Portugal’s once property-driven Golden Visa program is experiencing a resurgence after being refocused toward cultural and fund-based investments. Government data reported by Bloomberg shows approvals surged 72% in 2024 to a record 4,990, signaling renewed foreign investor interest.
Initially launched in 2012 to aid economic recovery during the financial crisis, the program previously granted residency to foreigners who invested at least €500,000 in real estate. However, that pathway was discontinued in 2023 amid mounting criticism that it contributed to the housing crisis in Lisbon and other urban centers.
Under the revised framework, investors can now qualify by donating a minimum of €200,000 to a cultural non-profit or by investing at least €500,000 in an approved investment fund. Beneficiaries like the Museu do Caramulo—a private cultural museum in central Portugal—have raised over €20 million through such donations, funding renovations and exhibition expansions.
While the shift has diversified investments into culture, agriculture, and renewable sectors, economists question the broader economic impact. João Duque, a finance professor at the University of Lisbon, noted that funds could be better directed toward critical areas like healthcare, education, and affordable housing.
Since its inception, Portugal’s Golden Visa program has generated over €7 billion, largely through real estate. Former foreign minister Paulo Portas, who introduced the initiative, defended it as a key instrument in Portugal’s post-crisis recovery. Despite ongoing scrutiny, the government has pledged to pursue “economically and socially fair” reforms while maintaining the program’s continuity.
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