Portugal Golden Visa with Bitcoin Ecosystem Investment: 2025
April 9, 2025
Crypto investors now have a new route to European Union (EU) residence thanks to the launch of a venture capital fund focused on investing in the growth of Portugal’s Bitcoin ecosystem.
Unbound Fund’s CEO and co-founder, Alessandro Palombo, told Nomad Capitalist his private equity fund is the ‘first golden visa fund designed to support a pathway to second residency and citizenship by fostering the growth of the Bitcoin ecosystem’.
Unlike direct crypto funds, Unbound does not invest in Bitcoin itself but rather in companies engaged in Bitcoin-related innovation, such as research and development.
‘The fund’s strategy emphasises investing in Portuguese companies that are deeply committed to advancing the Bitcoin ecosystem’, explained Palombo.
‘These companies not only contribute to innovation in areas like R&D but also maintain exposure to Bitcoin through ETFs, ensuring simplicity and security in their operations. This approach allows investors to gain indirect exposure to BTC while simultaneously supporting local economic growth,’ he explained.
Palombo said the new fund offered a unique avenue for obtaining Portuguese residency and eventual citizenship by channelling investments into high-growth companies that advance the Bitcoin ecosystem in Portugal.
Investors can qualify for the Portuguese residence-by-investment scheme, also known as a ‘golden visa’. This scheme offers non-EU and EEA nationals temporary residence and potential citizenship in Portugal through any of five investment routes.
Unbound Fund looks set to qualify investors for a Portuguese golden residence visa via the route of a minimum investment of €500,000, held for five years.
Unbound Fund, which is based in Portugal and regulated by the Portuguese Securities Market Commission, has received the all-clear from legal experts and is already helping investors claim their Portuguese residence.
How Unbound Fund Works
Palombo describes his firm as the first fund to offer a path to a second residence by supporting companies in the Bitcoin ecosystem.
According to the CEO, Unbound Fund has drawn interest from at least 110 investors keen to explore its potential, but it’s worth noting that investments can be made with Unbound Fund regardless of the golden visa program.
To be eligible for Portuguese residence, you must invest a minimum of €500,000 and commit to maintaining your investment for at least five years – a stipulation that might discourage some investors who prefer to time the market to take advantage of Bitcoin’s inevitable volatility.
For its part, Unbound Fund says it invests in companies aligned with the Bitcoin ecosystem, indirectly generating exposure to BTC through ETFs. They point out that Bitcoin has outperformed every other asset class in eight of the last eleven years.
Nevertheless, as any cryptocurrency investor will tell you, you should only enter this market if you have a large appetite for risk.
Clarifying Misconceptions about Unbound Fund
Some international crypto publications have mischaracterised Unbound as a direct crypto fund.
However, Unbound is a private equity fund investing in companies that operate within the Bitcoin ecosystem.
These companies may gain Bitcoin exposure via ETFs but are not solely focused on cryptocurrency holdings. This distinction is critical for regulatory compliance and investor clarity.
Unbound Fund also remains open to investors irrespective of their participation in the golden visa scheme, making it an option for those seeking exposure to companies supporting the Bitcoin ecosystem in Portugal.
As of early 2025, Unbound Fund has already reached half of its €15M subscription target, with strong interest from investors looking to align with its long-term vision.
Other Options for a Golden Residence Visa in Portugal
Portugal’s golden visa scheme was launched in 2012 as part of its efforts to recover from a crippling recession.
The scheme has gone through several alterations but has proven popular with investors throughout its existence.
In the past, the most popular way to get your hands on a golden visa was to invest in Portuguese real estate, but this option was removed in 2024.
As mentioned, it’s still not 100% confirmed when – or even if – the government will approve any direct Bitcoin investment route for a Portuguese golden visa.
As it stands, investors still have several routes to qualify for a Portugal GV, including:
- Investing at least €500,000 in a qualifying Portuguese venture capital fund
- Donating at least €250,000 (or €200,000 in low-density areas) toward a qualifying cultural investment project
- Donating €250,000 toward qualifying Portuguese arts, heritage or cultural preservation projects
- Donating €500,000 towards a qualifying Portuguese science or technology research project
- Starting a business that creates at least ten jobs in Portugal
- Investing €500,000 in an existing company, with a commitment to create five permanent jobs or maintain ten existing ones.
In all of these cases, you’ll need to maintain your investment for at least five years to keep hold of your residence status.
After five years, you may be eligible to qualify for permanent residence or citizenship by naturalisation – see our Ultimate Guide to Portuguese Citizenship for all the options.
Once you’ve secured temporary residence, there’s a low physical presence requirement to maintain it. You can then qualify for permanent residence after five years. To qualify, you must be present in Portugal for 14 days during every two years.
Speculation was rife that Portugal would close its golden visa program in 2024 due to its inflationary impact on house prices throughout the country, but that hasn’t happened.
Unlike its Spanish neighbour, the Portuguese government has opted to maintain the program – albeit minus a previous option to invest in real estate.
Still, there’s no guarantee how long the program will remain open.
If Portugal were to close its golden residence visa program in the near future, the move would follow a trend being adopted throughout the EU.
Ireland and the Netherlands have both shut down their programs, while Spain has announced plans to follow suit in early 2025.
The European Union has been pressuring its member states to shut down citizenship-by-investment and golden visa programs due to concerns over security and corruption.
The pressure moved Malta to close its citizenship-by-investment program, with the country opting to replace it with a new naturalisation (MEIN) program.
