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Why Every Bitcoiner Should Invest in Alternative Citizenship
BitcoinWhy Every Bitcoiner Should Invest in Alternative Citizenship If you're holding Bitcoin, you’ve already embraced a radical idea. If you invested in Bitcoin 15 years ago, you were looked at strangely – if you even talked about your investment publicly at all. You’ve stepped outside the traditional financial system, opting for an instrument decentralized, independent of the powers that be, uncompromisable, and digital. But here’s a question – What if you could extend that mindset beyond the financial world? What if your citizenship could be as flexible, strategic, and future-proof as your investment strategy? This is the case for second (and even third) citizenship in a Bitcoiners' investment portfolio. A Second Citizenship is an Investment in Your Freedom and Future For many in the Bitcoin space, Bitcoin is more than just a backup plan. It's Plan A.  Bitcoin is about buying optionality in a future that we cannot predict. The concept of alternative citizenship is similar. It's about investing in your optionality – your ability to choose ... Where you live Where you invest How you pass on freedom to future generations Like your decentralized investment portfolio, a second citizenship provides a hedge against geopolitical and market risk, the flexibility to adapt at a moment's notice, and go where you're treated best, as Nomad Capitalist's Andrew Henderson famously says. No more obvious was this need for flexibility than during the global pandemic of 2020. All of the sudden, international flights were cancelled, millions were laid off from their jobs, and bank accounts were flooded with trillions in government stimulus. Panic ensued. But not everywhere. Different countries took different approaches to the pandemic. Life in Sweden went unchanged. While the Canadian government in power mandated medical procedures on its population, censored any form of dissent online, and froze the bank accounts and financial assets of those who disagreed with them. Night and day. Imagine at that moment being Canadian (many of you don’t have to). Imagine not being trapped. Imagine acquiring citizenship in a foreign country or several countries, having the freedom to escape "yours" when the proverbial excrement hits the fan, and choosing where to live, where to work, and where to provide your children the education they need to thrive in the future. Really, you don't have to imagine it. Foreign investors with multiple passports lived this reality in 2020. They bounced from country to country, from economy to economy, living in the jurisdictions that served them best in the moment – while those with one passport did not. How does Bitcoin differ? At its core, Bitcoin is a hard money designed for freedom from inflation, governmental overreach, and the constraints of centralized systems. A second citizenship offers a similar kind of freedom. It gives you optionality, a way to decentralize your life away from one single government, to diversify not just your financial assets but your identity. How Multiple Citizenships Are a Hedge Against Market Volatility and Geopolitical Risk Bitcoin is a hedge against inflation and the collapse of the traditional financial and political systems. With access to several economies, bank accounts, and investment opportunities across the world (versus just those in your own backyard), a passport portfolio is also a hedge against unnecessary risk in your country's economy, geopolitics, stock market, and response to global events like the pandemic. In times of crisis, wealthy individuals don’t want to find themselves heavily reliant on one single government and have to scramble for visas or residency permits in safe haven countries. They want to have a second passport in hand to access benefits like: More extensive visa-free access and travel More tax optimization opportunities More personal security and privacy More business opportunities More education and healthcare access More ways to protect your wealth and assets More political stability More residency and living options More generational inheritances Second citizenships are like value stocks (vs. growth stocks): You may not see their ROI immediately. But with time, they can far out-earn other investments by significant amounts. But what happens when the country where you've invested your whole life suddenly goes to war and needs all the resources it can possibly get? What happens when they're attacked by a foreign power? This is where second citizenship comes in. It’s a hedge against market volatility and political instability. The goal is diversification. Just as you wouldn’t put all your Bitcoin in one exchange, buy all your coins at once (you may even be dollar cost averaging), or put all your wealth in one bank account, you shouldn’t rely on just one passport.  Spread your money wisely and give your family a secure future – no need for perfect market timing. Bitcoiner Personas and Their Ideal Citizenship Investment Strategies Bitcoiners aren’t a monolith. If you've spent years in this space, you already know this. We come with different risk tolerances, ideologies, timelines, and goals. Your path to citizenship shouldn't be any different. What one individual may be interested in for their portfolio and lifestyle goals may not interest you at all. Your citizenship portfolio should reflect your investment philosophy. In fact, they're one and the same. So why should a Bitcoiner consider a new citizenship? I'll answer that question and propose how it fits into various investing strategies based on your approach to Bitcoin. 