Updated 2026-09-22 · reviewed quarterly
The Portugal Golden Visa fund track record
You must hold the qualifying investment for five years, and in practice for eight to ten. Not one fund built for this purpose has existed for five.
The oldest is 4.7 years old. Portugal’s largest independent manager launched its two golden visa vehicles in December 2025 and January 2026, and neither has a reportable return. Every figure below was read from the manager’s own site, not from a fund directory.
Every fund built for the golden visa, oldest first
Ordered by age rather than return. The strongest numbers here belong to the youngest funds, which is the point of the page rather than a recommendation.
Optimize Portugal Golden Opportunities
Optimize Investment Partners · launched December 2021
Since inception, May 2026 factsheet
4.7 yrs13.70%Portugal Liquid Opportunities
Oxy Capital · launched March 2024
Since inception
2.5 yrs26.20%IMGA Portuguese Corporate Debt
IMGA · launched May 2024
One year; three- and five-year returns show n.a.
2.4 yrs-0.88%3CC Portugal Golden Income
3 Comma Capital · launched October 2024
Since inception, annualised from 11.03% cumulative
2 yrs5.46%3CC Atlantic Bond
3 Comma Capital · launched June 2025
Since inception; negative on every share class
1.3 yrs-0.14%IMGA GV Portuguese Equities
IMGA · launched December 2025
No reportable return. EUR 12.8m under management
0.8 yrsno dataIMGA GV Portuguese Corporate Debt
IMGA · launched January 2026
No reportable return. EUR 9.0m under management
0.7 yrsno data
5 of 7 publish a return. 2 do not. Annualised throughout. Roughly nine in ten qualifying funds are closed-ended, and none of them publishes a return at all. Explorer V, Alpha Fund, Flex Space, LXL Ventures, Greenpower and Ventures.eu all read "No monthly performance data available", whatever their age. The only figures in circulation for those are target IRRs from marketing material.
How this was compiled
Read from the managers, not the directories
A fund directory reported IMGA Portuguese Corporate Debt as a 2004 fund. IMGA’s own page gives May 2024 and shows n.a. for its one, three and five-year returns. Directory pages are also client-rendered, so an automated fetch returns an empty shell that reads as "no data" — every entry here was opened in a browser.
Annualised, because "since inception" usually is not
Managers commonly publish a cumulative figure under a "since inception" heading. One fund shows 11.03% since October 2024, which over 1.97 years is 5.46% a year. Reading it as an annual return doubles it. Everything here is annualised and the basis is stated.
Purpose-built funds only
IMGA Ações Portugal has run since 1995 and Sixty Degrees since 2021. Both are ARI-eligible and both are ordinary Portuguese equity funds, so neither is listed. IMGA itself makes the distinction: thirty-one years running Ações Portugal and it still built a separate golden visa vehicle with its own share class.
The five-year rule is misreported almost everywhere
The five-year rule in the fund route is a condition on the fund's maturity at the moment you invest, not on how long you hold it. The holding obligation runs for as long as the permit is renewed on the strength of that investment.
Why the age matters more than the return
Under Lei n.º 23/2007 art. 90.º-A(2) the permit renews in two-year blocks only while the qualifying investment is maintained, and AIMA’s own ARI FAQ confirms the obligation ends only on permanent residence. With the current backlog that puts the money in place for eight to ten years, and for the full ten if you go straight to naturalisation.
A return measured over two years in a rising market tells you very little about a vehicle you cannot leave for ten. None of these funds has been through a drawdown.
Reviewed quarterly · last 2026-09-22
Get the next fund track record when it lands.
Launch dates, ages and published returns for every fund built for the Portugal golden visa, re-read from each manager’s own site. No purpose-built fund has a five-year record yet. When one does, this is where you will hear it.
The research only. No sequence, no drip, and nothing sold to you on the back of it.
Risk notice and scope of this material
This is information, not advice. Nothing on this site is a personal recommendation, an offer, or an inducement to enter into any transaction, and reading it creates no client relationship. It does not account for your circumstances, objectives, tax position or risk tolerance. Take regulated advice in your own jurisdiction before acting.
Borrowing against a portfolio amplifies loss as well as gain. A Lombard or margin facility is secured on your securities. If their value falls, the lender can demand additional collateral or repayment at short notice, and can sell your holdings without your consent and at a time not of your choosing — potentially crystallising losses and a tax charge. Rates are usually variable and the facility is typically repayable on demand.
Residency and citizenship investments are illiquid and often non-refundable. Programme rules, thresholds, processing times and qualifying routes change, sometimes with retroactive effect. Approval is never guaranteed, and a rejected application does not necessarily return your outlay. Figures quoted here are indicative and must be confirmed against the relevant government source before you commit funds.
Past performance tells you nothing about the future. Modelled or illustrative returns are not projections. Currency movement can change the cost of a foreign-denominated obligation independently of investment performance.
We are not a law firm, a tax adviser, a lender or a government authority, and we do not process applications. Immigration, tax and legal matters should be taken to a qualified professional admitted in the relevant jurisdiction.