One token, two doors, one building at a time.
Each building is owned by its own Portuguese company. A quarter of its price comes from the Aldeia association as a 0% first-loss loan, funded by token holders who chose the building. Three quarters come from EU residents who buy €100 bonds secured on it. Tenants pay a capped rent, and what the rent leaves after costs goes to bondholders.
Fund and steer, in four steps.
Hold
Buy the token on a public market once it exists, from anywhere except the US or UK. No identity checks. Lock it for one to twelve months to get voting weight. Locking pays nothing.
Vote
Choose the next city and building from a gated shortlist. Seven days, 10% quorum, square-root weighting, 2% cap per wallet.
Watch the escrow
Sale proceeds sit in euro escrow for the chosen building and are released only when the deed is registered, the council has voted, the valuation holds and the bonds have closed.
Check the proof
Land-registry code, quarterly occupancy and rent-collection audits, and every escrow release are published with hashes on-chain. The vote on the next building follows.
The token pays nothing and may lose all its value. Full detail on the token page.
Receive the rent, in six steps.
Join and verify
Open an account on the licensed crowdfunding platform: identity checks and the EU appropriateness test. If you are not a sophisticated investor and put in more than €1,000 or 5% of your net worth, you see a risk warning and get a 4-day reflection period.
Invest
Buy bonds at €100 each for a named building (the first series would be called Aldeia Coimbra I or Aldeia Leiria I), paying in euro or in EURC, a regulated euro stablecoin. Token holders who pass the same checks may get a priority window, if counsel allows it.
Acquire
The building company buys the building after independent valuation and title checks, with the 25% first-loss loan already in escrow. Bonds are issued only once title is in the company. The mortgage is registered in favour of the bondholders' trustee.
Rent
Leases are registered under Portugal's affordable-rent regime (RSAA). Homes are let to eligible households at a capped rent, directly, so rent is collected from households and audited.
Pay out
Every quarter: the 1.25% base coupon plus the profit share, from the segregated rent account only, in EURC or by SEPA bank transfer, with a building report reconciled by the auditor.
Exit
Sell to another verified investor on the platform's bulletin board, hold to maturity, or opt in to an exchange into a future pooled vehicle. No other redemption promise at launch.
From a buyer anywhere to a flat in Coimbra, and back.
The first-loss layer can later be part-replaced by a concessional lender (IHRU, Banco Português de Fomento) or a council land lease, as Zurich's cooperatives do. If the association then takes only 15%, each €1M funds about €6.7M of housing instead of €4M.
Where the rent goes, in order.
Payouts come only from rent actually collected into the segregated account. They never come from new investors' money or from token proceeds.
| + | Rent collected from households |
| − | Vacancy and arrears |
| − | Maintenance, insurance, property management (at cost) |
| − | Company costs: audit, valuation, platform, trustee, administration |
| − | Reserve top-up: at least six months of coupons and operating costs |
| = | Distributable rent cash |
| 1 | 1.25% base coupon to bondholders |
| 2 | Remainder shared: bondholders first, then the manager's 20% share only above a 3% payout to holders |
| 0 | The association's first-loss loan receives nothing until the bonds are repaid. Token holders receive nothing, ever. |
Why the hard rule
RealT, a US tokenised-rental platform, kept paying holders while homes were vacant or never owned. Detroit sued in July 2025 and RealT was liquidated in July 2026. Home REIT in the UK collected 11% of the rent it billed and was wound down. Here title sits in the company before any bond is issued, rent is collected from households into an account the auditor can read, and a rent-collection rate below 90% for two quarters lets bondholders replace the manager.
Who lives there, and on what terms.
- Rent at or below 80% of the INE municipal median per m² (RSAA), at least 20% below market.
- Rent kept at 15–35% of household income. Eligibility criteria and income bands published per building.
- Leases of at least 3 years (the RSAA minimum). Annual increases capped at the legal NRAU coefficient.
- A lottery among eligible applicants when oversubscribed.
- A maintenance service level, a six-month reserve and a public complaint channel sampled by the auditor.
- The CIA and RSAA regimes restrict selling or re-letting at market rent during the contract. Good for the mission, and disclosed as a liquidity constraint.
Example unit: market value €220k, market rent €1,100, our rent €880.
What we buy, and how.
- Whole buildings of about 15–18 two-bedroom flats, existing or vacant stock needing renovation, bought about 15% below market, in the city the holders chose.
- Independent valuation, survey and title review. Price at or below valuation.
- The purchase contract (CPCV) is conditional on funding and on the municipal assembly voting the CIA tax benefits. No money is committed before that vote.
- Bonds are issued and escrow is released only after the deed is registered. The land-registry access code is published.
- Bank debt only if concessional (2.5% or less). Debt at about 5% would lower bondholder returns.
- Renovating vacant homes adds supply and qualifies for 6% VAT on works under CIA.
What you can check, and who checks it.
Every building gets a public page called Proof of Home. It is where both doors look.
| What | How often | By whom |
|---|---|---|
| Deed: land-registry access code (certidão permanente) and its hash on-chain | Before any bond is issued or escrow released | Notary, platform due diligence, auditor |
| Occupancy: lease registrations, rent receipts, utility use per flat, a site visit | Quarterly, signed PDF with hash on-chain | Independent auditor, not the manager |
| Rent collection rate and payout reconciliation | Quarterly, with each payout | Auditor and bondholders' trustee |
| Taxes, insurance, inspection certificate, CIA compliance | Annual | Auditor |
| Accounts and building valuation | Annual | Statutory auditor; independent valuer |
| Complaint count and maintenance response | Quarterly | Association council |
| Escrow balances, releases and votes | Continuous | Anyone: multisig and bank confirmations published |
The bond terms fix the rent rule, the CIA and RSAA commitments, the payout waterfall, the manager-termination trigger and the opt-in exchange clause. The trustee (representante comum) acts for bondholders on default and runs any exchange offer. More on the legal structure →