Optimize Portugal Fund - Problems with Atlantico

We have invested with the Optimize Portugal Fund and hoped to submit our GV application a few weeks ago. Unfortunately, we have run into trouble with Atlantico refusing to issue the declaration that we need unless we have the shares transferred to them to be held (it isn’t clear if that’s possible). Again, we transferred the money to our account at Atlantico from our account in the U.S. and then successfully made our investment into the fund about a month ago. All of our other documents are ready to go, but we need the declaration from Atlantico that our funds were transferred to our account there from the U.S. It is my understanding that Atlantico is legally obligated to give us the declaration, but that doesn’t seem to be making any difference. We have heard that there may be other investors who are in the same situation with Atlantico and if so we would love to connect with them. We’d also welcome advice if anyone has any thoughts about how to get out of this situation. Our lawyer has been working on it, but we are getting desperate. Thanks!

Sorry to hear this. I am about to invest in Optimize through a local agent. However, my local bank is Novo Banco. I will ask my agent how Novo Banco usually deal with this issue.

Atlantico (like Bison, BiG and Millennium) are meant to be the few banks that I’m aware of that Support US Investors who do the Funds Option.

From everything I’ve read, these banks (and I believe they usually offer special accounts that have much higher fees) are meant to hold the shares (Kind of like a Brokerage Account). Does it sound like you have the right account (If you have an ordinary account maybe that’s your first issue).

Either way, I had an account with Bison and that was how it was supposed to work. I assume somehow your shares can be transferred to the Bank. I suspect you’ll likely need to pay more for an account that can hold shares if perhaps you’re only having the everyday account right now.

I didn’t do the funds option (I looked at it in 2021 so I was are of limited options, back then is was more like just Bison and Atlantic was just getting into the US-investor support), but I am using Atlantico for the Property option, and they are processing my Bank Declaration (My Bank Declaration contact at Atlantic is beatriz.vieira@atlantico.eu) now and I’ve provided them with the documents they asked, so they are certainly doing declarations.

Your lawyer hopefully has a few people doing Funds and Atlantico and can hopefully guide you to the specifics, though it doesn’t sound like it.

I’m curious how this got resolved?

I’m sorry to hear that you’re having this issue.

I went with Optimize, too, and they have been very helpful.

I used Bison Bank to transfer the funds and fully expected the shares to be moved to Bison Bank. When that didn’t happen automatically I contacted Optimize and they explained that they would hold my shares without any fees and that the bank is obligated to provide the documentation of the EUR500,000–which is all the PT government requires. Bison Bank did so when asked for it. I don’t know about the “legality” of them holding out on you, but you definitely don’t need to have the shares “stored” with them to apply for the GV.

1 Like