Portugal Golden Visa 2024: Essential Updates and Comprehensive Guide

Portugal Golden Visa Guide 2024

Portugal Golden Visa 2024: A Complete Guide to Residency and Citizenship Pathways

The Portugal Golden Visa program is an excellent gateway to Europe for international investors, offering residency with a route to citizenship. Aimed at non-EU/EEA/Swiss citizens, this program provides a streamlined pathway to residency through qualified investments, along with the benefit of visa-free travel across the European Union and Schengen Area.

This guide covers everything about Portugal’s Golden Visa Program, from eligibility criteria and investment options to the application and renewal process.

In This Guide: What You’ll Discover

How to obtain the Portugal Golden Visa
Eligibility requirements and criteria
Required documents for application
Step-by-step application and renewal process
Costs associated with the Golden Visa
Pathway to Portuguese citizenship
Recent changes in investment requirements

Key Update: Real Estate Purchases No Longer Qualify

As of October 2023, significant changes have been made to the Portugal Golden Visa Program. Real estate investments no longer qualify for the visa, focusing instead on other investment options such as private equity funds, venture capital, and cultural or scientific donations. This guide explores the eligible investment paths still available for Golden Visa applicants.

Highlights of the Portugal Golden Visa Program

A wide range of investment options (starting from €250,000 for cultural donations to €500,000 for venture capital funds).
Minimal stay requirements: just seven days in the first year and 14 days every two years afterward.
Inclusion of family members (spouse, dependent children, and parents) in the application.
A pathway to Portuguese citizenship after five years of residency.
Visa-free access across the Schengen Area and the broader EU.
A chance to live in one of the safest and most affordable countries in Europe with a high quality of life.

What Is the Portugal Golden Visa Program?

Originally launched as the Portugal Golden Residence Permit Program, the Golden Visa allows non-EU investors and their families to live, work, and study in Portugal. Introduced in 2012, it has since attracted significant foreign capital and contributed to the country’s economic growth, issuing over 20,000 Golden Visas and generating more than €4 billion in investments.

Portugal Golden Visa: Investment Options

With the recent policy changes, here are the current eligible investment types:

Cultural and Scientific Donations: Minimum investment of €250,000.
Venture Capital and Private Equity Funds: Minimum investment of €500,000.
Business Creation or Job Creation: Investment of €500,000 in a business creating at least 5 jobs in Portugal.

Portugal Golden Visa Benefits

Benefits of the Portugal Golden Visa Program

Access to 27 EU nations and visa-free travel to 172 countries.

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Affordable investment options starting from €250,000.

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Eligibility for European passport in just five years.

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Investments in a stable market with potential for real returns.

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Option to become a non-habitual resident, offering tax benefits for up to 10 years.

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Minimal residency requirement: stay seven days in the first year and 14 days every two years.

Family Reunification Benefits

The Portugal Golden Visa Program allows you to extend the same residency benefits to your close family members, ensuring they can also experience the safety and stability Portugal offers. Under the family reunification process, eligible family members include:

Spouse or legal partner
Children under 18
Adult children who are single, financially dependent, and enrolled in full-time education
Parents of the main applicant or their spouse/partner (if they are financially dependent and under 65 years of age)

This reunification means family members can enjoy the same residency rights and access to healthcare, education, and social benefits in Portugal.

Path to European Citizenship

After five years of residency through the Golden Visa, holders can apply for both permanent residency and Portuguese citizenship, assuming all eligibility requirements are met. Portuguese citizenship not only grants access to live, work, and study in any EU member state but also comes with a powerful passport, allowing visa-free travel to 188 countries worldwide.

Tax Advantages with the Golden Visa

The Portugal Golden Visa offers attractive tax benefits for foreign investors. Key highlights include:

No taxes on non-Portuguese income: Golden Visa holders are not required to pay taxes on income generated outside Portugal.
Option to register under Portugal’s Non-Habitual Residency (NHR) regime: By choosing to become a tax resident, investors can benefit from the NHR, a tax scheme that provides favorable treatment on specific income sources for up to ten years.

Under the NHR, qualifying types of income may include:

Dividends
Real estate income
Capital gains from real estate sales
Occupational pensions
Royalties
Profits from eligible business activities or self-employment (subject to double taxation agreements)

For Portuguese-sourced income, the NHR allows a flat 20% tax rate during the first ten years. Additionally, there is no inheritance or gift tax for assets passed to a spouse or dependent.

