Venture Capital Funds: The Most Relevant Strategy for the Golden Visa in 2026

Venture Capital Funds for the Portugal Golden Visa are becoming the most relevant strategy for investors in 2026. With the recent changes to Portugal’s Golden Visa program, this investment route has gained prominence as real estate options phase out and the government shifts its focus toward regulated, productive economic contributions.

The New Golden Visa Landscape in 2026

In 2025, the Portuguese Golden Visa features stricter rules aligned with capital markets regulation. According to The Portugal News, eligible funds must comply with clear requirements: a minimum investment of €500,000, supervision by the Portuguese Securities Market Commission (CMVM), a minimum maturity of five years, and crucially at least 60% of the fund’s capital must be invested in Portuguese companies.
With the removal of real estate options, the government clearly favors funds that stimulate the real economy. (Source: movingto.com)

In addition, application processing is now handled by AIMA (Agency for Integration, Migration and Asylum), replacing the former SEF, as established by Decree-Law 41/2023.

Why Venture Capital Funds Are a Strong Option

1. Productive investment with real economic impact

VCFs channel capital into startups, SMEs, and innovative companies based in Portugal. The requirement that 60% of capital be invested domestically not only supports local growth but also generates tangible value for the investor.

2. Enhanced regulatory protection

Since these funds are regulated by the CMVM, they follow strict rules for auditing, custody, and transparency. For Golden Visa investors, this means reduced risk from poorly structured or opaque fund management.

3. Clear minimum investment and institutional credibility

The €500,000 minimum is not merely a threshold, it acts as a quality filter, ensuring that only substantial, professionally managed funds participate. This reinforces institutional legitimacy. (The Portugal News)

4. Concrete examples of eligible funds

A recent example is the Portugal Future Fund, managed by Quadrantis Capital. It is a closed-end fund with a seven-year duration (extendable to 12), structured specifically for Golden Visa eligibility, with at least 60% invested in Portuguese companies and no real estate exposure. portugalfuturefund.com

Another example is the Fortitude Portugal Special Situations Fund, managed by Fortitude Capital, with an investment plan through 2025 and a target end date in 2030 (with possible extensions), designed for Golden Visa compliance. Get Golden Visa

5. Fiscal flexibility

Some eligible funds may offer favorable tax implications depending on the investor’s tax residency. Well-structured funds can provide optimizations, particularly for non-residents. Get Golden Visa 

Risks and Considerations for Investors

Despite the advantages, investing in venture capital funds for the Golden Visa involves important risks:

• Illiquidity: Many funds impose lock-up periods of 6–10 years.
• High fees: As with private equity and venture capital, management, performance, and subscription fees may reduce net returns.  Risks Associated with Investing in Portugal Golden Visa Funds
• Market risk: If portfolio companies fail or underperform, there is real risk of capital loss.
• Regulatory compliance: It is essential to verify that the fund is properly registered with the CMVM and officially qualified for Golden Visa purposes.
• Program changes: Although 2025 rules are clear, future legislative changes could impact the pathway.
• Residency criteria: While the minimum physical presence requirement remains seven days per year, consultants note that AIMA may increasingly require “stronger ties” to Portugal for renewal or citizenship.

How Teppe Supports Investors

Teppe is not just a strategic advisor, it also operates its own venture capital fund, the Teppe Equity Venture Capital Fund, which can serve directly as an eligible vehicle for Golden Visa investors. Integrating Teppe’s own fund into the advisory process reinforces transparency, alignment of interests and the company’s deep operational expertise.

Here is how Teppe delivers value using its own fund:

1. Specialized due diligence, with an in-house solution

• Teppe provides investors with direct access to the Teppe Equity Fund, already structured with regulated management, custody, and auditing.
• The fund is managed by Sixty Degrees, a CMVM-regulated entity, ensuring strong structural safeguards.
• With Teppe directly involved, investors face fewer risks associated with third-party funds and benefit from full transparency on strategy, returns, and governance.

2. Tax and residency planning

• Teppe coordinates with tax advisors to design optimized strategies for residents and non-residents, aligned with the fund’s investment timeline.
• Integrated management (fund + Teppe advisory) allows fine-tuning of exit timing, redemption schedules, and structures to maximize net returns.

3. Administrative support

• Teppe assists throughout the entire process: fund subscription, bank account opening, obtaining a Portuguese NIF, preparing documentation for the Golden Visa application through AIMA, and ongoing follow-up.
• As both fund promoter and strategic partner, Teppe provides operational experience and network access to streamline every administrative step.

4. Continuous monitoring

• Teppe provides regular performance reports, updates on the fund’s portfolio (including hospitality projects and others), and alerts on key exit milestones (year 7 or 10).
• The company advises investors on buyback or exits strategies depending on personal goals, fund maturity, and residency timelines.

Conclusion

By 2025, CMVM-regulated venture capital funds have become the preferred and often the most strategic pathway for Portugal’s Golden Visa. They embody exactly what the Portuguese government intends to promote: productive, transparent, regulated investment with real economic impact.

For Teppe, this topic is particularly significant. Not only does the company closely follow market and legislative developments, but it also offers a fund specifically aligned with the program’s requirements: the Teppe Equity Venture Capital Fund.
Structured and managed by regulated entities, the Teppe Equity Fund provides investors with a clear, stable, compliant, and well-governed investment solution focused on real projects with defined return strategies.