1. The Bitcoin HODLer & Philosopher You believe in the long game. You’re a long-term investor who doesn’t flinch at market fluctuations because you know that over time, Bitcoin is the future and its value will reflect that fact. Apart from your financial approach, you also believe in the Bitcoiner philosophy, a piece of the Bitcoin puzzle most don't bother to study: You relish healthy living, individual liberties and sovereignty, and the return of traditional values to society. The Bitcoin Standard is on your nightstand. And, you just want to be left alone. For you, acquiring a second citizenship is about future-proofing your life just as you’ve done with your Bitcoin holdings. Ideal Citizenship Investment Strategy — Good news. Many countries fit the bill – with low taxes, a low geopolitical profile, a predictable economy, and long-term investing opportunities. Portugal’s Golden Visa and residence permit or El Salvador's Freedom Passport program are solid choices.  Via Portugal's Unbound Fund, investors can get an immediate residence permit and citizenship in five years with indirect exposure to Bitcoin. What makes this program special is 1) the low physical presence requirements for residency and 2) maintaining exposure to €500,000 worth of bitcoin. So not only do you get residency and/or citizenship out of your investment, you also can get a huge return on your original Bitcoin investment. Over in Latin America, with a government donation of US$1 million in BTC or USDT, El Salvador's citizenship by investment program offers investors immediate citizenship. For the HODLer looking for stability and not necessarily a return on their investment, plenty of other jurisdictions grant citizenship or residency in exchange for investments in real estate, mutual funds, exchange traded funds, and index funds. Some countries also offer independent means visas for those with pensions, recurring income, and passive investing. We'll talk more about these options below. 2. The Bitcoin Day Trader You live and die by a stock price and thrive on volatility, moving in and out of positions based on technical analysis and momentum investing. You approach your investments with confidence, no matter the market sentiment or market prices. You're not as interested in Bitcoin for its long-term viability in society. You just want to take advantage of its Number Go Up (NGU) technology and make as much income as possible during the run-up. This is your livelihood after all. For you, a second citizenship isn’t really about security. It’s about the ability to react quickly to higher risk, to reduce your capital gains taxes, and to navigate international law – legally. Therefore, you're tuned into your investment options and what countries offer. Ideal Citizenship Strategy — Your best bet is a direct citizenship by investment program that offers fast access to a full citizen’s privileges, new markets, and reduced taxes. Consider countries like Malta or St. Kitts & Nevis, which offer some of the world's most tax-friendly policies and quickest paths to naturalization through their citizenship by investment programs. Your investment choices are high-risk, high-reward. Your citizenship strategy can reflect that investment approach as well. With more money in high-growth markets, the more potential for a boom in your investments. 3. The Value Investor Remember Singapore, Hong Kong, and Dubai in the 1950s? No? Neither do we. And that's the point. Imagine having invested in a jurisdiction like those examples 50 years before they became what they are now. Imagine getting citizenship in Singapore, which now has the world's most valuable and hard-to-obtain passport, before it was even on the map. You'd be considered the Warren Buffett of citizenship investing. Dual citizenship is inherently a value investing tool. For decades, a passport portfolio has been severely undervalued. But now, millions have now accessed the benefits of a second citizenship. So the question is – Which countries are today's growth stocks? Which jurisdictions are the targets of value investing? To where are the growth investors (and their investments) migrating? The answers to these questions will reveal the Hong Kong of tomorrow, the Dubai of tomorrow. Is it Buenos Aires? Have you seen what's happening in El Salvador? Is it Saudi Arabia? What about Kuala Lumpur? Where can you invest to get a 1,000,000x return? If you spotted Bitcoin early, you should have no trouble finding the next investors’ paradise. Market fluctuations? That's just part of the game. For you, value investing is the cornerstone of your investment strategy. Buy low, sell high. Ideal Citizenship Strategy — The best strategy for you is to travel the world, explore new markets, find those with the highest probability of succeeding based on various factors, and begin investing in those that fit your financial goals. Countries all around the world offer investment programs for foreign nationals like you. And, of course, when you send money to a country, invest in a business headquartered there, or procure actively managed funds, you receive tangible benefits like residency or citizenship. Incentives – This is how countries in the 21st century attract wealth investments. How to Choose the Right Citizenship Program Based on Your Risk Tolerance What surprises most people I talk to is that acquiring citizenship in most countries is not a backchannel strategy. You can obtain another passport by any of the following paths and more: Investing in real estate Excelling in your field or craft Opening a company or creating jobs Donating money to a government fund Proving your ancestry in that jurisdiction Simply spending the required time to naturalize Being historically or culturally important to a country Holding money or investments in a financial institution Providing