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A Tax Free Fund

KvarnPortugal Fund

Our investment strategy aims for annual capital appreciation of 20-40%, including an annual dividend payment of up to 5% from the realized net appreciation.

Your path to professionally managed 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 KvarnPortugal 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. KvarnPortugal streamlines this journey all in one place.

About Kvarn X trading platform

Kvarn is an award-winning digital asset platform which leads the way in delivering secure and regulatory compliant custody services for digital asset funds.
As a regulated digital asset provider Kvarn is committed to providing industry-leading solutions for safeguarding digital assets, and is in line to be the one of the first digital asset trading companies in Europe to attain the new regulatory Mica trading license to be issued in 2025.

About KvarnPortugal Fund

The first fully digital asset-based fund that offers a full path to Portuguese Residency, developed in partnership with Fundbox and Kvarn X. In strategic collaboration with CoinDesk Indices, we’re revolutionizing investment-based immigration through digital assets

Investment portfolio

  • Why 80% Bitcoin, long-term strong positive trend
  • Why 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 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 out performance vs other assets here as well. These CAGR numbers solidify Bitcoin’s status as the best performing financial asset in history

image source Messari.io

Investment management strategy

We maintain a long-term position in Bitcoin, capitalizing on its established track record and upward growth trajectory.
Our portfolio also includes the CoinDesk 20 Index, which leverages algorithmic rebalancing each quarter to capture opportunities among the market’s top 20 digital assets

Staking rewards

To earn extra returns, we use staking – this means we put some cryptocurrencies to work by helping verify transactions on their networks.
All tokens within the funds holdings that support staking will be staked to generate additional annual yield. The annual yield can be as much as 5% net

Capital appreciation (gains) distribution

Share in our success through our annual distribution program. Each year, we aim to distribute up to 5% 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: potential high returns and Portuguese residency qualification through the Golden Visa program

Retail & Institutional Investors

  • Investment amount 100K to 5 million euros
  • No 8-year investment term needed
  • No mandatory lock up period
  • Market protection mechanisms developed with our regulators

Portuguese Residency by Investment (Golden Visa):

  • Investment amount must be Euro minimum 500 k
  • Retail Investors only
  • Investment must be made via a Portuguese bank account

Targeted Growth Return Model

See how your investment could perform in two scenarios:

  • 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.

KvarnPortugal Fund Exit Strategy

Selling Digital assets is very fast, like other commodities such as gold, done through a regulated exchange platform on the open market.

KvarnPortugal Fund aims to exit this way, with a well-considered and planned exit for the final two years of the fund, so it is done in a well-timed and orderly way.

Flexibility also exists for an earlier or later liquidation in order to take advantage of certain investment market cycles.

Institutional-grade security

Your investments deserve the highest level of protection. At KvarnPortugal, we’ve partnered with 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
  • $6+ 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

Compliance and security standards

Current status

  • Registered Virtual Asset Service Provider(VASP) certification
  • Full Anti-Money Laundering (AML) compliance
  • Comprehensive Know Your Client (KYC) protocols
  • Regular security audits
  • Ongoing compliance monitoring

Future Ready – 2025

  • Crypto Asset Service Provider (CASP) licensing in progress
  • Markets in Crypto-Assets (MiCA) compliance preparation
  • Enhanced regulatory framework
  • Advanced reporting systems

Security & protection framework

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

Private key security

  • Advanced MPC technology
  • Distributed security protocols
  • Multi-signature requirements
  • Hardware security modules

Transaction security

  • End-to-end encryption
  • Multi-level verification
  • Automated risk controls
  • Real-time monitoring

Insurance coverage

  • Comprehensive policy
  • Multiple coverage layers
  • Third-party validation
  • Regular policy updates

Risk mitigation systems

Security protocols
  • Multi-level approval process
  • Automated risk parameters
  • Regular security audits
  • Penetration testing
  • 24/7 monitoring systems

Execution security

Trading protection
  • Best execution practices
  • Real-time monitoring
  • MiCA-compliant standards
  • Institutional pricing
  • Smart order routing
  • Multi-venue aggregation

Strategic partnership with CoinDesk Indices

KvarnPortugal has engaged in a strategic partnership with CoinDesk Indices, a leading digital assets indices and data provider since 2014. This collaboration enables the KvarnPortugal 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 is pleased to deliver broad-based, diversified exposure to assets beyond bitcoin and ensure professional management of your cryptocurrency portfolio.

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
More info

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

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

Strategic partnership with FundBox

KvarnPortugal has an exceptional strategic partnership with FundBox, renowned for its meticulous fund management practices and recognized as Portugal’s Fund Management Company of the Year in 2024. This collaboration is poised to enhance the value of the Fund significantly, leveraging FundBox’s expertise in navigating market fluctuations and investment opportunities.

Coupled with the insights and innovation from CoinDesk Indices, a leading source of news and analysis in the crypto space, this partnership positions KvarnPortugal at the forefront of the rapidly evolving cryptocurrency industry.

