Not saying donāt do it, but just be aware itās a bit more admin - on two or three occasions youāll need both funds to formally confirm to SEF that you have made and have retained your investment, so itās more paperwork and potential for delay.
Thanks for the replies. I just caught up with this guide Portuguese Golden Visa Investment Funds: The Ultimate Guide ā Nomad Gate. The answer from Q&A to my multi-fund investments question is this. āYes, itās 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).ā
I find two other fund managers offering similar products., Optimize 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.
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Just adding my regular reminder here that BPI Portugal is not suitable for US investors for regulatory reasons.
Thanks for sharing that. Is there any more details you could provide? If BPI is not suitable, what are the other options? would IMGA work?
Thanks
There seem to be four funds that invest in a broad portfolio of Portuguese equities. Iād 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: Ā£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 Iām not aware anyone has actually asked them in recent years
IMGA Class R
Initial fee: 0%
Annual fee: 2.175%
AUM: Ā£208.0m
1y/3y/5y total return pa: 10.20%/10.04%/6.28%
US eligible?: Yes according to various people on Nomadgate
Optimize Portugal Global Opportunities
Initial fee: 1%
Annual fee: 1.8%
AUM: Ā£19.8m
1y/3y/5y total return: 8.95%/na/na
US eligible?: Yes according to Open Investment Fund options for US Citizen
Sixty Degrees AƧƵes Portugal R
Initial fee: 2%
Annual fee: 1.75%
AUM: Ā£8.8m
1y/3y/5y total return: 9.78%/na/na
US eligible?: Yes according to Open Investment Fund options for US Citizen
Links below
https://markets.ft.com/data/funds/tearsheet/summary?s=PTYPIGLM0000:EUR
https://markets.ft.com/data/funds/tearsheet/summary?s=PTIG1DHM0003:EUR
https://markets.ft.com/data/funds/tearsheet/summary?s=PTOPZWHM0007:EUR
https://markets.ft.com/data/funds/tearsheet/holdings?s=PTSXYIHM0002:EUR
https://www.imga.pt/en/mutual-funds/equity/imga-aĆĆes-portugal
https://optimize.pt/en/investment-funds/portugal-golden-opportunities/
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If the definition of an open fund is one invested in listed equities and that can be redeemed at any point, then Iād add for example Portugal Liquid Opportunities 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 constituentsā 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 (especially those that are not specifically tailored to GV-investors) fail to officially exclude real estate companies in their management regulations. However, I also donāt 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 Capital filters out any RE companies for the Portuguese part of their Portugal Liquid Opportunities fund. I assume Optimize does the same. Have anyone received comments from IMGA and BPI regarding how they would handle this?
I thought the Portugal Liquid Opportunities required 6 month notice to redeem, while all other a 2-5 days of settlement. Is that not the case?
Itās 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 isnāt much in the grand scheme of things.
Itās a good question. The new Article 3(vii) definition describes āpartes
de organismos de investimento coletivo nĆ£o imobiliĆ”riosā (units
of non-real estate collective investment undertakings). I would expect a āde minimisā 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 ānĆ£o imobiliĆ”riosā 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 happenā¦)
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Is there anyone who invested in the Portugal liquid opportunities fund or Optimize Portugal golden opportunities? How do you like the fund so far? Thanks!
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+1 to the previous question. Has anyone invested in Oxy Capital Liquid Opportunities? If so howās the experience , performance can someone share please.
hiā¦does anyone has BPI Funds direct contact?
secondly does milliennium BCP has golden visa funds?
thank you in advanceā¦
Feel free to DM me!
Posted on another thread, but:
Looks like a Portugal Liquid Opportunities seems like a decent option. Fund Manager is Oxy, 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 do not have to do. However, Management Fee is quite low (1.2%) vs the other open-ended funds
Could you please share the contact details as well