Portugal’s Golden Visa program continues to draw foreign investments, with a dramatic shift amid changes in investment options. Previously, the government removed the real estate route to channel funds to alternative sectors.
Consequently, the move has significantly buoyed the development of numerous cultural projects nationwide. Moreover, it heralds a new era for the visa program.
Golden Visa Major Policy Changes
It was in October 2023 when Portugal scrapped its popular real estate investment route for the Golden Visa program. Specifically, lawmakers aimed to tackle the country’s housing crisis and encourage job creation, research, and cultural heritage investments. As a result, applicants must now invest in funds, businesses, or scientific and cultural initiatives to qualify.
These adjustments follow growing concerns over rising property prices. Previously, wealthy investors purchased homes primarily in Lisbon and Porto, resulting in rising housing costs. Now, the government hopes to stimulate other sectors while maintaining Portugal’s appeal to global investors.
Current Investment Pathways
Despite the real estate ban, several options remain for Golden Visa applicants. For instance, investors can contribute EUR 500,000 to qualified venture capital funds or scientific research projects. Alternatively, they can establish a company creating ten or more full-time jobs.
However, one option is gaining extraordinary traction—cultural and heritage preservation investments. Specifically, foreign investors can secure a Golden Visa by donating EUR 250,000 to initiatives that restore and maintain Portugal’s cultural heritage. Remarkably, this category has seen explosive growth in recent months.
Interest in cultural preservation has soared following the Golden Visa program’s overhaul. In 2024, investments in this category totaled EUR 12 million, marking a 165 percent jump from 2023. Moreover, since its introduction in 2020, the Cultural Heritage route has accumulated EUR 22.15 million in funding. Meanwhile, the foreign population has also grown to one million, a tenth of the country’s total population.
This surge highlights a shift in investor priorities. Many applicants seek a European foothold while supporting meaningful, sustainable projects. Hence, Portugal benefits by restoring its historic sites and reinforcing its identity as a cultural hub.
Portugal’s Golden Visa Vs. Other EU Countries
While Portugal revamps its Golden Visa, Spain is shutting its doors. The Spanish government plans to discontinue its program by April 2025, citing concerns over speculative real estate investments. As a result, it leaves Portugal and Greece as the top European destinations for residency-by-investment programs.
Greece, in contrast, is expanding its Golden Visa offerings. The country has increased minimum investment thresholds in high-demand areas while expediting processing times. Furthermore, these changes position Greece as a strong competitor to Portugal’s evolving program. Other countries such as Malta and Italy also have their own golden visa offerings.
The transition from real estate to cultural investments is already delivering benefits. Specifically, funds are revitalizing historic buildings and supporting local artisans.
By prioritizing culture, the government ensures that investments create lasting value. Instead of fueling speculative real estate bubbles, capital now flows into projects that preserve Portugal’s rich history. Investors, in turn, gain a tangible connection to the country beyond financial incentives.
Photo by Dominik Kuhn on Unsplash
