The Cheapest Golden Visa Option in Europe | Cultural Golden Visa of Portugal

The Cheapest Golden Visa Option in Europe

CULTURAL PRODUCTION GOLDEN VISA OF PORTUGAL

 

by     Farrukh Dall  

 

What is the Cultural Investment Golden Visa of Portugal?

In 2015, a significant opportunity emerged in Portugal. A chance to secure a residency permit by investing euros 250.000 in supporting artistic production. And as of October 6, 2023, this opportunity, known as the CULTURAL GOLDEN VISA, remains one of the promising future paths to residency within Portugal. It’s a unique option worth exploring.

The Cultural Investment Golden Visa of Portugal is a residency-by-investment program that allows non-EU citizens to obtain a residence permit in Portugal by making a qualifying investment in the Portuguese arts and culture sector. To qualify, a capital transfer of euros 250.000 or more is required. This investment can be directed towards various cultural initiatives, including artistic production, preservation of national cultural heritage, and support for the arts. Recipients of these funds encompass a wide spectrum of organizations, from central and local administrative services to public and private foundations of public interest. Moreover, regional entities and cultural associations dedicated to artistic production and cultural heritage maintenance also fall within this framework.

Particularly attractive is the provision of a 20% discount on the minimum capital investment for projects situated in low-density areas, echoing the discount system applied to Golden Visa projects based on location. This effectively lowers the minimum investment requirement to a more accessible euros 200.000.

The Cultural Golden Visa is undeniably the most affordable path to Portuguese residency, setting it apart by not being a donation-based program. It has piqued the interest of prospective investors worldwide, providing an innovative and unconventional choice compared to traditional Golden Visa options. This fresh avenue, the “Cultural Golden Visa,” invites investors to not only participate in Portugal’s thriving cultural landscape but also secure their residency, offering a mutually beneficial opportunity for those in search of a distinctive route to call Portugal their home. 

This capital is dedicated to supporting artistic production, preserving or maintaining the national cultural heritage. It is channeled through a network of both central and peripheral administrative services, including public institutes, entities affiliated with the public business sector, public foundations, private foundations with public utility status, inter-municipal entities, local business sector entities, municipal associative bodies, and public cultural associations. These organizations are entrusted with responsibilities related to artistic production, as well as the restoration and preservation of the national cultural heritage, as specified in paragraph d) and section 2 of article 3 of the Foreigners Law. To provide a more comprehensive and legally grounded understanding of the program, it would be beneficial to directly quote the specific provisions of the law in question.

Article 3 clause VI of Foreigners Law (Law No. 23 of 2007, of July 4th) provides;

“Transfer of capital in an amount equal to or greater than euros 250.000, which is applied in investment or support for artistic production, recovery or maintenance of national cultural heritage, through central and peripheral direct administration services, public institutes, entities that comprise the public business sector, public foundations, private foundations with public utility status, intermunicipal entities, entities that are part of the local business sector, municipal associative entities and public cultural associations, which carry out tasks in the area of ​​artistic production, recovery or maintenance of cultural heritage national”.

Furthermore, Order No. 2360 of 2017, of March 20, approves the regulation regarding the issuance of the declaration attesting the effective transfer of capital for the purposes of residence permit for investment in the cultural sector, and establishes the rules applicable to the issuance of that declaration.

Investment Options

 This investment can be made in one of the following ways:

• Artistic production: Invest in the production of a film, musical, or other artistic work.
• Artistic support: Provide financial support to an artistic institution or project.
• Recovery or maintenance of national heritage: Invest in the restoration or preservation of a national heritage site.

The approved projects by General Directorate for Cultural Heritage for the cultural Golden Visa of Portugal are:

• Film production projects that have a cultural interest and a positive impact on the Portuguese economy, society, and culture. These projects must be approved by GEPAC and have a minimum budget of euros 500.000. The investor must contribute at least euros 250.000 or euros 200.000 (depending on the location) to the project and receive a share of the profits or revenues generated by the film.
• Artistic production projects that support artistic creation, dissemination, or promotion in various fields, such as music, theater, dance, visual arts, literature, or heritage.

For more information on investment options, feel free to schedule an appointment with us.

How Can We Help:

Our team is composed of a diverse group of expert attorneys, including Investment Consultants and specialized Immigration Lawyers. With over a decade of experience in Investment and immigration law, we are committed to providing comprehensive guidance on European investment visas. Throughout our years of service, we have been dedicated to finding tailored solutions for our clients, assisting them from the inception of the Investor Visa Program. Remarkably, we’ve achieved a 100% success rate for all investor applications, surpassing the General Government approval rate of 97%.

Our key strengths encompass:

– A skilled team of lawyers capable of resolving various golden visa and Investor Visa-related issues.

– Proactive solutions that minimize your risks to nearly zero.

– The ability to transform your assets into highly profitable ventures.

– Excellence in providing legal advice and resolving diverse situations.

– A wealth of experience in Immigration Law.

Benefits of the Cultural Investment Golden Visa

There are a number of benefits to the Cultural Investment Golden Visa program, including:

• Lower cost – from only euro 200.000  in low-density areas (otherwise euros 250.000)
• It’s the only Golden Visa application submitted by an official entity
• It’s the only Golden Visa option featuring a 15 day government pre-approval step
• No funds have to be committed prior to pre-approval
• Tax exempt investment
• No maintenance or registration fees
• Faster processing prior to immigration submission
• Only 1 visit required (biometric & notary appointments)
• Full Associate Producer status, with inclusion in the film credits
• Invitations to exclusive première events and shoot location visits
• The possibility of an early return of capital (subject to a penalty)
• Creation of a demonstrable real-world ties to Portugal, enhancing future citizenship applications
• Follow-up and reporting throughout the residency process until permanent residency or citizenship
• Guaranteed returns backed by a notarized deed.

