IMGA GV Portuguese Corporate Debt is the fixed-income half of IMGA's purpose-built Golden Visa range: an open-ended, CMVM-supervised corporate bond fund with daily NAV, a €100,000 Category G minimum and no performance fee. The trade-off is arithmetic rather than structural. Estimated recurring costs of 1.96% a year sit on a portfolio the KID itself expects to return close to money-market rates, so the fee stack, not the strategy, is the number to study. It is also routinely confused with IMGA's cheaper retail bond fund, which this review untangles.
Key takeaways
- Open-ended Portuguese corporate bond fund constituted 6 January 2026: at least 80% in corporate debt, minimum 65% Portuguese issuers, predominantly investment grade, risk indicator 3 of 7.
- Category G terms: €100,000 minimum, 1.75% subscription fee, 1.7% management fee (1.96% estimated recurring costs), no performance fee.
- No lock-up and daily dealing, but a 3.5% redemption fee applies to exits within five years, then zero, matching the Golden Visa holding window.
- Very young and very small: €3,430,957 in assets as of 29 May 2026, with no track record and no published portfolio yet.
- Distinct from the retail IMGA Portuguese Corporate Debt Fund (€500 minimum, no entry or exit fees); aggregator data often blends the two records.
What does the fund actually invest in?
The mandate is corporate credit. At least 80% of assets go into corporate debt instruments, bonds and commercial paper, with a minimum of 65% in Portuguese issuers and up to 35% in listed European or US bonds, ETFs or similar funds, per the KID. Credit quality is predominantly investment grade, ordinary shares are excluded entirely, and non-euro exposure above 35% must be currency hedged. The fund is actively managed with no benchmark, carries a summary risk indicator of 3 of 7 and states a recommended holding period of five years.
The "GV" in the name is not decoration. A 65% Portuguese floor, zero equity or real-estate exposure and a fee schedule that expires exactly at the five-year mark all track the post-October 2023 Golden Visa fund route. Directory data records the fund as eligible, though a manager attestation has not been sighted, so ask for the eligibility declaration in writing alongside the subscription documents.
What you cannot yet see is a live portfolio. The fund was constituted on 6 January 2026 and held €3,430,957 as of 29 May 2026; no composition or yield figures have been published. Structurally it is an open-ended fund of indeterminate duration, classified SFDR Article 6, with Bison Bank, S.A. as depositary. The €100,000 Category G class carries ISIN PTIGGGHM0009; further categories, A through I1, exist but their ISINs and terms are not published.
What do the fees cost you over a Golden Visa hold?
| Cost item | Category G |
|---|---|
| Subscription fee | 1.75% (KID cost table shows a 2.50% maximum entry cost) |
| Management fee | 1.7% per year |
| Estimated recurring costs (KID) | 1.96% per year, plus 0.20% transaction costs |
| Performance fee | None |
| Redemption fee | 3.5% within 5 years; 0% thereafter |
Run the numbers on a €500,000 Golden Visa subscription. Entry at 1.75% costs €8,750. Recurring costs at the KID's 1.96% estimate run about €9,800 a year, roughly €58,800 over six years or €68,600 over seven, before the 0.20% transaction-cost estimate and ignoring compounding. Call it somewhere near €67,500 to €77,000 in entry-plus-recurring costs across a typical six-to-seven-year hold. Redeeming inside the first five years would add €17,500 at 3.5%.
Now the other side of the ledger. There is no published target return, and the KID describes expected returns as stable and close to money-market interest rates. There is no performance fee and no hurdle, which is coherent: there is little excess return to share.
The KID's own moderate five-year scenario comes out slightly negative after the entry and exit costs, because roughly 1.96% in recurring charges sits on a portfolio expected to earn near money-market rates. That is disclosed, not hidden. How much it matters depends on whether you view the fund as an investment or as the carrying cost of a conservative, daily-liquidity Golden Visa vehicle.