exceptional services to a country's population All this to say – There is a diverse range of ways to obtain another citizenship. Successful investors know their needs and build a citizenship portfolio that meets them. Just like in investing, there’s no one-size-fits-all approach to citizenship. Beginner investors must do their due diligence to find the right investments for them. Your choice should reflect your risk tolerance, goals, and personal circumstances. First, evaluate your risk and reward. Then, determine your goal (financial goals, family goals, investing goals, lifestyle goals, etc.). If you’re willing to take on more risk, consider fast-track citizenship options like Antigua & Barbuda or Vanuatu. These programs offer quick returns but come with political uncertainties. For example, those who were investing in Vanuatu citizenship a few years ago didn't know that the European Union would strip the country of visa-free access to the Schengen Zone in 2024. If the investors knew of that future policy change, might they have changed their opinion before sending their US$100,000 donation to the Pacific island? Who knows... If you prefer a more stable, less risky approach, investors have numerous residency by investment options and naturalization paths. These programs may require more physical presence and a longer timeline, but for many, they want to spend time in a jurisdiction before investing significant time and/or money in a country. Here are a few investment routes Bitcoiners could take: Independent Means Visas Independent means visas simply require applicants to show economic solvency and proof of recurring income (in the form of pensions, retirement income, or other passive investing sources). That's it. Most independent means visas also lead to citizenship but may require more physical presence than golden visas, which I'll cover in a second. Typically, these visas are designed for retirees and pensioners but can sometimes be ideal for others. Portugal's D7 Visa Thanks to its golden visa and tax policies although the Non-Habitual Tax Regime (NHR) has been closed, Portugal has become a popular destination for digital nomads and Bitcoiners over the last decade. The D7 Visa allows individuals with sufficient passive income to apply for residency in Portugal and eventually citizenship in five years. Uruguay If you're looking for a more tranquil, off-the-grid option, here is your opportunity. For Bitcoiners seeking stability and safety, Uruguay offers the Rentista Visa. Tucked away in the Southern Cone of South America, Uruguay and their independent means visa allows individuals who can demonstrate a monthly passive income to establish residency in Uruguay. Known for its high quality of life and political stability (it's called the "Switzerland of South America"), Uruguay is an excellent option for those looking to invest in a South American residency. Plus, investors can choose whether to pay a 7% tax for life or 0% tax for 10 years once they become a tax resident.  Golden Visas Panama's Friendly Nations Visa Panama has long been considered a LatAm hub for expats and investors. The Friendly Nations Visa allows citizens from certain countries ("friendly nations" like the US, UK, Canada, and Australia) to obtain residency through either the establishment of a local business or by demonstrating financial self-sufficiency (e.g. retirement income, pension). Andorra's Passive Residency Program Between Spain and France, mountainous Andorra offers one of the most attractive independent means visa options in Europe through its Passive Residency Program. The program requires a minimum investment of €400,000 in local real estate or local financial institutions. However, physical presence is strictly required in order to renew the visa and/or convert it to citizenship. Portugal's Golden Visa Portugal's golden visa is the most popular in the world for good reason. With minimal presence requirements and just a five-year path to citizenship, it's the best of both worlds. Plus, through the Unbound Fund, you can invest indirectly in Bitcoin and recoup your investment after you've obtained permanent residence or citizenship. Citizenship by Investment Malta's Citizenship by Investment Together with El Salvador’s Freedom Passport, Malta’s Exceptional Investor Naturalization (MEIN) Policy is the most expensive of all residency or citizenship investments listed here. But, many claim it's for good reason. With an investment of almost €1 million in real estate and donation to the government, investors can obtain citizenship in the European Union – albeit in a matter of years as the application backlog is growing. St. Kitts & Nevis's Citizenship by Investment Back in 1984, Caribbean island nation St. Kitts & Nevis offered the very first Citizenship by Investment program. With visa-free access to over 145 countries, its passport is still strong. Moreover, if you're looking to reduce your taxes (potentially to zero), invest in citizenship here and become a tax resident: St. Kitts & Nevis doesn't levy any personal income tax. Just as you approach your Bitcoin holdings with a long-term mindset, think of a second citizenship as part of your broader investment strategy. Diversify and reduce risk. A citizenship portfolio is like digital real estate. Secure your freedom, invest in your legacy, protect your family, and open up new investment choices across the globe. But you have to identify your long-term goals first to determine the ideal location or group of places that best fit your lifestyle. Buy Bitcoin. Invest in a second citizenship. The future belongs to those who see it coming. And as a Bitcoiner, you’re already ahead of the curve. Now, it’s time to extend that approach to your citizenship.