Changes to the NHR Program

As of January 1, 2024, the NHR program is scheduled to be phased out, with the final application date set for March 31, 2025, for qualifying individuals. It is being replaced by the Tax Incentive for Scientific Research and Innovation, aimed at promoting a new wave of investment in Portugal. For more information, please see Is the Portugal NHR Ending?

This overview captures the key family, tax, and residency benefits of Portugal’s Golden Visa, emphasizing its value as a gateway to EU residency and favorable tax treatment.

Eligibility Criteria for Portugal’s Golden Visa

To qualify for the Portugal Golden Visa, applicants must meet certain criteria, ensuring a smooth and compliant path to Portuguese residency. Key requirements include:

Clean Criminal Record: Applicants must not have a criminal record. If any legal issues exist, consult a lawyer to evaluate eligibility.
Non-EU, Non-Swiss, Non-EEA Citizenship: The Golden Visa program is specifically available to citizens outside of the EU, EEA, and Switzerland.
Minimum Investment: Applicants must invest a minimum of €250,000, with various eligible investment pathways.
Residency Requirement: Holders must spend at least seven days annually in Portugal, totaling fourteen days per residence permit cycle (every two years).

Golden Visa Benefits for U.S. Citizens

U.S. citizens qualify for the Portugal Golden Visa as non-EU nationals. This program offers U.S. residents an appealing opportunity to reside or invest in Portugal, where the cost of living is notably lower than major U.S. cities like New York and San Francisco. Portugal also provides tax incentives on foreign income, adding to its attractiveness for Americans.

Portugal Golden Visa for U.K. Citizens

Post-Brexit, U.K. citizens can apply for Portugal’s Golden Visa as third-country nationals, similar to other non-EU residents. The program offers an ideal solution for U.K. residents seeking to maintain access to the EU, providing an affordable lifestyle, high-quality healthcare, and a comfortable climate. Furthermore, the visa allows for the possibility of Portuguese citizenship, enabling U.K. nationals to regain EU access in the long term.

Approved Investment Options for Portugal’s Golden Visa

A valid investment must be completed prior to applying for the Golden Visa. Eligible investments include:

Investment Fund Contribution: A minimum investment of €500,000 in Portuguese investment funds, including private equity and venture capital.
Cultural or Heritage Donation: A minimum donation of €250,000 toward the arts or national heritage preservation.
Scientific Research: A €500,000 contribution toward science or technology research initiatives in Portugal.
Job Creation: Create and maintain ten jobs for a defined period.
Business Capital and Employment: Invest at least €500,000 in a Portuguese business, leading to either the creation of five new jobs or the maintenance of ten existing ones.

Certain investment requirements can be reduced by 20% if directed toward low-density regions, defined as areas with fewer than 100 residents per square kilometer or a GDP per capita below 75% of the national average.

Investments No Longer Eligible for the Golden Visa

Several options were recently removed from eligibility in October 2023, including:

Real Estate Purchase: Direct acquisition of residential real estate for a minimum of €500,000.
Renovation in Urban Areas: Purchase and renovation of older properties or properties located in designated urban regeneration zones, previously available for a minimum of €350,000.
Capital Transfer: A direct capital transfer of €1.5 million or more.

These changes aim to redirect investments toward other economic sectors, supporting sustainable growth and diversification in Portugal.

New Focus of Portugal’s Golden Visa Program: Expanded Investment Options

With the removal of direct residential and commercial real estate investments from the Portugal Golden Visa program, the focus has shifted toward a variety of other sectors, offering applicants a broader range of options to obtain Portuguese residency. This transition allows investors to diversify their portfolios while contributing to sectors that support Portugal’s long-term growth.

2024 promises further diversification, particularly with new pathways anticipated within the arts and culture category, opening up fresh opportunities for applicants seeking residency in Portugal. Here are the current investment options available under the Golden Visa program.

1. Golden Visa Investment Funds

Investing in private equity or venture capital funds offers a straightforward path to residency. Accredited fund managers, overseen by Portugal’s Securities Market Commission (CMVM), ensure that investments are made within the guidelines required by the Golden Visa program. These funds can include sectors like energy, technology, and industry, providing flexibility and options for investors. However, note that these funds are prohibited from directly or indirectly investing in real estate.

