Portugal approves first Golden Visa fund for citizens of this nation as demand for residency surges

 

Portugal’s Golden Visa program has entered a new phase, and global investors, especially Americans, are reshaping how they participate. With property investment removed from eligibility, fund-based options have become the most sought-after route for securing Portuguese residency.

These highly regulated, diversified, and increasingly specialised funds now make up the bulk of Golden Visa applications, offering what many see as the cleanest and most sustainable pathway into Europe’s most popular residency-by-investment program.

The shift comes as Portugal’s Residency Permit for Investment (ARI) continues to draw thousands of US citizens each year. The visa allows holders to live in the country for up to five years, and after that, apply for permanent residency or Portuguese citizenship, according to Conde Nast Traveler. Its biggest appeal remains the freedom to travel across the Schengen zone.

Americans no longer have the option of qualifying through real estate, a category scrapped in 2023 after it was linked to rising housing costs. What emerged instead was the €500,000 investment fund route—typically into venture capital or other regulated funds—now the dominant entry point into the program.

A fund evolution for Americans

A new development has placed Americans at the centre of Portugal’s fund evolution. In October, LXL Ventures became the first government-approved investment fund created specifically for US citizens pursuing the Golden Visa. The approval came from the Portuguese Securities Market Commission (CMVM), LXL Ventures told Condé Nast Traveler.

LXL allocates 60% of its capital within Portugal: 35% into “low risk investments” and 25% into “early-stage technology companies,” said Zeev Fisher, tax lawyer and partner at LXL Ventures, as per CNT. The remaining 40% is invested in US companies, creating a cross-border structure that appeals to Americans, balancing relocation with financial familiarity.

Beyond investment strategy, LXL aims to solve one of the biggest complications for US expats: taxation. Because Americans must continue filing taxes in the US even while living abroad, the fund provides tailored cross-border advisory support. Investors receive access to partners like Green Ocean Global and FRESH Portugal—firms specialising in helping US citizens navigate financial, legal, and tax compliance when they move overseas.

But Fisher says the deeper value lies in how LXL positions investors within Portugal’s tech community. “This is achieved through the tech investment part of the fund and through working closely with the tech community in Portugal to help investors get involved in the ecosystem in a manner that would qualify them for the tax benefits.”

Portugal’s Golden Visa continues to attract between 1,000 and 2,000 American applicants annually, according to Fisher. LXL aims to work with 5% to 10% of those investors over the next two years.