Cash flow from "golden visas" has helped Portugal revive a museum of classic cars and artifacts from World War II - Photo: BLOOMBERG
Golden visa revives classic car museum
In the mountain town of Caramulo, central Portugal, the Museu do Caramulo, which displays vintage cars, artworks and artifacts from World War II, struggled to stay open due to lack of visitors, with revenues barely covering costs.
The turning point comes at the end of 2023, when the museum is allowed to accept donations through the “golden visa” program.
In just two years, it raised more than 20 million euros (nearly 23.4 million USD) from investors in the US, China and many other countries.
According to Bloomberg News, this money helps the museum repair infrastructure, buy more rare classic cars such as the Bugatti 35B and Lamborghini Miura P400 SV, and organize a large-scale car festival that attracts tens of thousands of visitors each year.
From a small project like Caramulo, the Portuguese Government hopes to replicate the model of attracting sustainable capital through the "golden visa" program.
Debate long-term effectiveness
Launched in 2012 amid the financial crisis, the “golden visa” allows foreigners to obtain residency if they invest at least 500,000 euros (nearly 585,000 USD) in real estate.
However, this policy has been criticized for causing house prices in the capital Lisbon and the city of Porto (northern Portugal) to skyrocket, forcing thousands of people to take to the streets to protest.
From 2023, the Portuguese government has eliminated the real estate category, only granting visas to people who donate at least 200,000 euros (nearly 234,000 USD) to culture or invest 500,000 euros in domestic funds.
Thanks to that, in 2024 alone, the number of visas issued increased by 72%, reaching a record high of nearly 5,000 visas.
However, experts still debate whether this capital flow will bring long-term benefits. Many opinions say that the government should regulate money to essential areas such as health care, education or affordable housing - "bottlenecks" of the economy .
Since its launch, the program has attracted more than 7 billion euros (more than 8.1 billion USD), most of which has flowed into real estate, helping to turn Lisbon into one of Europe's hottest markets.
While many countries such as Spain, Ireland and the Netherlands have cancelled similar programs, Portugal has kept them, affirming that it will adjust them to ensure "economic and social justice".
Currently, investors mainly choose to invest through domestic funds, from stocks, bonds to agriculture and renewable energy.
For example, the Pela Terra Foundation has raised 75 million euros (about 87.7 million USD) to grow almonds and olives, both profitable and creating jobs for people in rural areas.
Some investors choose to donate rather than invest to connect with local communities. James Davis, an American geologist, donated 250,000 euros (more than $292,000) to the Ricardo Espírito Santo Silva Foundation, which preserves traditional Lisbon crafts.
“The money may be gone, but the value it brings will last forever,” he said.
Despite controversy, the “golden visa” program is helping to revive remote areas like Caramulo, where international capital is not only breathing life into a classic car museum, but also helping to preserve memories and identity for future generations.
Source: https://tuoitre.vn/het-thoi-dau-tu-nha-dat-thi-thuc-vang-bo-dao-nha-hut-von-cho-van-hoa-va-nong-nghiep-20251017175026755.htm
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