2. Arts and Culture Investments

With a minimum investment of €250,000, applicants can contribute to projects in the Portuguese arts, national heritage, or cultural sector. These initiatives must receive approval from Portugal’s Office of Cultural Strategy, Planning, and Assessment (GEPAC), which ensures alignment with the country’s cultural objectives. This option provides a unique chance to support Portugal’s rich cultural heritage while qualifying for residency.

3. Scientific Research Contributions

Investors have the option to support scientific and technological advancements by contributing at least €500,000 to research projects. Eligible research must be conducted by recognized institutions within Portugal’s scientific or technological ecosystem, allowing investors to contribute to the nation’s innovation landscape.

4. Job Creation

For those interested in fostering local employment, the Golden Visa program allows investors to create at least ten full-time jobs within Portugal. In low-density areas, this requirement is reduced to eight positions. All created roles must meet Portugal’s labor and social security standards, ensuring fair employment practices.

5. Company Formation or Expansion

This option is ideal for entrepreneurs looking to either establish a new business in Portugal or invest in an existing one. The investment must include a minimum of €500,000 in share capital and create a minimum of five permanent jobs. Alternatively, applicants can increase the share capital of an established Portuguese business by €500,000, provided they fulfill the job creation requirements set by the government.

Portugal Golden Visa Requirements

Minimum Stay Requirement

To maintain your Golden Visa residency status, you need to stay in Portugal for an average of seven days each year. This totals 14 days over the two-year period covered by each residence permit.

Investment Requirement

To qualify, you must provide evidence of meeting the minimum required investment amount. Additionally, you’ll need to sign a declaration pledging to hold this investment for at least five years.

Required Documents for Golden Visa Application

The Portuguese government may adjust the required documentation for Golden Visa applicants, so ensure you have the most current list when you apply. These documents are necessary for both the initial application and each renewal:

Application Form: Completed Portugal Golden Visa application.
Passport and Travel Documents: A copy of a valid passport and other necessary travel documents.
Proof of Funds Transfer: A statement from a Portuguese bank confirming that funds were transferred from abroad.
Health Insurance: Required only if the applicant lives in Portugal.
Police Clearance: Background check or police certificate from your country of origin.
Investment Declaration: A declaration of honor committing to maintain the investment for five years.
Tax Compliance: Documentation showing good standing with Portugal’s Tax and Customs Authority.
Social Security Compliance: Evidence of non-enrollment or a certificate of good standing.
Processing Fee Receipt: Proof of payment for the application processing fee.

Note: Criminal record certificates or police clearance letters must be issued within 90 days of submitting your application.

Legalizing and Translating Documents

All documents must be legalized and translated into Portuguese. This can be done by the Portuguese Consulate or via apostille, according to The Hague Apostille Convention. Translations must be certified by one of the following:

Portuguese Consulate
Licensed Portuguese lawyer
Official notary

Portuguese NIF Number

The NIF (Número de Identificação Fiscal) is a Portuguese tax ID number required for activities like opening a bank account, buying property, or paying taxes in Portugal. You can obtain your NIF by:

Visiting the local tax office, Citizen Shop, or an official counter that provides the Citizen Card
Appointing a legal representative to obtain it on your behalf
Using a third-party provider to handle the application process for you

Due to high demand, securing an appointment at the tax office can be challenging, with queues often forming before opening hours.

Opening a Portuguese Bank Account

To complete your Golden Visa application, you’ll also need a Portuguese bank account. With support from experts like Global Citizen Solutions, you can even open an account with an English-speaking banker before arriving in Portugal.

This process is essential for managing your funds and fulfilling the financial requirements of the Golden Visa program.

Portugal Golden Visa Application Process

Onboarding

Engage in initial discussions with our onboarding and legal teams. This step covers the entire Golden Visa process, answers any questions, and ensures that you gather the necessary documents and complete all required paperwork.

Bank Account & NIF

To obtain your tax identification number (NIF) in Portugal, a fiscal representative will be appointed to assist you. After obtaining your NIF, we help open a Portuguese bank account, which can be arranged remotely with Global Citizen Solutions.

Make the Investment

Begin securing your investment. Our team will guide you through all the necessary paperwork to ensure compliance with the program’s requirements and help finalize your chosen investment route.

