Thanks to all who are sharing here. Lots of good information gleaned.
Iām leaning toward the open ended funds as well. Optimize is at the top. I have a zoom call with them this week. May split with Oxy but Iām still researching them.
Iāve signed up with Lexidy law group to assist and guide. Expensive but I hope/anticipate to make up the expense in the long run. Working directly with Vasco thereā¦heās both amicable and responsive.
I didnāt use an intermediary. Using Holborn and others is unnecessary complexity and cost IMO. I did consult w a great fund placement agent advisor (Kurran Sachdeva) and happy to put you in touch but itās basically my lawyer (Margarida Torres) and the fund principals.
I was going to do more into open ended (Oxy or Optimize) but due to the pull back in global equities and my increasing bearishness around US markets, I imagine PT markets will see some correlation so Iām OK being overweight to private investments and thus the closed end more PE style offers
Thanks very much for the reply, Greg! And thank you for the reference to Novomove. I hadnāt heard of them before and Iāll definitely check them out. I also saw the posts about the AIMA system. Hopefully that resolves soon. Itās good to know that a bank account isnāt strictly necessary. Thanks for your post and reply!
Thanks, Grant! Iāve been hearing a lot of people say that the Golden Visa companies donāt add too much to the process. From the outside, I feel so ignorant about it all. Having a company oversee the process seems somewhat reassuring, especially if theyāll help advise and oversee it all the way to citizenship. However, as I become more informed, I might feel comfortable arranging the pieces on my own. Itās good to know that you were able to do that. It sounds like youāre familiar with investing, which Iām not. Thanks for the input!
We split ours between Optimize, IMGA, and 60 Degrees. Decided we liked open ended indexed funds, but wanted to hedge against mgmt decisions.
As someone new here also you put into words what I have been thinking. Following to see how things work for you.
Is that managed by Russ Hanneman?
Iām investigating it. I donāt know anyone who has worked with them. Has 1.5% management fee and 20% of 5% hurdle.
Hi everyone,
Iām currently exploring investment funds that qualify for Portugalās Golden Visa program. Iām looking to diversify across two types of funds ā one open-ended and one closed-ended ā aiming for a balanced approach between flexibility and long-term growth.
For the open-ended fund, Iām particularly keen to Optimize. On the closed-ended side, the Flex Space Fund has caught my attention. Iād love to hear from anyone who has invested in it or conducted due diligence ā how has your experience been so far?
Any recommendations/feedback would be hugely appreciated! 
You should ask your attorney if the Flex Space Fund qualifies for GV. In 2023, there were changes that prohibit direct or indirect investment in real estate. Iāve never understood what was actually included in that prohibition. Depending on how you interpret āindirect,ā you arguably couldnāt invest in a business that owns the building from which it operates. I donāt think that was the intent of, or purpose behind, the change. Nonetheless, ask your attorney - youād much rather be safe than sorry in this situation.
According to my lawyer, the fund is eligible for the Golden Visa program, and they have obtained two legal opinions from Portuguese law firms confirming its compliance.
Iām considering this fund because the management company, Insula Capital, appears highly reliable, with a diversified client portfolio and ā¬1.5 billion in assets under management, which gives me confidence in their track record. Besides, they have a female leadership, which I consider a plus.
Be aware there is risk a closed ended fund doesnāt last long enough for the whole process, between delays and potential changes to residency requirements being discussed for citizenship
Thatās why most here recommend against them
Except that they can manage this I think?. I asked this of my closed fund only last week, and he said they would pay out any returns when they close the fund and just keep my investment in a safe place until such time as I get citizenship and want it back.
Any kind of real estate? One of my funds BUILDS student accommodation - something desperately needed and nothing to do with rising house prices in Lisbon - are they going to be disqualified or are existing funds ok?
Look, I want to be clear that I am only speculating to the extent that one could read what ādirect or indirectā means. I agree that it would be silly to exclude your fund from the GV process. Keep in mind that there are agricultural funds, commercial development fund, etc. which would also be adversely affected by an overbroad interpretation but seem to still qualify from what people have said here. This is why there are lawyers - they can give you better answers on things like this than an idiot on the internet (I am referring to myself).
When did you apply for your GV?
If you applied before the change in regulations your application will continue even with real estate connections. I have a non-compliant investment under the current rules but still got my visa. So thatās the first thing to check.
Iām interested, however after speaking with my consultant, I found out that Optimize indirectly invests in real estate through banks, which includes exposure to mortgages and REITs. Please consult your lawyer regarding this. By nature, open-ended funds can sometimes invest indirectly outside your control and may exceed their stated scope ā so caution is advised.
Right now, Iām deciding between Oxy and other options. Oxy, to me, feels like a literal pillar ā if anything were to happen to them, it could seriously destabilize the entire Portuguese Golden Visa framework, much like Lehman Brothers did (not in terms of practices, but in terms of systemic impact and influence)
Just joining this conversation. Looking to finalize my investment fund decision in the next 2 weeks. Have been in active dialogue with a number of funds and I believe my plan is to invest ~50% with Optimize and ~50% in another fund - canāt decide between a long-established option like IMGA AƧƵes Portugal or some of the newer funds like 3CC Portugal Golden Income Fund (really new) or Oxy Portugal Liquid Opportunities Fund (medium track record/history). Looking at open-ended funds with diversified portfolio and moderate risk.
I like the fact that both Optimize and IMGA can be tracked on sites like FT, Bloomberg, etc. A little concerned that both Optimize and IMGA a overly Portugal-focused and equities-focused (knowing that any fund must be 60% in Portugal assets) vs others have some Europe equities, Portuguese bonds, bitcoin, etc. (which I find appealing from a diversification standpoint).
Thought, suggestions. Others to look at?
If the rest of your portfolio is more flexible, I wouldnāt worry too much about the PT investment specifically being diversified. Just account for it elsewhere