Are open-ended or closed-ended golden visa funds better for the five-year Portugal residence period?

Neither structure is inherently better. An open-ended fund may accept subscriptions and redemptions at net asset value, but notice periods, gates, suspended redemptions or limited liquidity can still apply. A closed-ended fund normally has fixed capital and a stated maturity, with no ordinary redemption before liquidation unless a secondary transfer is possible. For ARI purposes, liquidity is not always an advantage: redeeming while the residence permit still depends on the investment can jeopardise renewal. Compare the fund’s maturity and extension powers with the legal holding period, AIMA delays and the longer timetable to permanent residence or citizenship. Ask what happens if the fund matures early or late, whether units can be rolled into another qualifying vehicle, who controls extensions, how assets are valued and what AIMA evidence will be issued throughout the process.

David Simões Fitas, Ordem dos Advogados 67185P