Submit Application Online

Complete and submit your Golden Visa application through the official online portal. Our team will assist you with this step to ensure accuracy and completeness.

Pre-Approval

Your application undergoes preliminary review. Pre-approval is granted once all basic requirements are verified and confirmed to meet the Golden Visa program’s standards.

Biometrics Appointment

Schedule your biometrics session, which takes approximately two months from the interview booking date. This in-person session is mandatory and completes the identity verification stage.

Golden Visa Issuance

Following biometrics, AIMA (the Portuguese Immigration and Border Service) will finalize approval. After paying the government fee, we collect the residence cards on your behalf and arrange to deliver them to you securely.

Note: Throughout the application process, consulting with a Portugal Golden Visa lawyer or consultant is recommended to ensure all documentation and requirements are accurately fulfilled.

Portugal Golden Visa Timeline

Year 0

Golden Visa Issued

The visa application and required documents are submitted to AIMA. Once approved, attend an in-person interview. Expect a waiting period of 9-12 months for the residence permit, initially valid for 2 years.

Year 2

First Renewal

After the initial two-year period, the residence permit must be renewed. This second permit will also be valid for another 2 years.

Year 4

Second Renewal

The residence permit is up for renewal again at the end of the fourth year. This renewal extends the permit for an additional 2 years.

Year 5

Apply for Permanent Residency or Citizenship

After five years, you can apply for permanent residency or Portuguese citizenship, provided all criteria are met. If citizenship is granted, you are eligible for a Portuguese passport.

Portugal Golden Visa Cost

Portugal Golden Visa Cost Overview

Applicant Type	Application Fee	Permit Issuance	Renewal Cost	Total Over 5 Years
Single Applicant	€605.10	€6,045.20	€3,023.20	€12,696.70
Couple	€1,210.20	€12,090.40	€6,046.40	€24,393.40
Family of Four	€2,420.40	€24,180.80	€12,092.80	€50,786.80

Government Application Fees

Online Application Submission: €605.10
Permit Issuance Fee: €6,045.20
Renewal Fee (per renewal): €3,023.20

Note: These fees are per individual, including family members. Discounts may apply for online submissions.

Legal Application Fees

Single Applicant: €5,000 - €8,000
Dependents under 18: Free of charge
Additional Fees for Dependents 18+: €500 - €2,000

Renewal Legal Fees

Renewal for Single Applicant: €1,000 - €2,500
Additional Dependents (18+): €500 - €2,000

Alternative Payment Options

Global Citizen Solutions now offers cryptocurrency payments through Coingate, accepting Bitcoin, Ethereum, and Ripple for your convenience. Contact us to arrange this payment method.

Important: Loans or mortgages from Portuguese banks cannot be used to fund Golden Visa investments. However, loans from non-Portuguese banks are allowed.

Portugal Golden Visa Renewal Process

The renewal process for Portugal’s Golden Visa is designed to be streamlined and accessible through the AIMA (formerly SEF) platform. The recent regulatory updates aim to simplify renewal applications and improve processing efficiency.

Under the Portuguese State Budget for 2023 (Law No. 24-D/2022, Article 207.º), new due diligence protocols have been introduced. These include:

Background Verification: Authorities will cross-reference various databases to confirm there are no criminal convictions that would disqualify the applicant from renewal.
Tax and Social Security Compliance: Authorities will check the applicant’s status with Portuguese tax and social security databases to ensure all obligations are met.

The introduction of this streamlined process has reduced the renewal backlog, allowing applicants to update their residence permits with less delay. Additionally, the online renewal system simplifies the procedure by eliminating the need for certain documents already held by SEF/AIMA from the initial application. This faster process has benefited applicants, with some receiving their renewed residency cards within two weeks under the system’s pilot.

In August 2024, the Portuguese Council of Ministers extended the validity of residency documents by an additional year, effective until June 30, 2025. This extension was introduced to alleviate pressure on the immigration system, providing applicants more time before needing to renew.

While the online renewal option was available until December 2023, in-person appointments are now required for biometric data collection in the initial application stages. Although processing speeds have improved, delays still persist due to high demand. Some investors have even turned to the courts to expedite their renewals, with favorable rulings highlighting that extended delays may be legally unfounded.

This online renewal system, alongside procedural enhancements, signals a commitment to efficiency within Portugal’s Golden Visa program, especially as the demand for investment-based residency continues to grow.

