IMGA Portuguese Corporate Debt is the retail workhorse in this story: a €48.8M open-ended bond fund running since April 2024, with minimums from €500, a 1.5% management fee, no entry or exit charges and daily liquidity. It is also the most conflated fund in our IMGA coverage. Directories routinely merge its record with the separate IMGA GV Portuguese Corporate Debt fund launched in January 2026, which is why fee figures circulating online often do not match the terms below. If you are researching either fund, sorting out which is which comes before any other question.
Key takeaways
- Open-ended Portuguese corporate bond fund, effective 12 April 2024, holding €48,832,071 as of 29 May 2026; at least 65% Portuguese issuers, mostly investment grade.
- Genuinely retail terms: Class R from €500, 1.5% management fee, 0.06% depositary fee, 1.69% total ongoing charges in 2025, and no entry or exit fees.
- Daily NAV and daily dealing at forward pricing, settling within six working days; no lock-up of any kind.
- Returns are money-market-like: +2.30% in 2025, 1.1% over the trailing year, and -0.01% year-to-date at 29 May 2026 (Class P).
- Golden Visa eligibility is asserted only by aggregators; IMGA's own documents are silent and the manager runs a dedicated GV sister fund, so confirm the intended vehicle in writing.
What does the fund actually invest in?
Portuguese private-sector credit, with unusual visibility for this category. The mandate puts at least 80% of assets in private-sector debt and a minimum of 65% in Portuguese issuers, spanning fixed and variable-rate bonds, subordinated debt, mortgage bonds and securitisations, all euro-denominated and mostly investment grade. Management is active with no benchmark, by João Ramos with Ana Aguiar as co-manager.
The May 2026 factsheet names names, which few Golden Visa-adjacent funds do. Top positions were bonds of BCP (9.1%), Banco CTT (6.0%), REN Finance (5.9%), Fidelidade (5.8%), Novo Banco (5.5%) and Caixa Económica Montepio Geral (5.5%), plus a 5.0% sleeve in an IMGA money-market fund. Read that list twice: this is substantially a portfolio of Portuguese banks and insurers, with a utility for variety. The credit book's fate is tied to the domestic financial sector.
Housekeeping is institutional. Banco Comercial Português (Millennium BCP) is the depositary, Forvis Mazars audits, and the fund is classified SFDR Article 8 per directory data. Unit Class P carries ISIN PTIG2QHM0007 and Class R PTIG2PHM0008; directory data adds PTIG2KHM0003 for the professional-only Class I.
Is this the right vehicle for the Golden Visa?
Here is the question that matters more than any fee. Aggregators list the fund as Golden Visa eligible, reasonably: the 65% Portuguese floor and the absence of real-estate exposure satisfy the post-October 2023 rules for the fund route on their face, and a €500,000 subscription could plausibly qualify. Yet IMGA's own prospectus, KID and factsheet never mention the Golden Visa in connection with this fund.
What IMGA did instead is telling. In January 2026 it launched the IMGA GV Portuguese Corporate Debt fund: a similar Portuguese corporate credit strategy, but with a €100,000 minimum, a 1.75% entry fee, a 3.5% exit fee inside five years and Bison Bank as depositary, explicitly aimed at the visa market. The existence of a purpose-built sibling raises an obvious question about where the manager wants Golden Visa subscriptions to go.
The conflation is not just a data-quality curiosity; it changes your costs. Aggregator records blend this fund with its GV sister, which is why you will find 1.7% management, 1.75% entry and 3.5% exit fees, a 2004 inception date and a €500,000 minimum attached to this fund online. None of those figures belongs to it. Get IMGA's written confirmation of which vehicle applies to a Golden Visa subscription, and of this fund's eligibility, before wiring anything.
What do the fees cost you?
The schedule is the cleanest we have recorded among IMGA's Golden Visa-adjacent funds. Classes R and P charge 1.5% management per year, Class I charges 0.75%, and the depositary adds 0.06%. Total ongoing charges came to 1.69% of NAV in 2025 for classes P and R. Entry costs nothing. Exit costs nothing, with one caveat: the management company may impose a redemption fee of up to 5%, but only under exceptional liquidity conditions.
