Digital Assets and Portuguese Residency

Many investors want a painless and effective way to benefit from the rapid growth of digital assets.
We do this seamlessly, and include the unique option to also attain Portuguese Residency rights through our Golden Dragon Portugal Fund.
Since its inception in 2009, Bitcoin has attracted forward thinking individuals worldwide, and has now become an essential part of an investor’s portfolio.
However, navigating this new investment world can be challenging and complex. Golden Dragon Portugal Fund streamlines this journey all in one place.

About Golden Dragon Portugal Fund

A unique digital asset-based fund that offers a full path to Portuguese Residency, managed by Insula Capital. In strategic collaboration with CoinDesk Indices, we’re revolutionizing investment-based immigration through digital assets.

MiCA Compliant Most Regulated Exchanges

Investment portfolio: a passive strategy, providing best-in-class vehicles while limiting transaction costs

80% Bitcoin, long-term strong positive trend
20% CoinDesk 20 Index, captures the performance of top digital assets

Investing in Bitcoin is appealing due to its limited supply, increasing adoption, and growing institutional interest, as evidenced by companies like BlackRock launching Bitcoin ETFs

Bitcoin & traditional assets CAGR

Why Bitcoin

This shows Bitcoin’s Compound Annual Growth Rate (CAGR) vs other assets over various timeframes. Bitcoin has returned more than 50% on average, every year, for the past 5 years, while gold has returned under 12% on average each year over the same period

Why it matters

As with the historical Bitcoin price table, we see Bitcoin’s extreme outperformance vs other assets here as well. These CAGR numbers solidify Bitcoin’s status as the best-performing financial asset in history

Investment management strategy

We maintain a long-term position in Bitcoin, leveraging its proven track record and consistent growth trajectory. Our asset management team will rebalance the portfolio as needed to capitalize on market trends; however, rebalancing is not performed daily but occurs during significant market movements—such as clear downturns, periodic declines, or upward trends.

Additionally, our portfolio includes the CoinDesk 20 Index, which employs quarterly algorithmic rebalancing to optimize exposure and capture opportunities among the top 20 digital assets in the market.

Capital appreciation (gains) distribution

Share in our success through our annual distribution program. Each year, we aim to distribute up to 10% of the Fund’s income available for distribution back to our investors, sourced from realized capital gains.
This distribution is carefully balanced while maintaining optimal liquidity and long-term growth potential for all investors

Investment paths

Our fund targets high-growth through strategic investment in Bitcoin and the CoinDesk 20 Index. Designed for both retail and institutional investors, the fund offers dual benefits: potentially high returns and Portuguese residency qualification through the Golden Visa program

Retail & Institutional Investors

Investment amount 100K to 5 million euros
Secondary market liquidity
No mandatory lock-up period
Regulated Market protection mechanisms

Portuguese Residency by Investment (Golden Visa):

Minimum investment amount of €500k
Individual Investors only
Investment must be made via a Portuguese bank account

Targeted Growth Return Model

See how your investment could perform in two scenarios, using an initial investment of €500,000 as an example:

20% Growth Model – Conservative market projection
40% Growth Model – Optimistic market projection

Based on historical performance patterns, these models represent our lower and upper range estimates.

*Past performance does not guarantee future results.

20% Targeted Growth Return Model

Year	Capital at end of year	Yearly dividend payment
1	550,000 €	50,000 €
2	610,000 €	50,000 €
3	682,000 €	50,000 €
4	768,400 €	50,000 €
5	872,080 €	50,000 €
6	996,496 €	50,000 €
7	1,145,795 €	50,000 €
8	1,374,954 €	50,000 €

40% Targeted Growth Return Model

Year	Capital at end of year	Yearly dividend payment
1	650,000 €	50,000 €
2	860,000 €	50,000 €
3	1,154,000 €	50,000 €
4	1,565,600 €	50,000 €
5	2,141,840 €	50,000 €
6	2,948,576 €	50,000 €
7	4,078,006 €	50,000 €
8	5,659,208 €	50,000 €

Gold Dragon Portugal Fund: Exit Strategy

In response to high demand, digital assets can be sold rapidly—often within minutes—similar to other commodities like gold. These transactions are executed through regulated exchange platforms on the open market, with Bullish.com serving as the Fund’s preferred exchange partner for its robust security and liquidity infrastructure.

