Migration, Residency & Citizenship

    Portuguese Cultural Golden Visas

Portugal has been operating the Golden Visa program since 2012, which is designed to attract foreign investors interested in obtaining an EU residency and bringing capital to the country. Last year, this residency by investment (RBI) program underwent a significant overhaul eliminating the real estate investment option due to ‘housing crises’. However, it still offers other qualified investment options, such as:

  • job creation (10 jobs)
  • investment in qualified funds,
  • funding research and development
  • business ventures (plus 5 jobs)
  • cultural heritage projects.

If investment thresholds for funds, commercial ventures, and research and development start at €500,000, supporting artistic production and the preservation of cultural heritage option has a minimum investment requirement of €250,000. This pathway not only provides a route to residency but also plays a crucial role in maintaining and promoting Portugal’s rich cultural legacy.

Investment Criteria

As mentioned, the ‘Cultural Golden Visa’ requires a minimum investment of €250,000 in approved cultural projects. These projects can include the restoration of historical heritage, support for cultural events, funding cultural institutions, film production, or direct investment in creative sectors. This investment option aims to bolster Portugal’s cultural landscape, ensuring the preservation and enhancement of its historical and artistic heritage.

Legal Framework

The legal foundation for the Cultural Golden Visa is established under Article 3 of the Foreigners Law 23/2007. This law defines cultural investment as the transfer of capital amounting to €250,000 or more, applied to investment or support for artistic production, recovery, or maintenance of national cultural heritage. The investment can be made through various entities, including public institutes, private foundations with public utility status, and public cultural associations.

Regulatory Decree nº 84/2007 further elaborates on the requirements for residence acquisition and renewal. Article 65-D specifies that evidence for residence acquisition includes a statement from the Office of Strategy, Planning, and Cultural Evaluation (GEPAC), attesting to the nature of the investment. For residence renewal, a similar statement from GEPAC is required, confirming that the investment has not been compromised.

Residency Requirements

To qualify for the Cultural Golden Visa, applicants must meet specific residency requirements. Article 65-C of the Regulatory Decree stipulates a minimum stay of 7 consecutive or interpolated days in the first year and 14 consecutive or interpolated days in subsequent 2-year periods. Additionally, the cultural investment must last a minimum of 5 years, ensuring a long-term commitment to Portugal’s cultural sector.

Types of Investments

The’Cultural Golden Visa’ program offers various investment opportunities, each contributing to the enrichment of Portugal’s cultural heritage:

Restoration of Historical Heritage: Investors can participate in the restoration of historical buildings and monuments, preserving Portugal’s rich history and revitalizing spaces crucial to the country’s cultural narrative.

Sponsorship of Cultural Events: This includes investing in festivals, exhibitions, and artistic performances, fostering contemporary cultural expression and promoting cultural tourism.

Support for Museums and Art Galleries: Investors can support cultural institutions like museums and art galleries, enabling them to expand their collections, promote exhibitions, and preserve the artistic legacy of the country.

Artistic and Audiovisual Productions: Projects related to artistic production, cinema, and audiovisuals are also included, boosting the creative industry and providing opportunities for local artists.

Film Production: Investors can fund film production projects, which should support the local film industry and promote Portuguese culture and heritage on an international stage, providing opportunities for local filmmakers and artists to showcase their work.

Required Documentation

Applicants for the Cultural Golden Visa must provide a comprehensive set of documents to demonstrate their eligibility and commitment to the investment. These include:

  • Passport or valid travel document
  • Proof of legal entry and stay in Portugal
  • Proof of health coverage (either through the National Health Service or internationally recognized health insurance)
  • Criminal record certificate from the country of origin or residence, translated into Portuguese
  • Proof of tax identification number from the country of origin or residence
  • Completed application form authorizing the consultation of the Portuguese Criminal Record
  • Declaration under oath committing to fulfill the investment requirements for 5 years
  • Proof of regularized tax situation through a negative debt statement from the Tax and Customs Authority and Social Security
  • Receipt of payment for the analysis fee of the ARI request on the online portal

Additionally, applicants must demonstrate that they have made the minimum required investment, either individually or through a sole shareholder company. This includes:

  • Declaration from a registered credit institution in Portugal, attesting to the effective transfer of the required amount
  • Declaration from GEPAC, attesting to the nature of the investment
  • Commercial registry certificate if the investment is made through a sole shareholder company

Benefits and Considerations

The primary benefit of the Cultural Golden Visa is obtaining residency in Portugal, with the potential for Portuguese citizenship in five years. While the program does not aim for direct financial returns, investors may enjoy the indirect advantages of being official residents of Portugal.

Investors can include their spouse or partner, children under 18, and dependent children over 18 if they are studying or financially dependent on the investor. Additionally, parents over the age of 65 (or younger if financially dependent) of both the main applicant and their spouse can be included in the RBI application. Furthermore, the ‘Golden Visa’ can be extended to dependent siblings under the main applicant’s guardianship and other relatives, provided certain dependency requirements are met.

The Portuguese ‘Cultural Golden Visa’ investors might be privileged to access cultural events and feel personal satisfaction from contributing to heritage preservation. However, it is crucial to conduct a careful analysis of proposed projects, considering the strength of the involved institutions and compliance with legal requirements.

Moreover, the value of the investment can be reduced by 20% (to €200,000) when made in low-density territories (NUTS III – Small regions for specific diagnoses, e.g., counties or districts), making it more accessible for investors interested in contributing to less populated areas.

Conclusion

The Portuguese Cultural Golden Visa represents a unique intersection of cultural preservation and foreign investment. By attracting international investors to support Portugal’s cultural heritage, the program not only enhances the country’s cultural landscape but also offers a valuable pathway to EU residency. For investors, it provides an opportunity to be part of Portugal’s rich cultural narrative while enjoying the benefits of residency and potential citizenship. As the program continues to evolve, it promises to play a crucial role in the sustainable development of Portugal’s cultural and artistic sectors.

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