Still, if you’re a wealthy investor looking to invest your way to an EU residence, Portugal is increasingly the best option. You’ll need to move quickly, though, since there’s no telling how long this option will remain open.
At Nomad Capitalist, we’ve helped thousands of high-net-worth individuals to ‘go where they’re treated best’ by investing in a second residence or second citizenship. Learn more about how Nomad Capitalist can assist you here.
Why Choose Portugal as a Crypto Investor?
If you’re a serious crypto investor, then Portugal is a great base.
Clear regulations, friendly tax policies, and active support for innovation have helped open up Portugal to crypto investors and entrepreneurs.
Through this approach, the country has created a stable environment that welcomes both short- and long-term crypto investment.
One of the first things to note about Portugal’s crypto policy is its tax structure.
While a 28% tax applies to short-term crypto gains (those held for less than a year), long-term holdings are exempt from taxes. This setup makes Portugal especially attractive for those looking to build crypto wealth.
Crypto tax-loss harvesting is also allowed, which allows investors to offset capital gains with losses.
In terms of regulation, Portugal actively aligns with EU regulations, such as the Markets in Crypto-Assets (MiCA) framework, which aims to standardise crypto asset regulation across Europe.
The Portuguese government also encourages Initial Coin Offerings (ICOs) and token sales but recommends consulting with the Portuguese Securities Market Commission (CMVM) for legal guidance.
Beyond its policies, Portugal is home to a vibrant crypto community, with Lisbon being a tech hub for blockchain and crypto events.
What Else to Know About Portugal Crypto Taxes
Portugal has long been considered a ‘haven’ for individual cryptocurrency investors, as crypto transactions are mostly tax-free and exempt from capital gains tax and VAT.
However, starting in 2023, Portugal introduced changes to its tax policy. While long-term crypto gains (held for over a year) remain tax-free, short-term gains face a 28% tax.
These changes have not affected all investors equally.
Individual, casual investors can still enjoy favourable treatment, but professional traders could see their profits reclassified as taxable income under Category B, which covers self-employment income.
Determining whether you’re considered a trader depends on factors like trade frequency, income dependency and holding periods.With some grey areas still unresolved, seeking advice from a tax professional is essential for anyone navigating Portugal’s updated crypto landscape to ensure compliance while optimising your returns.
Portugal Residence for Bitcoin Investors: FAQs
There’s no way to obtain residence in Portugal via a direct crypto investment yet. However, planning is underway and the Unbound Fund, Portugal’s first Web3 Golden Visa Fund, is registered. As of late 2024, confirmation regarding this investment route was still outstanding from the Portuguese Securities Market Commission.
Yes, in many ways. However, in 2023, Portugal started applying a 28% crypto tax on short-term crypto gains from selling crypto held for less than a year. Otherwise, Portugal remains quite tax-friendly for crypto investors.
Other than ensuring you hold onto your investments for a year or more to avoid the 28% short-term crypto tax in Portugal, you can take advantage of the country’s tax exemption on crypto gains from personal investments. Ensure your transactions qualify as non-professional activity under Portuguese law, as professional or business-related gains may be taxed.
A golden visa allows you to live and work in another country for an extended time period. This lengthy residence may give you the opportunity to earn permanent residence and eventually citizenship by naturalisation.
If you’re already a citizen of an EU or EEA country, you can’t apply for a Portuguese golden visa because you’re already eligible to live and work in Portugal. Anyone else can apply, provided they have a clean criminal record and the necessary paperwork and funds.
Depending on your chosen investment route, you’ll need to invest or donate between €200,000 and €500,000.
The Portugal Non-Habitual Resident (NHR) regime was a scheme that allowed foreign residents in Portugal to benefit from several tax breaks. It closed to new applicants in 2024 and was effectively replaced by the Tax Incentive for Scientific Research and Innovation (IFICI), informally known as NHR 2.0, which is weighted towards skilled professionals and innovators in high-value sectors of industry.
Greece, Portugal, Latvia, Cyprus and Italy are among the European countries still offering popular golden visa residence programs. Spain is another one, although this program looks set to close imminently.
Portugal is certainly one of the more welcoming countries in the EU, offering hot summers and mild winters, along with many areas of natural beauty. The cost of living is lower than in many other Western European countries, and there’s a significant expat presence in its major cities.
Residence in Portugal via Crypto Investment
Relocating your family or your business to a different country can be complicated at the best of times.
Even if you’re emigrating solo, there’s a long list of things that can potentially go wrong.
If you’re a high-net-worth individual trying to figure out which is the best country to move to, it can feel impossible to make a decision on your own, let alone find the time to complete the process and make it happen.
Nomad Capitalist can help – we’ve worked with thousands of wealthy entrepreneurs and investors to help them ‘go where they’re treated best’.
Our clients are paired with experts in tax, investment strategy, asset protection and immigration to create and execute a plan as unique as your goals.
Whether you’re trying to get a passport in Portugal, set up a trust in Barbados or reduce your taxes in St Kitts and Nevis, we can offer expert advice and walk you through each step of the process.
And, after helping so many clients, we’ve learned that programs like the Portugal Golden Visa are fleeting.
The rules are forever changing and adapting, with many countries even abandoning their programs entirely – just look at how quickly Portugal recently removed a real estate investment option from its own residence program.
So, there are no guarantees when it comes to how much longer these opportunities will be available or what they might look like.
Our advice?
Get in while you can and make the most of your Bitcoin investment. Learn more about our holistic Nomad Capitalist plans and how we can help here.
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