Solar power, senior care, and 4 other sectors targeted by Portugal’s Golden Visa funds
Movingto reports on Portugal's Golden Visa funds targeting diverse sectors like solar power, senior care, aquaculture,
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Solar power, senior care, and 4 other sectors targeted by Portugal’s Golden Visa funds
Solar power, senior-care operators and aquaculture may not look like parts of the same investment market. In Portugal, fund managers are pitching all three to investors interested in the country’s Golden Visa fund route.
Public mandates now range from ocean industries and technology to research-intensive companies and media. These are not claims about money already deployed, returns achieved or approval by Portugal’s immigration authority. They are the sectors that individual managers say their funds are designed to target.
For this article, Movingto reviewed public fund profiles in its directory, then checked manager, government or European Union sources on July 16, 2026. The six specialist areas below were selected because the underlying activity was stated clearly. They show the range of the market rather than every available strategy, and a manager’s Golden Visa claim is not an AIMA decision or a substitute for legal advice on a specific fund.
1. Renewable energy
Several fund profiles focus on Portugal’s energy transition. The manager materials for New Frontiers Energy Fund II describe scalable solar photovoltaic projects, with grid access prioritized and exits planned at the ready-to-build stage. Other public profiles target renewable generation, energy efficiency, clean transport or related operating companies.
That gives the fund an investment thesis linked to the build-out of energy businesses rather than the purchase of a residence. The financial result still depends on project selection, permits, power prices, financing and the terms of the fund.
2. Technology and startups
The IMGA Futurum Tech fund targets Portuguese and Brazilian startups and scale-ups that already have some market traction and global ambitions. Other technology-focused profiles cover European startups, artificial intelligence, software and high-growth businesses.
For Portugal, that type of mandate can connect outside capital with companies whose main assets are people, research and intellectual property. For the investor, it is venture exposure: Outcomes may depend on a small number of companies growing enough to offset those that do not.
3. Senior living and care
IMGA Silver Domus focuses on Portugal’s senior-living sector. Its stated investment areas include assisted living, continuing care, home-care operators and specialist facilities.
The mandate is built around services people use, not a broad demographic label. Investors still need to understand whether the underlying exposure sits in operating companies, facilities or another structure, and whether the legal documents permit any asset the marketing material mentions.
4. The blue economy
The ocean is an economic sector in Portugal, not just scenery. The European Commission’s InvestEU profile for Growth Blue says the fund invests in Portuguese small and medium-sized companies working in aquaculture, blue bioeconomy, offshore energy and applied technologies.
That mandate links private capital to industries built around Portugal’s long Atlantic coastline. It also shows how broad a Golden Visa fund can be: The underlying businesses may involve food production, biotechnology, clean energy or marine technology while sharing an ocean-based theme.
5. Research-intensive companies
ActiveCap I&D II is described by its manager as a fund dedicated mainly to companies focused on research and development. That is a different proposition from a fund organized around one consumer industry: The common thread is how investee companies create and commercialize new knowledge.
The category can cut across software, engineering, healthcare or manufacturing. It also requires precise diligence. Investors need to know what counts as research and development under the fund’s documents, which companies receive capital and whether the strategy described publicly matches the permitted portfolio.
6. Media and events
The Portugal Future Fund identifies media and events among its growth sectors, alongside technology, healthcare and renewable energy. Its site says the vehicle invests through equity and quasi-equity in small- and medium-sized companies and will not invest directly or indirectly in real estate.
Media and events show how far a company-focused mandate can extend beyond infrastructure and laboratory research. The underlying businesses might produce content, organize conferences or provide related services. As with every example here, that is the manager’s stated thesis, not evidence that capital has already reached a particular company.
Why these sectors can sit under one immigration route
AIMA’s current guidance sets the common framework. The fund route requires a capital transfer of at least 500,000 euros for units in non-real estate collective investment undertakings created under Portuguese law. At the time of investment, the vehicle must have a maturity of at least five years, and at least 60% of the investment value must be placed in commercial companies headquartered in Portugal.
Law 56/2023 closed the qualifying real estate routes to new applications while retaining the non-real-estate fund route. It also says the remaining investment activities cannot be directed, directly or indirectly, to real estate investment.
Those rules explain why very different sectors can appear under the same residency program. They do not make every fund with a relevant label eligible or suitable. Before subscribing, an applicant should match the manager’s sector description to the fund’s permitted investments, current legal documents and evidence prepared for the immigration file. The useful question is no longer only which sector sounds attractive. It is what the fund is legally allowed to own and how that activity fits the current ARI rules.
This story was produced by Movingto and reviewed and distributed by Stacker.