Liquidity, the exit fee and the citizenship timeline
There is no hard lock-up. Units deal on any business day at the daily NAV, which is also published on the CMVM information system, and redemption proceeds arrive by the sixth business day after the request. What replaces a lock-up is economics: the 3.5% redemption fee inside five years is a soft lock aligned with the recommended holding period.
That design fits the visa maths reasonably well. The road from Golden Visa application to citizenship eligibility tends to run about six to seven years in practice once processing time is counted. The fee window closes at five years, comfortably inside that horizon, and because the fund is open-ended there is no maturity date, no extension risk and no capital-call mechanics of the kind closed-end private funds carry.
The binding constraint is legal. Your qualifying €500,000 must remain invested while the residence permit is active, so the immigration calendar, not the fee schedule, sets your realistic exit date. The fund accumulates rather than distributes income, so there are no payouts to manage in the meantime.
How is this different from IMGA's retail bond fund?
This is where directories get it wrong, and the confusion is worth a section of its own. IMGA also manages the IMGA Portuguese Corporate Debt Fund, a retail vehicle running since 2024 with a similar Portuguese corporate credit strategy but very different terms: minimums from €500, a 1.5% management fee and no entry or exit charges at all.
Aggregator records frequently merge the two funds, so fee and registration figures circulating online often mix the schedules. The practical test is simple: if you are quoted a 1.75% entry fee, a 3.5% early-exit fee and a €100,000 minimum, that is this GV fund; if you see €500 minimums and zero entry and exit fees, that is the retail sibling. The GV share class exists precisely to encode the five-year visa window, while the retail fund's Golden Visa eligibility is asserted only by aggregators. Before subscribing €500,000 anywhere, ask IMGA which vehicle it intends for Golden Visa money.
What should US citizens know?
Very little is published, and that is the finding. There is no stated policy on accepting US persons, no PFIC statement, no QEF reporting confirmation and no IRA guidance. As a Portuguese open-ended fund, it would be expected to be a PFIC for US taxpayers, which brings annual Form 8621 filings and makes the QEF question decisive for the after-tax result.
There is one encouraging signal to chase: directory data reports that IMGA provides PFIC/QEF statements for at least one other fund it manages. That is worth a direct question, in writing, before shortlisting. FATCA reporting on Form 8938 applies regardless. And do not read anything into the portfolio's permitted 35% sleeve of US-listed bonds; what the fund buys says nothing about who may subscribe.
How does it compare with other Golden Visa funds?
Within our database the fund sits at the conservative, liquid end of the market. The €100,000 minimum matches the typical entry ticket for Golden Visa funds, and the 1.7% management fee falls inside the usual 1.5-2% band. The absence of a performance fee separates it from the closed-end venture and private-equity vehicles that dominate the category, as does daily dealing. The distinctive costs are the bookends: a 1.75% entry fee and the 3.5% early-exit fee, which some open-ended peers do not charge.
The honest weaknesses are age and scale. At €3,430,957 five months after launch, the fund is one of the smallest in the database, with no track record and no published portfolio. Investors wanting the same GV wrapper with equity risk instead of credit risk can look at the sister vehicle, IMGA GV Portuguese Equities; the broader comparison set is in our fund database. Capital is at risk in all of them.
What the fund has not published
For completeness, the gaps we recorded. The auditor is not identified in the documents we could access. The CMVM registration number 2346 comes from directory data and matches the code in IMGA's document filenames, but has not been verified directly in the CMVM registry. The ISINs and terms of the other unit categories are unpublished, as are the current portfolio composition and yield. US-investor acceptance and PFIC/QEF practice are unknown. None of this is unusual for a fund launched in January; each item is a question for the subscription call, and its weight depends on your own situation.
Next step
If a regulated, daily-priced bond fund that trades return potential for stability fits your Golden Visa plan, the next move is a careful read of the KID and prospectus with the fee arithmetic above in hand. Roots can walk you through this fund's terms next to the retail sibling and other fixed-income routes, independently and without a sales agenda. This is information, not investment, tax or immigration advice.
