Optimize’s Portugal Golden Visa Fund Doubles in 6 Months, Crossing €350M in 2025

Significant changes have taken place in the Portugal Golden Visa programme—developments the market has long treated as a “quiet reshuffle.” After the authorities removed real estate from the list of eligible investment categories in late 2023, attention shifted to investment funds. What once looked like a minor niche quickly became a central route for applicants.

One of the most visible players in this new landscape is the Portugal Golden Opportunities Fund by Optimize Investment Partners. Launched on 31 December 2021—when property purchases and a limited set of closed venture-style instruments dominated—the fund has, over four years, grown into one of Portugal’s most recognizable platforms in investment migration. And the fund’s asset momentum only reinforces that position.

As of 31 January 2026, the fund manages approximately €350M—nearly a twofold increase compared with €176M just six months earlier. Estimated Net Asset Value (NAV) stands at €16.53 per unit. Since inception, the fund has delivered an average annual net return of 13.1%.

The acceleration is driven not only by investment performance, but also by a steady inflow of capital from Golden Visa investors. A key factor is the fund’s open-ended structure with daily liquidity. In a segment where many eligible vehicles are closed venture funds with multi-year lock-up periods, this approach becomes a competitive advantage.

A Breakthrough in 2025

Year-by-year performance is particularly noteworthy. In 2025, the fund posted a net return of 25.1%—its best calendar result since launch. By comparison, it was 17.3% in 2023 and 6.3% in 2024.

Even in 2022, when global markets were under pressure overall, the fund still held a positive outcome of 4.2%. As of January 2026: return over the last 12 months—24.7%, and annualised return over 36 months—15.2%.

Important: the figures are net-of-fee (after fees and expenses). The management fee is 1.8% per year. There are no performance fee and no redemption fee.

For Golden Visa investors contributing within the statutory minimum of €500,000, these results may translate into capital growth that goes beyond the benefit of obtaining residency itself.

What’s Behind the Results

The fund’s January 2026 commentary helps explain how the current portfolio position is built. Asset allocation is roughly 74% in equities and 25% in bonds.

The portfolio’s core support comes from Portugal’s largest listed companies across multiple sectors: finance, industry, energy, utilities, and everyday consumer goods.

Among the largest holdings is Galp Energia (around 9.6% of assets). In January, the stock rose 14% following plans to combine the downstream and retail segments with Moeve. The deal is expected to strengthen synergies and allow Galp to focus more closely on its key upstream business. EDP increased by 10%—supported by positive momentum in the hydro segment and dam operations running close to maximum capacity. Strong results were also reported for Sonae (+10%) and NOS (+9%).

On the other hand, Mota-Engil—the fund’s second-largest position (around 9.4%)—fell by 10%. The decline is attributed to increased short positions by several hedge funds, whose combined stake reaches 3.7% of the company’s capital. Teixeira Duarte dropped by 24%, reflecting profit-taking after an exceptional +705% surge over the previous year.

Geographic concentration remains largely Portugal-focused: 86% of assets are invested in companies headquartered in Portugal. Additional exposures include Spain (6%), the UK (2.5%), and a broader set of European issuers—providing some diversification within the regulator’s requirements.

How the Fund Works—and Why It Matters for Golden Visa

Portugal Golden Visa rules require eligible funds to allocate at least 60% of the portfolio to shares of companies headquartered in Portugal. At the same time, direct or indirect real estate participation is prohibited.

In practice, most instruments that meet these conditions are typically structured as closed venture-style vehicles. Optimize’s approach is different: the fund is registered as an open-ended UCITS multi-asset and supervised by Portugal’s securities regulator CMVM (licence no. 327).

In practical terms, this means:

• Daily NAV calculations
• Daily subscriptions and redemptions
• No lock-up period and no redemption penalties
• Settlements within five business days
• The fund is available not only to Golden Visa applicants: the minimum threshold for most investors is from €1,000

Legal protection is also emphasised: the fund’s assets are ring-fenced from both the management company and the custodian (Banco BiG). If any CMVM-regulated party becomes insolvent, a replacement is appointed, while investors’ assets remain protected.

For Golden Visa investors, this structure reduces one of the most common concerns in fund investing: the risk of capital being “locked” for years inside an opaque structure with limited visibility.

Subscribe Without a Portuguese Bank Account

Another practical feature is the ability for investors from different jurisdictions to subscribe to the fund without opening an account at a Portuguese bank. Eligible countries include the USA, Canada, Australia, the UK, Japan, South Korea, Brazil, Singapore, Israel, Malaysia, New Zealand, Hong Kong, South Africa, Switzerland, and all EU countries.

Investors from these countries can transfer funds directly from their home-bank to IBAN Optimize.

For investors from the United States, an additional option is available: part of the €500,000 investment under the programme may be channelled through a self-directed IRA, without the need to set up an LLC. For US applicants, this can offer meaningful tax advantages when applying for Portuguese residency.

To learn more and assess eligibility, contact Optimize Investment Partners.

If you’re considering Portugal Golden Visa as an investment path, fund growth and liquidity matter even more: the article highlights how the shift toward investment vehicles after the 2023 changes increased applicants’ interest. Want to understand which fund structures and terms may fit your timeline and strategy? The team at Digital Nomad will help you navigate the current requirements and next steps.

Our Telegram channel about various types of Greek residence permits, digital nomad programs, and the Greek Golden Visa: @digitalnomadgr