14 MIN READ

17 Oct 2024

Why Unbound Fund? The Future of Golden Visa Investments
BitcoinWhy Unbound Fund? The Future of Golden Visa Investments We are at the dawn of a new era. Borders have blurred.Financial systems – even money itself – have evolved.And citizenship has become a strategic asset. Portugal is one of the most progressive countries embracing each of these transformations, and its golden visa program has become a symbol of the future. With the launch of the Unbound Fund, Portugal’s golden visa program has moved even farther into uncharted territory. Portugal now offers investors the very first golden visa investment tied to Bitcoin. Is this the future of wealth, freedom, and citizenship? We at Unbound think so. This is how the Unbound Fund has broken the barriers of global mobility and investment: Bitcoin's Rise to the Nation-State Level In 2008, when Bitcoin's genesis block was minted, few people understood its potential. Still today, billions are oblivious to the impact Bitcoin will have on our, our offspring's, and our offspring's offspring's generations. But, for those aware of the growing banked population and number of lightning quick (pun intended), inexpensive transactions happening on the blockchain, it’s hard to deny its impact. Bitcoin is a fundamental shift in how we perceive value. Designed in secrecy, its decentralized nature makes it resistant to government control, inflation, and malevolent manipulation. It’s a hedge against the uncertainty and cruelty of traditional financial systems. Until today, nation-states have been hesitant to promote Bitcoin and/or its ideals. But those who have, are being rewarded handsomely. Look at Nayib Bukele's El Salvador, who made Bitcoin legal tender in the Central American country in 2021. Their Bitcoin treasury of more than US$330 million (as of the writing of this article) is already up in dollar-notated value more than 84%. And, in 2024, El Salvador announced the very first one-off citizenship by investment fund to accept Bitcoin as currency. Until and since then, Bitcoin has been disconnected from traditional pathways of citizenship and residency. The Unbound Fund changes that. Bridging the Gap Between Traditional Finance, Freedom, and Bitcoin The industry of investment migration has been dominated by real estate investments, government donations, and investment funds. Investors seek security, right? Since 1984, when the first citizenship by investment program was created in Caribbean island nation St. Kitts & Nevis, golden visa programs and citizenship by investment programs alike offered just that. In exchange for property investment or a bank account deposit in their country, investors would receive residency or a passport. These investment options have their advantages, sure. They provide steady, predictable returns and a relatively risk-free way to secure tangible benefits in desirable countries. But, nation states have shown their tendency to encroach on individuals' rights and freedoms. With the advent of cell phones, cameras, and social media, it's now in the spotlight more than ever. And, 2020 was the perfect example. Rewind to 2008 when Bitcoin emerged as a new form of long-term store of value, investment, and currency. Since then, few countries have staked their ground in the future of finance and investment. Why? Precisely because it's decentralized, borderless, resistant to control, accessible to the masses, and inflation-proof. The Unbound Fund represents a new frontier in investing. For the first time in our lives, the Portugal golden visa offers a way to bridge the gap between traditional finance, residency by investment, and the decentralized future of Bitcoin. Governments are now recognizing and incorporating Bitcoin into their policies. But why would someone even need a second residency or citizenship? Investors have a unique opportunity to diversify in ways that were previously unimaginable. A passport portfolio extends your visa-free travel, gives you more financial and banking privileges across the world, unlocks tax optimization opportunities, reduces your dependence on a single government, allows you to diversify your assets across multiple jurisdictions, and opens up a whole new country for you, your dependent parents, and your dependent children to work, learn, play, earn, save, and live. In summary, multiple citizenships make you ungovernable. Combine all the benefits of the Portugal golden visa program, residence permit, and eventual Portuguese citizenship, with the upside potential of Bitcoin. The Unbound Fund offers an unprecedented opportunity to marry both.  