The Gold Dragon Portugal Fund is committed to a structured and orderly liquidation of its assets, planned for the final two years of the fund’s term.

Additionally, the fund maintains flexibility to accelerate or delay the liquidation process to capitalize on specific market cycles and optimize investor returns.

Institutional-grade security

Your investments deserve the highest level of protection. Golden Dragon Portugal Fund’s investments are protected by Fireblocks, the world’s leading digital asset security platform, to provide institutional-grade protection that safeguards your investments with the same technology trusted by major financial institutions.

Fireblocks partnership

Key statistics

$10+ trillion in digital assets transferred
Industry-leading security provider
Trusted by major financial institutions
Enterprise-grade protection systems

About Fireblocks

Multi-layer security architecture

Advanced MPC technology

No single point of failure
Military-grade encryption
Real-time threat detection
Continuous system monitoring

Security & protection framework

Multi-party computation (MPC) is trusted by leading organizations to
secure digital asset wallets from external attackers and insider threats

More about MPC

Strategic partnership with CoinDesk Indices

Golden Dragon Portugal Fund has engaged in a strategic partnership with CoinDesk Indices, a leading digital assets indices and data provider since 2014. This collaboration enables the Golden Dragon Portugal Fund to offer 20% exposure to the CoinDesk 20 Index, a transparent and rules-based index that delivers one-stop access to the broader digital asset landscape. The fund’s investment strategy offers broad-based, diversified exposure to assets beyond bitcoin and ensure professional management of your cryptocurrency portfolio.

About the CoinDesk 20 Index

Market intelligence solutions

Market intelligence access

Professional digital asset market analysis
Real-time market data and insights
Expert commentary on market trends
Regular investment research updates

Strategic allocation

20% of fund capital allocated to index
Quarterly rebalancing schedule
Systematic asset selection process
Professional oversight and execution

About the CoinDesk 20 Tokens

Bitcoin 30.47%
XRP 19.55%
Cardano 3.56%
Stellar 1.66%
Bitcoin Cash 1.47%
Avalanche 1.26%
Uniswap Protocol Token 0.77%
Near 0.42%
Internet Computer 0.37%
Polygon Ecosystem Token 0.25%

Ethereum 20.71%
Solana 12.35%
Sui 1.67%
Chainlink 1.53%
Hedera Hashgraph 1.43%
Litecoin 1.08%
Aave 0.53%
Aptos 0.38%
Polkadot 0.32%
FileCoin 0.22%

Index methodology

Selection criteria

Market capitalization weighting
Liquidity requirements
Trading volume thresholds
Security considerations
Regulatory compliance factors

Portfolio management

Dynamic management

Quarterly portfolio rebalancing
Systematic new asset evaluation
Regular composition reviews
Risk management oversight

Market access

Professional tools

Institutional-grade market data
Real-time pricing information

Investment security

Infrastructure

Comprehensive risk management
Regulatory compliance focus

Golden Dragon Portugal Fund is managed by Insula

Insula has impressive figures: €1.6 billion in assets under management, 21 investment funds, 400,000 square meters of rents, and 850,000 square meters of development. It is one of the top fund management companies in Portugal, with a very proactive and versatile management philosophy that has mastered every part of the investment cycle, Insula employs excellent compliance methods that understand the new crypto generation. Its mission is to help our clients increase profitability while enduring value for all our stakeholders whilst following strict industry rules.
Fast Communication and cherishing business relationships is key to the success of the company and its partners.

