Portugal’s golden visa shifts focus from property to culture as approvals hit record high
Launched in 2012 during the country’s financial crisis, the scheme originally granted residency to foreigners investing at least €500,000 in real estate
- Oct 18, 2025,
- Updated Oct 18, 2025 1:17 PM IST
Portugal’s golden visa program, once a magnet for foreign property buyers, is seeing renewed momentum after being redirected toward cultural and fund-based investments. In 2024, approvals jumped 72% to a record 4,990, according to government data as reported by Bloomberg.
Launched in 2012 during the country’s financial crisis, the scheme originally granted residency to foreigners investing at least €500,000 in real estate. That option was scrapped in 2023 after being linked to a housing crisis in Lisbon and other cities. Investors can now qualify through a minimum €200,000 donation to a cultural non-profit or by investing at least €500,000 in an approved investment fund.
Institutions such as the Museu do Caramulo, a private cultural museum in central Portugal, have become major beneficiaries. The museum has raised more than €20 million in two years through golden visa donations, helping fund renovations and expand exhibits.
Economists, however, have questioned whether the redirected funds are reaching sectors in greater need. “It would be interesting to see some of these funds being used to improve sectors of the economy that face serious difficulties,” said João Duque, a finance professor at the University of Lisbon. “We need better hospitals, schools and affordable homes to fix a housing crisis.”
Since its launch, Portugal’s golden visa program has attracted over €7 billion, most of it previously tied to real estate. Former foreign minister Paulo Portas, who introduced the initiative in 2012, defended it as “a good tool to attract investment” and said it helped Portugal recover from a difficult economic period.
While the new rules have diversified investment into culture, agriculture and renewable projects, critics warn that the program still favours passive capital. Portugal’s government has pledged “economically and socially fair” reforms but remains committed to keeping the visa open amid growing scrutiny across Europe.
Portugal’s golden visa program, once a magnet for foreign property buyers, is seeing renewed momentum after being redirected toward cultural and fund-based investments. In 2024, approvals jumped 72% to a record 4,990, according to government data as reported by Bloomberg.
Launched in 2012 during the country’s financial crisis, the scheme originally granted residency to foreigners investing at least €500,000 in real estate. That option was scrapped in 2023 after being linked to a housing crisis in Lisbon and other cities. Investors can now qualify through a minimum €200,000 donation to a cultural non-profit or by investing at least €500,000 in an approved investment fund.
Institutions such as the Museu do Caramulo, a private cultural museum in central Portugal, have become major beneficiaries. The museum has raised more than €20 million in two years through golden visa donations, helping fund renovations and expand exhibits.
Economists, however, have questioned whether the redirected funds are reaching sectors in greater need. “It would be interesting to see some of these funds being used to improve sectors of the economy that face serious difficulties,” said João Duque, a finance professor at the University of Lisbon. “We need better hospitals, schools and affordable homes to fix a housing crisis.”
Since its launch, Portugal’s golden visa program has attracted over €7 billion, most of it previously tied to real estate. Former foreign minister Paulo Portas, who introduced the initiative in 2012, defended it as “a good tool to attract investment” and said it helped Portugal recover from a difficult economic period.
While the new rules have diversified investment into culture, agriculture and renewable projects, critics warn that the program still favours passive capital. Portugal’s government has pledged “economically and socially fair” reforms but remains committed to keeping the visa open amid growing scrutiny across Europe.