The investment by means of capital transfer with a value equal to or above 250,000 euros for investing in artistic output or supporting the arts, for reconstruction or refurbishment of the national heritage, through the local and central authorities, public institutions, public corporate sector, public foundations, private foundations of public interest, networked local authorities, local corporate sector organizations, local associations and public cultural associations, pursuing activities of artistic output, and reconstruction or maintenance of the national heritage is in fact one of the less expensive options of investment foreseen in the current law of the Portuguese Golden Visa. There is only one entity that is competent to provide the certificate confirming this kind of investment: Gabinete de Estratégia, Planeamento e Avaliação Culturais, also known as GEPAC. The eligibility of the entities who receive the investment is confirmed by the verification of its legal nature and purpose through their respective statutes, organic laws, classification of economic activity, and other legal documents, being the lawyers' work relevant in this field to promote and execute a proper due diligence on the entity that is willing to receive the funds and the project in cause. There are also a search tool at the above mentioned entity website where it is possible to find in the Portuguese Cultural Directory a comprehensive guide to art, museums, galleries, archives, libraries, theatre, music festivals, literary prizes and awards and lots more http://www.gepac.gov.pt/pesquisa-dcp.aspx?v=ef8cdefd-1b59-48cb-bbac-dc7b0fd22823.
How can I find eligible artistic or cultural activities for Portugal’s Golden Visa program?
I was told that the most affordable route to participate in the Golden Visa program is to transfer 250,000 euros to fund artistic or cultural activities in Portugal. How can I find eligible activities of this kind that could support my application?
In response to your question, we inform you that the transfer of capital in the amount of 250,000 euros or more, applied to the artistic production, recovery or maintenance of the national cultural heritage, can make a Golden Visa possible. The value of the investment can be reduced by 20% (200,000 euros) when it is carried out in low-density territory. Although the values are the most accessible, the requirements for authorization are no longer objective, because it depends on the issuance of a declaration issued by the Office of Strategy, Planning and Cultural Evaluation, after hearing the service of the area of culture with attributions on the sector. Until May 2018, there was no application for a Golden Visa under this modality, which could make the application more difficult. For such reasons, almost all the requests are based on objective requirements, such as the purchase of property of value equal or superior to 500,000 euros; the transfer of capital in an amount equal to or greater than 1 million euros; or the creation of 10 jobs. The estimate for the resident permit is three to six months after the application for the Golden Visa.
It is not yet easy to find artistic or cultural activities eligible for the Golden Visa program in Portugal. Applications for this investment have to be analyzed by the Office of Strategy, Planning and Cultural Assessment. There are not yet any entities eligible for this purpose. No application has yet been approved for this purpose, so there is still no Golden Visa resident permit granted in this area. It would have to be the investor to look for this entity (which has to have public and not private character) and to submit the candidacy to the appreciation of the Strategy Office, which would essentially appreciate the requirements and assumptions of the entity that would receive the transfer and is not easy to find an eligibility. The investment activity that has had greater adherence in Portugal is through the purchase of real estate and may be able to acquire a property eligible for Golden Visa for 280,000 euros (provided that the property was built more than 30 years ago and is located in a zone of low population density).