The Portugal Golden Visa program has become one of the most popular residency-by-investment schemes of its kind since its inception in 2012. It’s part of Portugal’s immigration move to attract foreign investments into the country.
Many countries now offer Golden Visa programs, but Portugal has long been one of the most sought-after locations for expats. As such, the country’s Golden Visa program is one of the most sought-after in the world, providing a pathway to EU residency for non-EU citizens.
Alongside tourism, Golden Visa investments have significantly boosted the economy of Portugal since the program was launched.
There is an array of options open to Golden Visa investors, such as contributing to an investment fund or creating jobs in the country. One of the lesser-known Golden Visa routes is the Portugal Cultural Golden Visa, launched in 2015, which is the most affordable option of the scheme.
In this article, we’ll delve into the Portugal Golden Visa, specifically focusing on the cultural production Golden Visa Portugal route.
We’ll explore the following:
- The Portugal Golden Visa
- The cultural Golden Visa program at a glance
- Why choose the cultural Golden Visa option?
- Downsides to the cultural Golden Visa option
- Portugal’s Cultural Golden Visa application process
- Cultural production Golden Visa timeline
- Who we are and how we can help you
- Plus much more!
The Portugal Golden Visa: An Overview
From the stunning Atlantic coastline, sublime climate, and golden sandy beaches to its bustling cities, rich history, and quaint villages, there are attractions that draw investors to Portugal. This is without mentioning the attractive tax benefits, excellent healthcare and education systems, welcoming locals, and the fact that Portugal is a safe and stable country.
However, one of the most significant draws for investors is the Portuguese Golden Visa scheme, one of the most popular residency-by-investment programs of its kind since it was launched in October 2012. Since then, more than 11,384 investors and 18,617 family members have benefited from the Portugal Golden Visa, pumping more than €6,609,272282,02 into the country.
The scheme is open to any non-EU, non-EEA, and non-Swiss citizen looking to secure Portuguese residency in exchange for investing in the country. It’s very popular, especially among UK citizens and Americans moving to Portugal.
Advantages include visa free access to the European Union (EU) and the Schengen Area, greater financial and personal freedoms, and the fact that your family members can be included in the Golden Visa application.
There is also the opportunity to gain permanent residency or Portuguese citizenship under the scheme, as long as the qualifying investment is kept for at least five years and all the requirements are met under Portuguese immigration and nationality law. This includes maintaining legal residency, holding a clean criminal record, and passing a basic Portuguese language test.
The most popular pathway has historically been the real estate investment route, which has accounted for more than 90 percent of all Golden Visa applications. However, a new law was passed regarding the Golden Visa, and as of 7 October 2023, it is no longer possible to invest in real estate to qualify for the program. While real estate and capital transfers no longer qualify, there is a range of investment opportunities available.
In particular, fund investments have proven to be popular in recent years, especially among American citizens.
The Cultural Golden Visa Program at a Glance
The Portugal Cultural Golden Visa program, launched in 2015, is the most affordable option of the scheme. It allows you to secure a Portugal Golden Visa for €250,000, or €200,000 if the cultural production takes place in a designated low-density area.
1. Artistic production funding: Channel your investment into Portugal’s cultural scene. An artistic production investment could involve funding theater shows, concerts, exhibitions, or literary events.
2. Cultural heritage donation: Contribute to the restoration and protection of historical landmarks, archaeological sites, or cultural archives through a donation.
You will need to make a qualifying investment in an eligible project, which will need to be approved by the Portuguese government. An example of a cultural project could be a Portuguese feature film production project, for example.
Cultural Golden Visa: Program Background
So, how did the cultural production Golden Visa come about?
Law 63/2015 on 30 June came into force on 1 July 2015, which created changes to the rules for foreign nationals entering, staying, and leaving Portugal. The changes included new types of investment activities that would enable foreign citizens to qualify for a Portugal Golden Visa.
