Information is thin on the ground as to who is really managing it, what its strategy really is or what they will do. No real red flags but no other reason to stand out either other than the low mgmt fee.
I am looking for feedback on Navigator fund from Lince Capital. It looks like a decent option as they invest in business centers, food courts, hostels, etc. The fund term is 8.5 years out of which only 6.5 years are now remaining.
Thanks Jeff! Why do you say that the information is thin about their management? Based on the information provided it appears to be quite clear that it is Lince Capital right? Their current investment is mainly in real estate but I think they are planning to expand. Things that I like are the fact that there is no leverage and low management fees like you said. May be the returns are not going to be very high but my goal with this investment is really to protect my capital and may be hopefully beat inflation. Thoughts?
Hello everyone, I contacted one of the companies for golden visa and they mentioned that there is a 10,000 EUR charge for due diligence to the company responsible for the pre-approval of the investors in the fund. This is in addition to the 350,000 EUR investment amount. I have not seen this mentioned or discussed anywhere else. Any ideas about this?
Sorry I am in the early stages of my research for the whole process.
Thanks.
Definitely have not heard that before. I’d avoid them.
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Same comment as William. Never heard of that and better avoid them
Is this a legal group or the fund itself? Mano of the lawyers have a separate “due diligence” charge, or they wrap it into their overall fees. it is one of the more hidden charges and definitely something to inquire about. 10K is excessive however.
This is an agency called PTgoldenvisa. They provide assistance with entire legal immigration process including golden visa and citizenship, they have options for investment both in real estate and SIF investment fund. The company seemed quite genuine to me and seem to experienced, however 10,000 eur seems to be excessive as you guys have pointed out. This is in addition to their initial fees of 4500 for the main investor and 1000 for dependents.
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That’s great Michael! If you don’t mind me asking, which fund are you going with?
Right, but who are the fund managers, what is their background, etc. The annual report for 1H20 listed two investments, and was pretty thin on what those two investments were really doing. I didn’t dig too hard into it because it wasn’t super-interesting to me and I never got good direct contacts with the fund managers, it just didn’t seem super compelling to me.
as several have said before, it’s all a crap shoot. even the “safest” funds might just ball it all up.
Thanks Jeff!
Enquired SIF and got response from its sales rep PTgoldenvisa:
quote’
Purchase the SIF Investment Fund shares by transferring 350,000 EUR to the fund’s account + 10,000 EUR to the company responsible for the pre-approval of the investors in the fund;
'unqote
It seems to me the 10K is sales rep fee. I am running away.
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Yikes. Well, so much for that.
That 10K “pre-approval of the investors in the fund” fee seems remarkable. 
One question I have not seen being answered (perhaps it is self evident to the rest but me, so apologies then): these investments in PE funds are subject the capital gains tax in Portugal at 28%, aren’t they? Not only the tax itself but the application of it is my concern: is it applicable on realized or also unrealized gains? is it automatically deducted by the funds or is it my obligation to submit tax return to Portuguese government and make due payments?
Appreciate clarification or if a lawyer can raise his hand. Thank you.
The answer depends too much on your specific tax situation, what your citizenship and tax residency is, whether the fund qualifies under PFIC rules if US citizen, if you elect QEF if PFIC, and whether you invoke NHR. There just is no one answer.
There is another thread about US tax laws and PFIC as applicable to funds that you might want to read and this probably belongs there.
Whether it’s auto-deducted by Portuguese government I don’t know, though it’s still incumbent on you to file a tax return if applicable (which is also dependent on your specific situation).
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Foreigners are not subject to Portuguese capital gains if you invest in these funds. Period. Confirm with a lawyer but I’m fairly confident in that answer and every fund I have spoken with is pretty clear on that. US citizens are open to taxation in the US on any gains however, so in the end you do pay. PFIC is a separate matter but again the Portuguese taxes are not an issue - it is a US issue.
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Thanks for quick response and it is interesting. Essentially a foreigner is tax advantaged vs a local? 
Typically local taxes apply on local income whatever your personal tax residence is (such as with tax on rental income and sale of real estate object) and there is 28% capital gains tax in Portugal, hence my question.
To clarify, I am not a US citizen. So their issues do not apply to me.
There is a specific exemption for income derived from units in a VC fund. However, if the investor is resident in a blacklisted jurisdiction (under Portuguese law), he might not be able to benefit from this exemption.
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What happens to my Visa if Portugal GV Fund is dissolved because of some litigation / fraud investigation . Is my Visa still valid , or will that be deemed as non-fulfilment of 5 year investment criterion leading to cancellation of my Visa / making me ineligible to apply for citizenship,
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What happens to my Visa if Portugal GV Fund fails to meet the investment guidelines set for being a fund eligible for GV purposes. Let us say you decide not to invest at all and just stay in cash or invest a wrong proportion.
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