More about Insula

Due diligence and service providers to Golden Dragon Portugal

Insula Capital

Fund Manager

Insula Capital is the FundManager specializing in private equity. Insula Capital manages funds totalling more than €1.6 billion, with an extensive track record in real estate funds built over many years of experience.

Bison Bank

Custodian Bank

Bison Bank provides banking services to individuals and institutions through a platform connecting European, Asian and other global markets. Strong expertise in the Golden Visa eligible funds. Bison Bank is a specialist bank able to handle remote account openings for international clients, specifically from the USA and China. Staff speak Portuguese, English, Mandarin & Cantonese

CMVM

Market Regulator

The fund is regulated by The Portuguese Securities Market Commission, also known by its initials, “CMVM”, which supervises and regulates securities and other financial instruments and the activities of Portuguese market participants

PKF

Fund Auditor

A global network of accountancy firms. 214 members operate under the PKF brand in 150 countries across five regions. Over 21,000 professionals united under the PKF brand worldwide.

Golden Visa

Requirements for Funds

Must invest a minimum of Euro 500,000
Must be invested through the investor’s Portuguese bank account
No direct property or real estate investments
At least 60% of the fund’s investment must be in commercial companies with headquarters in Portugal. Golden Dragon Portugal Fund invests 100 percent into its investee company.
The Golden Dragon Portugal Fund is within the scope of sub-paragraph vii) of paragraph d) of paragraph 1 of article 3 of Law no. 23/2007, with respect to the provisions of paragraph 5 of the aforementioned article, thus constituting a suitable investment route for the effect of obtaining the so-called Golden Visa, under the aforementioned Portuguese Law
Must be regulated by the Portuguese Government body called the CMVM

The residency clock begins when your application is accepted, not when the residency card is issued

Residency: 35 days over 5 years for permanent status and eligibility to apply for a passport

Family benefits of investing in a Portugal Golden Visa Fund

Investors can extend their Golden Visa benefits to their immediate family members, streamlining the application process for both the main applicant and dependents

Eligible family members include

Spouses or partners
Children under 18
Parents over 65 years of age
Dependent children under 26 who are unmarried, full-time students

Benefits for Primary applicant and family members encompass

Residency rights for the whole family, make a legacy investment for 3 generations
After 5 years the option to apply for permanent residency, or a Portuguese passport
Full visa free travel access within the Schengen Countries, 29 E.U. countries
Work, study, and public health care rights in the 7th most peaceful country in the World
Access to excellent and affordable private health care
Access to excellent universities across the E.U, many with courses in English
Ability to relocate or start a business in the best country in the E.U. with one of the highest growth rates

Our team

Florence Ricou

CEO of Insula Capital

It is such an inspiration to lead this team of people who are not limited by assumptions, labels and barriers, capable of offering creative, agile and trustful solutions.

No Man is an island, and Insula is so much more than just the sum of its parts.

Bernard Labno

Asset & Security Manager

Bernard Labno is a resident of Portugal, and Polish citizen, a software engineer and digital security expert with an in-depth background in blockchain technologies.

He began his career running his own software consultancy, leading a team of developers on bespoke projects across diverse industries with a strong emphasis on cryptographic access control, and operational security.

With years of hands-on experience in crypto infrastructure, secure systems design, and investment products he now brings his expertise to Insula’s digital asset strategy, managing crypto operations and custody models.

Ana Catarina Quinta

Chief Financial Officer

Deep knowledge and specialization in real estate investment funds and credit securitization funds, was appointed certified accountant of over 50 CIVs.

Certified Accountant registered with the “Ordem dos Contabilistas Certificados” since 2001.

Ana Catarina has a degree in auditing and a postgraduate degree in tax law.

Maria João Rodrigues

Chief Legal Officer

Lawyer with a track record in corporate, commercial, and real estate law, as head of legal for several companies in the real estate sector and advising investment funds. With over 15 years of experience, also took on the roles of Compliance officer and risk manager.