This included:
- Support for artistic endeavors
- Renovation and maintenance of national heritage
The minimum investment required for these activities is €250,000, although this minimum investment amount can be reduced by 20 percent (clocking in at €200,000) if the activity is conducted in a designated low-density area.
This Portuguese Golden Visa €200,000 option is the most affordable pathway to obtain residency in Portugal through the Portuguese Golden Visa scheme.
Where did this artistic support funding option come from, and why is it only known now?
The artistic support funding option, and the cultural production option in general, are not such popular investment options for investors. One of the key reasons for this may be the ambiguity of these routes.
In order to qualify for the cultural production Golden Visa, you need to donate €250,000 to Portuguese arts, national heritage, or culture. To date, there has not been sufficient information to gain an extensive understanding of what qualifies for this investment.
If you are interested in this Golden Visa option, you can book a call with one of our advisors.
What is the minimum investment needed for the Portugal Golden Visa?
One of the advantages of the Portuguese Golden Visa program is that you will find relatively affordable investment options. For the Portugal Cultural Production Golden Visa the minimum investment amount is €250,000 into the production of arts, or you can make a donation of €250,000 to a national cultural heritage preservation project. What’s more, if the project is located in a low-density area, there is a 20 percent discount, making the required amount €200,000. There are two factors that determine low density areas:
- Having a population density of fewer than 100 people per square kilometer, indicating that they are sparsely populated
- Having average a per capita gross domestic product (GDP) that’s lower than 75 percent of the national average
This investment option is perfect for investors looking to make a high-impact investment in artistic production or a donation to cultural heritage while being able to secure residency in an EU country with a high quality of life. With the real estate investment option discontinued, the cultural production Golden Visa could be a great alternative.
Comparing the Artistic Production Route with Other Investment Options
Below, you can find a table comparing the three Golden Visa options: The artistic production route, cultural heritage, and the fund investments route.
ARTISTIC PRODUCTION Investment in an artistic project | PRESERVING CULTURAL HERITAGE Non-refundable donation to a foundation of heritage and cultural significance | INVESTMENT FUND Subscribe to an investment fund | |
Minimum investment amount | €250,000 | €250,000 | €500,000 into a qualified investment fund (more info about the Portugal Golden Visa investment fund route) |
Minimum investment term | 5 years | 5 years | 5 years |
Government pre-approval | Yes | Yes | No |
Application submitted by government entity | No | Yes | No |
Expected time for issuance of residency card by AIMA | 12-18 months | 12-18 months | 12-18 months |
Family eligibility | Yes | Yes | Yes |
Path to citizenship after 5 years | Yes | Yes | Yes |
Minimum days required in Portugal to maintain residency | Total of 14 days every two years | Total of 14 days every two years | Total of 14 days every two years |
Alternative Golden Visa Investment Options
Alongside the cultural production Golden Visa Portugal, the following Golden Visa investment options are open to investors.
- Fund subscription: Make a contribution to a qualified investment fund (private equity or venture capital funds) worth at least €500,000.
- Scientific research: Science or technology research contribution of at least €500,000 in public or private scientific research institutions. If located in a low density area, a 20 percent discount will apply.
- Job creation: Company incorporation and creation of ten jobs amounting to a minimum value of €500,000.
- Investment in artistic production: Make an investment in artistic production of at least €250,000.
- National heritage: Make a donation of €250,000 to national cultural heritage in the country.
Why choose the Cultural Golden Visa option?
Portuguese Golden Visas were usually completed through the real estate option, with most Golden Visa applicants choosing to invest in this route (accounting for more than 90 percent of applications). However, this investment option is no longer available to investors. There are, however, several attractive visa routes available. In particular, the investment fund route has recently gained traction as a popular option. Meanwhile, the cultural production option has often been overlooked. One of the key reasons for this is that supporting artistic activities is only sometimes profitable.
However, there are exceptions to this. For example, investing in film production for profit is a straightforward way where you can meet the cultural Golden Visa’s requirements and get a return on your Golden Visa investment. Such applications need to be carried out by an eligible public entity, and the project will need to be approved as qualifying for the Portugal Golden Visa before you have the green light to invest. As well as being a relatively straightforward route to a Golden Visa, there are plenty of other benefits to this kind of investment, which we’ll explore in the next section.