As the market experiences unprecedented growth and transformation, the synergy between these three entities creates an unparalleled alliance, ready to capitalize on emerging trends and deliver significant value to investors at this exhilarating juncture in crypto history

FundBox won best Portuguese Fund  Management Company in 2024

Lisbon HQ

More info

Due diligence and service providers to KvarnPortugal

KvarnPortugal Fund

Fund Manager

FundBox SCR is the FundBox AIFM (Alternative Investment Fund Manager) specializing in private equity, held by FundBox Holdings and senior management. FundBox funds represent more than €550m euros under its management, with an extensive track record in real estate funds built over more than 20 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 also 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 markets participants

BDO & Associados

Fund Auditor

Founded in 1963 BDO has grown into a US$ 7 billion USD business with a presence in over 150 countries, and has been appointed independent auditor to the fund

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. KvarnPortugal Fund invests 100 percent into its Portugal entity.
  • The KvarnPortugal 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
Eligible family members include
  • 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, 27 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

Rui Alpalhão

Founding FundBox Partner & Co Founder KvarnPortugal

Rui has more than thirty years of experience in investment and fund management in Portugal. He was a fund manager for Banco Totta & Açores — today part of Santander for ten years — before launching his brand FundBox in 2004. Since then FundBox funds have raised more than 550M € and executed more than 650 transactions in real estate, private equity and other alternative assets. Rui has been instrumental in the establishment and management of many successful Golden Visa investment funds

Catarina Gonçalves

KvarnPortugal Fund manager

Catarina joined FundBox’s asset management team in 2016, focusing initially on real estate and later in art, wine & spirits and digital assets, asset classes for which she is FundBox’s Chief Investment Officer.

She holds a BA and a Masters in Architecture, both from Lisbon University, and pursued graduate studies in Art Markets, Real Estate Investments and Wine Investments, at NOVA, the Portuguese Catholic University and Oxford’s Saïd Business School. She is a Lecturer at the Executive Education arm of Lisbon’s ISCTE Business School, teaching investments in alternative assets

Anders Björkman

Kvarn Shareholder & KvarnPortugal SA asset manager

Anders is an experienced engineer who has spent over a decade in the digital asset space, engaging in everything from early mining operations to building analytical software tools. His passion for technology and innovation drives him to explore new frontiers—whether investing in emerging assets or creating data-driven solutions. Through hands-on problem-solving and a relentless curiosity, he continually pushes the boundaries of what’s possible in this rapidly evolving industry

Joonas Järvinen

Founding partner Kvarn & KvarnPortugal

Joonas has worked in the blockchain, digital asset, and Web 3.0 sectors since 2018, focusing on business development, regulation, investment, brokerage, and wealth management services tailored to digital assets. He has served a diverse range of investors, from high-net-worth individuals (HNWIs) to international clients.

Before founding Kvarn Capital, Joonas built multiple regulated businesses under the EU framework for digital assets, gaining extensive expertise in regulation and operations.

As a pioneer in the field, Joonas combines deep experience in traditional finance with the rapidly evolving digital asset ecosystem, bridging the gap between these two worlds to create new opportunities for investors.

Jason Dominic Gillott

Co-Founder KvarnPortugal & Fund Advisor

Jason Dominic Gillott is a serial entrepreneur from Cambridge, UK. With a passion for business and a keen eye for opportunities, he has journeyed through 100 countries and spent 25 years in Asia, particularly Hong Kong.

 

He established several successful enterprises, most notably a famous Cognac brand. Under his co leadership it grew substantially, winning three Guinness World Records.

 

In 2018, he began to leverage his extensive business network into Portugal. Which has been marked by over 100 million euros in investments, underscoring his commitment to fostering economic growth and opportunity in Portugal

 

João Pedro Hilário

Exclusive KvarnPortugal Fund Representative

In the past two years, João was responsible for raising €120M across four Golden Visa qualifying investment funds between 2021 and 2025. João has 30 years of experience in Financial Services, including key roles in the investment fund, corporate service, insurance and re-insurance sectors in Portugal, Brazil, UK, and the US

Factsheet

  • Fund name

    KvarnPortugal Fund

  • Type of fund

    Venture capital / Private equity

  • Fund approval

    2025

  • Fund maturity

    2033

  • Fund manager

    FundBox SGOIC

  • Custodian bank

    Bison Bank

  • Auditor

    BDO & Associados

  • Capital raise target

    €50 000 000

  • Net annual target growth

    20% to 40% net per annum

  • Part of this includes 5 % 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% p.a. not a direct cost to the investors

  • Subscription fee

    1.125% paid before the investment is made (one-off fee)

  • KYC fee

    €1,250 (one-off before investment)

  • Subscription period end

    2027

  • Profit share

    80/20 incentive structure for the investors

  • Reports on fund

    Yearly from the Fund inception

  • Investment
    Distribution

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

Frequently asked questions

What is Bitcoin?
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.
Can I just invest without applying for a Golden Visa?
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.
Why invest in KvanPortugal?
KvarnPortugal 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.
Do I have to pay taxes on appreciation or dividends?
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.
How do I monitor my investment?
Through your Portuguese bank account, where share values are updated frequently
Can a Portugal Golden Visa Investor exit the Fund early?
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

Press Release

KvarnPortugal Fund Launches an Industry First: A Pathway to Portuguese Residency Powered by the CoinDesk 20 Index

KvarnPortugal Fund announces a groundbreaking investment vehicle that combines professionally managed digital assets with Portugal’s residency-by-investment program.

Bitcoin

2025 crypto forecast: Bitcoin price predictions

Forbes

Nations States Turn To Bitcoin As A Strategic Reserve Asset

Trump

All the Major Bitcoin Price Predictions Since Trump’s Election

General Enquiries

sales@kvarnportugal.com

Appointed Representative Joao Hilario

joao@fundbox.pt

Contact us

Please contact us for a full presentation in English, Mandarin, Turkish, Vietnamese, Portuguese or Spanish