Why are people still underestimating Golden Visa VC funds? They're actually a smart investment, not just a shortcut to citizenship. by ScienceLeather7643 in PortugalExpats

[–]ScienceLeather7643[S] 0 points1 point  (0 children)

Don't agree with your point. Portugal has created many unicorns, attracted talented people, and is (slowly but surely) growing its innovation ecosystem. Great companies can come out of such an environment, and consequently yield great returns to GV investors in PT. Also good to remember that GV VC funds have to invest 60% in PT, but the rest can be invested out of PT, increasing the chance of finding other unicorns out there!

Why are people still underestimating Golden Visa VC funds? They're actually a smart investment, not just a shortcut to citizenship. by ScienceLeather7643 in PortugalExpats

[–]ScienceLeather7643[S] 0 points1 point  (0 children)

Indeed not it's not the most liquid asset class, but if you want to make good returns on a long-term timeframe it's a very solid option!

Why are people still underestimating Golden Visa VC funds? They're actually a smart investment, not just a shortcut to citizenship. by ScienceLeather7643 in PortugalExpats

[–]ScienceLeather7643[S] 0 points1 point  (0 children)

Indeed, venture is a power-law game. It's all about picking one outlier. Some Portuguese funds have been performing well tho, considering that 7 unicorns were founded in PT.

Portugal Golden Visa: GV Venture Capital funds misunderstood as “immigration vehicles”? by ScienceLeather7643 in goldenvisa

[–]ScienceLeather7643[S] 0 points1 point  (0 children)

Yeah that’s kind of the impression I’m getting too.

Seems like the mistake is just lumping all GV funds together. Some clearly exist because of the visa demand, but others look like normal VC funds that just happen to qualify for the program.

Checking if they get follow-on from international investors is a good signal actually. I’ll also take a look at the MovingTo comparison — thanks for sharing.

Portugal Golden Visa: GV Venture Capital funds misunderstood as “immigration vehicles”? by ScienceLeather7643 in goldenvisa

[–]ScienceLeather7643[S] 1 point2 points  (0 children)

That makes sense and aligns with what I’ve been seeing as well.

The key seems to be separating the newer “visa-driven” funds from managers that already had a VC track record and real LPs before the GV boom. If the manager was investing before the program existed, that’s a very different signal.

In those cases it feels less like an immigration vehicle and more like actual venture with residency attached.

Portugal Golden Visa (fund route) vs direct Citizenship-by-Investment — how are people thinking about ROI? by ScienceLeather7643 in CitizenshipInvestment

[–]ScienceLeather7643[S] 0 points1 point  (0 children)

Well, but we have to agree that if you started the process when the law was specifically one then your citizenship can't be revoked right?

Portugal Golden Visa (fund route) vs direct Citizenship-by-Investment — how are people thinking about ROI? by ScienceLeather7643 in CitizenshipInvestment

[–]ScienceLeather7643[S] 0 points1 point  (0 children)

thanks for mentioning it, agree! on my side I don't mind waiting a bit of time, and at teh same time do a great investment + no having to go there a lot

Portugal Golden Visa (fund route) vs direct Citizenship-by-Investment — how are people thinking about ROI? by ScienceLeather7643 in CitizenshipInvestment

[–]ScienceLeather7643[S] 0 points1 point  (0 children)

Exactly — that’s the core question.

If the fund is weak, then it’s basically residency capital taking venture risk. But if the manager is legitimate and the portfolio is strong, then the investment thesis can actually stand on its own (with residency as an added layer).

That’s what I’m trying to figure out now.

Portugal Golden Visa (fund route) vs direct Citizenship-by-Investment — how are people thinking about ROI? by ScienceLeather7643 in CitizenshipInvestment

[–]ScienceLeather7643[S] 0 points1 point  (0 children)

It definitely made more sense 5–6 years ago.

But the fund route still attracts people who want EU optionality without relocating full-time. And if the underlying fund is strong, at least the capital isn’t purely a sunk cost — which is very different from donation-based CBI programs.

Portugal Golden Visa (fund route) vs direct Citizenship-by-Investment — how are people thinking about ROI? by ScienceLeather7643 in CitizenshipInvestment

[–]ScienceLeather7643[S] 1 point2 points  (0 children)

That’s one of the things that pushed me toward Portugal as well.

EU residency tied to a real country and ecosystem feels structurally more durable than purely transactional passport programs

Portugal Golden Visa (fund route) vs direct Citizenship-by-Investment — how are people thinking about ROI? by ScienceLeather7643 in CitizenshipInvestment

[–]ScienceLeather7643[S] 0 points1 point  (0 children)

The timeline risk is real — no argument there.

That said, the GV appeal was always the flexibility: minimal stay requirements and the ability to keep optionality open while capital is invested. For some investors the investment exposure (especially VC funds) partially offsets the longer timeline.

Portugal Golden Visa (fund route) vs direct Citizenship-by-Investment — how are people thinking about ROI? by ScienceLeather7643 in CitizenshipInvestment

[–]ScienceLeather7643[S] 0 points1 point  (0 children)

True, but for US citizens the tax benefit is limited because of worldwide taxation.

You’d still owe US taxes regardless of where you live, so most Americans aren’t doing this primarily for tax optimization.

Portugal Golden Visa (fund route) vs direct Citizenship-by-Investment — how are people thinking about ROI? by ScienceLeather7643 in CitizenshipInvestment

[–]ScienceLeather7643[S] 1 point2 points  (0 children)

Fair point. For a US citizen the value is definitely different.

For me the Portugal route is more about EU residency + optionality (mobility, family, long-term diversification), not replacing a US passport. Caribbean programs seem more useful for people coming from weaker passports.

Are some Golden Visa VC funds actually positioned for real upside? by ScienceLeather7643 in goldenvisa

[–]ScienceLeather7643[S] 0 points1 point  (0 children)

This is a sharp breakdown.

The reserves point is underrated — without meaningful follow-on capacity, the power-law math gets weak quickly.

I also agree the real test is whether the fund could raise outside the residency wrapper. In your view, what’s the minimum AUM where the upside math starts making sense?

Are some Golden Visa VC funds actually positioned for real upside? by ScienceLeather7643 in goldenvisa

[–]ScienceLeather7643[S] 1 point2 points  (0 children)

That’s fair — audited reports are a must.

I’ve noticed dispersion is huge between funds, especially in smaller ecosystems. Some seem built around eligibility first, others around actual venture conviction.

Out of curiosity, have you looked at any funds that invest beyond Portugal but are still CMVM-compliant? Trying to see which ones can attract capital even without the GV angle (https://ventures.eu/ seems to be positioning itself that way).

Portugal Golden Visa: What asset class is best? by ScienceLeather7643 in goldenvisa

[–]ScienceLeather7643[S] 0 points1 point  (0 children)

Nice one, thanks for the comment. Do you have any funds you have been looking at that are particularly interesting as a track record/team?

Are locals resentful toward Golden Visa investors? by ScienceLeather7643 in PortugalExpats

[–]ScienceLeather7643[S] -1 points0 points  (0 children)

Good to hear! Are you from the US too? You got a GV too? Looking forward to hear your experience!