This isn't a hedge. This is future-proofing your wealth and freedom. Unbound Fund Is the World’s First Bitcoin-Linked Golden Visa Program The Portugal golden visa is one of many golden visas around the world. These residency by investment programs attract international capital and foreign investment in their economy and grant temporary or permanent residency to successful applicants. In most cases, residency holders also join the path toward citizenship. Typically, golden visa applicants invest in real estate, real estate-related funds, investment funds (venture capital or private equity funds), or donate their money to a government project or fund. Up until 2023, the Portugal golden visa offered investors a real estate purchase option for permanent residency. But, due to rising real estate costs and subsequent backlash from locals, the Portuguese government eliminated real estate investment as a qualifying investment for golden visa investors. Instead, the golden visa program now requires a qualifying investment in either of the following three categories: Capital transfer (minimum investment of €500,000): Investment funds in a Portuguese financial institution Private scientific research institutions (or specific research activities) Unbound Fund's Bitcoin exposure fund Business investment (minimum investment of €500,000): Investment in an existing Portuguese business or commercial company (must create at least five permanent jobs) National cultural heritage (minimum investment of €250,000): Investment promoting the arts or preserving national heritage Other golden visa application requirements include a clean criminal record, a valid passport, a tax identification number (received when opening a Portuguese bank account), and of course, proof (with bank account statements) of the capital transfer or completion of the minimum investment requirements. Plus, golden visa applicants can include three or more generations of family members (i.e. dependent children and dependent parents) as part of their application. The Path to Portuguese Citizenship Through the Portuguese Golden Visa Program Is your goal with the EU residence permit to qualify for Portuguese citizenship eventually? Good news. The Portugal golden visa offers non-EU citizens one of the fastest routes to citizenship in the European Union. After their golden visa is approved, foreign investors must spend on average just seven days in Portugal per year (seven days the first year, then 14 days in each of the following subsequent two-year periods) to maintain their visa. The golden visa applicant must also renew their visa in each of the subsequent two-year periods and prove they've maintained their golden visa investment and met the physical presence requirements I just laid out. After meeting these requirements, the golden visa holder must take a Portuguese language exam and can apply for permanent residency. After foreign investors have their permanent residence, they can directly apply for Portuguese citizenship (no permanent residency period required). Note: A successful golden visa journey – from application to full naturalization and citizens' rights – may take more time than expected. Golden visa application backlog is currently high. However, the Portuguese government now predates the residence permit of successful golden visa applicants to the day they submitted their application, not the day it was approved. Portugal's requirements for citizenship eligibility are relatively relaxed when compared to any other golden visa program in the European Union. For example, with a qualifying investment in real estate property of €250,000, Greece's golden visa has strict citizenship eligibility and, therefore, a far lower rate of naturalization. The residence permit program requires golden visa applicants to reside in Greece at least six months a year for six of the last seven years, become a tax resident in the tax-unfriendly country, and speak the Greek language, a notoriously difficult language to speak. Why Choose the Portugal Golden Visa Program Over Direct Citizenship Programs? Since the pandemic, the Portugal golden visa program has been the world's most popular golden visa. Why? Well, the question is really – Why would investors choose Portugal over anywhere else? Proximity and connectivity to North America and Europe Mediterranean climate Highly ranked quality of life Visa-free access scores to 180 countries Lowest cost of living in European Union World-renowned food and wine Low qualifying investment requirements Large English-speaking population (and ease of Portuguese language) First-world infrastructure and amenities Non-Habitual Tax Regime (currently closed) High returns on property investment Residency rights throughout the European Union (27 member states) The appeal is obvious. But, compare it to citizenship by investment options like Antigua & Barbuda, Malta, Turkey, and St. Kitts & Nevis or other residency by investment golden visa programs in Greece and Malta. Portugal still comes out on top. Here's why: Long-Term Stability As a core member of Western European countries, Portugal offers political and economic stability whereas many other countries cannot. The 2024 Global Peace Index ranks Portugal the seventh safest country in the world. With top-tier infrastructure, healthcare, and qualify of life, the Portugal golden visa program can offer applicants a renewed sense of safety, stability, and certainty in a world generally trending toward the opposite. Most other residency and citizenship programs around the world are government-supported efforts to raise the reputation of their country. But, Portugal already has a stellar reputation. The Portuguese golden visa program is an effort to attract foreign investment and qualifying funds to boost the local economy. This is why it's the hottest residence permit in the world; why UK citizens, Americans, Indians, Nigerians, and Chinese are making a significant investment