brand new Private equity funds It allows Overseas Investors get it Portuguese and European Union citizenship by indirect investment Bitcointhe founder and CEO of the project He said last week.
Unlimited funds He acts as a tout The first “Web3 Fund” to participate in the Portuguese Golden Visa program; which allows Foreign nationals who have invested at least 500,000 euros (about $544,000) in domestic companies or assets without residence permit and EU citizenship.
Golden visa programs have increased in popularity during the Covid-19 pandemic but have also raised concerns. Security and financial fraud And it attracted criticism Increase housing prices. In 2023, the Portuguese authorities They announced that they plan to stop their program completely Before you choose to proceed excluding real estate investments.
Mutual funds are required to hold at least 60% of their portfolio in Portuguese companies. To comply, Unbound Fund will transfer investments to domestic “special purpose vehicles” (SPVs) jointly controlled by fund manager Green One Capital and fund adviser Unbound Capital, co-founder and CEO Alessandro Palombo said. Decrypt.
Instead of buying and holding BTC directly, SPVs buy Bitcoin ETF shares at BlackRock—which Palombo says. He tweeted. It is for reasons like “security and simplicity”. He explained. Decrypt Such Gold Visa funds come with “rigorous regulatory requirements”.
Unrestricted investors must each buy at least a certain amount of shares 500,000 euros Using fiat currency, Palombo said. He added that the fund's operations could be independently audited and that fluctuations in bitcoin prices would not affect investors' Golden Visa eligibility – even if their investment value falls below €500,000.
Unrestricted as a private equity fund b Portuguese Securities Market Commission (CMVM) On May 24, Palombo said. The money is marked “authorized” in the agency. Online databaseAlthough it is currently listed as inactive.
By email to DecryptCMVM press officer Susana Dominguez said, “The structuring of the fund under the terms of the asset management system is based on previous communications to the CMVM,” and added that the fund will operate under the agency's supervision.
However, the fund “has not been subject to a formal authorization process” by the CMVM, she added, adding that the eligibility of the fund's investments for the golden visa program is determined by “the authority responsible for issuing golden visas, which is not the CMVM.”
The office that administers the golden visa program – Portugal's Agency for Integration, Migration and Asylum (AIMA) – did not respond to requests for comment as of publication.
Investment Migration Consultant CEO Patricia Kasaburi International citizen solutionsHe told him Decrypt Eligibility for the Golden Visa program for funds that invest indirectly in Bitcoin, Bitcoin ETFs or gold “will depend on AIMA's reviews and analysis over time. She added that her firm has 35 Portuguese Golden Visa funds covering various investments in its portfolio and is aware of another crypto fund that is about to launch.
Lawyers Unlimited, the Lisbon-based law firm Morais Litão, issued a legal opinion confirming the fund's eligibility, Palombo said.
Visa eligibility requirements for Unlimited Investors are no different from those for any fund: the Golden Visa process requires investment verification and biometric screening, among other things. Obtaining citizenship comes with its own stipulations, including a clean criminal record and passing a basic language test.
Portugal Golden Visa holders must hold their investment for five years to qualify for citizenship, during which time they must spend at least 14 days in the country every two years. Solved Investors will also have the option of using their own immigration attorney or one provided by the fund, Palombo said. Along with managing investments, Unbound helps investors navigate the golden visa application process.
Palombo hopes Unbound will generate interest among Portuguese. crypto investors and Demonstrate the broad potential of crypto to facilitate “freedom of movement” around the world.
Edited by Josh Quittner and Andrew Hayward.
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