Portugal’s renowned golden visa program — once a major draw for foreign real estate buyers — is witnessing a resurgence, this time through cultural and fund-based investments. According to Bloomberg, government data shows that visa approvals soared 72% in 2024, reaching a record 4,990.
Originally launched in 2012, during Portugal’s financial crisis, the scheme offered residency to foreigners investing at least €500,000 in real estate. However, in 2023, the property option was scrapped following criticism that it worsened the housing crisis in Lisbon and other cities. The revised program now grants eligibility through either a €200,000 donation to a cultural non-profit or a €500,000 investment in an approved fund.
Institutions like the Museu do Caramulo, a private museum in central Portugal, have emerged as key beneficiaries. Over the past two years, the museum has raised more than €20 million via golden visa donations, funding renovations and expanding its exhibits.
While this shift has boosted the cultural sector, economists question whether the redirected funds are addressing more pressing national needs. João Duque, finance professor at the University of Lisbon, noted, “It would be interesting to see some of these funds being used to improve sectors of the economy that face serious difficulties. We need better hospitals, schools, and affordable homes to fix the housing crisis.”
Since its inception, Portugal’s golden visa program has drawn over €7 billion in investment, much of it previously tied to real estate. Former foreign minister Paulo Portas, who introduced the program, defended it as “a good tool to attract investment,” crediting it with helping Portugal recover from a tough economic phase.
Though the revamped model has diversified funding toward culture, agriculture, and renewable energy, critics argue that it still favors passive investment rather than active economic participation. The government has promised “economically and socially fair” reforms while maintaining its commitment to the program — even as European scrutiny over similar residency schemes continues to grow.
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