Alternativas al Golden Visa de Portugal: Opciones de inversión tras la reforma inmobiliaria

What the Portugal Golden Visa Reform 2023 Means for Investors

Before we dive into the new opportunities, you need to understand exactly what happened. The Portuguese government completely removed the real estate route in October 2023.

This means in concrete terms: No more Golden Visas through real estate purchases from €500,000. This option is history.

The Key Changes at a Glance

The reform brought three central changes:

• Real Estate Ban: Residential and commercial real estate are no longer eligible
• Focus on genuine investments: Portugal wants productive investments, not passive real estate speculation
• Increased minimum amounts: The remaining options now have partially higher thresholds

But heres where it gets interesting: Portugal hasn’t just closed doors. The country has opened new ones – for the right investors.

Why Real Estate Investments No Longer Work

The Portuguese government had a clear reason for this decision. Real estate investments did bring capital into the country, but generated little real added value.

Also: The property market in Lisbon and Porto was overheated. Local residents could no longer afford apartments.

The new strategy? Portugal wants investors who:

• Support real businesses (venture capital)
• Support cultural projects (art and culture)
• Become active in the country for the long term

My Assessment of the New Situation

Honestly: I see this development as positive.

Why? Because now you can make investments that are more strategically meaningful. Instead of buying an apartment you might never use, you invest in Portuguese startups or art projects.

That creates real connections to the country. And from a tax perspective, it opens up completely new possibilities for international structures.

Plus, the new options are more flexible. With real estate, you were tied to a location. With venture capital, you can diversify your portfolio.

Portugal Golden Visa Venture Capital: The New Gold Standard

In my view, venture capital is the most interesting of the new Portugal Golden Visa alternatives. Not just because of residency, but for the strategic opportunities.

Here you invest in innovative Portuguese companies – and at the same time position yourself optimally for your international tax structure.

Minimum Investment and Requirements

The figures are clear: You must invest at least €500,000 in a qualified venture capital fund.

These funds must meet certain criteria:

Which means: You cant simply invest in any fund. The Portuguese authorities have set clear quality criteria.

Pros and Cons of VC Investments

Let’s be honest: Venture capital isn’t for everyone. Here are the most important aspects:

The advantages:

• Real ROI: Unlike real estate, you can generate actual returns here
• Diversification: Your investment spreads across several startups
• Tax optimization: VC investments offer interesting structuring options
• Networking: You become part of the Portuguese startup ecosystem

The disadvantages:

• Higher risk: Startups can fail – the money could be lost
• Illiquidity: 5-year minimum holding period with no exit
• More complex due diligence: You have to understand the fund and its investments
• No guarantees: Success isn’t guaranteed as it was (perceived) with real estate

Practical Implementation: How to Find the Right Funds

The big question: How do you find a qualified fund that fits your strategy?

Here’s my practical approach:

1. Check the CMVM list: Only registered funds are eligible – find them on the CMVM website
2. Analyze the track record: Look at previous investments and exits
3. Assess the management team: Do the fund managers have experience in the Portuguese market?
4. Understand the sector focus: Which industries are preferred? (Tech, Healthcare, etc.)
5. Check co-investors: Who else is investing in the fund?

A tip from practice: Talk to other Golden Visa investors. The Portuguese investment community is small – recommendations are worth gold.

And you should get professional advice. Not just for legal aspects, but also for investment analysis.

Art and Culture Investments: The Creative Path to Residency

The second major alternative is art and culture investments. This option is less well known, but definitely interesting – especially for investors with cultural interests.

Here, you support Portuguese art projects or cultural initiatives and obtain your Golden Visa in return.

Portugal Golden Visa Art Investment Options

You have several possibilities with art investments:

Option 1: Direct art purchases (from €350,000)

You can acquire artworks from Portuguese artists or from Portuguese collections. They must be of cultural interest and remain in Portugal for at least 20 years.

Option 2: Art sponsorship (from €250,000)

You support art projects, exhibitions or cultural events. The money goes directly into promoting Portuguese art.

Option 3: Restoration projects (from €350,000)

You fund the restoration of historic buildings or artworks of national interest.

Cultural Investments: Theaters, Museums, and More

Besides art, you can also invest in cultural infrastructure. That includes:

• Theaters and concert halls: Supporting construction or renovations
• Museums: Supporting exhibitions or collection expansions
• Cultural centers: Financing local cultural initiatives
• Festivals: Long-term support of Portuguese cultural festivals

The advantage: You become part of the Portuguese cultural scene. That creates real connections and can be fulfilling.

The downside: In most cases, your money is gone. Unlike venture capital, there’s no ROI here.

Risks and Opportunities in Art Investments

Art investments are a very specialized asset class. Here, you need to consider several factors:

The opportunities:

• Possible appreciation: Good artworks can increase significantly in value
• Inflation hedge: Art is traditionally seen as a hedge against inflation
• Personal enjoyment: You own something beautiful and culturally valuable
• Tax advantages: In some structures, art investments are tax-advantaged

The risks:

• Illiquid market: Art cannot be sold as easily as stocks
• High incidental costs: Insurance, storage, restoration cost money
• Expert knowledge required: Without art expertise, you can easily overpay
• 20-year holding: The artwork has to stay in Portugal for two decades

My honest assessment: Art investments only make sense for true art lovers. If you buy art only for the Golden Visa, you’ll likely be disappointed.

But if you’re already an art collector? Then this option can be quite attractive.

Alternative Investment Strategies Compared

You’re now familiar with the key Portugal Golden Visa alternatives. But which option really fits your situation?

As a tax mentor, my advice: The answer depends on your investor type, goals, and risk appetite.