Additionally, the Cultural Golden Visa has other advantages:

• After five years of residency, it’s possible to apply for Portuguese citizenship.
• As of October 2023, Portuguese passport holders can travel visa-free to 188 countries and territories. This includes all of the countries in the European Union, as well as many popular tourist destinations such as the United States, Canada, Australia, and New Zealand.
• Applicants and their families can obtain Portuguese residency and Passport. Spouse and dependent children can benefit from the program.
• Visa-free access to Schengen Area countries for the golden visa residence permit holders.
• A minimum of seven days in Portugal per year is required to maintain residency.
• Access to Portugal’s excellent education system.
• Portugal offers a high quality of life, excellent climate, and beautiful landscapes.
• Portugal does not impose wealth tax.
• Possibility to qualify for Non-Habitual Resident tax status, offering various tax benefits.

These benefits are what truly make the Portugal Golden Visa program shine. They transform it into a standout and incredibly appealing option, making dreams of residence in Portugal a reality for many.

How to Apply

To apply for the Cultural Investment Golden Visa, you must submit an application form and supporting documentation to the Bureau for Cultural Strategy, Planning and Assessment. The supporting documentation will include your passport, proof of investment, and proof of health insurance.

Once your application is approved, you will be granted a residence permit in Portugal. You can then live, work, and study in Portugal freely.

Documents and general requirements:

The following documents are needed when applying for the Cultural Golden Visa;

• Passport or any other valid travel document;
• Evidence of entry and legal stay in the National Territory;
• Evidence in which the Applicant is covered by the health care system, namely: – Document proving the Applicant is covered by the National Health Service; or – Document proving the Applicant is the holder of an internationally recognised health insurance for the time period of the legal residence requested or featuring the automatic renewal of the insurance;
• Extract from the criminal record of the country of origin, or of the country (or countries) where the Applicant is living for more than one year; otherwise, a certificate by the Portuguese diplomatic representation or consular mission. It shall be issued up to three months before the submission of all the documentation legally required and translated into Portuguese;
• Supporting evidence of the tax identification number, or equivalent, of the country of origin, residence or tax residence;
• Filling in the Application Form (standard form) stating the authorisation for consultation of the Portuguese Criminal Record;
• Sworn Statement by which the Applicant declares to comply with all the minimum quantitative and time requirements (five years) for the investment activity in the National Territory;
• Evidence of the tax obligations duly filled in by means of submitting the negative debt declaration issued, up to 45 days maximum in advance, by the Tax and Customs Authority and the Social Security or, if not feasible, a declaration stating the non-existence of a record within these entities;
• Payment receipt for analysis of the ARI application.

Documents related to the investment:

The Applicant must present supporting evidence in which he has made the investment of the minimum amount required, individually or through a shareholder limited liability company of which the Applicant is the shareholder. The following documents must be submitted:

• Declaration of a credit institution authorised or registered in the national territory within Bank of Portugal, attesting the effective transfer of the amount equal to or above the legally required;
• Declaration issued by the Strategy, Planning and Cultural Assessment Office, where the culture service with competences in the sector have been consulted, attesting its investment nature or of supporting the arts, restoring and maintenance of the national cultural heritage, under Order no. 2360of 2017, of 20 March – Approving the regulation for the issue of the declaration attesting the effective transfer of capital for a residence permit for investment activity in the cultural sector;
• Extract from the register of companies, in the case where the investment is made through a shareholder limited liability company, of which the Applicant is the shareholder, as for in no. 13 of Article 65-A of the Regulatory Decree no. 84 of 2007, of 5 November, as amended.

In case of any transfer to the entity responsible for the activity, the investor, or its representative, must then request the Declaration issued by the Office of Strategy, Planning and Cultural Assessment, after hearing the service of the area of ​​culture with responsibilities in the sector, attesting to the nature of investment or support for artistic production, recovery or maintenance of national cultural heritage “as expressed in paragraph 8 of art. 65 D of Regulatory Decree No. 9 of 2018, of September 11th.

For this purpose, the following documentation must be added to the application, addressed to the Director General of Cultural Heritage:

• Statement from the beneficiary entity, duly identified, confirming receipt of the investment;
• Copy of the Declaration, issued by the Ministry of Culture, attesting the eligibility of the entity and the target activity of the investment (provided by the beneficiary entity);
• Evidence of the international transfer and the transfer to the beneficiary entity;
• Statement proving receipt by the beneficiary entity;
• Evidence of power of attorney, if applicable;
• Investor identification;
• Representative identification.

The applicant must also present:

1. a) Declaration issued by the Office of Strategy, Planning and Cultural Assessment, attesting that there have been no supervening changes, attributable to the applicant, that have compromised the investment or support performed or granted;
2. b) Declaration issued by the beneficiary entity, attesting to the maintenance of the investment or support carried out or granted”.

In essence, the Cultural Investment Golden Visa of Portugal is a great option for non-EU citizens who are interested in supporting the arts and culture sector in Portugal, while also obtaining a residence permit in the country.

We hope the information in this blog is helpful. If you have any questions about the Cultural Investment Golden Visa of Portugal, please leave a comment below.