Portugal Cultural Golden Visa Benefits
The biggest selling point of the Cultural Golden Visa Portugal is that it is the most affordable option out of all the investment options. Another key benefit of making a Portugal Golden Visa cultural investment is the philanthropic aspect: Your investment can help to promote Portuguese art and national heritage, contributing to the country’s cultural legacy.
Additionally, the cultural production Golden Visa has the following advantages:
- Pre-approval by an official entity
- Fastest Golden Visa: Only eight months
- Full Associate Producer status: Inclusion in film production credits, and invitations to exclusive premiere and shoot locations if this is the kind of project you invest in.
- The potential scope for an early return of capital
- Possibility for permanent residency and Portuguese citizenship after five years
- Family reunification: You can include your family members (including your spouse, dependent children, and parents over 65) in the application
Important note: Pre-approval by an official entity concerns the project that has already been pre-approved by an entity that belongs to the Portuguese government and not the entity submitting the application for the client.
As mentioned, to secure citizenship, you must fulfill all the requirements under Portuguese nationality law, including having a clear criminal record and passing a basic Portuguese language test. You will also need to hold your investment for five years and stay for a minimum period in the country. The requirement is to spend a minimum period of seven days in Portugal in the first year, then a subsequent 14 days in the following two-year periods.
Are there any downsides to be aware of?
The greatest downside is that this Golden Visa option is less popular and less well-known than other investment options. Therefore, you may only find a little information on this visa type when doing research. It is best to speak with experienced advisors in the field so that you are aware of the application process, additional fees, etc.
The Cultural Golden Visa Application Timeline
The timeline for the cultural Golden Visa is as follows:
- An eligible entity and investor are interested in a project that has a solid maintenance capacity for a five-year period.
- The project is submitted for approval before GEPAC (Bureau for Cultural Strategy, Planning and Assessment of the Ministry of Culture).
- GEPAC forwards the project to the Minister of Culture, which has ten working days to assess the project and decide whether the project is eligible.
- If the project is eligible, the investor proceeds with the investment and forwards the proof of the transfer document to GEPAC, plus other documents required to prove the investment (such as identifying the investor who transferred the funds, its representant when applicable, the declaration from the beneficiary entity, the transfer of money from a foreign bank account to a Portuguese bank account, etc.).
- GEPAC issues a declaration that will be submitted in the Portuguese Golden Visa application proving that the investment has been made. This will be used before AIMA (which is the Portuguese immigration service provider).
Important note: Pre-approval of the project concerns only those that are no longer pre-approved by GEPAC. These are entities such as Fundação de Serralves, Fundação Batalha de Aljubarrota, and Fundação D. Luís I that already have pre-approved projects.
Note that you must have a Portuguese bank account and a NIF number for the Portuguese Golden Visa. You can get your NIF number and set up a bank account remotely.
Who are we, and how can we help you?
Global Citizen Solutions is a boutique residency and citizenship-by-investment company focused on finding the right investment, citizenship, or residency program for individuals across the world. We work solely on behalf of our clients throughout the applicaton process for an easy and hassle-free journey to your desired route.
With offices worldwide and an experienced, hands-on team, get in touch today to see how we can understand your objectives and help you move towards becoming a global citizen.
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Frequently Asked Questions about the Portugal Cultural Production Golden Visa
How can I find eligible artistic or cultural activities for Portugal's Golden Visa program?
There is only one entity that can provide the certificate confirming a cultural production Golden Visa: GEPAC (Bureau for Cultural Strategy, Planning and Assessment of the Ministry of Culture). We recommend working with experts in the field to understand whether an artistic or cultural heritage activity is eligible for the Portuguese Golden Visa.
At Global Citizen Solutions, we have a team of Portuguese immigration experts with specialized experience in this field. If you would like more information about the cultural projects that qualify, please feel free to contact us.
