In 2023, approximately €4.5 million was invested through the cultural donation route, while around €125.52 million went into Golden Visa funds. These numbers reflect the different scales of the two paths, yet both are considered unique and strategic in their own way. And the ultimate choice merely depends on the investor’s individual goals and interests.

Numbers Behind the Leading Paths

After the real estate route was removed in 2023, fund investment became the primary option for Portugal Golden Visa applicants, as it is a strategic tool for capital preservation with a potential return. That year, about €125.5 million was invested in funds, showing a 45.5% increase from 2022.

Contrarily, since its launch in 2015, the Portugal Cultural Golden Visa has raised over €22 million in total contributions with a minimum donation amount of €250,000 (€200,000 in low-density areas). In 2024, it attracted nearly €12 million, a 165% increase from the previous year. The rise continued in early 2025, with more than €2.1 million in donations.

However, these numbers are more than statistics; they reflect changes in investor preferences and behavior. Investors seeking financial returns are increasingly opting for the Portugal Golden Visa fund route due to its potential for growth and structured timeframe. Meanwhile, non-refundable cultural donations remain attractive for their affordability and cultural impact.

Funds and cultural donations are the main investment paths

In the current Portuguese Golden Visa landscape, funds and cultural donations stand out as the two primary options available to investors. In the fund route, investors can make a minimum €500,000 investment in funds approved and regulated by CMVM, the Portuguese Securities Market Commission. These professionally managed funds often target sectors such as hospitality, technology, and renewable energy. Although there are open-ended funds, offering flexibility and liquidity, the minimum lock-up period is around 5-7 years for closed-ended funds, showing a more structured and stability-focused approach.

For investors, there is also a potential for returns that could offset the program’s costs. Proving this claim, in Portugal Golden Visa Funds outlook in 2024-2025, Gokce Emer, Director of Business Development at Get Golden Visa, states that the key theme has always been capital preservation. She also highlights that today’s investors are increasingly seeking transparent, well-managed funds that balance security with growth and comply with regulatory standards. However, like any financial asset, the performance of Portugal Golden Visa funds depends on market conditions and the expertise of the fund managers.

By contrast, the cultural donation pathway is the most affordable entry point to the program. Accordingly, the minimum donation amount is €250,000, €200,000 in low-density areas. Similar to funds, the projects must be approved by an authoritative entity (GEPAC).

Nevertheless, unlike fund investments, donations are non-refundable. Thereby, applicants should view this pathway as a cultural contribution rather than a financial investment. For this reason, the donation route is less popular among investors compared to the fund option. However, it is still appealing to investors who value affordability, simplicity, and social contribution over financial gain.

Funds can generate returns, but donations cannot

Recent numbers show that more and more Golden Visa applicants now choose investment funds, as it is a strategic tool for capital preservation. In 2024, almost 8 out of 10 new applicants went for the fund route, as it combines residency with a chance of financial return.

On the other hand, cultural donations remain the cheapest option. While donations bring no financial return, they have been gaining attention again. The contributions grew from €4.5 million in 2023 to €12 million in 2024 and €2.1 million in the first quarter of 2025.

This demonstrates a clear picture: while funds are still the first and foremost chosen option, cultural donations become appealing to those who want lower costs and are ready to let go of their money.

Different options meet different investor needs

The choice of a Golden Visa investor reflects not only the financial capacity but also personal goals and risk appetite. Those looking for a possible capital return often choose the fund investment route as funds provide a way to grow capital across various sectors. By contrast, cultural donations are mostly preferred by those who prioritize affordability along with satisfaction in contributing to Portugal’s heritage.

Future Considerations: Making the Strategic Choice

In this competitive landscape, investors' choices are more about aligning the investment with personal interests rather than finding out which route is “better”. Fund investments provide a structured, growth-oriented option for those seeking financial returns and portfolio diversification. On the other hand, cultural donations offer an affordable choice for those motivated by heritage and social contribution. Thus, this changing landscape highlights not only their strategic role in shaping the Golden Visa but also reflects the evolving preferences of investors. At the forefront of this, as Get Golden Visa, we are here to assist Golden Visa investors through well-tailored guidance depending on their profile. Reach out to our team via info@getgoldenvisa.com