Pathway to Portuguese Citizenship through the Golden Visa Program

After maintaining legal residency in Portugal for five years, Golden Visa holders can apply for Portuguese citizenship. This grants them access to the rights and privileges of a European Union (EU) citizen, including the ability to live, work, and study freely across EU member states and visa-free travel to over 170 destinations worldwide.

To apply for Portuguese citizenship, candidates must:

Meet the Residency Requirement: Maintain legal residency for at least five years through the Golden Visa program.
Demonstrate Basic Portuguese Proficiency: Attain an A2 level in Portuguese, which reflects a basic understanding. This can be achieved by passing a language test or completing a recognized course.
Maintain a Clean Criminal Record: Ensure no serious legal issues arise during the residency period that could impact eligibility.

New 2024 Legislation Updates Residency Waiting Period

A significant amendment to Portugal’s nationality law, effective from April 2024, now considers the time between a residency application submission and approval as part of the five-year residency period required for citizenship. This update is particularly beneficial for those facing delays in the issuance of their initial residence permits due to administrative backlogs, allowing them to apply for citizenship more swiftly. For example, individuals submitting residency applications in 2024 would be eligible for citizenship by 2029, even if their permit approval process experiences delays.

What’s Next for the Golden Visa Program in 2025?

Despite rumors, the Portuguese Golden Visa Program is not ending. Instead, it’s undergoing restructuring to shift the focus toward alternative investment avenues beyond real estate. As of recent legislative changes, eligible investment options include:

Qualified Investment Funds: Contributions of at least €500,000 to private equity or venture capital funds.
Cultural and Heritage Donations: Investments starting from €250,000 to support national cultural projects.
Scientific Research Contributions: A minimum of €500,000 toward scientific research or technological advancement in Portugal.
Job Creation: Establishing or investing in a company that creates and maintains at least ten full-time jobs (or eight in low-density areas).
Company Incorporation and Capital Increase: An investment of €500,000 in share capital, with job creation requirements.

Growth in Portugal’s Golden Visa Investment Funds

The popularity of fund-based investments has surged, especially since real estate is no longer an eligible category. By 2023, more than €125 million was invested in Portuguese funds, marking a significant uptick. Approximately 30% of Golden Visas issued in 2023 were connected to investments in national funds, showing an increased preference for diverse, regulated investment opportunities.

The Social Investor Visa – A New Addition?

In June 2024, Portugal announced a new Social Investor Visa as part of its updated immigration framework. This program, also known as the Social Golden Visa, aims to direct private capital towards socially beneficial projects, including immigrant integration, affordable housing, and other initiatives under the “Build Portugal” plan. Specific details are yet to be fully released, but this initiative is poised to further diversify the Golden Visa program.

Golden Visa Statistics and Trends

Since its inception in 2012, the Portugal Golden Visa program has granted residency to over 15,600 primary applicants and 22,000 family members, generating billions in investment. Historically dominated by Chinese investors, recent years have seen an increase in interest from the United States, Brazil, Turkey, Nigeria, and South Africa, attracted by Portugal’s favorable living conditions and the opportunity for European residency.

This diversification in investments and countries of origin underscores Portugal’s Golden Visa as a dynamic gateway for international investors seeking both residency and eventual citizenship in the EU.

Comprehensive Guide to Portugal’s Golden Visa: Frequently Asked Questions

1. What is the Portugal Golden Visa?

The Portugal Golden Visa, or Golden Residence Permit Program, is a residency-by-investment scheme for non-EU nationals. It provides residency rights in Portugal, along with the ability to work, live, and study freely in Portugal and access to visa-free travel across the Schengen Zone.

2. Is the Portugal Golden Visa Still Available?

Yes, the program is still open. However, due to recent updates in 2023, real estate investments and capital transfer options no longer qualify as investment routes. Investors must now select from other eligible investment options, such as venture capital funds, scientific research, or cultural heritage donations.

3. Recent Changes to the Golden Visa Program

Portugal’s Golden Visa underwent restructuring in October 2023. Real estate and capital transfer investments are no longer eligible pathways, redirecting the program’s focus to alternative investments like cultural contributions, scientific research, and business creation.

