Spain ended its golden visa programme in April 2025. Portugal remains active. This comparison covers what Spain offered, why it ended, and why Portugal is now the primary alternative for investors who had Spain on their shortlist.
Key Takeaways
- Portugal eliminated property investment in 2023; Spain maintains €500,000 real estate as its core pathway.
- Portugal offers citizenship in five years with minimal presence; Spain requires ten years and substantial residency.
- Spain processes applications in 3-6 months versus Portugal's 12-18 month timeline as of 2026.
- Portugal's fund investments suit hands-off investors; Spain's property route provides tangible assets and rental income.
- Tax optimisation favours Portugal for international income, Spain for employment income and regional variations.
Portugal and Spain once ran two of Europe's most popular golden visa programmes, but their paths diverged sharply in 2023. Portugal closed its property investment route entirely, while Spain relaunched a reformed programme with higher thresholds and tighter compliance. For investors seeking European residency in 2026, understanding these differences determines whether either programme still fits your goals.
Both countries offer Schengen access, strong passports, and Mediterranean lifestyle appeal. Yet their investment structures, timelines to citizenship, and strategic value now sit worlds apart. This guide compares what remains of each programme and who should consider them today.
| Feature | Portugal Golden Visa | Spain Golden Visa |
|---|---|---|
| Minimum investment | €500,000 (funds/venture capital) | €500,000 (residential property) |
| Programme type | Residency permit | Residency permit |
| Citizenship timeline | 5 years | 10 years |
| Minimum stay requirement | 7 days per year | 183 days per year for citizenship path |
| Family inclusion | Spouse, children, dependent parents | Spouse, children under 18, dependent parents |
| Processing time | 12-18 months | 3-6 months |
| Property investment allowed | No (since October 2023) | Yes (€500,000 minimum) |
Portugal Golden Visa in 2026
Portugal closed its real estate investment pathway in October 2023, removing the option that attracted over 90% of applicants according to SEF data. The programme now accepts only fund investments, venture capital commitments, job creation schemes, and cultural donations. The minimum threshold sits at €500,000 for qualifying investment funds or €250,000 for arts and heritage projects in low-density areas.
Applications dropped 73% in the first year after property exclusion, according to Portugal's immigration authority. Remaining investors target venture capital funds focused on Portuguese startups or real estate funds that sidestep the direct ownership ban. These vehicles must meet strict criteria: registered with CMVM (Portugal's securities regulator), minimum five-year lock-in periods, and capital deployment into approved sectors.
The programme still delivers Portugal's fastest citizenship route. Applicants need only five years of residency and basic A2 Portuguese language skills. Physical presence requirements remain minimal at seven days annually, allowing true remote management of your residency status. Renewal occurs every two years, requiring proof of maintained investment and clean criminal record.
Processing times stretched to 18 months in 2025 as Portugal's immigration service restructured following SEF's dissolution. The new AIMA agency handles applications with stricter documentation standards. Expect thorough source-of-funds verification, enhanced background checks, and detailed compliance audits of fund structures.
Total costs beyond investment include legal fees of €15,000-25,000, application fees of €5,325 for the main applicant plus €2,663 per dependent, and fund management fees typically running 2-3% annually. Non-habitual resident tax status remains available, offering ten years of favourable treatment on foreign income for new tax residents.
Spain Golden Visa in 2026
Spain maintains property investment as its core golden visa pathway, requiring €500,000 in real estate with no geographic restrictions. The 2024 programme reforms raised compliance standards but kept the fundamental structure intact. Investors can purchase one property or multiple units reaching the threshold, with valuations based on purchase price rather than cadastral value.
The visa grants initial two-year residency, renewable for five-year periods while investment continues. Unlike Portugal, Spain requires no minimum stay to maintain residency status. However, citizenship demands ten years of continuous legal residence plus 183 days annual presence during most of that period, according to Spain's nationality law.
Processing runs faster than Portugal at three to six months from a complete application. Spain's consular network handles initial submissions, with final approval from immigration authorities in Madrid. The system digitised significantly in 2024, allowing online document submission and status tracking through the government portal.
Family inclusion covers spouses, children under 18, and financially dependent adult children or parents. All dependents receive the same residency rights as the main applicant. Children born in Spain to golden visa holders can claim citizenship after one year, creating a faster naturalisation path for second-generation family members.
Total investment costs include the €500,000 property purchase plus 10-13% in acquisition taxes and fees (varying by region), legal costs of €10,000-15,000, and visa application fees of €60 per person. Annual property holding costs, including IBI tax and community fees, typically run 0.5-1.5% of property value. Spain's Beckham Law offers favourable flat-rate taxation for new residents meeting certain conditions.
The 2024 reforms introduced stricter anti-money laundering checks and beneficial ownership disclosure. All applicants must prove legitimate source of funds through audited financial statements, tax returns from country of origin, and detailed transaction trails. Properties must undergo independent valuation by certified Spanish appraisers.
Key differences
- Portugal eliminated property investment entirely while Spain centres its programme on real estate purchases
- Portugal offers citizenship in five years; Spain requires ten years with substantial physical presence
- Portugal demands minimal stay (7 days yearly) for residency maintenance; Spain requires none until citizenship
- Spain processes applications in 3-6 months versus Portugal's 12-18 month timeline
- Portugal accepts investment funds and venture capital; Spain focuses on direct asset ownership
- Spanish property provides tangible collateral and rental income potential; Portuguese funds carry market risk
- Portugal's language requirement (A2) is easier than Spain's citizenship test demanding B1-B2 fluency
- Spain's regional tax variations create optimisation opportunities not available in Portugal's system
Which should you choose?