in Portugal; and why foreigners choose to live in the national territory and qualify for Portuguese citizenship. Lifestyle and Mobility Portugal's valid passport ranks among the world's top travel documents. With visa-free travel to almost 180 nations, Portuguese citizenship would likely expand the mobility of a golden visa holder, especially if their current country of nationality has a weak passport. For example, imagine you're a golden visa applicant from Afghanistan, whose passport gives you visa-free access or visa on-arrival in just 37 countries. If you're approved for a Portugal golden visa and you meet the country's citizenship eligibility requirements after five years, Portuguese citizenship and the Portuguese passport will reward you with visa on arrival and visa-free travel to almost 140 more nations that you previously could not enter, invest in, open a bank account in, etc. As a member state of the European Union, Portugal can also offer non-EU citizens residency, labor, travel, education, and healthcare access they don't currently have. Citizens of the Iberian country can reside, work, and get access to educational and healthcare institutions in any of the 27 member countries on the continent. Compare these benefits to those offered by citizenship by investment programs like Turkey or St. Kitts & Nevis. In terms of lifestyle and travel freedom, Portuguese citizenship is one of the most desirable in the world – and why, together with its relatively affordable investment options, their golden visa program has been so successful. Taxes Taxes are only relevant for the golden visa investors who become tax residents in Portugal. That's to say – Unless you spend more than six months a year or create strong economic ties within Portugal, you are not liable to file or pay taxes in the country. (Consult a tax professional before making any decisions though.) And, remember – Golden visa holders do not need to spend any more than just seven days per year in Portugal in order to maintain their visa and residency status and qualify for permanent residency and/or citizenship after the five-year mark. So, for most people, tax residency is unnecessary. While it's currently closed, the Non-Habitual Resident (NHR) tax regime was one of the most appealing benefits of the Portugal golden visa program. The regime allowed investors to pay 0% tax on foreign income for up to ten years. The Portuguese parliament has recently discussed bringing back the program. But, its potential new rules may not apply to as many investors' situations as the original NHR system. Capital gains tax on cryptocurrency in Portugal is zero. So, for investors with significant wealth in decentralized assets like Bitcoin, this offers an opportunity to grow your wealth without the burden of excessive taxation. However, while it offers indirect exposure to Bitcoin, the Unbound Fund (nor your investment in venture capital funds) does not technically qualify under Portuguese tax law as a cryptocurrency investment. Therefore, this tax incentive would not apply to your Unbound golden visa investment. Compare this to the tax regimes of other citizenship by investment programs, where taxes on foreign income and cryptocurrency can be much higher. Portugal offers a unique combination of financial flexibility, allowing you to invest in both traditional assets like real estate and venture capital funds while benefiting from one of the most favorable tax regimes in Europe. Borders have all-but disappeared. Decentralized finance is transforming how we think about and invest money. And as evidenced a few years ago, global mobility is increasingly important. If you don't seize the opportunity to de-risk yourself, your family, and your assets, your government may take the option away. The Unbound Fund is at the intersection of these trends. And it's unique from other golden visas and investment fund options. If you're interested in the Portuguese golden visa, want potential high returns on your Bitcoin investment, desire a passport with the world's most extensive visa-free travel, and want to taste the Mediterranean lifestyle that Portugal would afford you, the Unbound Fund is your best investment opportunity for another residence permit or eventual second citizenship. Learn more at UnboundFund.com.

12 MIN READ

02 Oct 2024

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FAQ

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The Portuguese Golden Visa program is a residency by investment program that allows non-EU/EEA nationals to obtain a Portuguese residence permit by making a qualifying investment in Portugal. The program was launched in 2012 and has become one of the most popular investment migration programs in Europe.

The Golden Visa funds are a specific investment option under the Portuguese Golden Visa program. This involves investing a minimum of €500,000 in a qualifying investment fund that is approved by the Portuguese government.

Yes, there are some restrictions on the types of investment funds that are eligible for the Golden Visa program. The funds must be registered and authorized by the Portuguese Securities Market Commission (CMVM) and must invest a minimum of 60% of their assets in Portugal.

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