Why is the Cultural Golden Visa in Portugal getting so much attention lately?
With the discontinuation of the real estate investment and capital transfer routes for the Portugal Golden Visa in late 2023, the Cultural Golden Visa option has gained attention from investors hoping to secure residency in Portugal.
Another reason is that the Portugal Cultural Production Golden Visa option is one of the most cost effective ways to gain residency in Portugal through investment, starting at €200,000 in low density areas.
What is the Portugal Cultural Golden Visa?
The Portugal Cultural Golden Visa is a residency permit granted to foreign citizens who invest in Portugal’s artistic and national cultural heritage. It offers a more affordable entry point into the Portuguese Golden Visa program compared to other investment options.
Who is eligible for the Portugal Cultural Golden Visa?
To be eligible for the Portugal Cultural Golden Visa, you must be a non-EU/EFTA citizen with a clean criminal record. There is no minimum income requirement, but you will need to make a qualifying investment in Portuguese art, national heritage, or cultural production.
What are the benefits of the Portugal Cultural Golden Visa?
The benefits of the Portugal Cultural Golden Visa include visa-free travel within the Schengen Area, the possibility of applying for Portuguese citizenship or permanent residency after five years, and the chance to live and work in Portugal with family members you include your application.
Does Portugal's Cultural Golden Visa provide a path to permanent residency or citizenship?
Yes, Portugal’s Cultural Golden Visa can provide a clear path to permanent residency and, eventually, citizenship. Here’s the breakdown:
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Residency: The Cultural Golden Visa is a residency permit. After fulfilling the investment requirements and meeting residency obligations (an average of at least 7 days in Portugal per year for the first two years), you can apply for permanent residence.
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Citizenship: Portugal offers citizenship after five years of permanent residency with fulfilment of certain criteria such as a language test.
So, while the Golden Visa itself is a residency permit, it can be a stepping stone to permanent residence and, ultimately, Portuguese citizenship.
What is the duration of Portugal's Cultural Golden Visa, and can it be renewed?
The Portugal Cultural Golden Visa itself doesn’t have a set duration like a traditional visa. Instead, it functions as a residency permit with a renewal process.
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Initial permit: The initial Golden Visa residence card is valid for two years.
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Renewals: You’ll need to renew your residence permit twice during the five-year Golden Visa program.
- The first renewal happens at the end of year two.
- The second renewal occurs at the end of year four.
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Minimum Stay Requirement: To maintain your Golden Visa status, you only need to spend a minimum of seven days per year in Portugal on average.
So, while the Cultural Golden Visa program itself is technically ongoing for five years, your residency permit requires renewals every two years.
What are the opportunity costs involved in Portugal's Cultural Golden Visa?
Portugal’s Cultural Golden Visa offers residency for a low €200,000 investment (in low density areas), but there are trade-offs in terms of opportunity cost. This is effectively a sunk cost, as you’ll miss out on potential returns from investing elsewhere, and the money might be tied up in the project. While you don’t need direct involvement, you could sacrifice the satisfaction of being actively involved in cultural endeavors.
If Portuguese residency and supporting cultural projects are your priorities, this visa could be ideal. If maximizing returns is key, explore other Golden Visa options.
Can holders of the Portugal Cultural Golden Visa work or study in Portugal?
Yes, holders of the Portugal Cultural Golden Visa can work or study in Portugal. The visa itself doesn’t require the holder to do either. There are other benefits to the visa besides residency, such as visa-free travel within the Schengen Area and the possibility of applying for Portuguese citizenship or permanent residency after five years .
What documentation is required for a Portugal Cultural Production Golden Visa application?
A Portugal Cultural Golden Visa application requires documentation proving your financial capacity (bank statements etc.) and the chosen cultural project’s details (description, budget). Most importantly, this project needs approval from DGArtes or Instituto de Conservação e Restauro. Personal documents like passports, birth certificates, and police clearances are also needed. Consider consulting an immigration lawyer for the latest requirements and project approval guidance.
