If you’ve contemplated trading your life in the United States for the hilly streets of Lisbon or the scenic coast of Porto, you’re not alone. Portugal is frequently ranked as one of the most popular countries for American expats—in part thanks to its highly coveted golden visa program.
The Residence Permit for Investment (ARI) program allows recipients to live in Portugal for up to five years. After spending five years in the country, visa holders can then apply for permanent residency or Portuguese citizenship. Plus, it comes with the added perk of visa-free travel throughout the Schengen area.
Previously, applicants could qualify for Portugal's golden visa by investing in local real estate, but the option was scrapped in 2023 after it was blamed for exacerbating the country's cost-of-living crisis. Shortly after, the investment fund route—contributing at least 500,000 euros (about $576,850) in a qualifying venture capital or investment fund—became the primary pathway for obtaining the visa, Reuters reported.
Now, for the first time, there’s an official investment fund specifically designed for Americans who use the golden visa to relocate to Portugal. The fund, called LXL Ventures, received approval from the Portuguese Securities Market Commission (CMVM) in October, LXL Ventures tells Condé Nast Traveler.
Here's how it works: LXL invests 60% of its fund in Portugal, as required by the government: 35% in “low risk investments” and 25% in “early-stage technology companies,” according to Zeev Fisher, a tax lawyer and partner at LXL Ventures. The remaining 40% is then invested in US companies.
The fund also provides tailored tax and compliance advice for US investors who relocate to Portugal, as Americans who live abroad still have to file taxes in the US. So, to help alleviate the cross-border financial complexities, investors will get access to a rolodex of professional advice: LXL Ventures says it works with Green Ocean Global (a financial advisory firm that specializes in helping Americans move to and invest in Portugal) and FRESH Portugal (a legal advisory firm specializing in American expats in Portugal).
But the “secret sauce” of LXL Ventures is its ability to advise US investors on how to qualify for certain tax benefits in Portugal, Fisher says. “This is achieved through the tech investment part of the fund and through working closely with the tech community in Portugal to help investors get involved in the ecosystem in a manner that would qualify them for the tax benefits.”
Approximately 1,000 to 2,000 Americans apply for Portugal’s golden visa annually, according to Fisher. LXL hopes to work with 5% to 10% of them within the next two years.
In addition to contributing to an approved investment fund like LXL, there are several other routes applicants can take to qualify for the golden visa, including: investing €500,000 (about $576,850) in science and tech research, or €250,000 (about $287,830) in support of the arts and to help maintain and conserve “national cultural heritage.” Applicants can also qualify if they create at least 10 jobs in Portugal.
In recent months, countries such as Malaysia, New Zealand, and Vietnam have introduced new golden visa programs. And the timing couldn’t be better: A growing number of US citizens are turning to golden visas as a “strategic safety net,” Laura Madrid, a researcher at residency-by-investment consulting firm Global Citizens Solutions, tells Traveler, noting that countries such as Portugal and Spain have become popular destination for American expats.
“Americans are seeking not only financial or lifestyle benefits, but also the assurance that comes with having an additional legal pathway abroad, one that provides freedom of movement, access to better living conditions, and a secure alternative for the future,” she says.