Venture Capital vs. Art vs. Other Options

Let’s systematically compare the different routes:

*Other options include: job creation (5–10 jobs), bank deposits, scientific research

But the plain numbers don’t tell the whole story. What matters are your personal circumstances.

Which Option Suits Which Investor Type?

After years in international tax consulting, I know different investor profiles. Here are my recommendations:

The Tech Entrepreneur (Type Thomas, 36):

Venture capital is ideal. You understand startups, can evaluate investments, and benefit from networking in the Portuguese tech ecosystem.

The Established Entrepreneur (Type Elena, 42):

Venture capital or job creation. With your experience, you can not only finance Portuguese startups but also actively support them.

The Conservative Advisor (Type Robert, 45):

Bank deposits or scientific research. Less risk, but also limited upside. For highly risk-averse investors.

The Creative Founder (Type Sophie, 33):

Art and culture, if you have a genuine interest. Otherwise, more likely venture capital – suits your founder mentality.

Cost-Benefit Analysis of the Different Routes

Let’s get specific. Let’s look at the total cost of ownership:

Venture Capital (€500,000 investment):

• Legal fees: €15,000 – €25,000
• Due diligence: €5,000 – €10,000
• Government fees: €5,000
• Annual costs: €2,000 – €5,000
• Total (5 years): €540,000 – €570,000
• Possible ROI: 0% to 300%+ (highly variable)

Art investment (€350,000):

• Legal fees: €10,000 – €15,000
• Art consulting: €10,000 – €20,000
• Insurance/storage: €2,000/year
• Government fees: €5,000
• Total (20 years): €405,000 – €425,000
• Possible ROI: -50% to +200% (highly uncertain)

From a purely financial perspective, venture capital is more attractive – but only if you understand and can bear the risk.

My Recommendation: How to Proceed Strategically

Now that you know all this, let’s move on to practical implementation. How do you actually realize your Portugal Golden Visa alternative?

Here’s my proven step-by-step guide:

Step-by-Step Application Guide

Phase 1: Strategy Development (4–6 weeks)

1. Define your goals: What do you want to achieve? Only residency, or also ROI?
2. Set your budget: How much can you invest (including transaction costs)?
3. Determine your risk profile: How much risk can and do you want to take?
4. Plan your tax structure: How does Portugal fit into your international setup?
5. Put together your team: Portuguese lawyer, tax advisor, maybe investment consultant

Phase 2: Investment Selection (6–8 weeks)

1. Do your due diligence: Thoroughly vet funds or artworks
2. Legal review: Get all contracts and structures checked by your lawyer
3. Tax optimization: Develop the best structure for the investment
4. Secure financing: Provide the money (often complex for international structures)
5. Make your decision: Final go/no-go based on all factors

Phase 3: Application (8–12 weeks)

1. Make your investment: Transfer funds and complete investment
2. Collect documentation: All supporting documents for the Golden Visa application
3. Submit your application: At SEF (Portuguese Foreigners Office)
4. Biometric data: Appointment in Portugal or a Portuguese consulate
5. Be patient: Processing currently takes 8–12 months

Common Mistakes and How to Avoid Them

In my practice, I keep seeing the same mistakes. Here are the most common:

Mistake #1: Rushing the decision

Many investors want to act immediately. But a €500,000 investment deserves thorough preparation. Take your time for due diligence.

Mistake #2: Ignoring tax structure

The Golden Visa is only one piece of the puzzle. If you don’t think through the tax implications, you risk nasty surprises.

Mistake #3: Lack of local expertise

German lawyer + Portuguese investment = problems. You need local experts who know the system.

Mistake #4: Forgetting the exit strategy

What happens after 5 years? How do you exit the investment? You should plan this in advance.

Mistake #5: Unrealistic expectations

Venture capital is risky. Art is illiquid. If you underestimate this, you’re in for unpleasant surprises.

Timeline and Realistic Expectations

Finally, the most important question: How long does the whole process really take?

Here is my realistic timeline:

So: Expect about a year and a half from first ideas to Golden Visa in hand.

Is that long? Yes. Is it worth it? That’s for you to decide.

But I can promise you one thing: If you do it right, you’ll have not only EU residency but also a strategically meaningful investment.

And that’s more than most real estate investors could say in recent years.

Frequently Asked Questions

Can I still get a Golden Visa through real estate?

No, since October 2023, real estate investments are no longer possible. Applications already in process are not affected.

Is venture capital really riskier than real estate?

Yes, the risk of default is higher. But you also have real upside opportunities, which were limited with real estate.

Do I have to actually move to Portugal?

No, for the Golden Visa you only have to stay 7 days per year in Portugal. For tax benefits, different rules apply.

Can I sell the investment after 5 years?

Venture capital: Yes, after 5 years you are free. Art: Only after 20 years. For other options, it varies.

What happens if the startup goes bankrupt?

Your money is gone, but the Golden Visa remains. The investment only needs to be held for 5 years – it doesn’t have to succeed.

What taxes do I have to pay in Portugal?

It depends on your tax status. As an NHR (Non-Habitual Resident), you get 10 years of tax benefits, but this regime is currently being reformed.

Can I combine different investment options?

No, you have to choose one option and meet the full minimum investment for that route.

Do I need a Portuguese lawyer?

Yes, absolutely. Golden Visa regulations are complex and frequently change. Local expertise is essential.

How long is the Golden Visa valid?

Initially for 2 years, then extendable for a further 3 years. After 5 years, you can apply for permanent residency.

Does the Golden Visa lead to EU citizenship?

After 6 years of legal residence, you can apply for Portuguese citizenship. But you have to learn Portuguese and meet other requirements.