Does anyone have experience with the 250k art investment option for the Portuguese golden visa? I am planning on doing the traditional real estate option, but a friend recommended a lawyer who is promoting the art option. Sounds a little scammy but it is listed as an option. Supposedly guaranteed no loss of money and after we obtain the visa, we can sell the art for a profit. Sounds too good to be true?
Sounds good. Is the lawyer reliable ?
She came about through a friend of a friend. She pitched it as more stable than other investments because art is its own market. I don’t know anything about art, so I’m afraid to sink 250k. She also said she doesn’t know of any other lawyers doing this. Seems sketchy to me, which is why I’m hoping to see if anyone else has had any luck with it.
I am fairly certain that one cannot simply buy a painting by a Portuguese artist, hold it for five years, then sell.
What one can do is invest in say a Portuguese theatre or film production company. That would qualify, but I do not think it would be considered risk free.
Being a Portuguese lawyer myself, I’m pretty sure that no one ever applied for the GV through the art route. If it sounds sketchy, then it probably is…
I have scanned the internet. No lawyer is promoting it as an entry to GV. Probably they are not getting enough commission and also the rules are not very detailed on this which may result in rejection of GV application by the authorities. I however, find this a great opportunity but somewhere i read the word donate to supporting arts or cultural heritage which had held me back. Would request you to explore if its an investment or donation.
Keep me posted.
I was looking myself for the real estate route or even founds, but due to the uncertain times I start considering the art route. One company showed me that option, and they also have a lawyer how just got one first approval for a residence permit by investment in art. As art has its own marked it seems less risk to me. Still considering but likely to go for it.
‘…because art is its own market’… is not a valid investment argument or risk assessment argument. So beware. Probably the lawyer has channels to obtain a kick back commission on the art that is bigger than that they would receive on real estate.
art as an alternnative investmet to real estate is ot a bad idea… but just like real estate, it matters greatly what you buy, and more importantly, HOW you buy it.
- obtain a letter of undertaking (LoU) from the lawyer confirming their professional assurances that art qualifies for the visa program, and request the LoU specify a) the relevant references of the relevant governing legislation b) the limitations and qualifying criteria for the use of an investmeent in art for this purpose.
If you succeed in obtaining the above, take it to two other lawyers for second opinions, and clarification.
If all is in order, then:
2) Approach a reputable auction house (Christies, Sothebys, etc) and ask them for a service proposal that provides guidance for you on the type art meeting the criteria defined in he lawyers LoUs.
- Once you have the art segment targeted in this way, and you begin focusing on specific artists and works, then go to the other two auction houses and ask for second opinions of apprasied value (present, and future as per date of visa requirement holding period expiration) for the art works you are considering (or similar artists and works etc).
THEN begin negotiating on price, delivery, and INSURED STORAGE>… (KEY)…
Then you are on your way to making a very successful investment, better than real estate…
Please let us know how matters progress as art is a viable and astute option to pursue…
Sounds like a lot of work…? Not at all… making a successful investment in real estate is just as much or more work, in order to make a sound investment, but most novice investors do not realise this… they live in a house all their lives so they naturally assume they are knowledgeable about investing in and buying one… (crazy) … there’s more information about buying property here on a page about inflation and property prices if you hunt for it…http://www.propertypresents.com/