Approved Investment Routes

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Under the updated legal framework, investors can no longer rely on real estate or simple capital transfers to qualify. Instead, Portugal has outlined a curated list of productive investment pathways, each designed to support national priorities such as innovation, cultural enrichment, and economic development. These include:

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1. Fund Investment (Minimum: €500,000):

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Applicants may invest in private equity or venture capital funds regulated by the Portuguese Securities Market Commission (CMVM). Eligible funds must avoid direct or indirect exposure to real estate markets and must instead focus on sectors such as renewable energy, technology, healthcare, or industrial development. The fund must maintain the investment for at least five years and meet operational requirements regarding local incorporation and due diligence reporting.

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2. Research and Development (R&D) Contribution (Minimum: €500,000):

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This route allows for capital contributions to public or private scientific institutions accredited for national R&D initiatives. Examples include bioengineering labs, technological universities, and innovation hubs. While the returns here are not monetary, the route provides applicants with a philanthropic pathway aligned with Portugal’s long-term innovation agenda.

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3. Cultural Heritage Support (Minimum: €250,000):

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Investors may support the preservation or restoration of Portuguese cultural heritage through partnerships with accredited cultural institutions. This is the lowest-entry investment route and often appeals to applicants with philanthropic priorities or those looking for passive involvement. Some regional programs allow for investment pooling, although administrative structuring can be complex.

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4. Business Formation and Job Creation (Minimum: €500,000):

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Applicants may establish a Portuguese company or invest in an existing business that creates or maintains a minimum of 5 jobs. While this route offers high impact and the potential for return on capital, it requires intensive planning, local HR compliance, and continuous operational oversight.

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From a strategic standpoint, the fund route remains the most popular post-reform due to its passive nature, regulatory clarity, and opportunity for moderate returns. However, each route demands careful legal structuring and detailed documentation of both intent and execution.

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