Investor Interest in Portugal Shifts From Real Estate to Funds and Gold
The interest of Turks in buying property abroad continues. In Portugal, one of the countries in demand, interest suddenly shifted to funds following the termination of citizenship through real estate investment. It was stated that a fund investor who invests €500,000 can obtain a residence and work permit in Portugal and acquire citizenship after five years. Celtis Fund Co-Founder and CEO Joao Baptista said, “Turks rank third in investments in gold and government funds.”
Hamide HANGÜL
The real estate investments of Turkish citizens abroad, which have increased with the rapid rise in housing prices over the past five years, continue without slowing down. Rental income in foreign currency, residence permits, and citizenship keep this interest alive. Portugal, one of the countries in demand by Turks, ended citizenship through real estate investment in October 2023. Instead, three different funds came to the forefront.
Stating that the three funds offered to investors with different risk appetites consist of instruments investing in government bonds and gold, start-ups and technology, and Bitcoin, Celtis Fund Co-Founder and CEO Joao Baptista said: “For the Golden Visa, Turks mostly prefer conservative funds. The vast majority of Turkish investors invest in the Portuguese government bonds and gold fund; Turks are the third largest investor group. The top two are American and Chinese investors. The size of this fund is €50 million.” Baptista emphasized that following the legal changes in Portugal, real estate investments of Turks in the country have significantly declined, while interest in funds has increased.
Offers residence and citizenship rights
Teuta Narazan, Co-Founder of Vesta Global, provided the following information on the opportunities these funds offer to investors in Portugal: “A fund investor who invests €500,000 in these funds first obtains a residence and work permit in Portugal; after five years, there is the possibility to acquire citizenship. You can become a citizen without the obligation to reside. Moreover, people who want to protect their principal also invest in this fund, which is why it is the most preferred by Turks.” Stating that Turks are the third largest investor group in the gold fund, Narazan said, “That fund is the best-seller for Turkish investors. The funds investing in gold and government bonds.”
