What is your expected annual return for five years?

Venture capital and private equity funds typically offer higher returns than other Golden Visa fund options. As an example, a target of a 4x net return for investors over an eight-year maturity would translate to approximately 19% per year. However, there's always risk depending on the quality of investments and exits, which is no different than any other investment. A reasonable benchmark is that returns should be comparable to S&P 500 returns or US stock market growth stocks. There's an important warning about alternative investments to consider: some funds invest Golden Visa money in the Portuguese Stock Exchange, but the index has only 16 stocks, with over 75% of market cap concentrated in just four or five stocks. Golden Visa funds now hold approximately 20% of the free float in some of these stocks, which is creating a bubble. When all Golden Visa investors eventually start selling their shares, this could create significant problems. This is why venture capital represents a more ethical approach with truly transformative impact on the economy.