Investors redeemed a total of €94.7 million from these financial products between January and May of this year, according to data released by the Portuguese Association of Investment Funds, Pensions and Assets (APFIPP).

This figure is particularly significant, as it is more than double the €45.3 million withdrawn over the entire year 2025.

This sharp acceleration in capital outflows coincides with the parliamentary debate and subsequent entry into force of new amendments to the Nationality Law. According to financial sector analysts, the legislation significantly tightened the requirements for "Golden Visa" holders to apply for Portuguese citizenship.

This new legal framework triggered a crisis of confidence in international markets, breaking the historical pattern in this niche segment, where monthly redemptions rarely exceeded the €5 million mark.

The situation shifted abruptly in January of this year, when disinvestments surged to €20 million and have remained at that level ever since.

Investor behaviour also shows a clear reversal of the trend seen in the previous year. APFIPP reports indicate that new subscriptions to these funds contracted sharply during the first five months of the year.

This decline follows a major "rush" into the funds throughout 2025, when many foreign investors hastened to commit capital in the hope that future legislation would safeguard the rights and timelines of those already holding active investments in the country. When the new Nationality Law did not provide the expected protection, the market reacted with a wave of redemption orders and a diversion of capital to other destinations.