The arithmetic on a hypothetical €500,000 Golden Visa-sized subscription is correspondingly simple. At the 2025 ongoing-charge rate of 1.69%, costs run about €8,450 a year, roughly €50,700 over six years or €59,150 over seven, before compounding. There is no entry fee to recover and no exit fee to time. Against the GV sister fund's stack, the saving over a full hold plausibly runs into tens of thousands of euros on the same ticket size, which is exactly why the which-vehicle question in the previous section is worth asking carefully.
The return side is modest by design. Class P made +2.30% in calendar 2025, 1.1% over the trailing twelve months to 29 May 2026, and -0.01% year-to-date at that date, with the trailing 24 months annualising at 2.41%. No target return is published; the objective is stability near money-market rates, and directory data's 3-5% yield tag is unverified. Past performance is no guide to future results.
Liquidity and the citizenship timeline
This is one of the least constrained liquidity profiles in our database. Daily NAV, daily subscriptions and redemptions at forward pricing, settlement within six working days, no lock-up, no exit fee, no fund term. An investor who changes plans can leave at NAV any business day, subject only to the exceptional-conditions clause noted above. The fund accumulates income rather than distributing it.
For a Golden Visa applicant, the constraint is entirely legal. The qualifying €500,000 must stay invested throughout the residency process, which in practice tends to span roughly six to seven years to citizenship eligibility. Because this fund charges nothing on exit at any point, there is no fee window to wait out at the end, unlike its GV sibling, where redemptions inside five years cost 3.5%. The flexibility cuts both ways, though: nothing in this fund's structure evidences the visa-holding discipline that the dedicated GV share class was engineered to encode.
What should US citizens know?
The picture is unpromising but incomplete. Directory data treats the fund as a PFIC for US taxpayers, records that IMGA does not confirm QEF reporting, and goes as far as suggesting US persons avoid it without specialist advice. Whether IMGA accepts US subscribers at all is unstated by the manager. None of this is confirmed in fund documents, so treat it as reported rather than established.
The consequences, if the reported position holds, are material. A PFIC without a QEF election lands in the default regime: annual Form 8621 filings, ordinary-income treatment and an interest charge on gains. FATCA reporting on Form 8938 applies on top. In our experience the QEF answer moves the after-tax result more than headline fees do, so a written query to IMGA, covering acceptance, QEF statements and any IRA route, belongs at the top of a US citizen's diligence list.
How does it compare with other Golden Visa funds?
On cost and liquidity, this fund sits at an extreme. Most funds in our database ask €100,000 or more to enter and charge management fees in the 1.5-2% range, often with performance fees on top; this one starts at €500, sits at the bottom of that fee band, charges no performance fee and imposes no entry or exit costs. At €48.8M with a two-year record, it is also larger and more seasoned than the January 2026 GV sister fund, which held €3.4M at the same date.
What it lacks is the visa-specific packaging. The IMGA GV Portuguese Corporate Debt fund exists precisely to serve Golden Visa subscribers, with terms shaped around the five-year window; this retail fund's eligibility rests on aggregator interpretation of its mandate. Readers weighing conservative Portuguese credit for the visa route should compare the two side by side, and the full field is in our fund database. Capital is at risk in every option.
What the fund has not published
Four gaps worth logging. The CMVM registration number 1985 comes from directory data and has not been verified against the registry. US-investor acceptance is unknown, with QEF reporting only reported, not documented, as unavailable. The exact asset-type allocation percentages were not machine-readable in the factsheet we fetched, though the top holdings above are published. And most importantly for this audience, whether IMGA intends Golden Visa subscriptions to flow into this fund or exclusively into the dedicated GV sister remains unconfirmed. These are diligence items, not judgments; their weight depends on your own plans.
Next step
If conservative Portuguese credit with genuine daily liquidity appeals, and you are prepared to resolve the eligibility question with the manager in writing, this fund's terms are among the simplest you will encounter on the fixed-income route. Roots can walk you through it next to the GV sister fund and the rest of the category, independently and without a sales agenda. This is information, not investment, tax or immigration advice.
