Can I still invest in Portuguese real estate through a golden visa fund?

Not if the investment is intended to qualify under the current fund route. The law requires a qualifying Portuguese fund or non-real-estate collective investment undertaking and excludes direct or indirect real-estate investment. A ‘hospitality’, ‘tourism’ or ‘development’ label does not solve the problem. A fund that owns property, finances property development or invests through companies whose real purpose is acquiring or developing real estate may fail the ARI test. An investment in a genuine operating hospitality company may be different, but it needs a case-specific review of substance, assets and use of proceeds. Check the management regulations, investment policy, offering memorandum, portfolio, side letters and manager declaration, including the five-year maturity and 60% Portuguese-company requirements. You may buy Portuguese property separately, but it will not count towards the Golden Visa.

David Simões Fitas, Ordem dos Advogados 67185P