Degrees Ações Portugal](https://sixty-degrees.com/fundos/sixty-degrees-acoes-portugal/)** ---
**Author:** ![tkrunning](https://community.nomadgate.com/user_avatar/community.nomadgate.com/tkrunning/32/9053_2.png) [@tkrunning](https://community.nomadgate.com/u/tkrunning)\ **Post date:** [September 16, 2024, 2:10pm UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/94 "2024-09-16T14:10:57Z")
If the definition of an [open fund](https://nomadgate.com/portugal/open-ended-funds/?source=forum) is one invested in listed equities and that can be redeemed at any point, then I’d add for example [Portugal Liquid Opportunities](https://nomadgate.com/portugal/funds/portugal-liquid-opportunities/?source=forum) to that list as well. Another question crossed my mind recently: What would happen if any of these funds (in particularly those tracking PSI-20) would invest in a company related to real estate? Would you technically be in breach of your GV terms? While it looks like none of the companies that currently make up the PSI-20 index are directly related to real estate (at least if we assume construction companies are excluded from the definition), what if one that is related to RE would enter the PSI-20 index due to overtaking some of the current constituents’ market cap? Also, as far as I am aware, AIMA primarily considers the management regulations supplied by the fund manager when determining if the fund is eligible. I assume some of these [open funds](https://nomadgate.com/portugal/open-ended-funds/?source=forum) (especially those that are not specifically tailored to GV-investors) fail to officially exclude real estate companies in their management regulations. However, I also don’t know whether that is necessary or not. Curious to hear if anyone has received legal opinions on this since the law changed? I know [Oxy](https://nomadgate.com/go/portugal-liquid-opportunities?source=forum) Capital filters out any RE companies for the Portuguese part of their Portugal [Liquid Opportunities fund](https://nomadgate.com/go/portugal-liquid-opportunities?source=forum). I assume [Optimize](https://nomadgate.com/go/optimize-fund?source=forum) does the same. Have anyone received comments from [IMGA](https://nomadgate.com/go/imga-portugal-fund?source=forum) and BPI regarding how they would handle this? ---
**Author:** ![ali3](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/a/e36b37/32.png) [@ali3](https://community.nomadgate.com/u/ali3)\ **Post date:** [September 16, 2024, 2:14pm UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/95 "2024-09-16T14:14:58Z")
I thought the Portugal [Liquid Opportunities](https://nomadgate.com/go/portugal-liquid-opportunities?source=forum) required 6 month notice to redeem, while all other a 2-5 days of settlement. Is that not the case? ---
**Author:** ![tkrunning](https://community.nomadgate.com/user_avatar/community.nomadgate.com/tkrunning/32/9053_2.png) [@tkrunning](https://community.nomadgate.com/u/tkrunning)\ **Post date:** [September 16, 2024, 2:31pm UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/96 "2024-09-16T14:31:08Z")
It’s slightly slower, yes. They claim that generally it would take less than a month, though, even though the official deadline is six months. A month or a week isn’t much in the grand scheme of things. ---
**Author:** ![cj807](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/c/fbc32d/32.png) [@cj807](https://community.nomadgate.com/u/cj807)\ **Post date:** [September 16, 2024, 2:50pm UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/97 "2024-09-16T14:50:27Z")
It’s a good question. The new Article 3(vii) definition describes “partes de organismos de investimento coletivo não imobiliários” (units of non-real estate collective investment undertakings). I would expect a ‘de minimis’ principle would apply - unless the fund ends up with, say, a 25%+ position in a real estate company, then it would continue to be a “não imobiliários” fund for the purposes of the definition. But ultimately one for the courts if necessary. (And there are a people invested in actual real estate funds who seem to be getting their ARIs renewed, despite there seeming to be no legal provision under which this should happen…) ---
**Author:** ![Chris\_Liu](https://community.nomadgate.com/user_avatar/community.nomadgate.com/chris_liu/32/7541_2.png) [@Chris\_Liu](https://community.nomadgate.com/u/Chris_Liu)\ **Post date:** [October 9, 2024, 8:56pm UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/98 "2024-10-09T20:56:20Z")
Is there anyone who invested in the Portugal [liquid opportunities fund](https://nomadgate.com/go/portugal-liquid-opportunities?source=forum) or [Optimize](https://nomadgate.com/go/optimize-fund?source=forum) Portugal golden opportunities? How do you like the fund so far? Thanks! ---
**Author:** ![sabirch](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/s/91b2a8/32.png) [@sabirch](https://community.nomadgate.com/u/sabirch)\ **Post date:** [October 15, 2024, 5:31am UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/99 "2024-10-15T05:31:14Z")
+1 to the previous question. Has anyone invested in [Oxy](https://nomadgate.com/go/portugal-liquid-opportunities?source=forum) Capital [Liquid Opportunities](https://nomadgate.com/go/portugal-liquid-opportunities?source=forum)? If so how’s the experience , performance can someone share please. ---
**Author:** ![yavuzyesilgul](https://community.nomadgate.com/user_avatar/community.nomadgate.com/yavuzyesilgul/32/6738_2.png) [@yavuzyesilgul](https://community.nomadgate.com/u/yavuzyesilgul)\ **Post date:** [October 24, 2024, 8:39am UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/100 "2024-10-24T08:39:49Z")
hi…does anyone has BPI Funds direct contact? secondly does milliennium BCP has golden visa funds? thank you in advance… ---
**Author:** ![bittersweet123](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/b/e95f7d/32.png) [@bittersweet123](https://community.nomadgate.com/u/bittersweet123)\ **Post date:** [October 24, 2024, 9:02am UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/101 "2024-10-24T09:02:06Z")
Feel free to DM me! ---
**Author:** ![bittersweet123](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/b/e95f7d/32.png) [@bittersweet123](https://community.nomadgate.com/u/bittersweet123)\ **Post date:** [October 24, 2024, 9:03am UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/102 "2024-10-24T09:03:36Z")
Posted on another thread, but: Looks like a Portugal [Liquid Opportunities](https://nomadgate.com/go/portugal-liquid-opportunities?source=forum) seems like a decent option. Fund Manager is [Oxy](https://nomadgate.com/go/portugal-liquid-opportunities?source=forum), who have a really good track record since 2012. Think the fund only launched this year, so track record within this specific fund is short. They aim to do 10% net a year, which they say they are doing this year- equities have bounced globally in 2024 though. Nice diversification with circa 40% outside of PT. 2% subscription fee is high - I guess this is used for on-boarding / Kyc purposes, something that the other [open-ended funds](https://nomadgate.com/portugal/open-ended-funds/?source=forum) do not have to do. However, Management Fee is quite low (1.2%) vs the other [open-ended funds](https://nomadgate.com/portugal/open-ended-funds/?source=forum) ---
**Author:** ![Mma24a](https://community.nomadgate.com/user_avatar/community.nomadgate.com/mma24a/32/7312_2.png) [@Mma24a](https://community.nomadgate.com/u/Mma24a)\ **Post date:** [November 18, 2024, 11:30am UTC](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276/103 "2024-11-18T11:30:45Z")
Could you please share the contact details as well [Previous page](https://community.nomadgate.com/t/open-funds-for-us-gv-investors/39276.md?page=4)