Unbound Fund: Legal Aspects and Visa Requirements
Unbound Fund, a new private equity fund, offers overseas investors the opportunity to obtain Portuguese and European Union citizenship through investments in Bitcoin. The fund participates in Portugal's golden visa program, allowing investors to acquire EU citizenship without residing in the country.
During the COVID-19 pandemic, golden visa programs gained popularity but faced issues concerning security, money laundering, and housing price inflation.
Portuguese officials initially considered discontinuing the program but decided to continue with exclusions for real estate investments.
Funds involved in the program must allocate at least 60% of their portfolios to Portuguese companies.
To meet these requirements, Unbound Fund will transfer investments to local special purpose vehicles (SPVs) jointly overseen by fund manager Green One Capital and advisor Unbound Capital.
Instead of directly holding Bitcoin, the SPVs will purchase Bitcoin ETF shares through BlackRock for security and simplicity reasons, according to co-founder Alessandro Palombo.
Cryptocurrency-related golden visa funds are subject to rigorous regulatory demands.
Each Unbound investor must acquire shares worth at least €500,000 in fiat currency. The fund's operations will undergo independent audits, ensuring that Bitcoin price fluctuations do not affect visa eligibility.
Unbound Fund was registered as a private equity fund with the Portuguese Securities Market Commission (CMVM) and operates under the agency's supervision.
The fund's compliance and eligibility for the golden visa program are determined by the relevant authority, not CMVM.
The administration responsible for golden visas in Portugal, the AIMA, did not provide comments at the time of publication.
Legal opinions from Lisbon-based law firm Morais Leitão certify Unbound Fund's eligibility for the program.
Visa requirements for Unbound investors are similar to traditional funds, involving investment proof, biometric screening, and other standard procedures.
Citizenship conditions include a clean record and passing a language test. Holders must retain investments for five years and spend a minimum time in Portugal to qualify for citizenship.
Unbound investors can engage their immigration lawyer or use the fund's provided services for the golden visa application process.
Palombo envisions Unbound Fund attracting crypto investors to Portugal, showcasing the global potential of cryptocurrencies for enhancing freedom of movement.
