Portugal’s Cultural Production Golden Visa set for starring role

Affluent expats keen to unlock the opportunities of Portugal’s Golden Visa now have another investment alternative.

Thousands of affluent families and wealthy investors have already taken advantage of the country’s alluring Golden Visa program – a scheme that offers fast-track residency and access to the whole EU Schengen region in exchange for investment in one of Portugal’s qualifying investment funds.

With the Golden Visa program now having moved away from real estate investment funds following changes in legislation, investments must now be in Portuguese companies and funds that meet the qualifying criteria.

This has led many investors and wealthy individuals to consider impact investing or the more philanthropic options.

The Portuguese Cultural Production Golden Visa – which has long been part of the Golden Visa’s investment options - is garnering more and more attention from international investors.

Designed to protect and promote the nation’s culture, those wishing to take advantage of the Golden Visa benefits can do so by investing EUR 250,000 (or just EUR 200,000 in designated ‘low-density’ areas) in cultural projects.

For comparison, the normal Golden Visa investment route requires a minimum of EUR500,000 investment. However, the Cultural Production Golden Visa, although more appealing in terms of upfront costs, if far more difficult to obtain and very few actual visas of this kind have been approved.

Steve Philp, partnership director at Portugal Pathways, a platform that supports people seeking a new life in Portugal by advising on how best to structure their life, income, tax, and assets to ensure a smooth transition.

He says: “The Golden Visa is a huge success in attracting inward investment into Portugal and with these new regulated funds continues to offer a great route into the country.’’

“Golden Visas continue to be a popular investment option with many and varied regulated investment funds on offer as well as the Cultural Production Golden Visa.”

The Cultural Production Golden Visa offers a more philanthropic approach – reducing the opportunity for a financial return but providing a more affordable route to residency in five years and the opportunity to include family members on that application.

Adds Steve Philp: “There’s a reason Portugal has proved so popular for expats from around the world – the cost of living, the climate, culture, 300-plus days of sunshine, stunning beaches, and the countryside. These Golden Visa options will continue to prove difficult to resist for many and we’ve already had over 300 inquiries since December showing interest in investing in Portugal via the Golden Visa programs.”

Any Cultural Production Golden Visa investment projects must be approved by the Directorate-General for Arts (DGArtes) or the Instituto de Conservação e Restauro and contribute to the development of Portugal's culture or heritage.

It is open specifically to non-EU citizens with residency bringing with it access to the Schengen zone – allowing freedom to travel across the 26 countries for up to 90 days within a 180-day period. It opens up the ability to invest and take advantage of the whole area.

The two key options include artistic production funding – such as theatre productions, musical concerts, art exhibitions, or literary events; or a donation to cultural heritage such as supporting the preservation of historical landmarks, archaeological sites, or cultural archives.

Adds Steve Philp from Portugal Pathways: “The program's affordability and flexible investment options make it an attractive option for those seeking to explore Portugal's rich cultural heritage and immerse themselves in the country's vibrant arts scene.”

On January 16th and February 13th, 2024, Portugal Pathways is holding webinars for anyone interested in understanding more about investing in Portugal via one of these regulated Golden Visa programs. Hear from some of the leading advisors and regulated fund managers working in this space.

Nuno Santos from CMS Law in Lisbon who works with some of Portugal Pathways investors and wealthy expats investing in Portugal said: ‘’Portugal continues to be an attractive place to relocate and invest and the Golden Visa investment options allow people to potentially the whole family receive residency for a single initial investment.’’

Learn more by reading Portugal Pathway’s guide on the Cultural Production Golden Visa.