How a Commercial Real Estate Fund Provided PortugalResidence Permit and Live Euro Dividends

Case at a glance

Situation, solution and outcome in seven lines

Client

Nurlan, approximately 56 years old, real estate developer from Almaty; wife and parents

Objective

Portugal Residence Permit + Live Euro Dividends

Program

Portugal, Golden Visa (Residence Permit via Investment Fund, pathway to EU passport)

Key Considerations

Direct real estate investment is closed - investments are made through funds

Solution

Commercial real estate fund (leading bank), dividends from shopping center rental income

Income

Approximately 4.5% annually in euros

Outcome

Residence Permit for all family generations, capital generating returns

Client story

Client's Story

I am a developer, and it's important to me that money works, not sit idle. In Portugal, real estate under Golden Visa is closed; investments are made through funds. Igor selected a commercial real estate fund from a leading bank for me - it pays dividends from shopping center rentals, approximately 4.5% annually in euros. And we secured residence permits for everyone: me, my wife, and my parents. The capital is not frozen but generates rental income in euros. Exactly what I wanted.

Important Considerations

Important Considerations

This wasn't a problem - it was a choice. Direct real estate investment in Portugal's Golden Visa is closed; investments are made through funds. But funds vary: some simply hold capital until exit, others pay regular dividends. To generate euro income, it's important to select the right fund - and verify its reliability.

The logic of the solution

How the matter progressed: from checks to result

The chart is built from the facts of this matter and shows the logic of the work without decorative or unverified data.

How we handled the matter

How we handled the matter

The work was split into verifiable stages so that every conclusion rested on documents.

1. 01

   Stage 1

   We explained the fund options distinction based on income objectives. Nurlan knew that direct real estate was closed, but not all funds are equal. We showed the difference: some simply hold capital, others pay dividends. Since the goal was rental income in euros, an income-generating fund was needed. This immediately narrowed the selection to the correct category.

2. 02

   Stage 2

   We selected a commercial real estate fund from a leading bank. We chose a fund investing in income-generating assets - shopping centers and similar commercial properties - which pays dividends from rental income. The challenge was finding a fund that was both income-generating and reliable, managed by a leading bank rather than a questionable asset manager.

3. 03

   Stage 3

   We verified the fund's reliability and license. As a market professional, I examined the fund as I would for myself: regulatory license, fund manager, property portfolio, and the reality of rental income. This protected against investing in attractive packaging without genuine returns.

4. 04

   Stage 4

   We structured the €500k investment in the fund. We executed the qualifying investment in the selected fund so that it both met Golden Visa requirements and fit into the scheme of regular dividends - approximately 4.5% per annum in euros.

5. 05

   Stage 5

   We processed Residence Permit for all family generations. Nurlan wanted status for his elderly parents as well. We obtained Residence Permit for the entire family - him, his spouse, and parents - processing them as family members of the principal applicant.

6. 06

   Stage 6

   We launched euro income alongside the status. The family received Portugal's Residence Permit, and €500k began generating approximately 4.5% per annum in euros from rental income. The capital is not frozen but works - exactly the rental income that Nurlan sought in selecting the fund.

Expert comment

Nurlan is a developer, my kind of person: for him, money must work, not sit idle. In Portugal, it is important to understand immediately - direct real estate in the Golden Visa program was closed as of 2023; now only funds are available. But funds vary, and here I always explain the distinction: some simply hold your half-million until exit years later, others pay regular dividends. If a client needs rental income in euros, I turn to a commercial real estate fund from a leading bank - it invests in shopping centers and pays from the rental stream, approximately 4.5% per annum in euros. I vet the fund as I would for myself: license, fund manager, actual properties. And we obtained the Residence Permit for all family generations, including parents. As a result, capital works rather than being frozen. This is smart investment, not merely status acquisition.

Outcome

What the client received

What was required

How we did it · Result

Capital must work

income-generating fund instead of "capital preservation" · rental income dividends

Rental income in euros

commercial real estate fund · approximately 4.5% per annum

Reliability

license and property verification · fund from a leading bank

Residence Permit for entire family

all generations as family members · status for all

Residence Permit for entire family

all generations as family members · status for all

What was needed: the investor wanted to avoid freezing €500k and obtain live dividends in euros, plus Residence Permit for all family generations. What we did: explained the fund options distinction based on income objectives; selected a commercial real estate fund from a leading bank; verified its reliability and license; structured the €500k investment; processed Residence Permit for the entire family, including parents. What the client received: Portugal Residence Permit for all family generations and income of approximately 4.5% per annum in euros.

Practical takeaway

What matters in a similar situation

• Conclusion: direct real estate in the Golden Visa is closed, but income-generating funds exist. A commercial real estate fund pays dividends from rental income, and €500k are not frozen but generate rental income in euros, providing Residence Permit to the entire family.
• Nurlan obtained both EU resident status for all family generations and working capital - because we selected a fund that pays live dividends rather than simply holding funds.

FAQ

Questions people ask in a similar situation

About the author

Author: Igor Venc

Real Estate Managing Director, BRIDGES

I lead the international real estate practice at BRIDGES and coordinate cross-border transactions from the selection of an ownership structure through to completion. I assess the legal position of the property and its suitability for the client's objectives.

Before the client assumes obligations under a transaction, I review title and possible encumbrances, assess whether the property is suitable for the client's objectives, and examine the implications of the chosen ownership structure. The review is organised in a clear sequence so that the relevant findings can be addressed before completion.

During the consultation, we will examine the purpose of the acquisition, the proposed ownership model and the intended use of the property. Once the engagement begins, I coordinate the property review, transaction preparation and the key decisions of the BRIDGES team through to completion.

Prepared on the basis of BRIDGES practice and reviewed by a subject-matter expert.

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