Portugal GV Fund Comparison?

Yes, I was trying to get my head around BPI’s approach, for example. BPI Portugal seems to have direct holdings in equities totalling about 69% of assets, plus cash of 31%. But that cash is backing a position in PSI-20 futures which adds another 29% of exposure. So the fund is fully invested, but partly through the futures position. I think the reason they’re doing this is because of European UCITS rules, which limit an individual position to 10%. Thus they have 9% of the fund in Jeronimo, but there’s an additional 4% or so in Jeronimo from the PSI future.

I think all-in, relative to the index, they’re underweight EDP Ren and EDP (looks like the fund has 16% in those two, the index 24%), and overweight Sonae, CTT, Cortiseira and some others. So there’s some active management going on.

There are about 45 listed companies that trade, but only half have a market cap of more than EUR 100m, and 12 over EUR 1bn. It’s a pretty small pond. Portugal’s GDP is roughly equivalent to that of South Carolina or Alabama.

Good Day,

Thank you for your excellent analysis of the 4 funds. Can you share which one you finally chose and why?

There seems to be a lot of uncertainty of open-ended funds such as IMGA or BPI and whether they would actually qualify for the GV applications. Does anyone have experience actually getting an approval with these funds? My lawyer says this is risky but if anyone can share a precedent it would be very helpful! Thank you.

My lawyer says there should be no problem, and a few others have said that they’ve gotten approval using IMGA

Please send the information, it would be very helpful! Thank you!

@ahubsch did a good writeup on their process, I’m more or less following in their footsteps

A post was split to a new topic: Applying for GV via a fund route without prior entry to Portugal?

Yes, it works. I got my investment in BPI fund pre-approved.

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Great! Thank you for sharing this! I am curious if you know whether the value of the fund is taken based on the initial investment or at the market value - what if 350 000 invested goes down to 349 000, will this mean that the amount invested no longer satisfies the requirement?

Its always your initial investment. So if you invest EUR350k and after 2 years (lets say) it goes down to EUR300k due to market movements, you will continue to qualify to renew your PGV without the need to recapitalise your account.

What I am unsure of is, if your EUR350k investment increases to EUR400k, if you can take out EUR50k and still remain eligible. No plans on my end to do so, but just curious :slight_smile: .

They approved us using the IMGA fund. It is a valid fund.

Thank you very much to everyone for sharing your experience with the IMGA fund!

I’m wondering what banks did you use? A few people here commented on using Bison Bank but for us unfortunately it’s a no go for a certain specific reason. Does anyone has experience buying this fund through other banks? How is the process like? Thank you!!

Has anyone invested in MedCapital? Their business model looks interesting, appreciate any insights!

Quick update - just spoke with Rock Capital. They just closed their subscription about 2 weeks ago due to “overwhelming interest from the investors”. This was one of our top choices and was quite disappointing. Could someone please update the spreadsheet?

Any similar funds you could recommend? Thank you!

Hi Sergio,

You can send me a message thru the form here: Verified User

Hi Matt @mmd, did you end up investing in MedCapital? How was your experience like? Thank you for sharing!

Hi @dak , did you end up investing in MedCapital? How was your experience?

Hello - quick update. I’ve submitted all my paperwork exactly 10 weeks ago (invested on Greytech II). I’ve received a message this week from the lawyers that my documentation was pre-approved, investment is according to the rules, etc. Next step will be to go to Portugal for the fingerprinting, etc.
So everything moving according to plan. According to the lawyers, the schedules were open for bookings in Oct and Nov. They may open again soon for bookings in Dec. Limited spots, apparently.
Nevertheless, no complaints: Bison Bank was very helpful, the team at Iberis (Greytech II) as well, and the lawyers made sure that all documents were ready and according to the GV rules. So far, so good.

A post was split to a new topic: Webinar: Insider hacks to speed up your 2021 Portugal Golden Visa application (Pela Terra)