Portugal’s Cultural Golden Visa Sees Record Investments

Portugal’s Cultural Heritage Golden Visa investment pathway has gained momentum, attracting €22.15 million since its first approval in 2020.

In 2024 alone, investments soared by 165%, reaching nearly €12 million, the highest recorded to date. The trend continues in 2025, with €850,100 in new investments already secured in the first quarter, according to the Centro Português das Fundações.

Madalena Monteiro of Liberty Legal, who analyzed the figures, highlighted the rapid expansion of the program:

"The cultural investment pathway has demonstrated exceptional growth throughout 2024-2025, accelerated by the scrapping of the real estate option,"

This growth follows a major policy shift in late 2023, when Portugal removed real estate as an eligible Golden Visa investment option. The change redirected investor interest toward cultural projects, which require a minimum investment of €250,000 or €200,000

Where the Investment is Going: 38 Cultural Projects Funded

The program has already funded 38 cultural projects, with 37 managed by private law foundations. These projects focus on:

• Restoration of national heritage sites (23 projects)
• Artistic and cultural productions (15 projects)

This investment pathway allows participants to obtain residency while contributing to the preservation of Portugal’s cultural landmarks.

The Rising Global Demand for Cultural Visas

Since its launch in 2012, Portugal’s Golden Visa program has generated more than €7 billion in foreign investment.

Despite the removal of real estate from the program, the Cultural Heritage pathway has proven to be a strong alternative, maintaining international interest.

Investor demographics show international diversity, with Americans, Indians, and Canadians forming the largest applicant groups.

Monteiro emphasized that for this trend to continue, more high-quality cultural projects need to be developed to match investor demand.