Yes. I guess that’s because FT calculates the performace based on GBP so the result is affected by GBP:EUR volatility. APFIPP calculaitons are based on EUR.
Very interesting. This is despite the fact that FT lists the NAV in EUR?
The differences seem pretty significant, for e.g. on 5 Yr 5.88% Vs. 3.44%
Yes, the note under the page reads “The performance data shown in tables and graphs on this page is calculated in GBX of the fund/index/average (as applicable), on a Bid To Bid / Nav to Nav basis, with gross dividends re-invested on ex-dividend date.”
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Yeah, no plans to have any other sources of income in Portugal other than the dividends from funds (if applicable) and the capital gains on the fund. My current understanding is that both these should be non-taxable if non-resident but still waiting for clarification on this.
I will share with you my experience. I invested my 350K euro in IMGA Acoes Portugal through Bison Bank. Overall, it was easy and straight forward. Very little paperwork compared to other funds. I invested in 4 different tranches over about 1 month in order to try to avoid market timing problems. In each case, it appears that my funds were invested at the published closing market price on the next business day (my instructions to invest were given after market hours). I was comforted that the pricing was consistent in that way across all four tranches. They did not pick the investment day. They invested with the same timing each time. There were no surprises, other than are some pretty minor taxes charged on investments, which were so small I did not consider them a surprise. Like 100 euro total on 350K euro. My Portuguese lawyers were okay with investing in this fund, and having it qualified by the SEF. Bison Bank issued the SEF Declaration. My Portuguese lawyers were okay with the form and content of the SEF Declaration. It was issued this month, and my application was filed this month, so I cannot tell you that SEF has approved my application, or will. When looking at market price, you have to be careful that you are looking at the Series R price. I see that some of you may be looking at the Series A price. Series R is set up specifically for Bison Bank. Bison Bank earns a management fee on the Series R, which is presumably why it is a separate series. I find the price for Series R published on Investing.com is more “accurate” (in the sense that it is calculated to the fourth place after the decimal) than the market price published on ft.com (where it is apparently rounded to the third place after the decimal). I do not know why the price for Series R is different than the price for Series A. The prospectus states that they are invested identically, as I recall. I was told that returns on open-ended funds are taxed by Portugal at rates that are higher than rates for closed-ended funds. I have not noticed anyone else say this on Nomadgate. Something like 20% rather than 10% . For me, the fact that this is an open-ended fund with no subscription fee and no redemption fee, with a published market price, far outweighs the tax difference. By a mile. If I happen to have positive returns that are taxable, I will be grateful. More importantly, if I decide to pull my money, or change my investment, I can do so at any time in the next 5+ years, on one days’ notice. That’s invaluable. My Portuguese attorneys tell me that because I invested prior to December 31, they believe that I can change my investment within the 5 years without increasing to the $500K amount. I have not explored that with them in detail, so it’s possible I have misunderstood. So I view the IMGA Acoes fund as a relatively safe place to invest the money, with the option to change my investment later.
I have also not seen much comment in Nomadgate about the quality of the investment. This fund is sort of an index fund with 100% invested in publicly traded companies (i.e., which is why there is a daily market closing price for every trading day) and something like 70% invested in publicly-traded companies listed on the Portuguese exchange. I think I read that there are only something like 45 companies listed on the Portuguese exchange. That’s an incredibly small universe of investments. And those 45+/- are apparently not the most dynamic companies in Portugal. The most dynamic companies seek listings on other exchanges, outside Portugal. So, you are unlikely to get returns like those on more widely traded exchanges. But, maybe you won’t get wild swings in value either. I don’t know.
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Well, I thought PG was worth a very long look - therefore we clearly don’t agree on what is or isn’t worth looking at. 
so I’m not sure my opinion is worth much to you.
Web sites are often not very helpful, you sort of need to dig them up and contact them through the front door, or ask for a reference from Bison or the like. basic web searches will turn them up. I’ve also left hints on using crunchbase etc up-thread.
Thank you very much for these details of your approach as it is the most appealing of the investment options to me as well. Please let us know when the SEF approval occurs as that is my biggest concern with going this route. If possible, I would like talk to your lawyers so a referral would be much appreciated!
7 posts were merged into an existing topic: Timing of Portugal Golden Visa in COVID-era 2020 (and risks)
This post was extremely helpful! Thank you! 
The Iberis Graytech II is also on our shortlist. Even though it is not strictly a GV fund. It is 80% funded so far by GV applicants.
Also wondering whether you or any of the other folks who are choosing Greytech II are US citizens and have knowledge about the tax ramifications of the income/gains from Greytech II. They informed us that they are a PFIC and that they will provide the require documentation for US taxes. We were also told that if we live in Portugal (which we intend to do starting in late 2022), Portugal would tax the income at 28%. Does anyone know how this would get taxed in the US and if this type of income/gain is covered by the Tax Treaty to prevent double-taxation?
this thread will help you: Investment fund vs. real estate for Portugal golden visa; PFIC for US citizens
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Thanks. Your shortlist correlates nicely with mine (posted above). Could you explain why you described two funds as " too old in the investment cycle" ? (I know that “Navigator II” subscription is open).
I’ve written quite a bit about this and other funds up-thread.
Awesome information. Thanks for all this work. Did you look into if and how many applications with investments in this fund have been pre-approved, or approved? That is one of the questions I am also asking these fund managers.
With all the delayes with SEF appointment I was looking for funds that would last about 7+ years. This way I get a margin in case the GV process stalls for long.
Thats a good question. I did not get that far. But I asked the 3 lawyers I spoke to, for references of funds their other clients invested in. From the top of my mind Iberis and Dunas where the most mentioned.
This is terrific ! Do share when your GV application is approved
Just for the team here to know, I’m closing in on Iberis Greytech II. All funds have risks, but the Iberis team seems to be knowledgeable and the partners have a good background, so I’m 99.9% decided. With that, I’ll probably get that done still in July. My main objective is the GV: return is important, but not the main driver, so even if I lose a bit, I’m still ok.
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Thank for clarifying. For your interest, from the NavigatorII brochure: “Term 7 years + 2 years with an investment period of 5 years – Fund ends in April 2028”
Thanks for clarifying. I missed that.