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Establishing AIFs in Portugal & all activities related to their management are governed by the relevant European regulations and:

  • UCI; 
  • UCITS;
  • AIFMD;
  • CMVM; 
  • Portugal Securities Code.

Entrepreneurs planning on establishing investment funds in the Portuguese Republic or obtaining a license of an investment fund manager in Portugal should keep in mind that the CMVM, Portugal’s main financial regulator, is the sole authority responsible for overseeing activities of funds.

Providing a detailed framework for investment funds inside & outside Portugal, the UCITS directive also seeks to clarify the role of custodians & introduces remuneration policy rules applicable to key members of UCITS management companies. It also specifies minimum administrative sanctions for violations of UCITS rules.

Portugal: Obtaining an AIFM License 

AIFMD applies to non-UCITS fund managers & establishing PEFs, real estate funds & hedge funds in the Potuguese Republic. Together, AIFMD & UCITS represent two comprehensive documents regulating each & every aspect of managing funds in Europe. Also, AIFMD contains requirements for fund managers whereby they must provide national authorities with information pertaining to investment portfolios, leverage & collaterals. Professional investors seeking to buy Portugal-registered AIFs can do so simply by producing a passport.

Managing funds can be done by their managers or depositories that meet certain legal criteria. Pursuant to Portuguese legislation, some additional services can qualify as investment activities or services. Furnishing such services requires obtaining a special investment license from CMVM or Portugal’s National Bank.


CMVM is the sole authority responsible for granting permits for setting up investment funds in the Potuguese Republic. Requesting such authorization requires providing the regulator with KIID & comprehensive fund prospectuses

Fund managers must also provide copies of agreements concluded between custodians, potential funds’ sellers & service providers. It requires roughly 2 weeks (or 3 to 6 months if it comes to registering self-governing CII in Portugal). If no notification of successful consideration of a request is sent to applicants, permission is considered granted.

A permit may be refused if no required documents are provided or if fund managers are found to be engaged in managing other investment entities.

To acquire a controlling stake in an investment fund in Portugal, purchasers must apply for authorization with relevant regulatory authorities (in this case, CMVM). If fund managers aren’t authorized to run their funds, they must inform regulatory authorities (in this case, CNVM) of any changes in their funds’ stakeholding structure.


Remuneration paid to fund managers can be either variable or fixed. Methods for calculating remuneration should be stipulated in constituent documentation.


Thanks to the efforts of the Portuguese government, Portugal is continuing to remain one of the most investor-friendly countries in the EU. Hence, setting up AIFs in Portugal is a pretty straightforward & inexpensive process.

 If you’re considering establishing an AIF in the Portuguese Republic, be sure to contact IQ Decision UK. Our team of experienced legal professionals will be happy to provide you with legal advice on AIF regulation in Portugal or help you handle any other legal issues you’re facing in this regard.