For passport seekers
Portugal wins decisively if you prioritise naturalisation speed. The five-year citizenship path with minimal physical presence suits investors managing international commitments. You spend only 35 days total in Portugal over five years while maintaining residency status. The A2 Portuguese requirement is achievable through online courses in 6-12 months.
Spain demands substantially more commitment. Ten years to citizenship, plus 183-day annual presence requirements during most of that period, effectively requires relocating your life. This suits investors already planning to live primarily in Spain rather than those seeking passport optionality while residing elsewhere.
For lifestyle movers
Spain offers superior flexibility if you want European residency without immediate relocation. No minimum stay requirement means you maintain status while living anywhere globally. The property investment provides a tangible holiday home or rental asset you control directly. Madrid, Barcelona, Valencia, and Costa del Sol properties deliver strong rental yields of 4-6% according to Idealista data.
Portugal's fund investments suit hands-off investors comfortable with managed vehicles. You cannot live in your investment, but fund structures typically outperform residential property returns. Target internal rates of 8-12% according to CMVM-registered fund prospectuses, though returns carry more volatility than bricks and mortar.
For tax optimisers
Portugal's Non-Habitual Resident regime exempts most foreign income for ten years, creating significant savings for high earners with international revenue streams. The programme suits digital entrepreneurs, consultants, and investors with diversified global portfolios. Combined with the five-year citizenship path, it delivers both tax efficiency and a powerful passport.
Spain's Beckham Law offers six years of favourable treatment but applies only to employment income and requires becoming tax resident. Regional variations matter enormously. Madrid charges no wealth tax; Catalonia imposes rates to 2.75% on assets exceeding €500,000 according to regional tax codes. Property location creates 30-40% cost differences in effective tax burden.
For pure residency rights
Spain delivers better value if citizenship is not your goal. Lower total costs (€500,000 investment versus €500,000 plus fund fees), faster processing, and tangible property ownership suit investors wanting Schengen access and European residency optionality. The property can be sold after visa approval, though most investors maintain it to preserve residency renewal eligibility.
Portugal works for investors committed to naturalisation who accept the fund structure trade-offs. The programme's reduced popularity since property exclusion means fewer applicants and potentially smoother processing once AIMA stabilises its procedures. You gain EU citizenship faster than through Spain, Cyprus, or any other investment route.
For family legacy planning
Portugal's citizenship timeline creates faster EU passport access for your children. Kids included on your application gain Portuguese nationality after five years, then hold an EU passport for life. This matters significantly for families from countries with weak passport strength or political instability concerns.
Spain's one-year citizenship rule for children born in-country creates an alternative fast track. Families planning to spend significant time in Spain might relocate after residency approval, have children born there, and secure Spanish nationality within 12 months for the next generation. This strategy requires substantial presence but delivers results faster than standard naturalisation.
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Frequently Asked Questions
Can I still invest in Portuguese property through the Golden Visa?
No. Portugal eliminated the real estate investment pathway in October 2023. The programme now accepts only investment funds, venture capital, job creation schemes, and cultural heritage projects. Minimum qualifying investments start at €250,000 for arts donations in low-density areas or €500,000 for CMVM-registered investment funds. Existing golden visa holders who invested in property before October 2023 can maintain and renew their status, but new applicants cannot use real estate to qualify.
Which programme processes faster in 2026?
Spain processes golden visa applications in three to six months from complete submission, according to current immigration authority timelines. Portugal's processing stretched to 12-18 months following the dissolution of SEF and transition to the new AIMA agency. Spain's digitised consular system and streamlined property verification contribute to faster approvals. However, both timelines assume complete documentation and clean background checks. Incomplete applications or complex source-of-funds situations extend processing in either country.
Do I need to live in Spain or Portugal to maintain residency?
Portugal requires seven days per year of physical presence to maintain golden visa residency status. Spain requires no minimum stay to keep residency valid, only that you do not spend more than six consecutive months outside the Schengen area. However, citizenship paths differ significantly. Portugal grants nationality after five years with A2 Portuguese and minimal presence. Spain requires ten years plus approximately 183 days annually during most of that period to qualify for naturalisation.
Which country offers better tax benefits for golden visa holders?
Portugal's Non-Habitual Resident regime provides ten years of exemption on most foreign-source income for new tax residents, benefiting investors with international revenue streams. Spain's Beckham Law offers six years of favourable flat-rate taxation on employment income but has stricter eligibility criteria. Spain's regional tax variations create optimisation opportunities, with Madrid offering no wealth tax while Catalonia charges up to 2.75% on assets exceeding €500,000 according to regional codes. Your specific income profile determines which regime delivers greater savings.
Can my investment fund or property be sold before citizenship?
Both countries require maintaining your qualifying investment throughout the residency period and citizenship application process. In Portugal, investment funds typically impose five-year minimum lock-in periods contractually, beyond the legal requirement. In Spain, selling your property before naturalisation risks residency renewal rejection. Most advisors recommend maintaining investments until citizenship is granted and the passport issued. After naturalisation, you gain permanent EU citizenship regardless of subsequent investment decisions, though tax implications of selling should be evaluated carefully.