Portugal’s Golden Residence Permit Programme has begun accepting Bitcoin investments worth €500,000 (£420,000) through the Unbound Fund. This initiative provides Bitcoin holders with a new avenue to apply for a Portuguese golden visa.
By investing in Bitcoin, individuals can gain residency in Portugal, potentially leading to European Union citizenship. This programme marks a significant step forward in integrating cryptocurrency with traditional residency and investment opportunities.
Investment details and eligibility
Alessandro Palombo, co-founder and CEO of the Unbound Fund, announced this development, emphasising that the fund allows investors to use their Bitcoin for Portugal’s residence-by-investment programme. The Unbound Fund is reportedly the first investment vehicle of its kind, enabling investors to indirectly hold Bitcoin while meeting the programme’s requirements.
Hold #Bitcoin and acquire Portuguese/EU Citizenship
It is now possible to acquire Portuguese/EU citizenship by indirectly holding #Bitcoin worth €500K.
I am excited to introduce https://t.co/DgqCyGTfgv
Unbound Fund is the first Golden Visa eligible fund that gives you… pic.twitter.com/SVJjjg8x70
— Alessandro Palombo (@0x_ale) July 23, 2024
To be eligible for the Portuguese Golden Residence Permit Programme, a minimum investment of £420,000 in real estate or capital transfer is required. The Unbound Fund invests in passive Bitcoin holdings and companies without market timing ambitions. For added protection and ease of use, the fund also includes investments in BlackRock exchange-traded funds (ETFs).
Mutual benefits and market performance
Palombo believes using Bitcoin for Portuguese citizenship offers mutual benefits, particularly regarding freedom of mobility within Portugal.
He stated, “I believe it’s time to use Bitcoin as a tool for freedom of movement in a mutually beneficial way with Portugal, a country I have chosen to live in with my family.” He emphasised that the European citizen-by-investment programme is a strategic and technically superior choice for those seeking Portuguese citizenship through investment.
Bitcoin’s market performance has shown significant fluctuations recently. It peaked at $68,518 (£53,108) on July 22, the highest in the past 40 days, driven by a reduction in Germany’s Bitcoin sell-off and optimistic expectations of reduced interest rates by the US Federal Reserve in 2024.
The Bitcoin futures premium also reached a five-week high, indicating professional traders’ confidence in Bitcoin surpassing $72,000 (£59,000). As of July 24, Bitcoin’s price had settled at $66,404 (£51,469) after falling to $65,550 (£50,810).
Future prospects and privacy commitment
Palombo has successfully onboarded clients and is negotiating with complementary teams to expand the fund’s offerings. This opportunity arises as Portugal orders Worldcoin to halt biometric data collection, showcasing the country’s commitment to privacy and its appeal to digital nomads and investors alike.