Maria João has a degree in law and postgraduate degrees in business law, real estate law and corporate tax law.

Pedro Moreira

Head of Investment

Wide experience across several assets and industries, including valuation assessment, due diligence and acquisition processes.

Qualified as an independent appraiser within CMVM.

Pedro has a degree in Business Administration and a master degree in Finance.

Miguel Duarte

Compliance Officer

With extensive experience in banking, risk management, and financial markets, Miguel began his career in corporate banking before moving into leadership roles in branch management and later in risk oversight for investment, real estate, and pension funds.

Holding a degree in business management and a solid career spanning from 3 decades, Miguel served as Head of Risk, Compliance Officer, and Head of Finance and Administration.

Santiago Iturriaga

Head of Investment

Lawyer with experience in real estate and M&A transactions, focusing mainly on national and international acquisitions, mergers, and corporate restructurings. combining legal expertise with strong business and strategic insight.

Santiago holds a Law degree from Universidade Católica and a Master’s in Management from Nova SBE.

Factsheet

Fund name

Golden Dragon Portugal Fund / CMVM No. 2344

verified by Bloomberg

Type of fund

Venture capital / Private equity
Fund approval

2025
Fund maturity

2033
Fund manager

Insula Capital
Custodian bank

Bison Bank
Auditor

PKF
Capital raise target

€50 000 000
Net annual target growth

20% to 40% net per annum

Part of this includes 10 % net payable as a dividend
subtracted from the annual target growth

Capital gains tax

0% capital gains tax for non-tax residents in Portugal
10% capital gains tax for tax residents in Portugal

A Portuguese tax resident is defined as living
in the country 6 months plus per year

Currency

Euro (€)
Minimum investment

Non Golden Visa €100 000

Non golden visa upper investment no limit

Golden visa requirement

€500 000
Management fee

0.5%
Subscription fee

1.2%
KYC fee

€1,000
Subscription period end

2027
Profit share

80 / 20 in favour of class B investors being paid first
Reports on fund

Yearly from the Fund inception
Investment
Distribution

The Company initially invests 80% into Bitcoin
& 20% CoinDesk 20 Index

Frequently asked questions

Bitcoin is a decentralized digital currency that enables peer-to-peer transactions without intermediaries like banks or governments. It operates on a public database called a blockchain that records all transactions transparently and securely.

Yes. This fund is designed for all investors, including those not seeking Portuguese residency. It offers easy access to a digital asset fund with targeted high returns both annually and at the end of the investment cycle, with minimal to zero tax implications.

Golden Dragon Portugal Fund offers a unique combination of benefits: easy exposure to premium digital assets in a tax-efficient fund, managed by an award-winning team. It’s an ideal solution for investors seeking professional portfolio management without active involvement. Additionally, it provides the option to gain Portuguese and full EU residency rights.

Tax obligations depend on your residency status. Non-Portuguese tax residents (those spending less than 183 days per year in Portugal) typically pay no taxes on their investments. Portuguese tax residents are subject to a favorable 10% tax rate annually.

Through your Portuguese bank account, where share values are updated frequently.

Yes they can, through the secondary market, but if they do so before attaining their permanent residency, or Portuguese passport they will invalidate their residency process which is why the fund term is 8 years to give each Golden Visa Applicant plenty of time to qualify.

News

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2025 crypto forecast: Bitcoin price predictions

Why is Bitcoin a hedge against inflation and currency debasement?

Huge Bet On A 2025 U.S. Bitcoin Reserve Helps Send Bitcoin Over $100,000 Price

Nations States Turn To Bitcoin As A Strategic Reserve Asset

BlackRock’s Bitcoin ETF: The Best ETF Launch of All Time

What Would Be The Point Of A ‘Strategic Bitcoin Reserve’?

Philippines to Consider Strategic Bitcoin Reserve With 20-Year Lockup

Contact Us

General Enquiries

sales@goldendragon.pt

Chinese

asiadesk@goldendragon.pt