4. How Much Do I Need to Invest for the Golden Visa?

The minimum investment varies based on the chosen pathway:

Investment Funds: €500,000 in qualified Portuguese venture capital or private equity funds.
Cultural or Heritage Donation: €250,000 for contributions to the preservation of Portugal’s cultural heritage.
Scientific Research: €500,000 towards research in science or technology.
Business and Job Creation: Either create ten jobs directly or invest €500,000 in a company that will create at least five new jobs.

5. Can I Renew the Golden Visa Online?

Currently, online renewals are no longer available. The temporary online system, introduced in early 2023 to simplify renewals, was discontinued after December 2023. Renewals now involve an in-person appointment, with streamlined checks on criminal records and tax status to expedite processing.

6. Family Reunification Options

The Golden Visa extends to family members, including spouses, dependent children under 18, dependent adult children who are students, and dependent parents. Family members enjoy the same residency rights, and after five years, they may also apply for permanent residency or citizenship if eligibility requirements are met.

7. Portugal Golden Visa vs. Spain Golden Visa: Which is Better?

The choice between the two depends on your priorities:

Investment Threshold: Portugal’s minimum starts at €250,000, whereas Spain’s begins at €500,000.
Citizenship Timeline: In Portugal, applicants can pursue citizenship after five years, while Spain requires ten years of residency before qualifying.
Visa-Free Movement: Both programs allow Schengen travel, but the timelines and residency obligations vary, potentially making Portugal’s program more appealing for those seeking quicker citizenship.

8. Tax Benefits of the Portugal Golden Visa

Golden Visa holders only face Portuguese taxes if they reside in the country for over 183 days in a year. Portugal also offers the Non-Habitual Resident (NHR) tax scheme, providing significant tax benefits for up to ten years, particularly for certain types of income, including pensions, royalties, and capital gains from non-Portuguese sources.

9. Healthcare Access with the Golden Visa

Golden Visa holders residing in Portugal can access the national healthcare system, which offers high-quality services at subsidized rates. If spending less than 183 days annually in Portugal, private health insurance is recommended to ensure comprehensive coverage during stays.

10. Citizenship Pathway with the Golden Visa

After maintaining residency for five years, Golden Visa holders can apply for Portuguese citizenship. Requirements include:

Basic Language Proficiency: Applicants must demonstrate A2-level proficiency in Portuguese, which can be proven through a standardized test or an accredited language course.
Clean Criminal Record: Applicants must ensure a clean criminal history throughout the residency period.

11. Application Processing Time

On average, the Portugal Golden Visa application takes between 12 to 24 months, depending on document preparation, appointment availability, and procedural backlogs. The issuance of residence cards may vary based on individual cases and application volumes.

12. What are the Minimum Stay Requirements?

Golden Visa holders must spend an average of seven days per year in Portugal, amounting to 14 days over each two-year validity period of the residence permit. This minimal stay requirement allows flexibility for those who wish to maintain residency without relocating permanently.

13. Investment Options for the Golden Visa

The main investment routes for the Portugal Golden Visa include:

Venture Capital Funds: A minimum of €500,000 in accredited funds focusing on sectors like technology, industry, and renewable energy.
Arts and Culture: A €250,000 donation to national heritage or cultural initiatives.
Scientific Research: A €500,000 investment in research activities aligned with Portugal’s technological and scientific goals.
Job Creation: Creating ten full-time jobs, or eight if located in a low-density area, which supports local employment.

14. Can I Apply for Citizenship with a Golden Visa in Portugal?

Yes, Golden Visa holders can apply for citizenship after five years of residency. They must meet requirements such as language proficiency, a clean criminal record, and proof of residency during the qualifying period.

15. What are the Government Fees for the Portugal Golden Visa?

Key fees include:

Online Application: €605.10
Residence Permit Issuance: €6,045.20 per applicant
Renewal Fee: €3,023.30, typically required twice over five years

These fees apply to each applicant, with possible discounts for online processing.

16. Is There a Language Requirement for the Golden Visa?

No language test is needed to secure the Golden Visa itself. However, if applicants aim to pursue Portuguese citizenship, they must pass a language test or complete a certified course demonstrating basic proficiency (A2 level) in Portuguese.

17. Is Portugal’s Golden Visa Program Ending?

No, Portugal’s Golden Visa program is not ending but has been restructured. While real estate investments are no longer eligible, other investment pathways, such as venture capital funds, cultural donations, and scientific research, remain available.