Read this before anything else.
Property is illiquid, rent can fall, laws change, and this is an early-stage project. You can lose some or all of the money you invest. These are the risks we know of today; the platform's Key Investment Information Sheet will carry the binding list.
About 3% is a target, not a promise
The stress case is 2.2%. The profit share can be zero.
1.25% is sized to be payable, not guaranteed
It sits below the worst modelled case (1.45%), but it cannot be paid if losses exceed it.
The two tax regimes may not combine
If RSAA and CIA cannot apply to the same building, the target falls to about 2.4–2.9%. Losing either status cuts yield sharply.
Breaking CIA rules repays 100% of the benefit
Within the first 10 years, a breach of rent cap, tenant or use rules claws back all CIA tax benefits: about €0.3M of purchase-tax relief on a €4M building, plus property tax. The bond terms aim to make this a sponsor-default event, not a holder loss, where the law allows.
The council must vote
CIA's tax breaks need a municipal assembly vote in the pilot city. Without it the CIA lever (about 0.8pp) is lost. The purchase is conditional on that vote.
One building per series
Each bond series depends on one building in one city: its tenants, its repairs, its local market.
You may not be able to sell quickly
No redemption at launch. A resale needs a buyer on the platform's bulletin board. CIA also restricts selling the homes during its term.
The pooled vehicle may never exist
If it does, its units carry different risks: a fund structure, a manager, a wider portfolio.
Evictions are slow
In Portugal they can take months to over a year. Arrears are budgeted, but a bad year still costs money.
Rules can change
Crowdfunding, blockchain-securities and rent rules can all change during a 10-year bond.
Software and keys can fail
Contract bugs, outages, lost keys or a stablecoin losing its euro peg. Lost wallets are recoverable after re-verification; SEPA payouts avoid stablecoin risk.
An early-stage sponsor and a related-party manager
The sponsor's company manages the homes for a fee and earns 20% of cash above a 3% payout. Fees are disclosed; the manager is audited.
Payouts are taxed at source
28% withholding for Portuguese residents; 25% or the treaty rate for non-residents. The figures on this site are before that tax.
Expensive debt would hurt
Homes earn about 2.2–2.9% on cost, so borrowing at about 5% would lower holder cash. Debt is used only if concessional, at 2.5% or less.
Lessons we built in.
RealT (United States). In July 2025 the City of Detroit filed its largest-ever nuisance suit against RealT over 408 properties. The allegations included tokens sold for homes RealT did not own, unpaid taxes, and claimed vacancy of about 2% against about 20% in postal data, while dividends continued. RealT was liquidated in July 2026. (Michigan Public)
- Title is in the building company before any bond is issued.
- Occupancy and accounts are audited by outsiders, not self-reported.
- Payouts come only from rent received, and the auditor checks it.
- US persons are excluded.
When we would stop.
We will pause or re-scope the pilot, and say so on the status page, if any of these happens:
- Counsel concludes a building company issuing participating bonds through crowdfunding is an investment fund, and no licensed manager is available at acceptable cost.
- RSAA or CIA is not available to the building company, or the council will not vote the CIA benefits.
- The impact tranche is not secured. Without it the target falls to about 2.4%, and we will not market about 3%.
- Non-binding interest stays below €3M after the pre-registration window.
No money is collected before the offer opens on a licensed platform. If an offer does not reach its minimum, investors are refunded by the platform's escrow.